GENERAL MARITIME CORPORATION ANNOUNCES
FOURTH QUARTER AND FULL YEAR 2007 FINANCIAL RESULTS

Achieves Net Income of $44.5 Million for Full Year 2007
Declares Dividend of $0.50 per Share Relating to Q4 2007
Takes Delivery of Final Suezmax Newbuilding

New York, New York, February 27, 2008 - General Maritime Corporation (NYSE: GMR) today reported its financial results for the three months and full year ended December 31, 2007.

Financial Review: 2007 Fourth Quarter
Excluding the $4.4 million of other expense, the Company recorded net income of $9.6 million or $0.32 basic and $0.31 diluted earnings per share for the three months ended December 31, 2007. Net income was $5.2 million or $0.17 basic and $0.17 diluted earnings per share for the three months ended December 31, 2007 compared to net income of $22.4 million, or $0.73 basic and $0.71 diluted earnings per share, for the three months ended December 31, 2006. The decrease in net income was principally the result of a rise in other expense and net interest expense compared with the prior year period. Other expense included $2.6 million unrealized non-cash loss associated with the change in fair value of our freight derivatives as well as a $2.0 million loss associated with the monthly cash settlements of our freight derivatives offset by $0.2 million of other income. Net interest expense was higher due to increased borrowings to fund our $15.00 special dividend paid in March 2007. Net income in the quarter was also impacted by a 5.5% decrease in average daily TCE and lower utilization due to additional off hire.

Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, commented, “During 2007, General Maritime continued to achieve notable accomplishments as we further differentiated the Company by providing both strong results and unlocking shareholder value in diverse shipping rate environments. Specifically, we posted solid financials results and declared dividends of $2.00 per share, which is directly related to our prior success in placing a significant portion of our fleet on attractive time charters. During a time, in which we continued to expand our fleet with modern double-hull vessels, we also unlocked value through the distribution of a $15 per share special dividend and opportunistic share repurchases.” Net voyage revenue, which is gross voyage revenue minus voyage expenses unique to a specific voyage (including port, canal and fuel costs), increased 4.6% to $55.0 million for the three months ended December 31, 2007 compared to $52.6 million for the three months ended December 31, 2006. EBITDA for the three months ended December 31, 2007 was $25.7 million compared to $32.8 million for the three months ended December 31, 2006 (please see below for a reconciliation of EBITDA to net income). Net cash provided by operating activities was $16.2 million for the three months ended December 31, 2007 compared to $54.3 million for the prior year period.

The average daily time charter equivalent for vessels on spot charters decreased by 18.5% to $28,157 for the three months ended December 31, 2007 compared to $34,537 for the prior year period. The Company’s spot Aframax vessels earned $30,408 and the Company’s spot Suezmax vessel earned $16,878 for the quarter ended December 31, 2007.

Total vessel operating expenses, which are direct vessel operating expenses and general and administrative expenses, increased by 14.8% to $24.8 million for the three months ended December 31, 2007 compared to $21.6 million for the three months ended December 31, 2006. During the same periods, the average size of General Maritime’s fleet increased 11.1% to 20 vessels from 18 vessels in the prior year period. Daily direct vessel operating expenses increased 5.7% to $7,032 per vessel day during the fourth quarter of 2007, from $6,650 per vessel day during the same period in 2006. The increase was attributable to higher crew costs and insurance as well as higher costs for lubricating oil and maintenance and repair. General and administrative expenses increased 12.2% to $11.9 million for the three months ended December 31, 2007 from $10.6 million in the prior year period.

Financial Review: Full Year 2007
Net income was $44.5 million or $1.46 basic and $1.43 diluted earnings per share, for the full year ended December 31, 2007 compared to $156.8 million, or $4.98 basic and $4.87 diluted earnings per share, for the full year ended December 31, 2006. Net voyage revenues decreased 11.7% to $216.9 million for the full year ended December 31, 2007 compared to $245.6 million for the full year ended December 31, 2006. EBITDA was $117.2 million for the full year ended December 31, 2007 compared to $197.8 million for the full year ended December 31, 2006. Net cash provided by operating activities was $95.8 million for the full year ended December 31, 2007 compared to $189.7 million for the prior year period. TCE rates obtained by the Company’s fleet decreased 4.7% to $32,876 per day for the full year ended December 31, 2007 from $34,487 for the prior year period.

Daily direct vessel operating expenses per vessel for the year ended December 31, 2007 increased 8.6% to $6,844 compared to $6,301 for the prior year period. The year over year increase in daily direct vessel operating expenses per vessel is mostly attributable to higher crew costs, higher lube oil costs, as well as higher maintenance and repair and higher insurance costs. General and administrative expenses increased 4.7% to $46.9 million for the year ended December 31, 2007 compared to $44.8 million for the prior year period. This increase is mainly attributable to fees paid in connection with banking advisory services relating to the special divided paid in March of 2007.

General Maritime Corporation’s Fleet
On February 7, 2008, the Company took delivery of the Genmar St. Nikolas, a 150,000 dwt newbuilding at Universal Shipbuilding in Nagoya Japan. The Genmar St. Nikolas is the final of 4 newbuildings ordered at this yard and completes our Suezmax newbuilding project.

As of February 25, 2008, General Maritime Corporation’s fleet was comprised of 21 wholly owned tankers, consisting of 10 Aframax and 11 Suezmax tankers, with a total carrying capacity of approximately 2.7 million deadweight tons, or dwt. The average age of the Company’s fleet as of December 31, 2007 by dwt was 8.9 years compared to 9.5 years as of December 31, 2006. The average age of the Company’s Aframax tankers was 12.3 years and the average age of the Company’s Suezmax tankers was 6.8 years.

Currently, 7 of General Maritime Corporation’s Aframax tankers and 1 of its Suezmax tankers are operating on the spot market. 62% of the Company’s fleet, consisting of 3 Aframax tankers, and 10 Suezmax tankers are currently under time charter contracts, compared to 53% of the fleet under time charter contracts as of December 31, 2006. The table below outlines which vessels are on time charter at what rate and when the contracts are set to expire.

Q4 2007 Dividend Announcement On February 25, 2008 the Company’s Board of Directors declared a Q4 2007 quarterly dividend of $0.50 per share payable on or about March 28, 2008 to shareholders of record as of March 14, 2008. Under the Company’s dividend policy, the Company intends to declare quarterly dividends with a target amount of $0.50 per share. The declaration of dividends and their amount, if any, will depend upon the results of the Company and the determination of the Board of Directors.

About General Maritime Corporation General Maritime Corporation is a provider of international seaborne crude oil transportation services principally within the Atlantic basin which includes ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe and the North Sea. We also currently operate tankers in other regions including the Black Sea and Far East. General Maritime Corporation currently owns and operates a fleet of 21 tankers – 10 Aframax, and 11 Suezmax tankers – with a carrying capacity of approximately 2.6 million dwt.


General Maritime Corp. press release