GENERAL MARITIME CORPORATION ANNOUNCES
THIRD QUARTER AND NINE MONTHS 2008 FINANCIAL RESULTS

Declares Quarterly Dividend of $0.50 Per Share
Achieves Net Income of $23.5 Million
Announces Merger with Arlington Tankers

New York, New York, October 29, 2008 - General Maritime Corporation (NYSE: GMR) today reported its financial results for the three and nine months ended September 30, 2008.

Financial Review: 2008 Third Quarter
Excluding other income, the Company recorded net income of $22.0 million or $0.76 basic and $0.74 diluted earnings per share for the three months ended September 30, 2008 compared to $6.2 million, or $0.20 basic and $0.20 diluted earnings per share, for the three months ended September 30, 2007. Other income, which primarily includes realized and unrealized gains and losses on freight, and bunker derivatives, was $1.4 million for the quarter ended September 30, 2008 and $4.8 million for the prior year period. Other income for the quarter ended September 31, 2008 included a $2.6 million unrealized gain associated with the change in fair value of our freight derivatives and a $1.2 million loss associated with the monthly cash settlements of our freight derivatives. Net income was $23.5 million, or $0.81 basic and $0.79 diluted earnings per share, for the three months ended September 30, 2008 compared to net income of $10.9 million, or $0.36 basic and $0.35 diluted earnings per share, for the three months ended September 30, 2007. The increase in net income was principally the result of higher TCE and utilization rates realized in the current quarter versus the prior year period.

Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, commented, “Our past success increasing the Company’s time charter coverage enabled us to post strong results for the quarter. Drawing upon our contracted revenue stream, we are pleased to have once again met our quarterly dividend target. Including our third quarter dividend of $0.50 per share, we have now declared $26.78 per share in quarterly and one time dividends. Complementing this success, we are pleased to have entered into an agreement to merge with Arlington Tankers which we believe will create significant long-term shareholder value. Specifically, we believe the combination will create a leading tanker company with a large diverse double-hull fleet and a stronger balance sheet to take advantage of future growth opportunities. We also believe the combined company will have key highlights including a partial dividend payout structure, an initial $2.00 fixed annual dividend target, and approximately $450 million of contracted revenues through 2013.”

Net voyage revenue, which is gross voyage revenues minus voyage expenses unique to a specific voyage (including port, canal and fuel costs), increased 40.2% to $68.8 million for the three months ended September 30, 2008 compared to $49.1 million for the three months ended September 30, 2007. EBITDA for the three months ended September 30, 2008 was $44.1 million compared to $31.0 million for the three months ended September 30, 2007 (please see below for a reconciliation of EBITDA to net income). Net cash provided by operating activities was $36.3 million for the three months ended September 30, 2008 compared to $18.5 million for the prior year period. Currently, the Company has net debt (calculated as total long term debt less cash) of approximately $ 615.0 million.

The average daily time charter equivalent, or TCE, rates obtained by the Company’s fleet increased by 24.8% to $37,651 per day for the three months ended September 30, 2008 compared with $30,177 for the prior year period. The Company’s average daily rates for vessels on spot charters increased by 143.5% to $44,425 for the three months ended September 30, 2008 compared to $18,246 for the prior year period.

Total vessel operating expenses, which are direct vessel operating expenses and general and administrative expenses, increased by 15.0% to $26.0 million for the three months ended September 30, 2008 from $22.6 million for the three months ended September 30, 2007. During the same periods, the average size of General Maritime’s fleet increased by 5.0% to 21.0 vessels from 20.0 vessels. Daily direct vessel operating expenses increased 14.0% to $8,122 for the quarter ended September 30, 2008 compared to $7,125 for the prior year period. These increases reflect higher crewing and maintenance and repair costs during 2008 compared to 2007. General and administrative costs increased by 4.0% to $10.4 million for the quarter ended September 30, 2008 compared to $9.9 million for the prior year period.

Financial Review: Nine Months 2008
Net income was $41.3 million, or $1.43 basic and $1.39 diluted earnings per share, for the nine months ended September 30, 2008 compared to $39.4 million, or $1.29 basic and $1.25 diluted earnings per share, for the nine months ended September 30, 2007. Net voyage revenues increased 22.9% to $199.1 million for the nine months ended September 30, 2008 compared to $162.0 million for the nine months ended September 30, 2007. EBITDA was $102.5 million for the nine months ended September 30, 2008 compared to $91.6 million for the nine months ended September 30, 2007. Net cash provided by operating activities was $88.8 million for the nine months ended September 30, 2008 compared to $79.6 million for the prior year period. TCE rates obtained by the Company’s fleet increased 11.1% to $36,681 per day for the nine months ended September 30, 2008 from $33,002 for the prior year period. Total vessel operating expenses increased 15.5% to $81.2 million for the nine months ended September 30, 2008 compared to $70.3 million for the prior year period, and daily direct vessel operating expenses rose 20.1% to $8,138 for the nine month period ended September 30, 2008 from $6,777 for the prior year period. General and administrative costs were $34.7 million for the nine months ended September 30, 2008, substantially flat from the prior year period.

General Maritime Corporation’s Fleet
On October 7, 2008, General Maritime took delivery of the Genmar Electra, the first of two recently acquired Aframax tankers from companies associated with Euronav. General Maritime expects to take delivery of the second of these two Aframax tankers in December 2008.

As of September 30, 2008, General Maritime’s fleet was comprised of 21 wholly owned tankers, consisting of 10 Aframax and 11 Suezmax tankers, with a total carrying capacity of approximately 2.8 million deadweight tons, or dwt. The average age of the Company’s fleet by dwt was 9.2 years as of September 30, 2008, and compared to 8.7 years as of September 30, 2007. As of September 30, 2008, the average age of the Company’s Aframax tankers was 13.1 years and the average age of the Company’s Suezmax tankers was 6.9 years. After the delivery of the remaining recently acquired Aframax vessel, which is expected to occur in December 2008, General Maritime will own a fleet of 23 tankers – twelve Aframax, and eleven Suezmax tankers with a total carrying capacity of approximately 2.9 million dwt.

Currently, 6 of General Maritime Corporation’s Aframax tankers and 1 of its Suezmax tankers are operating on the spot market. 68% of the Company’s fleet, consisting of 5 Aframax tankers, and 10 Suezmax tankers are currently under time charter contracts. The table below outlines which vessels are on time charter at what rate and when the contracts are set to expire.

Arlington Tankers Ltd. Transaction
In a press release dated August 6, 2008, the Company announced its entry into a definitive agreement to combine with Arlington Tankers Ltd. in a stock transaction. In connection with the proposed transaction, the holding company formed for the transaction, Galileo Holding Corporation, has filed a Registration Statement on Form S-4 (as well as amendments thereto) with the Securities and Exchange Commission (the SEC).

The Company anticipates that special shareholders' meetings of the Company and Arlington to vote on the proposed transaction will occur prior to the end of 2008, assuming approval from shareholders of both companies and fulfillment of other closing conditions. The closing of the transaction is expected to close shortly thereafter.

In connection with the proposed transaction, the Company entered into an amended and restated credit agreement on October 20, 2008 reflecting the support of the Company's lenders with respect to the proposed transaction, subject to certain conditions. The amended and restated credit agreement modifies the Company's existing credit agreement, among other things, to give effect to the proposed transaction and will be effective only if the proposed transaction is consummated and certain other conditions are met. The amended and restated credit agreement is described in further detail in the Company's Form 8-K filed on October 23, 2008.

Q3 2008 Dividend Announcement
The Company’s Board of Directors declared a Q3 2008 quarterly dividend of $0.50 per share payable on or about December 5, 2008 to shareholders of record as of November 21, 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.

Mr. Georgiopoulos continued, “General Maritime remains in a strong position to create shareholder value and build on its past success of returning over $1 billion to shareholders since May 2005. With ample liquidity, following the successful completion of the proposed transaction with Arlington, General Maritime will continue to actively look for opportunities to enter into value creating deals for shareholders. In accomplishing this critical objective, the Company will seek to further grow its modern fleet, while targeting an annual dividend of $2.00 per share and repaying debt.”

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. After the delivery of the remaining recently acquired Aframax vessel, which is expected to occur in December 2008, General Maritime will own a fleet of 23 tankers –twelve Aframax, and eleven Suezmax tankers with a total carrying capacity of approximately 2.9 million dwt.

Conference Call Announcement
General Maritime Corporation announced that it will hold a conference call on Thursday, October 30, 2008 at 10:00 a.m. Eastern Daylight Savings Time to discuss its 2008 third quarter financial results. To access the conference call, dial (719) 325-4813 and enter the passcode 9614375. A replay of the conference call can also be accessed until November 13, 2008 by dialing (888) 203-1112 for U.S. callers and (719) 457-0820 for international callers, and entering the passcode 9614375. The conference call will also be simultaneously webcast and will be available on the Company’s website, www.GeneralMaritimeCorp.com. The Company intends to place additional materials related to the earnings announcement, including a slide presentation, on its website prior to the conference call.

General Maritime Corp. press release