General Maritime Corporation Announces Time Charter Agreements for Six Double-Hull Vessels

Increases Time Charter Coverage to 52% (1) for 2010 and 40% (2) for 2011; Further Strengthens Contracted Revenue Streams

NEW YORK, Sept 22, 2010 /PRNewswire via COMTEX/ - General Maritime Corporation (NYSE: GMR) announced today that it has reached definitive agreements to enter into time charter contracts for six of its vessels with Trafigura, one of the world's leading international commodity traders that specializes in the oil, minerals and metals markets. Founded in 1993, Trafigura has 67 offices located in 44 countries throughout Europe, Africa, Asia, Australia, and North, Central and South America.

The six vessels under contract include the Genmar Hercules and the Genmar Atlas, both 2007-built VLCCs, the Genmar Argus and the Genmar Spyridon, both 2000-built Suezmax tankers, as well as the Genmar Defiance and the Genmar Daphne, both 2002-built Aframax tankers. Each of the six time charters, which are expected to commence on or around October 15, 2010, are for one year and come with a one-year optional period. These agreements represent approximately $60 million in contracted revenue for the Company during the first year and up to approximately $66 million in additional contracted revenue if each one-year option is exercised by the charterer (3).

John Tavlarios, President of General Maritime Corporation, commented, "We are pleased to significantly expand our time charter coverage by entering into these time charter contracts, with Trafigura, the third largest independent oil trader in the world with more than two million barrels of crude and oil products traded daily, and intend to build upon our initial relationship. These agreements are consistent with General Maritime's flexible deployment strategy that provides shareholders with sizeable fixed revenue streams while maintaining the ability to benefit from future rate increases. With this transaction we will have approximately 40% of our 2011 operating days booked on time charters totaling approximately $130 million in contracted revenue for 2011, assuming all the options are exercised. With a large portion of our modern double-hull fleet secured on time charters with high-quality counterparties, General Maritime remains well positioned to achieve stable financial results."

About General Maritime Corporation
General Maritime Corporation is a leading crude and products tanker company serving 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. General Maritime also currently operates tankers in other regions including the Black Sea and Far East. General Maritime owns a fully double-hull fleet of 36 tankers - seven VLCC, twelve Aframax, eleven Suezmax tankers, two Panamax and four Product tankers - with a total carrying capacity of approximately 5.4 million dwt.

General Maritime Corp. press release