Net loss of the U.S. General Maritime shipping company in 2009 amounted to $ 12 million compared with net income of $ 29.8 million a year earlier, the GMC press release said. Net income rose by 7.4%, to $291.6 million EBITDA in the reporting period amounted to $155.3 million versus $149.4 m a year earlier.
Net cash provided by operating activities totaled $47.5 million for the year compared with $114.4 m in 2008. Daily direct vessel operating expenses rose 4.7% to $8,447 for the full year ended December 31, 2009 from $8,064 for the prior year period. The increase was due to higher repair costs associated with certain Aframax vessels as well as increase in insurance costs during the year and the transition from fixed rate management agreements to market rate contracts on four of the company’s fleet ships, the company statement said.
General Maritime Corporation (USA) is a leading provider of international seaborne crude oil transportation services. The GMC’s fleet is one the largest tanker fleet in the world.
Net cash provided by operating activities totaled $47.5 million for the year compared with $114.4 m in 2008. Daily direct vessel operating expenses rose 4.7% to $8,447 for the full year ended December 31, 2009 from $8,064 for the prior year period. The increase was due to higher repair costs associated with certain Aframax vessels as well as increase in insurance costs during the year and the transition from fixed rate management agreements to market rate contracts on four of the company’s fleet ships, the company statement said.
General Maritime Corporation (USA) is a leading provider of international seaborne crude oil transportation services. The GMC’s fleet is one the largest tanker fleet in the world.