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."
General Maritime Corporation announces time charter agreements for six double-hull vessels
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."