Green light for merger between Arlington and GenMar

The merger between Arlington Tankers and General Maritime Corporation (GenMar) is now approved by each company’s shareholders. The shareholders in Arlington Tankers will own 27 per cent of the shares in the new company, which will retain the name General Maritime Corporation. Today, Concordia Maritime owns just under ten per cent and Stena about eight per cent of the shares in Arlington, meaning that the two Göteborg-based companies will have a combined shareholding of around five per cent in the new company. The new GenMar will have a market capitalization of around USD 1.1 billion.
”We are pleased with the approval of the merger and excited about the Company’s prospects. With a large diverse double-hull fleet, we believe we are in a strong position to continue to provide leading charterers with service that meets stringent operational standards. We believe we are also poised to continue to create near-term value for shareholders through our USD 2.00 per share dividend target, which is supported by the fleet’s contracted revenue stream over the next several years. The improved liquidity of the combined company will allow us to pursue future growth opportunities and increase shareholder value for the long-term”, Peter Georgiopoulos, Chairman, President and Chief Executive Officer of General Maritime, commented.