GMR General Maritime Corp. New Common Stock

General Maritime Announces Exercising of Three Time Charter Options On Aframax OBO Vessels NEW YORK, Oct. 27 /PRNewswire-FirstCall/ -- General Maritime Corporation today announced that a leading international trading company has exercised its option to time charter three additional Aframax OBO vessels for two years. The contracts for the these three vessels will provide net voyage revenue to General Maritime in the first year of approximately $21 million and could provide an additional $21 million in the second year through the exercising of the charterer's option. If the charterer does not exercise the option, General Maritime has the option to extend the time charter for an additional year, which would generate net voyage revenue of approximately $17 million. The time charters for these three vessels will commence upon delivery of the vessels, expected to occur between November 2003 and February 2004. Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, commented, "We are extremely pleased to have been able to opportunistically lock-in three additional vessels at highly profitable rates and provide significant secured revenue to our shareholders for the next two years. The recent time charter contracts we have signed demonstrates the advantages of our flexible fleet deployment strategy. By exercising discipline and only engaging vessels on time charters that meet our strict return requirements, we are able to continue to benefit from strong rate environments and achieve substantial downside protection." The exercising of these three options is part of a previously announced decision to time charter up to nine Aframax OBO vessels. Including these three most recent contracts, the charterer has now signed seven of the nine time charters, which will guarantee net voyage revenue to General Maritime of approximately $49 million in year one. In year two, General Maritime is guaranteed a minimum of approximately $40 million and could earn as much as $49 million. The charterer also has an option to time charter two additional Aframax OBO vessels, for a total of nine vessels. The exercising of these two remaining options would provide the Company additional net voyage revenue of $14 million, in year one, for total fixed net voyage revenue of approximately $63 million in year one for all nine vessels. These two time charters may be extended for an additional year on similar terms to the seven vessels. Including the most recent three charters, General Maritime has 14 of its 46 vessels, or 30% of its fleet, on time charter contracts. About General Maritime Corporation General Maritime Corporation is a provider of international seaborne crude oil transportation services principally within the Atlantic basin and other regions including West Africa, the North Sea, Mediterranean, Black Sea and Far East. General Maritime Corporation owns and operates a fleet of 46 vessels -- 27 Aframax and 19 Suezmax tankers -- making it the second largest mid-sized tanker company in the world, with more than 5.5 million dwt. "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements are based on management's current expectations and observations. Included among the factors that, in the company's view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following: a material decline or prolonged weakness in rates in the tanker market; changes in production of or demand for oil and petroleum products, generally or in particular regions; greater than anticipated levels of tanker newbuilding orders or lower than anticipated rates of tanker scrapping; changes in rules and regulations applicable to the tanker industry, including, without limitation, legislation adopted by international organizations such as the International Maritime Organization and the European Union or by individual countries; actions taken by regulatory authorities; changes in trading patterns significantly impacting overall tanker tonnage requirements; changes in the typical seasonal variations in tanker charter rates; changes in the cost of other modes of oil transportation; changes in oil transportation technology; increases in costs including without limitation: crew wages, insurance, provisions, repairs and maintenance; changes in general domestic and international political conditions; changes in the condition of the company's vessels or applicable maintenance or regulatory standards (which may affect, among other things, the company's anticipated drydocking or maintenance and repair costs); and other factors listed from time to time in the company's filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2002 and its subsequent Reports on Form 10-Q and Form 8-K, and its Registration Statement on Form S-4. DATASOURCE: General Maritime Corporation CONTACT: William Viqueira, Chief Financial Officer of General Maritime Corporation, +1-212-763-5677 Web site: http://www.generalmaritimecorp.com/

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