Product details

Started in 1997 with one tanker, General Maritime prided itself on growth and an environmentally-conscious fleet. The oil tanker industry was in for a major regulatory change in 2010, when single-hull vessels would be outlawed. General Maritime seeks to balance risk with profitability. While its ships were fully chartered through 2010, it intentionally timed its charter expirations for the time when the double-hull tankers in its fleet would likely be chartered at much higher rates. The shortage of ships meeting the new requirements meant higher revenues could be available until supply caught up with demand. Its current revenue stream consisted of a mix of spot and time charters. Operating in a business very reliant on commodity pricing, General Maritime sought to perform in a consistent manner to assure investors and maintain access to capital markets.