/C O R R E C T I O N — General Maritime Corporation/
In the news release, General Maritime Corporation Announces Third Quarter and Nine Months 2010 Financial Results, issued on
General Maritime Corporation Announces Third Quarter and Nine Months 2010 Financial Results
Takes Delivery of Five VLCCs
Places Seven Vessels on Long Term Time Charters
Completes Syndication of $372 Million Credit Facility
Declares Quarterly Dividend of $0.01 per Share
NEW YORK, Oct. 27 /PRNewswire-FirstCall/ — General Maritime Corporation (NYSE: GMR) today reported its financial results for the three and nine months ended September 30, 2010.
Financial Review: Third Quarter 2010
The Company recorded a net loss of $26.0 million or $0.30 basic and $0.30 diluted loss per share for the three months ended September 30, 2010 compared to net income of $14.8 million or $0.27 basic and $0.27 diluted earnings per share for the three months ended September 30, 2009. The decrease in net income was primarily the result of a 31.9% decrease in TCE to $19,109 per day for the three months ended September 30, 2010 compared to $28,077 per day for the prior year period, as well as a $13.6 million increase in net interest expense to $21.4 million for the three months ended September 30, 2010 compared to $7.7 million for the prior year period. Excluding the acceleration of the amortization of the net time charter liability of $13.1 million, from the prior year period for the Arlington vessels which were redelivered to the Company earlier than expected, the decrease in TCE was 17.4% from $23,136 from the prior year period to $19,109 for the three months ended September 30, 2010.
John Tavlarios, President of General Maritime Corporation, commented, “During the third quarter and year-to-date, we continued to grow General Maritime’s fleet and contracted revenue stream while taking steps to enhance its financial flexibility. We are pleased to have already taken delivery of six of the seven double-hull vessels we agreed to acquire in June 2010. During the quarter, we also significantly increased our time charter coverage by entering into contracts for six vessels with Trafigura, the third largest independent oil trader. Additionally, we placed the Genmar Elektra, a 2002 build Aframax, with Clearlake, another leading oil trading firm. General Maritime’s ongoing success in implementing its flexible deployment strategy positions the Company to take advantage of future rate increases while maintaining a level of stability in results and covering a substantial portion of fixed costs.”
Net voyage revenue, which is gross voyage revenues minus voyage expenses unique to a specific voyage (including port, canal and fuel costs), decreased 26.0% to $57.6 million for the three months ended September 30, 2010 compared to $77.8 million for the three months ended September 30, 2009. This decrease was primarily due to an increase in voyage expense from $18.9 million for the three months ended September 30, 2009, to $40.7 million for the three months ended September 30, 2010. This increase in voyage expense was due to higher bunker costs as well as an increase in percentage of spot market operating days for the third quarter 2010, compared to the prior year period. EBITDA for the three months ended September 30, 2010 decreased 53.6% to $20.8 million compared to $44.7 million for the prior year period (please see below for a reconciliation of EBITDA to net income). As of September 30, 2010, the Company’s net debt (calculated as total debt less cash) was $1,256 million.
Total vessel operating expenses, which are direct vessel operating expenses and general and administrative expenses, increased 11.2% from $32.1 million for the three months ended September 30, 2009 to $35.7 million for the three months ended September 30, 2010. Total vessel operating expenses is a measurement of the Company’s total expenses associated with operating its vessels. This increase was primarily due to the addition of 5 VLCCs which were acquired during the third quarter ended September 30, 2010 and are more expensive to operate. Daily direct vessel operating expenses increased by 7.1% to $8,486 for the quarter ended September 30, 2010 compared to $7,923 for the prior year period. The increase in daily direct vessel expenses is primarily due to the expiration of fixed cost technical management contracts for certain vessels, which subjected them to higher current market costs, and to the change in composition of the fleet to include the addition of the 5 VLCCs acquired during the quarter.
General and administrative costs decreased by 1.4% to $9.3 million for the quarter ended September 30, 2010 compared to $9.5 million for the prior year period. Contributing to this reduction was a decrease in professional expenses and the effects of changes in exchange rates.
Financial Review: Nine Months Ended September 30, 2010
The Company recorded a net loss of $49.4 million or $0.74 basic and $0.74 diluted loss per share, for the nine months ended September 30, 2010 compared to net income of $40.9 million, or $0.75 basic and $0.74 diluted earnings per share, for the nine months ended September 30, 2009. Net voyage revenues decreased 20.3% to $184.5 million for the nine months ended September 30, 2010 compared to $231.5 million for the prior year period. EBITDA decreased 38.8% to $79.8 million for the nine months ended September 30, 2010 compared to $130.4 million for the prior year period. TCE rates obtained by the Company’s fleet decreased 24.0% to $21,915 per day for the nine months ended September 30, 2010 from $28,830 for the prior year period. Total vessel operating expenses increased 3.3% to $103.4 million for the nine months ended September 30, 2010 from $100.0 million for the prior year period, and daily direct vessel operating expenses increased 5.1% to $8,590 for the nine month period ended September 30, 2010 from $8,172 from the prior year period.
Summary Consolidated Financial and Other Data
The following table summarizes General Maritime Corporation’s selected consolidated financial and other data for the three and nine months ended September 30, 2010 and 2009 as well as selected consolidated balance sheet data as of December 31, 2009. Attached to this press release is an Appendix, which contains additional financial, operational and other data for the three and nine months ended September 30, 2010 and 2009.
Three months ended
------------------
September-10 September-09
------------ ------------
INCOME STATEMENT DATA
(Dollars in thousands,
except per share data)
Voyage revenues $98,264 $96,706
Voyage expenses (40,707) (18,877)
------- -------
Net voyage revenues 57,557 77,829
Direct vessel expenses 26,331 22,597
General and
administrative expenses 9,343 9,476
Depreciation and
amortization 25,413 22,255
Loss (gain) on sale of
vessels 29 443
--- ---
Operating (loss) income (3,559) 23,058
Net interest expense 21,379 7,734
Other (income) expense 1,095 569
Net (loss) income $(26,033) $14,755
======== =======
Basic (loss) earnings per
share $(0.30) $0.27
Diluted (loss) earnings
per share $(0.30) $0.27
Weighted average shares
outstanding, thousands 86,304 54,551
Diluted average shares
outstanding, thousands 86,304 55,630
Three months ended
------------------
September-10 September-09
------------ ------------
OTHER FINANCIAL DATA
(dollars in thousands)
Net cash provided (used)
by operating activities $15,643 $(9,419)
Net cash provided (used)
by investing activities (415,960) (3,122)
Net cash provided (used)
by financing activities 307,546 (13,985)
Capital expenditures
Vessel sales (purchases),
including deposits (422,758) -
Drydocking or capitalized
survey or improvement
costs (2,836) (1,473)
Weighted average long-
term debt 1,138,253 952,728
OTHER DATA
EBITDA (1) $20,759 $44,744
FLEET DATA
Total number of vessels
at end of period 36 31
Average number of vessels
(2) 33.7 31.0
Total voyage days for
fleet (3) 3,012 2,772
Total time charter days
for fleet 1,451 1,922
Total spot market days
for fleet 1,561 850
Total calendar days for
fleet (4) 3,103 2,852
Fleet utilization (5) 97.1% 97.2%
AVERAGE DAILY RESULTS
Time Charter equivalent
(6) $19,109 $28,077
Direct vessel operating
expenses per vessel (7) 8,486 7,923
General and
administrative expense
per vessel (8) 3,011 3,323
Total vessel operating
expenses (9) 11,497 11,246
EBITDA (10) 6,690 15,689
Three months ended
------------------
September-10 September-09
------------
EBITDA Reconciliation
Net Income $(26,033) $14,755
+ Net interest (income)
expense 21,379 7,734
+ Depreciation and
amortization 25,413 22,255
------ ------
EBITDA $20,759 $44,744
======= =======
Nine months ended
-----------------
September-
10 September-09
----------- ------------
INCOME STATEMENT DATA
(Dollars in thousands,
except per share data)
Voyage revenues $287,287 $269,281
Voyage expenses (102,825) (37,747)
-------- -------
Net voyage revenues 184,462 231,534
Direct vessel expenses 74,857 69,160
General and
administrative expenses 28,493 30,885
Depreciation and
amortization 70,014 66,040
Loss (gain) on sale of
vessels 560 587
--- ---
Operating (loss) income 10,538 64,862
Net interest expense 59,228 23,432
Other (income) expense 731 500
$(49,421) $40,930
======== =======
Basic (loss) earnings per
share $(0.74) $0.75
Diluted (loss) earnings
per share $(0.74) $0.74
Weighted average shares
outstanding, thousands 66,892 54,532
Diluted average shares
outstanding, thousands 66,892 55,571
BALANCE SHEET DATA, at September-
end of period 10 December-09
----------- -----------
(Dollars in thousands)
Cash $58,697 $52,651
Current assets, including
cash 129,075 108,528
Total assets 1,896,001 1,445,257
Current liabilities,
including current
portion of long-term
debt 149,232 56,194
Current portion of long-
term debt 72,537 -
Total long-term debt,
excluding current
portion 1,242,549 1,018,609
Shareholders' equity 494,522 364,909
Nine months ended
-----------------
September- September-
10 09
----------- -----------
OTHER FINANCIAL DATA
(dollars in thousands)
Net cash provided (used)
by operating activities $21,932 $47,423
Net cash provided (used)
by investing activities (477,389) (7,603)
Net cash provided (used)
by financing activities 461,995 (121,801)
Capital expenditures
Vessel sales (purchases),
including deposits (484,853) -
Drydocking or capitalized
survey or improvement
costs (8,639) (15,755)
Weighted average long-
term debt 1,059,007 950,115
OTHER DATA
EBITDA (1) $79,821 $130,402
FLEET DATA
Total number of vessels
at end of period 36 31
Average number of vessels
(2) 31.9 31.0
Total voyage days for
fleet (3) 8,417 8,031
Total time charter days
for fleet 4,535 6,232
Total spot market days
for fleet 3,882 1,799
Total calendar days for
fleet (4) 8,714 8,463
Fleet utilization (5) 96.6% 94.9%
AVERAGE DAILY RESULTS
Time Charter equivalent
(6) $21,915 $28,830
Direct vessel operating
expenses per vessel (7) 8,590 8,172
General and
administrative expense
per vessel (8) 3,270 3,649
Total vessel operating
expenses (9) 11,860 11,821
EBITDA (10) 9,160 15,408
Nine months ended
-----------------
September- September-
10 09
-----------
EBITDA Reconciliation
Net Income $(49,421) $40,930
+ Net interest (income)
expense 59,228 23,432
+ Depreciation and
amortization 70,014 66,040
------ ------
EBITDA $79,821 $130,402
======= ========
(1) EBITDA represents net income plus net interest expense and
depreciation and amortization. EBITDA is included because it is
used by management and certain investors as a measure of operating
performance. EBITDA is used by analysts in the shipping industry as
a common performance measure to compare results across peers.
Management of the Company uses EBITDA as a performance measure in
consolidating monthly internal financial statements and is presented
for review at our board meetings. The Company believes that EBITDA
is useful to investors as the shipping industry is capital intensive
which often brings significant cost of financing. EBITDA is not an
item recognized by GAAP, and should not be considered as an
alternative to net income, operating income or any other indicator
of a company's operating performance required by GAAP. The
definition of EBITDA used here may not be comparable to that used by
other companies.
(2) Average number of vessels is the number of vessels that
constituted our fleet for the relevant period, as measured by the
sum of the number of days each vessel was part of our fleet during
the period divided by the number of calendar days in that period
(3) Voyage days for fleet are the total days our vessels were in our
possession for the relevant period net of off hire days associated
with major repairs, drydockings or special or intermediate surveys.
(4) Calendar days are the total days the vessels were in our
possession for the relevant period including off hire days
associated with major repairs, drydockings or special or
intermediate surveys.
(5) Fleet utilization is the percentage of time that our vessels were
available for revenue generating voyage days, and is determined by
dividing voyage days by calendar days for the relevant period.
(6) Time Charter Equivalent, or TCE, is a measure of the average
daily revenue performance of a vessel on a per voyage basis. Our
method of calculating TCE is consistent with industry standards and
is determined by dividing net voyage revenue by voyage days
(7) Daily direct vessel operating expenses, or DVOE, is calculated by
dividing DVOE, which includes crew costs, provisions, deck and
engine stores, lubricating oil, insurance and maintenance and
repairs, by calendar days for the relevant time period.
(8) Daily general and administrative expense is calculated by
dividing general and administrative expenses by vessel calendar
days.
(9) Total Vessel Operating Expenses, or TVOE, is a measurement of our
total expenses associated with operating our vessels. Daily TVOE is
the sum of daily direct vessel operating expenses, or DVOE, and
daily general and administrative expenses.
(10) Daily EBITDA is total EBITDA divided by total vessel calendar days.
General Maritime Corporation’s Fleet
As of October 27, 2010, General Maritime Corporation’s fleet was comprised of 37 wholly owned tankers, consisting of 7 VLCC, 12 Suezmax, 12 Aframax, 2 Panamax, and 4 Products tankers, with a total carrying capacity of approximately 5.6 million deadweight tons, or dwt. The average age of the Company’s fleet as of September 30, 2010 by dwt was 8.6 years compared to 9.3 years as of September 30, 2009.
In the third quarter General Maritime entered into 7 new time charters. The Company placed 6 vessels to Trafigura, 2 VLCCs (Genmar Atlas and Genmar Hercules), 2 Suezmaxes (Genmar Argus and Genmar Spyridon) and 2 Aframaxes (Genmar Daphne and Genmar Defiance); each vessel is on a 12-month charter with an additional 12-month option period. Additionally, the Company placed the Genmar Elektra on a 12-month time charter to Clearlake. The Trafigura charters are expected to commence by the end of October 2010 and the Clearlake charter began in August 2010. Additional details of the charters are listed in the table below.
As of October 27, 2010, General Maritime has 18 out of 37 vessels on time charters comprised of 5 VLCCs, 3 Suezmaxes, 4 Aframaxes, 2 Panamaxes and 4 Handymax tankers. There are options to extend charters on 12 of the vessels, and a profit sharing arrangement on 1 vessel during their option period.
The table below outlines our vessels which are on time charter as of October 27, 2010, their charter rates and the expiration dates for the charters.
Vessel Vessel Type Expiration Date Daily Rate (1)
------ ----------- --------------- --------------
Genmar Argus Suezmax October 24, 2011 (2) $27,500 (3)
Genmar Atlas VLCC October 24, 2011 (2) $35,500 (4)
Genmar
Companion Panamax January 27, 2011 $17,000
Genmar Concord Handymax February 2, 2011 $12,659
Genmar Daphne Aframax October 26, 2011 (2) $18,750 (5)
Genmar
Defiance Aframax October 25, 2011 (2) $18,750 (5)
Genmar Elektra Aframax August 11, 2011 $18,500
Genmar
Hercules VLCC October 30, 2011 (2) $35,500 (4,6)
Genmar
Poseidon VLCC February 12, 2011 $33,500
Genmar
Spyridon Suezmax October 16, 2011 (2) $27,500 (3)
Genmar St.
Nikolas Suezmax February 7, 2011 $39,000
Genmar
Strength Aframax August 29, 2012 $18,500
Genmar Victory VLCC February 12, 2012 (2) $40,500 (7)
Genmar Vision VLCC March 24, 2011 TD3 Related (8)
Stena
Compatriot Panamax November 10, 2010 (2) $18,989 (9)
Stena Concept Handymax July 4, 2011 (2) $18,264 (10)
Stena Consul Handymax November 10, 2010 (2) $16,964 (11)
Stena Contest Handymax July 4, 2011 (2) $18,264 (10)
(1) Before brokers' commissions.
(2) Charter end date excludes periods that are at the option of the
charterer.
(3) Optional 12 month period begins in October 2011 at $29,000 per day
(4) Optional 12 month period begins in October 2011 at $40,000 per day
(5) Optional 12 month period begins in October 2011 at $20,000 per day
(6) Charter expected to commence on October 30, 2010
(7) 1 Year Option at $40,000 with 50/50 profit share
(8) TD3 is a tanker FFA rate for the Arabian Gulf to Asia route for
VLCCs. Charter rate will vary from quarter to quarter
(9) Optional period rate adjusts as follows: November 11, 2010 to
November 10, 2011 -$19,356; November 11, 2011 to November 10, 2012
-$19,741; November 11, 2012 to November 10, 2013 -$20,145
(10) Optional period rate adjusts as follows: January 5, 2011 to July
4, 2011-$18,603; July 5, 2011 to July 4, 2012 -$21,158; July 5,
2012 to July 4, 2013 -$21,531
(11) Optional period rate adjusts as follows: November 11, 2010 to
November 10, 2011 -$17,303; November 11, 2011 to November 10, 2012
-$17,658; November 11, 2012 to November 10, 2013 -$18,031
Metrostar Acquisition Update
During the quarter ended September 30, 2010, the Company took delivery of 5 VLCCs associated with the Metrostar acquisition announced in June 2010. These vessels consist of a 2010 built, a 2002 built, a 2003 built and two 2007 built vessels. The vessels were paid for with the proceeds from the Company’s equity offering in June 2010 and borrowings from the Company’s $372 million credit facility.
On October 5, 2010, the Company entered into a $22.8 million bridge loan with Nordea and DnB to fund a portion of the purchase price of the Genmar Maniate, a Suezmax newbuild it had agreed to acquire in the Metrostar acquisition.
The Genmar Maniate was delivered on October 6, 2010 and is the sixth of seven Metrostar vessels to be delivered. The final vessel, the Genmar Spartiate, a Suezmax newbuilding, is expected to be delivered to the Company in April 2011.
$372 Million Facility Update
On October 5, 2010, the Company announced that it had completed the syndication process of the new $372 million credit facility, led by Nordea and DnB NOR. The Company is pleased to have a group of leading global lenders in its new facility, including NIBC Bank, Skandinaviska Enskilda Banken (SEB), DVB Bank and Citibank.
Additionally, the Company announced that it had amended the $372 million facility to extend, by 12 months, the period within which the Company is required to raise 40% of the purchase price of the seven Metrostar vessels from new equity.
Q3 2010 Dividend Announcement
On October 27, 2010 the Company’s Board of Directors declared a Q3 2010 quarterly dividend of $0.01 per share payable on or about November 26, 2010 to shareholders of record as of November 12, 2010. Under the terms of the $22.8 million bridge loan, the quarterly cash dividend will limited to $0.01 per share per quarter during the period while the $22.8 million bridge loan is outstanding.
Jeff Pribor, Chief Financial Officer of General Maritime Corporation, commented, “During the quarter and year-to-date, we took important steps to enhance General Maritime’s financial flexibility during a time when we continue to grow our modern high-quality fleet. Specifically, we amended our $372 million senior secured credit facility, which was successfully syndicated to four global lending institutions. We appreciate the continued support we receive from world-class banks, underscoring General Maritime’s leading industry position and strong future prospects.”
About General Maritime Corporation
General Maritime Corporation is a leading crude and products tanker company serving principally within the Atlantic basin, which includes ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe and the North Sea. General Maritime also currently operates tankers in other regions including the Black Sea and Far East. General Maritime owns a fully double-hull fleet of 37 tankers – seven VLCC, twelve Aframax, twelve Suezmax tankers, two Panamax and four Product tankers – with a total carrying capacity of approximately 5.6 million dwt.
All per share amounts presented throughout this press release, unless otherwise noted, have been adjusted to reflect the exchange of 1.34 shares of the Company’s common stock for each share of common stock held by shareholders of General Maritime Subsidiary Corporation (formerly known as General Maritime Corporation) in connection with the Arlington acquisition.
Conference Call Announcement
General Maritime Corporation announced that it will hold a conference call on Thursday, October 28, 2010 at 8:30 a.m. Eastern Daylight Savings Time to discuss its 2010 third quarter financial results. To access the conference call, dial (913) 312-1502 and enter the passcode 6264099. A replay of the conference call can also be accessed until November 11, 2010 by dialing (888) 203-1112 for U.S. callers and (719) 457-0820 for international callers, and entering the passcode 6264099. The conference call will also be simultaneously webcast and will be available on the Company’s website, www.GeneralMaritimeCorp.com. The Company intends to place additional materials related to the earnings announcement, including a slide presentation, on its website prior to the conference call.
“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: loss or reduction in business from the Company’s significant customers; the failure of the Company’s significant customers to perform their obligations owed to us; changes in demand; a material decline 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; actions by the courts, the U.S. Coast Guard, the U.S. Department of Justice or other governmental authorities and the results of the legal proceedings to which the Company or any of its vessels may be subject; 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); changes in the itineraries of the Company’s vessels; adverse changes in foreign currency exchange rates affecting the Company’s expenses; the fulfillment of the closing conditions under, or the execution of customary additional documentation for, the Company’s agreements to acquire vessels; sourcing, completion and funding of financing on acceptable terms; financial market conditions 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, 2009 and its subsequent reports on Form 10-Q and Form 8-K. The Company’s ability to pay dividends in any period will depend upon factors including applicable provisions of Marshall Islands law, restrictions under the Company’s credit facilities and indenture governing the Company’s Senior Notes and the final determination by the Board of Directors each quarter after its review of the Company’s financial performance. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves. As a result, the amount of dividends actually paid may vary. The Company’s dividend policy may be changed at any time by the Company’s Board of Directors.
THREE MONTHS ENDED
VLCC Fleet
%
Change September-10 September-09
From
Prior
Period Amount Amount
------ ------ ------
% of Total % of Total
for Period for Period
----------- -----------
Net Voyage Revenues -47.0% 11,475 21,659
$1,000's 20% 28%
-------- --- ---
Average Daily TCE -77.5% 27,128 120,325
Time Charter Revenues -71.6% 6,159 21,659
$1,000's 21% 30%
-------- --- ---
Spot Charter Revenues 5,316 -
$1,000's 19% 0%
-------- --- ---
Calendar Days 136.4% 435 184
14% 6%
--- ---
Vessel Operating Days 135.0% 423 180
14% 6%
--- ---
Capacity Utilization 97.2% 97.8%
# Days Vessels on Time
Charter 7.2% 193 180
13% 9%
--- ---
# Days Vessels on Spot
Charter 230 -
15% 0%
--- ---
Average Daily Time
Charter Rate -73.5% 31,911 120,325
Average Daily Spot
Charter Rate 23,114 -
Daily Direct Vessel
Expenses 32.4% 10,961 8,277
(per Vessel)
------------
Average Age of Fleet at
End of Period
(Years) 5.9 8.3
# Vessels at End of
Period 250.0% 7.0 2.0
19% 6%
--- ---
Average Number of
Vessels 136.5% 4.7 2.0
14% 6%
--- ---
DWT at End of Period 247.6% 2,183 628
1,000's 40% 16%
------- --- ---
Suezmax Fleet
%
Change September-10 September-09
From
Prior
Period Amount Amount
------ ------ ------
% of Total % of Total
for Period for Period
----------- -----------
Net Voyage Revenues -30.5% 21,277 30,602
$1,000's 37% 39%
-------- --- ---
Average Daily TCE -33.5% 21,087 31,713
Time Charter Revenues -82.2% 5,411 30,429
$1,000's 18% 42%
-------- --- ---
Spot Charter Revenues 9071.1% 15,866 173
$1,000's 57% 4%
-------- --- ---
Calendar Days 0.0% 1,012 1,012
33% 35%
--- ---
Vessel Operating Days 4.6% 1,009 965
33% 35%
--- ---
Capacity Utilization 4.6% 99.7% 95.4%
# Days Vessels on Time
Charter -77.5% 184 819
13% 43%
--- ---
# Days Vessels on Spot
Charter 465.1% 825 146
53% 17%
--- ---
Average Daily Time
Charter Rate -20.8% 29,409 37,154
Average Daily Spot
Charter Rate 1521.6% 19,232 1,186
Daily Direct Vessel
Expenses 2.0% 8,034 7,876
(per Vessel)
------------
Average Age of Fleet at
End of Period
(Years) 8.8 7.9
# Vessels at End of
Period 0.0% 11.0 11.0
31% 35%
--- ---
Average Number of
Vessels 0.0% 11.0 11.0
33% 35%
--- ---
DWT at End of Period 0.0% 1,691 1,691
1,000's 31% 44%
------- --- ---
Aframax Fleet
%
Change September-10 September-09
From
Prior
Period Amount Amount
------ ------ ------
% of Total % of Total
for Period for Period
----------- -----------
Net Voyage Revenues 7.4% 16,137 15,020
$1,000's 28% 19%
-------- --- ---
Average Daily TCE 11.8% 15,621 13,972
Time Charter Revenues -9.5% 9,378 10,368
$1,000's 32% 14%
-------- --- ---
Spot Charter Revenues 45.3% 6,759 4,652
$1,000's 24% 96%
-------- --- ---
Calendar Days 0.0% 1,104 1,104
36% 39%
--- ---
Vessel Operating Days -3.9% 1,033 1,075
34% 39%
--- ---
Capacity Utilization -3.9% 93.6% 97.4%
# Days Vessels on Time
Charter 42.0% 527 371
36% 19%
--- ---
# Days Vessels on Spot
Charter -28.1% 506 704
32% 83%
--- ---
Average Daily Time
Charter Rate -36.3% 17,796 27,945
Average Daily Spot
Charter Rate 102.1% 13,358 6,608
Daily Direct Vessel
Expenses -2.3% 8,468 8,669
(per Vessel)
------------
Average Age of Fleet at
End of Period
(Years) 13.9 13.0
# Vessels at End of
Period 0.0% 12.0 12.0
33% 39%
--- ---
Average Number of
Vessels 0.0% 12.0 12.0
33% 39%
--- ---
DWT at End of Period 0.0% 1,208 1,208
1,000's 22% 31%
------- --- ---
THREE MONTHS ENDED
Panamax Fleet
%
Change September-10 September-09
From
Prior
Period Amount Amount
------ ------ ------
% of Total % of Total
for Period for Period
----------- -----------
Net Voyage Revenues -28.8% 3,434 4,820
$1,000's 6% 6%
-------- --- ---
Average Daily TCE -28.8% 18,661 26,197
Time Charter Revenues -28.8% 3,434 4,820
$1,000's 12% 7%
-------- --- ---
Spot Charter Revenues - -
$1,000's 0% 0%
-------- --- ---
Calendar Days 0.0% 184 184
6% 6%
--- ---
Vessel Operating Days 0.0% 184 184
6% 7%
--- ---
Capacity Utilization 0.0% 100.0% 100.0%
# Days Vessels on Time
Charter 0.0% 184 184
13% 10%
--- ---
# Days Vessels on Spot
Charter - -
0% 0%
--- ---
Average Daily Time
Charter Rate -28.8% 18,661 26,197
Average Daily Spot
Charter Rate - -
Daily Direct Vessel
Expenses 16.5% 7,711 6,620
(per Vessel)
------------
Average Age of Fleet at
End of Period (Years) 6.6 5.6
# Vessels at End of
Period 0.0% 2.0 2.0
6% 6%
--- ---
Average Number of
Vessels 0.0% 2.0 2.0
6% 6%
--- ---
DWT at End of Period 0.0% 145 145
1,000's 3% 4%
------- --- ---
Handymax Fleet
%
Change September-10 September-09
From
Prior
Period Amount Amount
------ ------ ------
% of Total % of Total
for Period for Period
----------- -----------
Net Voyage Revenues -8.6% 5,234 5,728
$1,000's 9% 7%
-------- --- ---
Average Daily TCE -7.4% 14,419 15,563
Time Charter Revenues -8.6% 5,234 5,728
$1,000's 18% 8%
-------- --- ---
Spot Charter Revenues - -
$1,000's 0% 0%
-------- --- ---
Calendar Days 0.0% 368 368
12% 13%
--- ---
Vessel Operating Days -1.4% 363 368
12% 13%
--- ---
Capacity Utilization -1.4% 98.6% 100.0%
# Days Vessels on Time
Charter -1.4% 363 368
25% 19%
--- ---
# Days Vessels on Spot
Charter - -
0% 0%
--- ---
Average Daily Time
Charter Rate -7.4% 14,419 15,563
Average Daily Spot
Charter Rate - -
Daily Direct Vessel
Expenses 15.1% 7,237 6,288
(per Vessel)
------------
Average Age of Fleet at
End of Period (Years) 6.0 5.0
# Vessels at End of
Period 0.0% 4.0 4.0
11% 13%
--- ---
Average Number of
Vessels 0.0% 4.0 4.0
12% 13%
--- ---
DWT at End of Period 0.0% 190 190
1,000's 4% 5%
------- --- ---
Total Fleet
%
Change September-10 September-09
From
Prior
Period Amount Amount
------ ------ ------
Net Voyage Revenues -26.0% 57,557 77,829
$1,000's
--------
Average Daily TCE -31.9% 19,109 28,077
Time Charter Revenues -59.4% 29,616 73,004
$1,000's
--------
Spot Charter Revenues 479.1% 27,941 4,825
$1,000's
--------
Calendar Days 8.8% 3,103 2,852
Vessel Operating Days 8.7% 3,012 2,772
Capacity Utilization -0.1% 97.1% 97.2%
# Days Vessels on Time
Charter -24.5% 1,451 1,922
# Days Vessels on Spot
Charter 83.6% 1,561 850
Average Daily Time
Charter Rate -46.3% 20,411 37,983
Average Daily Spot
Charter Rate 215.3% 17,899 5,677
Daily Direct Vessel
Expenses 7.1% 8,486 7,923
(per Vessel)
------------
Average Age of Fleet at
End of Period (Years) 8.6 9.3
# Vessels at End of
Period 16.1% 36 31.0
Average Number of
Vessels 8.7% 33.7 31.0
DWT at End of Period 40.3% 5,417 3,862
1,000's
-------
NINE MONTHS ENDED
VLCC Fleet
%
Change September-10 September-09
From
Prior
Period Amount Amount
------ ------ ------
% of Total % of Total
for Period for Period
----------- -----------
Net Voyage Revenues -37.2% 24,304 38,700
$1,000's 13% 17%
-------- --- ---
Average Daily TCE -56.6% 31,040 71,535
Time Charter Revenues -61.8% 14,780 38,700
$1,000's 14% 19%
-------- --- ---
Spot Charter Revenues 9,524 -
$1,000's 12% 0%
-------- --- ---
Calendar Days 46.0% 797 546
9% 6%
--- ---
Vessel Operating Days 44.7% 783 541
9% 7%
--- ---
Capacity Utilization -0.8% 98.2% 99.1%
# Days Vessels on Time
Charter -19.8% 434 541
10% 9%
--- ---
# Days Vessels on Spot
Charter 349 -
9% 0%
--- ---
Average Daily Time
Charter Rate -52.4% 34,056 71,535
Average Daily Spot
Charter Rate 27,291 -
Daily Direct Vessel
Expenses 24.4% 10,892 8,754
(per Vessel)
------------
Average Age of Fleet at
End of Period (Years) 5.9 8.3
# Vessels at End of
Period 250.0% 7.0 2.0
19% 6%
--- ---
Average Number of
Vessels 45.0% 2.9 2.0
9% 6%
--- ---
DWT at End of Period 247.6% 2,183 628
1,000's 40% 16%
------- --- ---
Suezmax Fleet
%
Change September-10 September-09
From
Prior
Period Amount Amount
------ ------ ------
% of Total % of Total
for Period for Period
----------- -----------
Net Voyage Revenues -16.7% 82,394 98,917
$1,000's 45% 43%
-------- --- ---
Average Daily TCE -16.4% 28,799 34,454
Time Charter Revenues -65.6% 33,596 97,617
$1,000's 33% 47%
-------- --- ---
Spot Charter Revenues 3653.7% 48,798 1,300
$1,000's 59% 6%
-------- --- ---
Calendar Days 9.1% 3,276 3,003
38% 35%
--- ---
Vessel Operating Days -0.3% 2,861 2,871
34% 36%
--- ---
Capacity Utilization -8.7% 87.3% 95.6%
# Days Vessels on Time
Charter -64.8% 935 2,657
21% 43%
--- ---
# Days Vessels on Spot
Charter 800.0% 1,926 214
50% 12%
--- ---
Average Daily Time
Charter Rate -2.2% 35,932 36,739
Average Daily Spot
Charter Rate 316.9% 25,336 6,077
Daily Direct Vessel
Expenses -7.1% 7,635 8,216
(per Vessel)
------------
Average Age of Fleet at
End of Period (Years) 8.8 7.9
# Vessels at End of
Period 0.0% 11.0 11.0
31% 35%
--- ---
Average Number of
Vessels 0.0% 11.0 11.0
34% 35%
--- ---
DWT at End of Period 0.0% 1,691 1,691
1,000's 31% 44%
------- --- ---
Aframax Fleet
%
Change September-10 September-09
From
Prior
Period Amount Amount
------ ------ ------
% of Total % of Total
for Period for Period
----------- -----------
Net Voyage Revenues -16.7% 52,512 63,062
$1,000's 28% 27%
-------- --- ---
Average Daily TCE -21.1% 16,644 21,084
Time Charter Revenues -32.6% 28,216 41,862
$1,000's 28% 20%
-------- --- ---
Spot Charter Revenues 14.6% 24,296 21,200
$1,000's 30% 94%
-------- --- ---
Calendar Days -8.3% 3,003 3,276
34% 39%
--- ---
Vessel Operating Days 5.5% 3,155 2,991
37% 37%
--- ---
Capacity Utilization 15.1% 105.1% 91.3%
# Days Vessels on Time
Charter 11.0% 1,560 1,406
34% 23%
--- ---
# Days Vessels on Spot
Charter 0.6% 1,595 1,585
41% 88%
--- ---
Average Daily Time
Charter Rate -39.3% 18,087 29,774
Average Daily Spot
Charter Rate 13.9% 15,233 13,375
Daily Direct Vessel
Expenses 9.4% 9,745 8,909
(per Vessel)
------------
Average Age of Fleet at
End of Period (Years) 13.9 13.0
# Vessels at End of
Period 0.0% 12.0 12.0
33% 39%
--- ---
Average Number of
Vessels 0.0% 12.0 12.0
33% 39%
--- ---
DWT at End of Period 0.0% 1,208 1,208
1,000's 22% 31%
------- --- ---
NINE MONTHS ENDED
Panamax Fleet
%
Change September-10 September-09
From
Prior
Period Amount Amount
------ ------ ------
% of Total % of Total
for Period for Period
----------- -----------
Net Voyage Revenues -25.7% 9,764 13,142
$1,000's 5% 6%
-------- --- ---
Average Daily TCE -26.5% 18,015 24,519
Time Charter Revenues -23.3% 10,078 13,142
$1,000's 10% 6%
-------- --- ---
Spot Charter Revenues (314) -
$1,000's 0% 0%
-------- --- ---
Calendar Days 0.0% 546 546
6% 6%
--- ---
Vessel Operating Days 1.1% 542 536
6% 7%
--- ---
Capacity Utilization 1.1% 99.3% 98.2%
# Days Vessels on Time
Charter -1.1% 530 536
12% 9%
--- ---
# Days Vessels on Spot
Charter 12 -
0% 0%
--- ---
Average Daily Time
Charter Rate -22.4% 19,015 24,519
Average Daily Spot
Charter Rate (26,216) -
Daily Direct Vessel
Expenses 17.6% 7,731 6,572
(per Vessel)
------------
Average Age of Fleet at
End of Period (Years) 6.6 5.6
# Vessels at End of
Period 0.0% 2.0 2.0
6% 6%
--- ---
Average Number of
Vessels 0.0% 2.0 2.0
6% 6%
--- ---
DWT at End of Period 0.0% 145 145
1,000's 3% 4%
------- --- ---
Handymax Fleet
%
Change September-10 September-09
From
Prior
Period Amount Amount
------ ------ ------
% of Total % of Total
for Period for Period
----------- -----------
Net Voyage Revenues -12.6% 15,488 17,713
$1,000's 8% 8%
-------- --- ---
Average Daily TCE -11.3% 14,394 16,220
Time Charter Revenues -12.6% 15,488 17,713
$1,000's 15% 8%
-------- --- ---
Spot Charter Revenues - -
$1,000's 0% 0%
-------- --- ---
Calendar Days 0.0% 1,092 1,092
13% 13%
--- ---
Vessel Operating Days -1.5% 1,076 1,092
13% 14%
--- ---
Capacity Utilization -1.5% 98.5% 100.0%
# Days Vessels on Time
Charter -1.5% 1,076 1,092
24% 18%
--- ---
# Days Vessels on Spot
Charter - -
0% 0%
--- ---
Average Daily Time
Charter Rate -11.3% 14,394 16,220
Average Daily Spot
Charter Rate - -
Daily Direct Vessel
Expenses 10.7% 7,027 6,347
(per Vessel)
------------
Average Age of Fleet at
End of Period (Years) 6.0 5.0
# Vessels at End of
Period 0.0% 4.0 4.0
11% 13%
--- ---
Average Number of
Vessels 0.0% 4.0 4.0
13% 13%
--- ---
DWT at End of Period 0.0% 190 190
1,000's 4% 5%
------- --- ---
Total Fleet
%
Change September-10 September-09
From
Prior
Period Amount Amount
------ ------ ------
Net Voyage Revenues -20.3% 184,462 231,534
$1,000's
--------
Average Daily TCE -24.0% 21,915 28,830
Time Charter Revenues -51.1% 102,158 209,034
$1,000's
--------
Spot Charter Revenues 265.8% 82,304 22,500
$1,000's
--------
Calendar Days 3.0% 8,714 8,463
Vessel Operating Days 4.8% 8,417 8,031
Capacity Utilization 1.8% 96.6% 94.9%
# Days Vessels on Time
Charter -27.2% 4,535 6,232
# Days Vessels on Spot
Charter 115.8% 3,882 1,799
Average Daily Time
Charter Rate -32.8% 22,527 33,542
Average Daily Spot
Charter Rate 23.1% 21,201 12,507
Daily Direct Vessel
Expenses 5.1% 8,590 8,172
(per Vessel)
------------
Average Age of Fleet at
End of Period (Years) 8.6 9.3
# Vessels at End of
Period 16.1% 36 31.0
Average Number of
Vessels 2.9% 31.9 31.0
DWT at End of Period 40.3% 5,417 3,862
1,000's
-------
SOURCE General Maritime Corporation