General Maritime Corporation Provides Federal Income Tax Information for 2010 Dividends
NEW YORK, Feb. 8, 2011 /PRNewswire/ — General Maritime Corporation (NYSE: GMR) announced today certain U.S. federal income tax considerations with respect to 2010 dividends. During 2010, the Company paid dividends in the aggregate amount of $22.6 million. Dividends paid during 2010 are treated as dividends for U.S. federal income tax purposes to the extent of the Company’s current and accumulated earnings and profits as of December 31, 2010, as determined for U.S. federal income tax purposes. Dividends in excess of the Company’s current and accumulated earnings and profits are treated first as a non-taxable return of capital, to the extent of a U.S. shareholder’s tax basis in its common stock on a dollar-for-dollar basis, and thereafter as a capital gain. For 2010, the Company expects 100% of each dividend paid during the year to be treated as a reduction in basis or gain, as applicable.
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 35 tankers – seven VLCC, twelve Aframax, twelve Suezmax tankers, two Panamax and two Product tankers – with a total carrying capacity of approximately 5.5 million dwt.
You are urged to consult your own tax advisors concerning U.S. federal income and estate tax consequences in light of your own particular situation as well as any consequences arising under the laws of any other taxing jurisdiction, including any state, local or foreign tax consequences.
SOURCE General Maritime Corporation