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General Maritime Corporation Named to Forbes 200 Best Small Companies List

Posted on: Wednesday, 19 October 2005, 15:01 CDT

NEW YORK, Oct. 19 /PRNewswire-FirstCall/ -- General Maritime Corporation today announced that it has been selected as one of the "200 Best Small Companies" by Forbes Magazine. General Maritime ranked #1 based on profits and #33 overall.

In order to qualify for the "200 Best Small Companies" list, candidates had to demonstrate a consistent pattern of positive growth during the last twelve months as well as the past five years. In formulating the list, Forbes ranks companies based on such criteria as growth in sales, earnings and return on equity. The complete list of companies is available on Forbes Magazine's website and appears in the October 31, 2005 issue of Forbes Magazine.

Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, stated, "We are pleased to be named as one of the best small companies by Forbes and are particularly proud of our number one ranking based on profits. This recognition is directly related to the hard work of our dedicated employees and General Maritime's position as a world class shipping company."

About General Maritime Corporation

General Maritime Corporation is a provider of international seaborne crude oil transportation services 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. We also currently operate tankers in other regions including the Black Sea and Far East. General Maritime Corporation currently owns and operates a fleet of 47 tankers -- 26 Aframax, 17 Suezmax tankers and 4 Suezmax newbuilding contracts with a carrying capacity of approximately 5.6 million dwt. Following the completion of the 10 vessel sale, General Maritime will own and operate a fleet of 37 tankers -- 26 Aframax, 7 Suezmax tankers, and four Suezmax newbuildings.

"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: changes in demand; 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, 2004 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 limitations under the indenture for the Company's senior notes, applicable provisions of Marshall Islands law 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 from the amounts currently estimated. The closing of the vessel sales will be subject to customary closing conditions.

General Maritime Corporation

CONTACT: Jeffrey D. Pribor, Chief Financial Officer of General MaritimeCorporation, +1-212-763-5680

Web site: http://www.generalmaritimecorp.com/

Source: PRNewswire-FirstCall

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