General Maritime Subsidiary 8K Fourth Quarter and Full Year 2005 Financial Results | GMR 23 Feb 06

60; Exhibit 99.1

CONTACT:

Jeffrey Pribor

Chief Financial Officer

General Maritime Corporation

(212) 763-5680

GENERAL MARITIME CORPORATION ANNOUNCES

FOURTH QUARTER AND FULL YEAR 2005 FINANCIAL RESULTS

Achieves Net Income of $212.3 Million for Full Year 2005

Declares Dividend of $2.00 per Share Relating to Q4 2005

Approves Additional $200 Million For Share Repurchase Program

New York, New York, February 22, 2005 - General Maritime Corporation (NYSE: GMR) today reported its financial results for the three months and full year ended December 31, 2005.

Financial Review: 2005 Fourth Quarter

The Company had net income of $104.6 million, or $2.83 basic and $2.78 diluted earnings per share, for the three months ended December 31, 2005 compared to net income of $140.5 million, or $3.79 basic and $3.70 diluted earnings per share, for the three months ended December 31, 2004. The decrease in net income was the result of lower spot charter rates during the fourth quarter of 2005 relative to the prior year period as well as a smaller fleet.

Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, stated, "2005 was both a significant and transforming year for General Maritime. In addition to posting strong financial results during a comparatively softer rate environment, we took decisive and significant steps that have redefined General Maritime in terms of its fleet profile and capital structure. At the same time, we unlocked value for shareholders by declaring a cumulative dividend of $4.86 per share and implementing a share repurchase program. General Maritime enters 2006 with a significantly strengthened balance sheet, positioning the Company to continue to serve shareholders well in both the near-term and long-term.”

Net voyage revenue, which is gross voyage revenue minus voyage expenses unique to a specific voyage (including port, canal and fuel costs), decreased 40.8% to $120.8 million for the three months ended December 31, 2005 compared to $203.9 million for the three months ended December 31, 2004. EBITDA for the three months ended December 31, 2005 was $129.8 million compared to $173.0 million for the three months ended December 31, 2004 (please see below for a reconciliation of EBITDA to net income). Net cash provided by operating activities was $59.8 million for the three months ended December 31, 2005 compared to $132.2 million for the prior year period. As of December 31, 2005, the Company’s net debt-to-book capitalization (calculated as total long term debt less cash divided by total long term debt less cash plus shareholders’ equity) was reduced to 3.8% from 33.1% as of December 31, 2004. After giving effect to the recent sale of the Company’s nine OBO Aframax vessels, the Company expects to be substantially debt free with over a billion dollars of liquidity.

The average daily time charter equivalent for vessels on spot charters decreased by 37.2% to $42,252 for the three months ended December 31, 2005 compared to $67,325 for the prior year period. The Company’s double hulled spot Aframax vessels earned $46,236 and the Company’s double hulled spot Suezmax vessels earned $59,478 for the quarter ended December 31, 2005.

Total vessel operating expenses, which are direct vessel operating expenses and general and administrative expenses, remained relatively flat at $31.5 million for the three months ended December 31, 2005 compared to $31.1 million for the three months ended December 31, 2004. During the same periods, the average size of General Maritime’s fleet decreased 9.9% to 38.8 vessels from 43.1 vessels in the prior year period. Daily direct vessel operating expenses remained relatively flat decreasing 0.3% to $6,033 per vessel day during the fourth quarter of 2005, from $6,051 per vessel day during the same period in 2004. On a twelve month basis daily direct vessel operating expenses fell 5.9% from the prior year period. This decrease can be attributed to the timing of certain purchases, maintenance and repair costs, and the realization of savings from certain cost cutting initiatives the Company instituted during 2005. General and administrative costs increased during the comparative periods due to an increase in payroll expenses associated with the Company’s offices in New York, Greece and Portugal, professional fees, and travel expenses as well as a non - cash expense associated with restricted stock granted to our executives and employees.

Financial Review: Full Year 2005

Net income was $212.4 million or $5.71 basic and $5.61 diluted earnings per share, for the full year ended December 31, 2005 compared to $315.1 million, or $8.51 basic and $8.33 diluted earnings per share, for the full year ended December 31, 2004. Net voyage revenues decreased 26.2% to $430.7 million for the full year ended December 31, 2005 compared to $583.3 million for the full year ended December 31, 2004. EBITDA was $338.6 million for the full year ended December 31, 2005 compared to $453.8 million for the full year ended December 31, 2004. Net cash provided by operating activities was $251.8 million for the full year ended December 31, 2005 compared to $363.2 million for the prior year period. TCE rates obtained by the Company’s fleet decreased 18.8% to $30,605 per day for the full year ended December 31, 2005 from $37,678 for the prior year period.

Daily direct vessel operating expenses for the year ended December 31, 2005 decreased 5.9% to $5,661 compared to $6,015 million for the year ago period. General and administrative expenses increased 40.0% to $44.0 million for the year ended December 31, 2005 from $31.4 million for the year ago period.

Mr. Georgiopoulos continued, "The opportunistic vessel sales that General Maritime has entered into in 2005 and during February 2006 have enabled the Company to monetize the value of non-core assets and further modernize our fleet. In addition to realizing both a sizeable book gain and return on our initial investment, with the vessel sales General Maritime’s fleet becomes 100 percent double-hull and its average age is significantly reduced. Including the recent OBO sales and the newbuildings that will be delivered between March of 2006 and 2008, General Maritime has successfully reduced the average age of its fleet to seven and a half years.”

Summary Consolidated Financial and Other Data

The following table summarizes General Maritime Corporation’s selected consolidated financial and other data for the periods indicated below. Attached to this press release is an Appendix, which contains additional financial, operational and other data for the three month and full year periods, ended December 31, 2005 and 2004.

		Three Months Ended						Twelve Months Ended
		December - 05			December - 04			December - 05			December - 04

INCOME STATEMENT DATA
(Dollars in thousands, except per share data)
Voyage revenues	$	156,381		$	233,213		$	567,901		$	701,291
Voyage expenses		(35,622	)		(29,348	)		(137,203	)		(117,955	)
Net voyage revenues		120,759			203,865			430,698			583,336
Direct vessel expenses		21,549			23,980			86,681			96,818
General and administrative expenses		9,921			7,128			43,989			31,420
Depreciation and amortization		19,257			23,824			97,320			100,806
Net Gain on sale of vessels		(91,235	)		(227	)		(91,235	)		(6,570	)
Operating income		161,267			149,160			293,943			360,862
Net interest expense		5,890			8,652			28,918			37,852
Other expense (income)		50,749			(20	)		52,668			7,901
Net Income	$	104,628		$	140,528		$	212,357		$	315,109


Basic earnings per share	$	2.83		$	3.79		$	5.71		$	8.51


Diluted earnings per share	$	2.78		$	3.70		$	5.61		$	8.33

Weighted average shares outstanding, thousands		36,932			37,121			37,164			37,049
Diluted average shares outstanding, thousands		37,619			37,942			37,874			37,814

								12 Months Ended			12 Months Ended
BALANCE SHEET DATA, at end of period								December - 05			December - 04
(Dollars in thousands)
Cash							$	96,976		$	46,921
Current assets, including cash								471,324			152,145
Total assets								1,149,126			1,427,261
Current liabilities, including current portion of long-term debt								32,906			84,120
Current portion of long-term debt								-			40,000
Total long-term debt, including current portion								135,020			486,597
Shareholders' equity								976,125			890,426

		Three Months Ended						Twelve Months Ended
		December - 05			December - 04			December - 05			December - 04
OTHER FINANCIAL DATA
(dollars in thousands)
EBITDA ⁽¹⁾	$	129,775		$	173,003		$	338,595		$	453,767
Net cash provided by operating activities		59,832			132,151			251,771			363,238
Net cash provided (used) by investing activities		327,536			18,761			316,012			(168,477	)
Net cash provided (used) by financing activities		(339,570	)		(146,439	)		(517,728	)		(186,745	)
Capital expenditures
Vessel sales (purchases) net, including construction in progress		329,123			16,845			321,930			(165,796	)
Drydocking or capitalized survey or improvement costs		(8,584	)		(6,645	)		(36,789	)		(17,050	)
Weighted average long-term debt		332,534			567,814			410,794			650,196

FLEET DATA
Total number of vessels at end of period		30			43			30			43
Average number of vessels⁽²⁾		38.8			43.1			41.9			44.0
Total voyage days for fleet⁽³⁾		3,305			3,760			14,073			15,482
Total time charter days for fleet		1,094			1,039			3,983			4,371
Total spot market days for fleet		2,211			2,721			10,090			11,111
Total calendar days for fleet⁽⁴⁾		3,572			3,963			15,311			16,097
Fleet utilization⁽⁵⁾		92.5	%		94.9	%		91.9	%		96.2	%

AVERAGE DAILY RESULTS
Time charter equivalent⁽⁶⁾	$	36,538		$	54,219		$	30,605		$	37,678
Direct vessel operating expenses per vessel ⁽⁷⁾		6,033			6,051			5,661			6,015
EBITDA⁽⁸⁾		36,331			43,655			22,114			28,190


		Three Months Ended						Twelve Months Ended
		December - 05			December - 04			December - 05			December - 04
EBITDA Reconciliation
Net Income	$	104,628		$	140,528		$	212,357		$	315,109
+ Net interest expense		5,890			8,652			28,918			37,852
+ Depreciation & Amortization		19,257			23,824			97,320			100,806
EBITDA	$	129,775		$	173,004		$	338,595		$	453,767

(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, 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 EBITDA is total EBITDA divided by total vessel calendar days.

General Maritime Corporation’s Fleet

As of February 21, 2005, General Maritime Corporation’s fleet was comprised of 30 wholly owned tankers, consisting of 19 Aframax and 7 Suezmax tankers and 4 newbuilding Suezmax contracts, with a total carrying capacity of approximately 3.5 million deadweight tons, or dwt. The average age of the Company’s fleet as of December 31, 2005 by dwt, excluding the newbuilding contracts, was 10.9 years compared to 11.9 years as of December 31, 2004. The average age of the Company’s Aframax tankers was 12.2 years and the average age of the Company’s Suezmax tankers was 9.4 years. After giving effect to the disposition of the Company’s nine OBO Aframax vessels the Company’s fleet will be comprised of 21 wholly owned tankers consisting of 10 Aframax and 7 Suezmax tankers and 4 newbuilding Suezmax contracts, with an average age of 7.5 years as outlined below.

Vessel	Type	Hull	Built

Genmar Agamemnon	Aframax	DH	May-1995
Genmar Ajax	Aframax	DH	July-1996
Genmar Alexandra	Aframax	DH	January-1992
Genmar Constantine	Aframax	DH	October-1992
Genmar Defiance	Aframax	DH	June-2002
Genmar Minotaur	Aframax	DH	November-1995
Genmar Princess	Aframax	DH	January-1991
Genmar Progress	Aframax	DH	January-1991
Genmar Revenge	Aframax	DH	April-1994
Genmar Strength	Aframax	DH	January-2003

Genmar Argus	Suezmax	DH	January-2000
Genmar Gulf	Suezmax	DH	January-1991
Genmar Hope	Suezmax	DH	January-1999
Genmar Horn	Suezmax	DH	January-1999
Genmar Orion	Suezmax	DH	January-2002
Genmar Phoenix	Suezmax	DH	January-1999
Genmar Spyridon	Suezmax	DH	January-2000

Genmar Harriet G	Suezmax	DH	March-2006
Newbuild 2	Suezmax	DH	September-2006
Newbuild 3	Suezmax	DH	October-2007
Newbuild 4	Suezmax	DH	January-2008

Currently, 8 of General Maritime Corporation’s Aframax tankers and 7 of its Suezmax tankers are operating on the spot market. 42% of the Company’s fleet, consisting of 11 Aframax tankers, is currently under time charter contracts, compared to 26% of the fleet under time charter contracts as of December 31, 2004.

Vessel	Vessel Type	Expiration Date	Average Daily Rate ⁽¹⁾
Genmar Spirit	OBO Aframax ⁽²⁾	March 10, 2006		$19,700
Genmar Hector	OBO Aframax ⁽²⁾	March 26, 2006		$19,700
Genmar Pericles	OBO Aframax ⁽²⁾	April 9, 2006		$19,700
Genmar Challenger	OBO Aframax ⁽²⁾	April 16, 2006		$19,700
Genmar Trader	OBO Aframax ⁽²⁾	April 30, 2006		$19,700
Genmar Trust	OBO Aframax ⁽²⁾	May 9, 2006		$19,700
Genmar Endurance	OBO Aframax ⁽²⁾	June 16, 2006		$19,700
Genmar Champ	OBO Aframax ⁽²⁾	June 21, 2006		$19,700
Genmar Star	OBO Aframax ⁽²⁾	July 7, 2006		$19,700
Genmar Princess	Aframax	May 21, 2006		$33,150⁽³⁾
Genmar Progress	Aframax	July 6, 2006		$32,500⁽³⁾


(1) Before brokers' commissions.
(2) Vessels subject to agreements of sale; projected delivery date to new owners
(3) Net of brokers' commissions.

The Company’s primary area of operation is the Atlantic basin. The Company also currently has vessels employed in the Black Sea and Far East to take advantage of market opportunities and to position vessels in anticipation of drydockings.

Q4 2005 Dividend Announcement

On February 21, 2006 the Company’s Board of Directors declared a Q4 2005 quarterly dividend of $2.00 per share payable on or about March 17, 2006 to shareholders of record as of March 3, 2006. The dividend amount was determined in accordance with the Company’s policy of paying an amount equal to EBITDA less reserves for fleet renewal and maintenance. On February 21, 2006 the Company’s Board of Directors established a revised $14.5 million fleet maintenance and renewal reserve relating to Q4 2005. This reserve reflects the current size of the Company’s fleet while maintaining the $7.5 million quarterly drydock reserve as for 2005. In addition, in determining the quarterly dividend for Q4 2005 the Company’s Board of Directors excluded the following items for the quarter: loss with respect to its forward freight agreements, the costs incurred in connection with its Senior Notes consent solicitation and tender offer and the Company’s gain for the quarter on its sale of vessels. The Company has declared aggregate dividends of $4.86 per share for the full year of 2005.

The Company policy remains to declare quarterly dividends to shareholders in April, July, October and February of each year based on its EBITDA after net interest expense and reserves for drydocking and fleet renewal, as established by the Board of Directors. For 2006, the Board has established a reserve of $44.0 million annually or $11.0 per quarter, reflecting a $28.0 million fleet maintenance and renewal reserve and a $16.0 million drydocking reserve.

Please see below for the dividend reconciliation for the quarter ended December 31^st 2005.

	Three Months Ended
	December 31, 2005

EBITDA ⁽¹⁾	$	129,775
- Net Interest Expense		(5,890	)
Quarterly fleet maintenance and renewal reserve
- reserve (2)		(7,000	)
- Reserve for drydocking⁽²⁾		(7,500	)
+ Other Expense		50,749
- Gain on sale		(91,235	)
- Loss on FFA		(573	)
Available for dividends	$	68,326

/Assumed number of shares outstanding		34,025

Available for dividends per share ⁽³⁾	$	2.00


EBITDA Reconciliation
Net Income	$	104,628
Depreciation and Amortization		19,257
Net Interest Expense		5,890
EBITDA	$	129,775

Notes:

(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)

The Company’s Board of Directors lowered the maintenance and renewal reserve to $7.0 million for the 4th quarter of 2005 reflecting the size of the Company’s current fleet. The drydocking reserve was maintained at $7.5 million for the 4^th quarter resulting in an aggregate reserve of $14.5 million. On February 21^st The Company’s Board of Directors established a 2006 reserve of $44.0 million annually or $11.0 per quarter.

(3)	Based on diluted shares at the end of the quarter ended 12/31/05 and the estimated number of shares outstanding on the record date of March 3, 2006 taking into account potential exercises of vested options previously granted and share repurchases made through the Company’s share repurchase program.

Sale of Nine OBO Aframax Vessels

On February 10, 2006 the Company announced that it had agreed to sell nine OBO Aframax tankers en bloc to Tanker Pacific for $247.5 million. The Company expects to realize a net gain of $16.6 million from the sale. The Company intends to utilize the proceeds to pay down debt, for corporate purposes, which may include share repurchases, and for any future acquisitions that the Company may consider. Deliveries of the nine vessels are expected to be concluded by July 2006 as outlined below.

Vessel	Type	Projected Delivery Date

Genmar Spirit	Aframax OBO	March 10, 2006
Genmar Hector	Aframax OBO	March 26, 2006
Genmar Pericles	Aframax OBO	April 9, 2006
Genmar Challenger	Aframax OBO	April 16, 2006
Genmar Trader	Aframax OBO	April 30, 2006
Genmar Trust	Aframax OBO	May 9, 2006
Genmar Endurance	Aframax OBO	June 16, 2006
Genmar Champ	Aframax OBO	June 21, 2006
Genmar Star	Aframax OBO	July 7, 2006

Share Repurchase

On February 21, 2006, the Company's Board of Directors approved an additional $200 million for repurchases of the Company's common stock under the share repurchase program. Since October 2005, when the share repurchase program was instituted, the Company has repurchased 5.1 million shares at an average price of $36.92.

On January 4, 2006, the Company announced it had entered into an agreement to repurchase 4,176,756 of its common shares from Oaktree Capital’s OCM Principal Opportunities Fund, L.P. in a privately negotiated transaction at $37.00 per share for a total purchase price of $154,539,972. The price per share was agreed to after the close of the market on January 3, 2006 and represented a discount of 2.4% to the closing price of the Company’s common stock on such date.

The Board will periodically review the program. Share repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors. Purchases may be made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act. The program does not require the Company to purchase any specific number or amount of shares and may be suspended or reinstated at any time in the Company's discretion and without notice. Repurchases will be subject to the restrictions under the Company's existing credit facility.

Senior Notes Tender

On January 17, 2006, the Company announced that it had completed its tender offer and consent solicitation for any and all of its outstanding 10% Senior Notes due 2013. The tender offer for the Notes expired on January 17, 2006 and was subject to the terms and conditions set forth in the Company’s Offer to Purchase for Cash and Solicitation of Consents, dated December 15, 2005.

On December 30, 2005, General Maritime Corporation accepted for purchase and paid for $226,460,000 principal amount of Notes tendered prior to the expiration of the Company’s consent solicitation on December 29, 2005, representing approximately 99.99% of the total principal amount of Notes outstanding. Holders who validly tendered Notes prior to the Consent Time received total consideration per $1,000.00 principal amount of Notes tendered of $1,151.12, which amount included a consent payment of $30.00, plus accrued and unpaid interest on the Notes tendered up to, but not including, the payment date.

Mr. Georgiopoulos concluded, “General Maritime has significant financial flexibility to continue to enter into value-creating transactions for shareholders. In accomplishing this critical goal, we will continue to draw upon our past success and actively seek acquisition opportunities to once again grow our fleet and expand our industry leadership. Complementing this focus, we will continue to return value to shareholders through our dividend policy while looking to take advantage of the Board’s $200 million increase in our share repurchase program.”

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 30 tankers - 19 Aframax, 7 Suezmax tankers and 4 Suezmax newbuilding contracts - with a carrying capacity of approximately 3.5 million dwt. After giving effect to the disposition of the Company’s nine OBO Aframax vessels the Company’s fleet will be comprised of 21 wholly owned tankers consisting of 10 Aframax and 7 Suezmax tankers and 4 newbuilding Suezmax contracts - with a carrying capacity of approximately 2.6 million dwt.

Conference Call Announcement

General Maritime Corporation announced that it will hold a conference call on Thursday, February 23, 2006 at 8:30 a.m. Eastern Time to discuss its 2005 fourth quarter and year end financial results. To access the conference call, dial (719) 457-2646 and ask for the General Maritime Corporation conference call. A replay of the conference call can also be accessed until March 9, 2006, by dialing (888) 203-1112 for U.S. callers and (719) 457-0820 for international callers, and entering the passcode 9700435. 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: 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); changes in the itineraries of the Company’s vessels; any failure of a vessel sale agreement to close, for instance, due to failure to meet a condition to closing; 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, 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.

THREE MONTHS ENDED

	Aframax Fleet December-05	December-04		Suezmax Fleet December-05	December-04		Total Fleet December-05	December-04
% Change From Prior Period	Amount % of Total for Period	Amount % of Total for Period	% Change From Prior Period	Amount % of Total for Period	Amount % of Total for Period	% Change From Prior Period	Amount	Amount

Net Voyage Revenues	-37.2	%	58,256		92,811		-43.7	%	62,503		111,054		-40.8	%	120,759		203,865
$ 1,000's			48	%	46	%			52	%	54	%

Average Daily TCE	-28.2	%	29,482		41,067		-36.5	%	47,030		74,036		-32.6	%	36,538		54,219


Time Charter Revenues	25.1	%	25,871		20,675				1,469		-		32.2	%	27,340		20,675
$ 1,000's			95	%	100	%			5	%	0	%

Spot Charter Revenues	-55.1	%	32,385		72,136		-45.0	%	61,034		111,054		-49.0	%	93,419		183,190
$ 1,000's			35	%	39	%			65	%	61	%

Calendar Days	-7.3	%	2,217		2,392		-13.7	%	1,355		1,571		-9.9	%	3,572		3,963
			62	%	60	%			38	%	40	%

Vessel Operating Days	-12.6	%	1,976		2,260		-11.4	%	1,329		1,500		-12.1	%	3,305		3,760
			60	%	60	%			40	%	40	%

Capacity Utilization	-5.7	%	89.1	%	94.5	%	2.7	%	98.1	%	95.5	%	-2.5	%	92.5	%	94.9


# Days Vessels on Time Charter	0.8	%	1,047		1,039				47		-		5.3	%	1,094		1,039
			96	%	100	%			4	%	0	%

# Days Vessels on Spot Charter	-23.9	%	929		1,221		-14.5	%	1,282		1,500		-18.7	%	2,211		2,721
			42	%	45	%			58	%	55	%

Average Daily Time Charter Rate	24.2	%	24,710		19,899				31,255		-		25.6	%	24,991		19,899


Average Daily Spot Charter Rate	-41.0	%	34,860		59,079		-35.7	%	47,608		74,036		-37.2	%	42,252		67,325


Daily Direct Vessel Expenses	4.7	%	6,092		5,817		-7.4	%	5,935		6,407		-0.3	%	6,033		6,051
(per Vessel)


Average Age of Fleet at End of Period (Years)			12.2		12.4				9.4		11.2				10.9		11.9


# Vessels at End of Period	-23.1	%	20.0		26.0		-41.2	%	10.0		17.0		-30.2	%	30.0		43.0
			67	%	60	%			33	%	40	%

Average Number of Vessels	-7.3	%	24.1		26.0		-13.9	%	14.7		17.1		-9.9	%	38.8		43.1
			62	%	60	%			38	%	40	%

DWT at End of Period	-22.3	%	1,974		2,539		-40.9	%	1,548		2,619		-31.7	%	3,522		5,158
1,000's			56	%	49	%			44	%	51	%

TWELVE MONTHS ENDED

	Aframax Fleet December-05	December-04		Suezmax Fleet December-05	December-04		Total Fleet December-05	December-04
% Change From Prior Period	Amount % of Total for Period	Amount % of Total for Period	% Change From Prior Period	Amount % of Total for Period	Amount % of Total for Period	% Change From Prior Period	Amount	Amount

Net Voyage Revenues	-19.3	%	208,804		258,685		-31.7	%	221,894		324,651		-26.2	%	430,698		583,336
$ 1,000's			48	%	44	%			52	%	56	%

Average Daily TCE	-14.9	%	24,667		29,001		-20.0	%	39,567		49,474		-18.8	%	30,605		37,678


Time Charter Revenues	0.9	%	83,658		82,894		-62.4	%	1,469		3,902		-1.9	%	85,127		86,796
$ 1,000's			98	%	96	%			2	%	4	%

Spot Charter Revenues	-28.8	%	125,146		175,791		-31.3	%	220,425		320,749		-30.4	%	345,571		496,540
$ 1,000's			36	%	35	%			64	%	65	%

Calendar Days	1.7	%	9,315		9,163		-13.5	%	5,996		6,934		-4.9	%	15,311		16,097
			61	%	57	%			39	%	43	%

Vessel Operating Days	-5.1	%	8,465		8,920		-14.5	%	5,608		6,562		-9.1	%	14,073		15,482
			60	%	58	%			40	%	42	%

Capacity Utilization	-6.6	%	90.9	%	97.3	%	-1.2	%	93.5	%	94.6	%	-4.4	%	91.9	%	96.2	%


# Days Vessels on Time Charter	-5.9	%	3,936		4,182		-75.1	%	47		189		-8.9	%	3,983		4,371
			99	%	96	%			1	%	4	%

# Days Vessels on Spot Charter	-4.4	%	4,529		4,738		-12.7	%	5,561		6,373		-9.2	%	10,090		11,111
			45	%	43	%			55	%	57	%

Average Daily Time Charter Rate	7.2	%	21,255		19,822		51.4	%	31,255		20,646		7.6	%	21,373		19,857


Average Daily Spot Charter Rate	-25.5	%	27,632		37,102		-21.2	%	39,638		50,329		-23.4	%	34,249		44,689


Daily Direct Vessel Expenses	-2.9	%	5,493		5,657		-8.4	%	5,922		6,462		-5.9	%	5,661		6,015
(per Vessel)

Average Age of Fleet at End of Period (Years)			12.2		12.4				9.4		11.2				10.9		11.9


# Vessels at End of Period	-23.1	%	20.0		26.0		-41.2	%	10.0		17.0		-30.2	%	30.0		43.0
			67	%	60	%			33	%	40	%

Average Number of Vessels	2.0	%	25.5		25.0		13.7	%	16.4		19.0		4.8	%	41.9		44.0
			61	%	57	%			39	%	43	%

DWT at End of Period	-22.3	%	1,974		2,539		-40.9	%	1,548		2,619		-31.7	%	3,522		5,158
1,000's			56	%	49	%			44	%	51	%

General Maritime Subsidiary (GMR) Inactive 8-KFourth Quarter and Full Year 2005 Financial Results