Exhibit 12.1
General Maritime Corporation
Computation of Ratio of Earnings to Fixed Charges*
(Expressed in thousands of United States Dollars, except ratios)
Nine months ended September 30, | Year Ended December 31, | |||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 59,314 | $ | 37,344 | $ | 29,388 | $ | 25,541 | $ | 4,165 | $ | 32,400 | ||||||||||||
Capitalized interest | - | - | 119 | 2,385 | 3,571 | 3,475 | ||||||||||||||||||
Amortized loan fees | 2,318 | 1,724 | 1,089 | 959 | 722 | 1,968 | ||||||||||||||||||
Interest Component of rent | 314 | 466 | 918 | 918 | 918 | 918 | ||||||||||||||||||
Fixed Charges | 61,946 | 39,534 | 31,514 | 29,803 | 9,376 | 38,761 | ||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Pretax operating (loss) income | (49,421 | ) | (11,995 | ) | 29,807 | 44,539 | 156,831 | 212,357 | ||||||||||||||||
Fixed charges | 61,946 | 39,534 | 31,514 | 29,803 | 9,376 | 38,761 | ||||||||||||||||||
Capitalized interest | - | - | 119 | 2,385 | 3,571 | 3,475 | ||||||||||||||||||
Earnings | $ | 12,525 | $ | 27,539 | $ | 61,202 | $ | 71,957 | $ | 162,636 | $ | 247,643 | ||||||||||||
Ratio of Earnings to Fixed Charges | 0.20 | (a) | 0.70 | (a) | 1.94 | 2.41 | 17.35 | 6.39 | ||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 0.20 | 0.70 | 1.94 | 2.41 | 17.35 | 6.39 |
(a) For the nine months ended September 30, 2010 and for year ended December 31, 2009, earnings were insufficient to cover fixed charges by $49,421 and $11,995, respectively.
*As defined in Item 503(d) of Regulation S-K of the Securities Exchange Act of 1934