SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 11, 2003
GENERAL MARITIME CORPORATION
(Exact name of each Registrant as specified in its Charter)
Republic of the Marshall Islands 001-16531 06-159-7083
(State or other jurisdiction of (Commission File Number) (IRS employer
incorporation or organization) identification no.)
35 West 56th Street
New York, New York 10019
(Address of principal executive (Zip Code)
offices)
(Registrant's telephone number, including area code): (212) 763-5600
Item 9. Regulation FD Disclosure.
General Maritime Corporation (the "Company") has taken delivery today of the
Genmar Traveller the first vessel in its previously announced acquisition of
19 tankers from Metrostar Management Corporation, and has chartered out the
vessel for immediate service on a spot charter at the approximate time charter
equivalent rate of $50,000 per day. The Company expects to take delivery of
the second tanker, the Genmar Transporter, on Wednesday, March 12, and will
immediately employ that vessel on a spot charter at the approximate time
charter equivalent rate of $44,000 per day. These daily rates are generally
consistent with current prevailing spot rates.
"Safe Harbor" Statement Under the Private Securities Litigation Reform
Act of 1995
This disclosure 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 disclosure are the following:
failure of one or more of the contemplated acquisitions to close; inability of
the company to obtain financing for the acquisitions at all or on favorable
terms; the ability of the seller and our ability to complete the sale and
purchase of the tankers; 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, 2001 and its Quarterly Reports on
Form 10-Q for the three months ended March 31, 2002, June 30, 2002 and
September 30, 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
March 11, 2003
GENERAL MARITIME CORPORATION
By: /s/ JAMES C. CHRISTODOULOU
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James C. Christodoulou
Vice President, Chief Financial Officer
and Secretary