Exhibit 99.1
CONTACT:
Jeffrey Pribor
Chief Financial Officer
General Maritime Corporation
(212) 763-5680
GENERAL MARITIME CORPORATION ANNOUNCES
THIRD QUARTER AND NINE MONTH 2005 FINANCIAL RESULTS
Declares Dividend of $0.25
Announces Sale of 10 Single Hull and Double Sided Vessels
Announces $800 Million Refinancing
New York, New York, October 26, 2005 - General Maritime Corporation (NYSE: GMR)
today reported its financial results for the three and nine months ended
September 30, 2005.
Financial Review: 2005 Third Quarter
------------------------------------
The Company had net income of $7.2 million, or $0.19 basic and $0.19 diluted
earnings per share, for the three months ended September 30, 2005 compared to
net income of $54.6 million, or $1.47 basic and $1.44 diluted earnings per
share, for the three months ended September 30, 2004. The decrease in net income
was principally the result of lower voyage revenues attributable to a generally
lower rate environment in the third quarter of 2005 compared to the prior year
as well as a 5.7% decrease in fleet size, higher bunker prices, and decreased
utilization due to a heavy drydocking schedule. Additionally, net voyage revenue
reflects a charge of $4.4 million to increase reserves associated with customer
claims related to the time charter contracts of the nine OBO Aframax vessels.
Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President,
commented, "For the nine-month 2005 period and year to date, General Maritime
has continued to position itself for long-term shareholder value while
providing near-term value through declaring $2.86 per share in dividends to
date. The recent agreement to sell 10 single-hull and double-sided Suezmax
vessels has enabled the Company to further modernize its fleet and
significantly strengthen its balance sheet. With one of the lowest net debt
to capitalization ratios in the industry and a favorable new revolving credit
facility, General Maritime will have approximately $930 million in funds to
redeploy for future value-creating initiatives following the completion of
the vessel sale. In seeking future opportunities, General Maritime will
continue to be extremely disciplined in its approach and only enter into
transactions that meet strict requirements."
Net voyage revenue, which is gross voyage revenues minus voyage expenses unique
to a specific voyage (including port, canal and fuel costs), decreased 38.1% to
$76.5 million for the three
months ended September 30, 2005 compared to $123.5 million for the three months
ended September 30, 2004. EBITDA for the three months ended September 30, 2005
was $42.4 million compared to $89.1 million for the three months ended September
30, 2004 (please see below for a reconciliation of EBITDA to net income). Net
cash provided by operating activities was $25.5 million for the three months
ended September 30, 2005 compared to $63.9 million for the prior year period. As
of September 30, 2005, the Company's net debt-to-book capitalization (calculated
as net debt divided by net debt plus shareholders' equity) was reduced to 28%
from 32% as of December 31, 2004.
The average daily time charter equivalent, or TCE, rates obtained by the
Company's fleet decreased by 31.6% to $21,457 per day for the three months ended
September 30, 2005 from $31,380 for the prior year period. The Company's average
rates for vessels on spot charters decreased by 37.7% to $22,527 for the three
months ended September 30, 2005 compared to $36,168 for the prior year period.
The charge for customer claims relates to the 24 month time charter contracts
for our nine OBO Aframax vessels. These arrangements require that the vessels
meet specified speed and bunker consumption standards. The charterer has
asserted claims for eight vessels for the first 12 months of their charter in
the amount of $5.0 million based upon an assertion that the vessels did not meet
these standards during some periods. The charterer may make further claims under
the contracts. With the additional increase to our reserve we have established
reserves we believe are adequate for claims relating to all of these vessels for
all periods through September 30, 2005. However, if the charterer is successful
in asserting these claims, they may be entitled to amounts in excess of our
related reserves. We intend to contest these claims.
Total vessel operating expenses, which are direct vessel operating expenses and
general and administrative expenses, decreased 1.8% to $32.2 million for the
three months ended September 30, 2005 from $32.8 million for the three months
ended September 30, 2004. Direct vessel operating expenses decreased 8.8% from
$22.8 million to $20.8 million, while general and administrative expenses
increased 14.3% from $10.0 million to $11.4 million for the same periods. The
average size of General Maritime's fleet decreased 5.7% to 43 vessels in the
third quarter of 2005 from 45.6 vessels in the prior year period. On a daily
basis, direct vessel operating expenses fell 3.2% during the quarter ended
September 30, 2005 compared to the prior year period. This decrease can be
attributed to the timing of certain purchases, maintenance and repair costs, and
the fact that many of the vessels were recently drydocked thus not incurring
some of their normal direct vessel expenses. We believe the sale of 10 of our
single hull and double sided vessels which generally incurred higher costs than
our double hull fleet will help reduce daily direct vessel costs going forward.
The increase in general and administrative costs was due to an increase in
payroll expenses associated with the Company's offices in New York, Greece, and
Portugal. Almost half of the increase can be attributed to an increase in the
non-cash charge for the amortization of restricted stock granted to our
executive officers.
Financial Review: Nine Months 2005
----------------------------------
Net income was $107.7 million or $2.89 basic and $2.83 diluted earnings per
share, for the nine months ended September 30, 2005 compared to $174.6 million,
or $4.72 basic and $4.62 diluted earnings per share, for the nine months ended
September 30, 2004. Net voyage revenues decreased 18.3% to $309.9 million for
the nine months ended September 30, 2005 compared to $379.5 million for the nine
months ended September 30, 2004. EBITDA was $208.8 million for the nine months
ended September 30, 2005 compared to $280.8 million for the nine months ended
September 30, 2004. Net cash provided by operating activities was $191.9 million
for the nine months ended September 30, 2005 compared to $231.1 million for the
prior year period. TCE rates obtained by the Company's fleet decreased 11.1% to
$28,783 per day for the nine months ended September 30, 2005 from $32,365 for
the prior year period.
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 and nine month periods ended September
30, 2005 and 2004.
Three months ended Nine months ended
------------------------------------------------------------------
September-05 September-04 September-05 September-04
------------ ------------ ------------ ------------
INCOME STATEMENT DATA
(Dollars in thousands, except per share data)
Voyage revenues $ 114,403 $ 156,261 $ 411,520 $ 468,078
Voyage expenses (37,950) (32,789) (101,581) (88,607)
---------- --------- --------- ---------
Net voyage revenues 76,453 123,472 309,939 379,471
Direct vessel expenses 20,802 22,808 65,132 72,837
General and administrative expenses 11,387 9,965 34,068 24,292
Depreciation and amortization 27,634 24,782 78,063 76,983
Gain on sale of vessels - (6,343) - (6,343)
---------- --------- --------- ---------
Operating income 16,630 72,260 132,676 211,702
Net interest expense 7,611 9,717 23,028 29,200
Other expense 1,842 7,921 1,919 7,921
---------- --------- --------- ---------
Net Income $ 7,177 $ 54,622 $ 107,729 $ 174,581
========== ======== ========= =========
Basic earnings per share $ 0.19 $ 1.47 $ 2.89 $ 4.72
Diluted earnings per share $ 0.19 $ 1.44 $ 2.83 $ 4.62
Weighted average shares outstanding, thousands 37,273 37,051 37,242 37,025
Diluted average shares outstanding, thousands 38,076 37,875 38,086 37,798
-----------------------------
BALANCE SHEET DATA, at end of period September-05 December-04
(Dollars in thousands) ------------ -----------
Cash $ 49,178 $ 46,921
Current assets, including cash 311,925 152,145
Total assets 1,362,779 1,427,261
Current liabilities, including current
portion of long-term debt 85,870 84,120
Current portion of long-term debt 40,000 40,000
Total long-term debt, including current portion 410,449 486,597
Shareholders' equity 903,694 890,426
Three months ended Nine months ended
------------------------------------------------------------------
September-05 September-04 September-05 September-04
------------ ------------ ------------ ------------
OTHER FINANCIAL DATA
(dollars in thousands)
EBITDA (1) $ 42,422 $ 89,121 $ 208,820 $ 280,764
Net cash provided by operating activities 25,541 63,866 191,939 231,087
Net cash provided (used) by investing activities (4,069) 6,557 (11,524) (187,238)
Net cash provided (used) by financing activities (54,902) (80,069) (178,158) (40,306)
Capital expenditures
Vessel sales (purchases), including deposits (3,318) 7,012 (7,193) (182,641)
Drydocking or capitalized survey or improvement costs (7,485) (7,981) (28,205) (10,405)
Weighted average long-term debt 426,431 721,499 442,064 674,613
FLEET DATA
Total number of vessels at end of period 43 44 43 44
Average number of vessels (2) 43.0 45.6 43.0 44.4
Total voyage days for fleet (3) 3,563 3,935 10,768 11,725
Total time charter days for fleet 935 1,063 2,888 3,330
Total spot market days for fleet 2,628 2,872 7,880 8,395
Total calendar days for fleet (4) 3,956 4,199 11,739 12,159
Fleet utilization (5) 90.1% 93.7% 91.7% 96.4%
AVERAGE DAILY RESULTS
Time Charter equivalent (6) $ 21,457 $ 31,380 $ 28,783 $ 32,365
Direct vessel operating expenses per vessel (7) 5,258 5,433 5,548 5,991
General and administrative expense per vessel (8) 2,878 2,373 2,902 1,998
Total vessel operating expenses (9) 8,136 7,806 8,450 7,989
EBITDA (10) 10,723 21,226 17,789 23,092
Three months ended Nine months ended
------------------------------------------------------------------
September-05 September-04 September-05 September-04
------------ ------------ ------------ ------------
EBITDA Reconciliation
Net Income $ 7,177 $ 54,622 $ 107,729 $ 174,581
+ Net interest expense 7,611 9,717 23,028 29,200
+ Depreciation and amortization 27,634 24,782 78,063 76,983
-------- -------- --------- ---------
EBITDA $ 42,422 $ 89,121 $ 208,820 $ 280,764
======== ======== ========= =========
(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 general and administrative expense is calculated by dividing general
and administrative expenses by vessel calendar days.
(9) Total Vessel Operating Expenses, or TVOE, is a measurement of our total
expenses associated with operating our vessels. Daily TVOE is the sum of
daily direct vessel operating expenses, and daily general and
administrative expenses.
(10) Daily EBITDA is total EBITDA divided by total vessel calendar days.
General Maritime Corporation's Fleet
------------------------------------
As of October 26, 2005, General Maritime Corporation's fleet was comprised of 43
wholly owned tankers, consisting of 26 Aframax and 17 Suezmax tankers with a
total carrying capacity of approximately 5.2 million deadweight tons, or dwt.
The average age of the Company's fleet as of September 30, 2005 by dwt,
excluding the newbuilding contracts, was 12.6 years compared to 11.7 years as of
September 30, 2004. The average age of the Company's Aframax tankers was 13.1
years and the average age of the Company's Suezmax tankers was 11.7 years. After
giving effect to the recently announced sale of the 10 single hull and double
sided Suezmax vessels as described below, the Company's fleet will consist of 26
Aframax tankers, 7 Suezmax tankers, and 4 Suezmax tanker newbuilding contracts.
Currently, 15 of General Maritime Corporation's Aframax tankers and 17 of its
Suezmax tankers are operating on the spot market. 26% of the Company's fleet,
consisting of 11 Aframax tankers, is currently under time charter contracts.
Vessel Vessel Type Expiration Date Average Daily Rate (1)
- ------------------------------------------------------------------------------------------------------------
Genmar Spirit Aframax November 8, 2005 $19,700
Genmar Pericles Aframax November 23, 2005 $19,700
Genmar Hector Aframax November 25, 2005 $19,700
Genmar Trust Aframax December 15, 2005 $19,700
Genmar Challenger Aframax December 19, 2005 $19,700
Genmar Trader Aframax December 31, 2005 $19,700
Genmar Endurance Aframax February 3, 2006 $19,700
Genmar Champ Aframax February 17, 2006 $19,700
Genmar Star Aframax March 8, 2006 $19,700
Genmar Princess Aframax May 9, 2006 $33,150(2)
Genmar Progress Aframax July 21, 2006 $32,500(2)
- ------------------------------------------------------------------------------------------------------------
(1) Before brokers' commissions.
(2) Net of brokers' commissions.
Q3 2005 Dividend Announcement
-----------------------------
On October 24, 2005 the Company's Board of Directors declared a Q3 2005
quarterly dividend of $0.25 per share payable on or about December 13, 2005 to
shareholders of record as of November 29, 2005. As previously announced the
Company plans 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. The Company has declared aggregate dividends of $2.86 per share for
the first nine months of 2005.
Please see below for the dividend reconciliation for the quarter ended September
30, 2005.
Three Months Ended September 30, 2005
-------------------------------------
$ 42,422
Net Interest Expense 7,611
Quarterly fleet maintenance and renewal reserve (2) 17,500
Reserve for drydocking (2) 7,500
----------------------------------
$ 9,811
Assumed number of shares outstanding 38,678
----------------------------------
$ 0.25
==================================
Net Income $ 7,177
Net interest expense 7,611
Depreciation & Amortization 27,634
----------------------------------
$ 42,422
==================================
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) Reserves of $25 million per quarter or $100 million annually, as
established by the Board of Directors based upon the Company's existing
fleet at 12/31/04.
(3) Based on diluted shares at the end of the quarter ended 6/30/05 and the
estimated number of shares outstanding on the record date of August 26,
2005 taking into account potential exercises of vested options previously
granted.
Sale of 10 Single Hull and Double Sided Vessels
-----------------------------------------------
On October 18, 2004, General Maritime Corporation announced that it has agreed
to sell ten single hull and double sided Suezmax vessels en bloc to Tanker
Pacific for $294.5 million. The Company expects to realize a net gain of
approximately $103 million from the sale of these ten vessels. The delivery of
the vessels is expected to take place between November 2005 and January 2006.
The Company intends to utilize the proceeds to pay down debt and therefore the
proceeds will be excluded in the calculation of the dividend for the applicable
quarters.
The vessel sales include four single hull and six double sided vessels with an
average age of approximately 15.5 years. Following the completion of the sale
and including the four Suezmax newbuildings to be delivered between 2006 and
2008, the average age of General Maritime's fleet will be reduced to ten years
and its percentage of double-hull vessels will be increased to 81%.
$800 Million Revolving Loan Refinancing
---------------------------------------
On October 26, 2005 General Maritime Corporation entered into a new $800 million
revolving credit facility. The facility provides more favorable terms than the
Company's current $825 million credit facility and will be used to refinance the
existing term borrowings under the Company's current facility, to fund growth
and for general corporate purposes. The new facility provides a four year non
amortizing revolving loan with semi annual reductions of $44.5 million beginning
October 26, 2009 and a bullet payment of $533 million at the end of year seven.
The new facility will give the Company the flexibility to pay out dividends
under its current policy, repurchase shares of its common stock and repurchase
the Company's Senior Notes as the Company may determine to do so. The facility
will carry an interest rate of LIBOR plus 75 basis points on the outstanding
portion and a commitment fee of 26.25 basis points on the unused portion. DnB
Nor Bank ASA, HSH Nordbank AG, and Nordea Bank Finland Plc., will act as joint
lead arrangers and co-book runners. The facility will be collateralized by,
among other things, the Company's 17 double hull tankers and their four new
building Suezmax contracts. The rest of the Company's 16 vessels will be
unencumbered. The Company expects to write off approximately $5.8 million in the
fourth quarter of 2005 related to the unamortized fees associated with the
Company's current facility. Further details of our new credit facility will be
included in our Form 8-K to be filed by the Company.
Mr. Georgiopoulos continued, "General Maritime has a long history of accessing
capital to support its strategic objectives. We are pleased with the on-going
support we continue to receive
from prestigious financial institutions, highlighting General Maritime's past
success and the confidence the market places in the Company's future prospects.
In addition to being completed at an attractive rate, our new $800 million
revolving facility provides a favorable four-year non-amortization period and
flexible overall covenants."
Announcement of Share Repurchase Authorization
----------------------------------------------
The Company also announced that its Board of Directors has approved a share
repurchase program for up to a total of $200 million of the Company's common
stock. The Board will review the program after eighteen months. 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 restricted payments covenant
under the Company's outstanding bond indenture and restrictions under our new
credit facility.
Mr. Georgiopoulos concluded, "As the approximately 80% annualized return that we
earned on the recent 10 vessel sale highlights, General Maritime has
distinguished itself as a Company that is committed to providing superior
returns to shareholders. General Maritime's past success in entering into such
value-creating transactions is directly linked to both its strong balance sheet
and strategic decision making. Going forward, we will continue to seek
opportunities to once again take advantage of General Maritime's significant
financial flexibility and add long-term value to the Company, its customers and
its shareholders."
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 - making it the second
largest mid-sized tanker company in the world, with a carrying capacity of
approximately 5.9 million dwt.
Conference Call Announcement
----------------------------
General Maritime Corporation announced that it will hold a conference call on
Thursday, October 27, 2005 at 8:30 a.m. Eastern Time to discuss its 2005 third
quarter financial results. To access the conference call, dial (719) 457-2634
and ask for the General Maritime Corporation conference call. A replay of the
conference call can also be accessed until November 9, 2005, by dialing (888)
203-1112 for U.S. callers and (719) 457-0820 for international callers, and
entering the passcode 5590984. The conference call will also be simultaneously
webcast and will be available on the Company's website,
www.GeneralMaritimeCorp.com.
"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.
THREE MONTHS ENDED
Aframax Fleet Suezmax Fleet
September-05 September-04 September-05 September-04
% Change Amount Amount % % Change Amount Amount %
from Prior % of Total of Total from Prior % of Total of Total
Period for Period for Period Period for Period for Period
------------------------------------- -----------------------------------------
Net Voyage Revenues -30.5% 37,657 54,181 -44.0% 38,796 69,291
$ 1,000's 49% 44% 51% 56%
Average Daily TCE -21.8% 18,096 23,154 -39.8% 26,178 43,457
Time Charter Revenues -11.8% 17,275 19,597 - -
$ 1,000's 100% 100% 0% 0%
Spot Charter Revenues -41.1% 20,382 34,584 -44.0% 38,796 69,291
$ 1,000's 34% 33% 66% 67%
Calendar Days 0.0% 2,392 2,392 -13.4% 1,564 1,807
60% 57% 40% 43%
Vessel Operating Days -11.1% 2,081 2,340 -7.0% 1,482 1,594
58% 59% 42% 41%
Capacity Utilization -11.1% 87.0% 97.8% 7.4% 94.8% 88.2%
# Days Vessels on Time Charter -11.9% 936 1,063 - -
100% 100% 0% 0%
# Days Vessels on Spot Charter -10.4% 1,145 1,278 -7.0% 1,482 1,594
44% 44% 56% 56%
Average Daily Time Charter Rate 0.1% 18,456 18,436 - -
Average Daily Spot Charter Rate -34.2% 17,801 27,061 -39.8% 26,178 43,470
Daily Direct Vessel Expenses -4.3% 4,996 5,220 -0.9% 5,660 5,714
(per Vessel)
Daily G&A 21.3% 2,878 2,373 21.3% 2,878 2,373
(per Vessel)
Total Daily Vessel Operating
Expenses (per Vessel) 3.7% 7,874 7,593 5.6% 8,538 8,087
Average Age of Fleet at End of
Period (Years) 13.1 12.1 11.7 11.0
# Vessels at End of Period 0.0% 26.0 26.0 -5.6% 17.0 18.0
60% 59% 40% 41%
Average Number of Vessels 0.0% 26.0 26.0 -13.3% 17.0 19.6
60% 57% 40% 43%
DWT at End of Period 1.0% 2,539 2,513 -6.2% 2,619 2,792
1,000's 49% 47% 51% 53%
THREE MONTHS ENDED
Total Fleet
September-05 September-04
% Change
from Prior Amount Amount
Period
------------------------------------------
Net Voyage Revenues -38.1% 76,453 123,472
$ 1,000's
Average Daily TCE -31.6% 21,457 31,380
Time Charter Revenues -11.8% 17,275 19,597
$ 1,000's
Spot Charter Revenues -43.0% 59,178 103,875
$ 1,000's
Calendar Days -5.8% 3,956 4,199
Vessel Operating Days -9.5% 3,563 3,935
Capacity Utilization -3.9% 90.1% 93.7%
# Days Vessels on Time Charter -11.9% 936 1,063
# Days Vessels on Spot Charter -8.5% 2,627 2,872
Average Daily Time Charter Rate 0.1% 18,456 18,436
Average Daily Spot Charter Rate -37.7% 22,527 36,168
Daily Direct Vessel Expenses -3.2% 5,258 5,433
(per Vessel)
Daily G&A 21.3% 2,878 2,373
(per Vessel)
Total Daily Vessel Operating
Expenses (per Vessel) 4.2% 8,136 7,806
Average Age of Fleet at End of
Period (Years) 12.6 11.7
# Vessels at End of Period -2.3% 43.0 44.0
Average Number of Vessels -5.7% 43.0 45.6
DWT at End of Period -2.8% 5,158 5,305
1,000's
THREE MONTHS ENDED
Aframax Fleet Suezmax Fleet
September-05 September-04 September-05 September-04
% Change Amount Amount % % Change Amount Amount %
from Prior % of Total of Total from Prior % of Total of Total
Period for Period for Period Period for Period for Period
------------------------------------- -----------------------------------------
Net Voyage Revenues -9.3% 150,547 165,921 -25.4% 159,391 213,550
$ 1,000's 49% 44% 51% 56%
Average Daily TCE -6.9% 23,200 24,923 -11.6% 37,250 42,142
Time Charter Revenues -8.2% 57,787 62,960 - 3,785
$ 1,000's 100% 94% 0% 6%
Spot Charter Revenues -9.9% 92,760 102,961 -24.0% 159,391 209,765
$ 1,000's 37% 33% 63% 67%
Calendar Days 4.8% 7,098 6,770 -13.9% 4,641 5,389
60% 56% 40% 44%
Vessel Operating Days -2.5% 6,489 6,657 -15.6% 4,279 5,067
60% 57% 40% 43%
Capacity Utilization -7.0% 91.4% 98.3% -1.9% 92.2% 94.0%
# Days Vessels on Time Charter -8.0% 2,889 3,140 - 189
100% 94% 0% 6%
# Days Vessels on Spot Charter 2.4% 3,600 3,517 -12.3% 4,279 4,878
46% 42% 54% 58%
Average Daily Time Charter Rate -0.2% 20,002 20,051 - 20,026
Average Daily Spot Charter Rate -12.0% 25,767 29,275 -13.4% 37,250 43,002
Daily Direct Vessel Expenses -5.8% 5,306 5,630 -8.1% 5,919 6,444
(per Vessel)
Daily G&A 45.2% 2,902 1,998 45.2% 2,902 1,998
(per Vessel)
Total Daily Vessel Operating
Expenses (per Vessel) 7.6% 8,208 7,628 4.5% 8,821 8,442
Average Age of Fleet at End of
Period (Years) 13.1 12.1 11.7 11.0
# Vessels at End of Period 0.0% 26.0 26.0 -5.6% 17.0 18.0
60% 59% 40% 41%
Average Number of Vessels 5.3% 26.0 24.7 -13.7% 17.0 19.7
60% 56% 40% 44%
DWT at End of Period 1.0% 2,539 2,513 -6.2% 2,619 2,792
1,000's 49% 47% 51% 53%
THREE MONTHS ENDED
Total Fleet
September-05 September-04
% Change
from Prior Amount Amount
Period
-----------------------------------------
Net Voyage Revenues -18.3% 309,938 379,471
$ 1,000's
Average Daily TCE -11.1% 28,783 32,365
Time Charter Revenues -13.4% 57,787 66,745
$ 1,000's
Spot Charter Revenues -19.4% 252,151 312,726
$ 1,000's
Calendar Days -3.5% 11,739 12,159
Vessel Operating Days -8.2% 10,768 11,725
Capacity Utilization -4.9% 91.7% 96.4%
# Days Vessels on Time Charter -13.2% 2,889 3,330
# Days Vessels on Spot Charter -6.1% 7,879 8,395
Average Daily Time Charter Rate -0.2% 20,002 20,044
Average Daily Spot Charter Rate -14.1% 32,003 37,251
Daily Direct Vessel Expenses -7.4% 5,548 5,991
(per Vessel)
Daily G&A 45.2% 2,902 1,998
(per Vessel)
Total Daily Vessel Operating
Expenses (per Vessel) 5.8% 8,450 7,989
Average Age of Fleet at End of
Period (Years) 12.6 11.7
# Vessels at End of Period -2.3% 43.0 44.0
Average Number of Vessels -3.2% 43.0 44.4
DWT at End of Period -2.8% 5,158 5,305
1,000's