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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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):
February 10, 2006
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GENERAL MARITIME CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
REPUBLIC OF THE MARSHALL ISLANDS
(STATE OR OTHER JURISDICTION OF INCORPORATION)
001-16531 06-159-7083
(COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.)
299 Park Avenue
New York, New York 10171
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(212) 763-5600
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
Not Applicable
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 2.05
On February 10, 2006, General Maritime Corporation (the "Company") signed
agreements to sell nine oil bulk ore Aframax vessels. In connection with that
decision, management determined one technical management office outside the U.S.
would adequately service its current fleet and as such decided to close its
office in Piraeus, Greece, operated by General Maritime Management (Hellas) Ltd.
The Company currently anticipates that this office will be closed by June
2006 and estimates that the cost of closing this office to be approximately $1.5
million, primarily attributable to employee severance costs, as well as
professional fees and the rent associated with the remainder of the lease which
expires at the end of 2006. The Company anticipates that approximately $0.8
million of this total expected cost, which will be a component of other expense
on the Company's statement of operations, will be recognized during the first
quarter of 2006, with the remainder recognized as a component of other expense
on the Company's statement of operations later in 2006. The Company estimates
that substantially all of these costs will result in future cash expenditures.
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 hereunto duly authorized.
GENERAL MARITIME CORPORATION
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(Registrant)
By: /s/ Jeffrey D. Pribor
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Name: Jeffrey D. Pribor
Title: Chief Financial Officer
Date: February 14, 2006