Exhibit 99.1
CONTACT:
Jeffrey Pribor
Chief Financial Officer
General Maritime Corporation
(212) 763-5680
GENERAL MARITIME CORPORATION ANNOUNCES
THIRD QUARTER AND NINE MONTH 2004 FINANCIAL RESULTS
Achieves Record Nine Month Earnings
New York, New York, October 27, 2004 - General Maritime Corporation (NYSE: GMR)
today reported its financial results for the three and nine months ended
September 30, 2004.
Financial Review: 2004 Third Quarter
The Company had 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 compared to
net income of $7.0 million, or $0.19 basic and diluted earnings per share, for
the three months ended September 30, 2003. The increase in net income was the
result of stronger spot charter rates during the third quarter relative to the
third quarter of 2003. Included in net income is the gain of $6.3 million on the
sale of three single hull Suezmax vessels during the quarter as well as a
write-off of $7.9 million of the unamortized deferred financing costs associated
with the July 2004 $825 million refinancing of our First, Second and Third
Credit Facilities (reflected as other expense). Excluding the gain on sale and
the write-off, the company would have earned $1.52 basic and $1.48 diluted
earnings per share.
Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President,
commented, "General Maritime has continued to build upon its outstanding results
for the first half of 2004 and has achieved record revenues, cash flow and
earnings for both the quarter and nine-month period. Our nine month results
represent a significant accomplishment for General Maritime. The impressive
results are the highest in the Company's history for any nine-month period as
well for any full-year since inception. General Maritime's ability to achieve
such strong results underscores our past success consolidating the tanker
industry and leadership position as the second largest mid-sized tanker company.
At the core of this success is management's continued execution of its vision in
creating a world-class tanker company with significant earnings power."
Net voyage revenue, which is gross voyage revenues minus voyage expenses unique
to a specific voyage (including port, canal and fuel costs), increased 65.7% to
$123.5 million for the three months ended September 30, 2004 compared to $74.5
million for the three months ended September 30, 2003. EBITDA for the three
months ended September 30, 2004 was $89.1 million compared to $41.2 million for
the three months ended September 30, 2003 (please see below for a reconciliation
of EBITDA to net income). Net cash provided by operating activities was $63.9
million for the three months ended September 30, 2004 compared to $27.1 million
for
the prior year period. As of September 30, 2004, the Company's net debt-to-book
capitalization (calculated as net debt divided by net debt plus shareholders'
equity) was reduced to 44% from 52% as of December 31, 2003.
The average daily time charter equivalent, or TCE, rates obtained by the
Company's fleet increased by 73% to $31,380 per day for the three months ended
September 30, 2004 from $18,188 for the prior year period. The Company's average
rates for vessels on spot charters increased by 101% to $36,168 for the three
months ended September 30, 2004 compared to $18,024 for the prior year period.
Total vessel operating expenses, which are direct vessel operating expenses and
general and administrative expenses, decreased 1.7% to $32.8 million for the
three months ended September 30, 2004 from $33.4 million for the three months
ended September 30, 2003. During the same periods, the average size of General
Maritime's fleet decreased 0.9% to 45.6 vessels from 46 vessels in the prior
year period. Total daily vessel operating expenses, which include direct vessel
operating expenses and general and administrative expenses decreased 1.0% to
$7,806 per vessel day during the third quarter of 2004 from $7,881 per vessel
day during the same period in 2003. Daily direct vessel operating expenses
continued to fall during the quarter ended September 30, 2004 compared to the
prior year period. This decrease can be attributed to the timing of certain
purchases, maintenance and repair costs, and the sale of three vessels within
the period which had higher historic daily operating costs than the other
vessels in our fleet. 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 as well as travel expenses
and bonus accrual associated with the growth of its business.
Financial Review: Nine Months 2004
Net income was $174.6 million or $4.72 basic and $4.62 diluted earnings per
share, for the nine months ended September 30, 2004 compared to $77.2 million,
or $2.09 basic and $2.07 diluted earnings per share, for the nine months ended
September 30, 2003. Net voyage revenues increased 58.0% to $379.5 million for
the nine months ended September 30, 2004 compared to $240.1 million for the nine
months ended September 30, 2003. EBITDA was $280.7 million for the nine months
ended September 30, 2004 compared to $161.5 million for the nine months ended
September 30, 2003. Net cash provided by operating activities was $231.1 million
for the nine months ended September 30, 2004 compared to $124.0 million for the
prior year period. TCE rates obtained by the Company's fleet increased 39.0% to
$32,365 per day for the nine months ended September 30, 2004 from $23,277 for
the prior year period.
Mr. Georgiopoulos added, "During the nine-month period of 2004, General Maritime
has further implemented its fleet modernization strategy and has reduced the
average age of the fleet. The combination of the Soponata acquisition and the
sale of four single-hull vessels has improved the average age profile, while
increasing the percentage of double-hull or double-sided vessels to 89%. General
Maritime's modernization efforts highlight our commitment to providing customers
with the highest quality tonnage and meeting stringent operational standards."
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, 2004 and 2003.
Three months ended Nine months ended
------------------------------- -------------------------------
September-04 September-03 September-04 September -03
============ ============ ============ =============
INCOME STATEMENT DATA
(Dollars in thousands, except per share data)
Voyage revenues $ 156,261 $ 109,848 $ 468,078 $ 327,589
Voyage expenses (32,789) (35,331) (88,607) (87,476)
--------- ----------- ----------- -----------
Net voyage revenues 123,472 74,517 379,471 240,113
Direct vessel expenses 22,808 27,556 72,837 63,966
General and administrative expenses 9,965 5,795 24,292 15,598
Depreciation and amortization 24,782 23,583 76,983 59,477
Gain on sale of vessels (6,343) -- (6,343) (930)
--------- ----------- ----------- -----------
Operating income 72,260 17,583 211,702 102,002
Net interest expense 9,717 10,534 29,200 24,839
Other expense 7,921 -- 7,921 --
--------- ----------- ----------- -----------
Net Income 54,622 7,049 174,581 77,163
========= =========== =========== ===========
Basic earnings per share: $ 1.47 $ 0.19 $ 4.72 $ 2.09
Diluted earnings per share: $ 1.44 $ 0.19 $ 4.62 $ 2.07
Weighted average shares outstanding, thousands 37,051 36,965 37,025 36,965
Diluted average shares outstanding, thousands 37,875 37,381 37,798 37,312
9 months ended 12 months ended
----------------------------------
September-04 December-03
============== ===============
BALANCE SHEET DATA, at end of period
(Dollars in thousands)
Cash $ 42,548 $ 38,905
Current assets, including cash 130,628 102,473
Total assets 1,417,902 1,263,578
Current liabilities, including current
portion of long term debt 72,512 89,771
Current portion of long-term debt 40,000 59,553
Total long-term debt, including current portion 631,531 655,670
Shareholders equity 747,315 568,880
Three months ended Nine months ended
============================= ==============================
September-04 September-03 September-04 September-03
============ ============ ============ ============
OTHER FINANCIAL DATA
(dollars in thousands)
EBITDA(1) $ 89,121 $ 41,166 $ 280,764 $ 161,479
Net cash provided by operating activities 63,866 27,136 231,087 123,962
Net cash provided (used) by investing activities 6,557 (1,083) (187,238) (526,783)
Net cash provided (used) by financing activities (80,069) (31,820) (40,306) 415,393
Capital expenditures
Vessel sales (purchases), including construction
in progress 7,012 (489) (182,641) (525,496)
Drydocking or capitalized survey or improvement costs (7,981) (5,008) (10,405) (9,408)
Weighted average long-term debt 721,499 728,924 674,613 577,902
FLEET DATA
Total number of vessels at end of period 44 46 44 46
Average number of vessels(2) 45.6 46.0 44.4 39.0
Total voyage days for fleet(3) 3,935 4,097 11,725 10,316
Total time charter days for fleet 1,063 706 3,330 1,784
Total spot market days for fleet 2,872 3,391 8,395 8,532
Total calendar days for fleet(4) 4,199 4,232 12,159 10,678
Fleet utilization(5) 93.7% 96.8% 96.4% 96.6%
AVERAGE DAILY RESULTS
Time Charter equivalent(6) $ 31,380 $ 18,188 $ 32,365 $ 23,277
Direct vessel operating expenses per vessel(7) 5,432 6,512 5,991 5,990
General and administrative expense per vessel(8) 2,373 1,369 1,998 1,461
Total vessel operating expenses(9) 7,806 7,881 7,989 7,451
EBITDA(10) 21,226 9,728 23,092 15,123
----------------------------- ------------------------------
Three months ended Nine months ended
============================== ==============================
September-04 September-03 September-04 September-03
============ ============ ============ ============
Net Income $ 54,622 $ 7,049 $ 174,581 $ 77,163
+ Net interest expense 9,717 10,534 29,200 24,839
+ Depreciation & Amortization 24,782 23,583 76,983 59,477
------------ ------------ ------------ ------------
EBITDA $ 89,121 $ 41,166 $ 280,764 $ 161,479
============ ============ ============ ============
(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, or DVOE, 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, or DVOE, 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 22, 2004, General Maritime Corporation's fleet was comprised of 47
wholly owned tankers, consisting of 26 Aframax and 17 Suezmax tankers and 4
newbuilding Suezmax contracts, with a total carrying capacity of approximately
5.9 million deadweight tons, or dwt. The average age of the Company's fleet as
of September 30, 2004 by dwt, excluding the newbuilding contracts, was 11.7
years compared to 12.1 years as of September 30, 2003. The average age of the
Company's Aframax tankers was 12.1 years and the average age of the Company's
Suezmax tankers was 11 years.
Currently, 14 of General Maritime Corporation's Aframax tankers and 17 of its
Suezmax tankers are operating on the spot market. 28% of the Company's fleet,
consisting of 12 Aframax tankers, is currently under time charter contracts,
compared to 24% of the fleet under time charter contracts as of September 30,
2003.
2004
Vessel Vessel Type Expiration Date Average Daily Rate (1)
- ------------------- ----------- --------------- ----------------------
Genmar Pericles Aframax October 2, 2005 $19,700
Genmar Trust Aframax October 13, 2005 $19,700
Genmar Spirit Aframax October 15, 2005 $19,700
Genmar Hector Aframax November 3, 2005 $19,700
Genmar Challenger Aframax December 6, 2005 $19,700
Genmar Trader Aframax December 15, 2005 $19,700
Genmar Champ Aframax January 10, 2006 $19,700
Genmar Star Aframax February 12, 2006 $19,700
Genmar Endurance Aframax January 24, 2006 $19,700
Genmar Princess Aframax February 20, 2005 $25,000
Genmar Defiance Aframax December 12, 2004 $15,000(2)
Genmar Constantine Aframax August 15, 2005 $28,000(2)
(1) Before brokers' commissions.
(2) 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.
Addition of New Board Member and Audit Committee Chairman
On September 16, 2004, General Maritime Corporation announced that its Board of
Directors had elected a new member. Mr. John O. Hatab will serve as a Class I
Director and as Chairman of the Audit Committee. Mr. Hatab is a retired partner
of PricewaterhouseCoopers LLP, with over 39 years of service.
Mr. Georgiopoulos concluded, "General Maritime is well positioned to continue to
effectively utilize its sizable fleet and fully take advantage of one of the
strongest rate environments in recent history. With significant financial
strength and flexibility, General Maritime is also well positioned to seek
additional opportunities to further expand its leadership and will continue to
actively pursue this very important objective. In operating the Company, we will
maintain an intense focus on meeting stringent environmental and safety
standards for the benefit of customers and 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 28, 2004 at 8:30 a.m. Eastern Time to discuss its 2004 third
quarter financial results. To access the conference call, dial (719) 457-2666
and ask for the General Maritime Corporation conference call. A replay of the
conference call can also be accessed until November 10, 2004, by dialing (888)
203-1112 for U.S. callers and (719) 457-0820 for international callers, and
entering the passcode 908316. 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); consents by charterers
and ship builders to assignments of contracts 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, 2003 and its subsequent reports on Form 10-Q and Form 8-K.
THREE MONTHS ENDED
------------------------------------- -----------------------------------------
Aframax Fleet Suezmax Fleet
------------------------------------- -----------------------------------------
September- September- September - September -
04 03 04 03
Amount Amount Amount Amount
% Change % of Total % of Total % Change % of Total % of Total
From Prior for for From Prior for for
Period Period Period Period Period Period
- -------------------------------------------------------------------------- -----------------------------------------
Net Voyage Revenues 37.9% 54,181 39,301 96.8% 69,291 35,216
$1,000's 44% 53% 56% 47%
- -------------------------------------------------------------------------- -----------------------------------------
- -------------------------------------------------------------------------- -----------------------------------------
Average Daily TCE 42.1% 23,154 16,297 108.0% 43,457 20,894
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
Time Charter Revenues 84.2% 19,597 10,640 0% 2,760
$1,000's 100% 79% 21%
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
Spot Charter Revenues 20.7% 34,584 28,661 113.5% 69,291 32,456
$1,000's 33% 47% 67% 53%
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
Calendar Days -3.7% 2,392 2,484 3.4% 1,807 1,748
57% 59% 43% 41%
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
Vessel Operating Days -3.0% 2,340 2,412 -5.4% 1,594 1,685
59% 59% 41% 41%
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
Capacity Utilization 0.8% 97.8% 97.1% -8.5% 88.3% 96.4%
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
# Days Vessels on Time Charter 87.9% 1,063 566 -- 140
100% 80% 0% 20%
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
# Days Vessels on Spot Charter -30.8% 1,278 1,846 3.1% 1,594 1,545
44% 54% 56% 46%
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
Average Daily Time Charter Rate -2.0% 18,436 18,808 -- 19,710
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
Average Daily Spot Charter Rate 74.2% 27,061 15,531 107.0% 43,470 21,001
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
Daily Direct Vessel Expenses -8.5% 5,220 5,708 -25.3% 5,714 7,654
(per Vessel)
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
Daily G&A 73.3% 2,373 1,369 73.3% 2,373 1,369
(per Vessel)
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
Total Daily Vessel Operating 7.3% 7,593 7,077 -10.4% 8,087 9,023
Expenses (per Vessel)
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
EBITDA 66.0% 36,062 21,722 172.9% 53,059 19,444
$1,000's 40% 53% 60% 47%
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
Daily EBITDA 72.4% 15,076 8,745 164.0% 29,370 11,124
(per Vessel)
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
Average Age of Fleet at End of 12.1 13.1 11.0 10.6
Period (Years)
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
# Vessels at End of Period -3.7% 26.0 27.0 -5.3% 18.0 19.0
59% 59% 41% 41%
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
Average Number of Vessels -3.7% 26.0 27.0 3.3% 19.6 19.0
57% 59% 43% 41%
- ------------------------------------------------------------------------- -----------------------------------------
- ------------------------------------------------------------------------- -----------------------------------------
DWT at End of Period -4.0% 2,513 2,618 -4.1% 2,792 2,912
1,00's 47% 47% 53% 53%
- ------------------------------------------------------------------------- -----------------------------------------
THREE MONTHS ENDED
-------------------------------------
Total Fleet
-------------------------------------
September - September -
04 03
% Change
From Prior
Period Amount Amount
- -----------------------------------------------------------------------------
Net Voyage Revenues 65.7% 123,472 74,517
$1,000's
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Average Daily TCE 72.5% 31,380 18,188
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Time Charter Revenues 46.2% 19,597 13,400
$1,000's
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Spot Charter Revenues 70.0% 103,875 61,117
$1,000's
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Calendar Days -0.8% 4,199 4,232
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Vessel Operating Days -4.0% 3,935 4,097
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Capacity Utilization -3.2% 93.7% 96.8%
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
# Days Vessels on Time Charter 50.6% 1,063 706
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
# Days Vessels on Spot Charter -15.3% 2,872 3,391
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Average Daily Time Charter Rate -2.9% 18,436 18,987
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Average Daily Spot Charter Rate 100.7% 36,168 18,024
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Daily Direct Vessel Expenses -16.6% 5,433 6,512
(per Vessel)
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Daily G&A 73.3% 2,373 1,369
(per Vessel)
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Total Daily Vessel Operating -0.9% 7,806 7,881
Expenses (per Vessel)
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
EBITDA 116.5% 89,121 41,166
$1,000's
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Daily EBITDA 118.2% 21,226 9,728
(per Vessel)
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Average Age of Fleet at End of 11.7 12.1
Period (Years)
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
# Vessels at End of Period -4.3% 44.0 46.0
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Average Number of Vessels -0.8% 45.6 46.0
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
DWT at End of Period -4.1% 5,305 5,530
1,00's
- -----------------------------------------------------------------------------
NINE MONTHS ENDED
--------------------------------------- ----------------------------------------
Aframax Fleet Suezmax Fleet
--------------------------------------- ----------------------------------------
September- September - September - September -
04 03 04 03
Amount Amount Amount Amount
% Change % of Total % of Total % Change % of Total % of Total
From Prior for for From Prior for for
Period Period Period Period Period Period
- ---------------------------------------------------------------------------- -----------------------------------------
Net Voyage Revenues 15.3% 165,921 143,908 122.0% 213,550 96,205
$1,000's 44% 60% 56% 40%
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
Average Daily TCE 16.2% 24,923 21,447 57.9% 42,142 26,682
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
Time Charter Revenues 97.5% 62,960 31,886 -17.8% 3,785 4,607
$1,000's 94% 87% 6% 13%
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
Spot Charter Revenues -8.1% 102,961 112,022 129.0% 209,765 91,598
$1,000's 33% 55% 67% 45%
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
Calendar Days -1.3% 6,770 6,859 41.1% 5,389 3,819
56% 64% 44% 36%
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
Vessel Operating Days -0.8% 6,657 6,710 40.5% 5,067 3,606
57% 65% 43% 35%
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
Capacity Utilization 0.5% 98.3% 97.8% -0.4% 94.0% 94.4%
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
# Days Vessels on Time Charter 103.3% 3,140 1,545 -20.9% 189 239
94% 87% 6% 13%
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
# Days Vessels on Spot Charter -31.9% 3,517 5,165 44.9% 4,878 3,367
42% 61% 58% 39%
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
Average Daily Time Charter Rate -2.9% 20,051 20,643 3.9% 20,026 19,273
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
Average Daily Spot Charter Rate 35.0% 29,275 21,687 58.1% 43,002 27,208
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
Daily Direct Vessel Expenses 1.9% 5,630 5,525 -5.6% 6,444 6,826
(per Vessel)
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
Daily G&A 36.8% 1,998 1,461 36.8% 1,998 1,461
(per Vessel)
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
Total Daily Vessel Operating 9.2% 7,628 6,986 1.9% 8,441 8,287
Expenses (per Vessel)
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
EBITDA 17.7% 114,207 97,026 158.4% 166,558 64,453
$1,000's 41% 60% 59% 40%
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
Daily EBITDA 19.3% 16,870 14,146 83.1% 30,909 16,877
(per Vessel)
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
Average Age of Fleet at End of 12.1 13.1 11.0 10.6
Period (Years)
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
# Vessels at End of Period -3.7% 26.0 27.0 -5.3% 18.0 19.0
59% 59% 41% 41%
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
Average Number of Vessels -1.6% 24.7 25.1 41.2% 19.7 13.9
56% 64% 44% 36%
- ---------------------------------------------------------------------------- -----------------------------------------
- ---------------------------------------------------------------------------- -----------------------------------------
DWT at End of Period -4.0% 2,513 2,618 -4.1% 2,792 2,912
1,00's 47% 47% 53% 53%
- ---------------------------------------------------------------------------- -----------------------------------------
NINE MONTHS ENDED
--------------------------------------
Total Fleet
--------------------------------------
September - September -
04 03
% Change
From Prior
Period Amount Amount
- ------------------------------------------------------------------------------
Net Voyage Revenues 58.0% 379,471 240,113
$1,000's
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
Average Daily TCE 39.0% 32,365 23,277
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
Time Charter Revenues 82.9% 66,745 36,493
$1,000's
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
Spot Charter Revenues 53.6% 312,726 203,620
$1,000's
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
Calendar Days 13.9% 12,159 10,678
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
Vessel Operating Days 13.7% 11,725 10,316
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
Capacity Utilization -0.2% 96.4% 96.6%
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
# Days Vessels on Time Charter 86.7% 3,330 1,784
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
# Days Vessels on Spot Charter -1.6% 8,395 8,532
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
Average Daily Time Charter Rate -2.0% 20,044 20,459
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Average Daily Spot Charter Rate 56.1% 37,251 23,865
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Daily Direct Vessel Expenses 0.0% 5,991 5,990
(per Vessel)
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Daily G&A 36.8% 1,998 1,461
(per Vessel)
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Total Daily Vessel Operating 7.2% 7,989 7,451
Expenses (per Vessel)
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EBITDA 73.9% 280,764 161,479
$1,000's
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Daily EBITDA 52.7% 23,092 15,123
(per Vessel)
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Average Age of Fleet at End of 11.7 12.1
Period (Years)
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# Vessels at End of Period -4.3% 44.0 46.0
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Average Number of Vessels 13.6% 44.4 39.0
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DWT at End of Period -4.1% 5,305 5,530
1,00's
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