Exhibit 99.1
[GRAPHIC OMITTED]
GENERAL MARITIME
CORPORATION [LOGO]
CONTACT:
Jeffrey Pribor
Chief Financial Officer
General Maritime Corporation
(212) 763-5680
GENERAL MARITIME CORPORATION ANNOUNCES
FOURTH QUARTER AND FULL YEAR 2004 FINANCIAL RESULTS
Achieves Second Consecutive Year of Record Earnings
Recently Announced Dividend Policy Aimed at Distributing Cash While
Preserving Ability to Grow
New York, New York, February 23, 2005 - General Maritime Corporation (NYSE: GMR)
today reported its financial results for the three months and full year ended
December 31, 2004.
Financial Review: 2004 Fourth Quarter
The Company had net income of $140.5 million, or $3.79 basic and $3.70 diluted
earnings per share, for the three months ended December 31, 2004 compared to net
income of $7.4 million, or $0.20 basic and diluted earnings per share, for the
three months ended December 31, 2003. The increase in net income was the result
of stronger spot charter rates during the fourth quarter of 2004 relative to the
prior year period.
Peter C. Georgiopoulos, Chairman, Chief Executive and President, commented, "We
are pleased to have provided shareholders with our second consecutive year of
record profitability. General Maritime's success at utilizing its sizable fleet
to take advantage of a robust market enabled the Company to post 2004 earnings
which were the highest in its history. Our ability to achieve such impressive
results is directly related to past strategic decisions that have served to
enhance our industry leadership and profit potential. In addition to achieving
record results, we met core objectives related to further consolidating the
mid-sized tanker industry and preserving the Company's financial strength. These
accomplishments have once again solidified General Maritime's industry
leadership and positioned the Company to continue to deliver significant
shareholder returns."
Net voyage revenue, which is gross voyage revenue minus voyage expenses unique
to a specific voyage (including port, canal and fuel costs), increased 111.2% to
$203.9 million for the three months ended December 31, 2004 compared to $96.5
million for the three months ended December 31, 2003. EBITDA for the three
months ended December 31, 2004 was $173.0 million compared to $43.0 million for
the three months ended December 31, 2003 (please see below for a reconciliation
of EBITDA to net income). Net cash provided by operating activities was $132.1
million for the three months ended December 31, 2004 compared to $54.2 million
for the prior year period. As of December 31, 2004, the Company's net
debt-to-book capitalization (calculated as total debt less cash divided by total
debt less cash plus shareholders' equity) was reduced to 33% from 52% as of
December 31, 2003.
The average daily time charter equivalent, or TCE, rates obtained by the
Company's fleet increased by 121.9% to $54,219 per day for the three months
ended December 31, 2004 from $24,433 for the prior year period. The Company's
average rates for vessels on spot charters increased by 165.6% to $67,325 for
the three months ended December 31, 2004 compared to $25,344 for the prior year
period.
Total vessel operating expenses, which are direct vessel operating expenses and
general and administrative expenses, decreased 11.9% to $31.1 million for the
three months ended December 31, 2004 from $35.3 million for the three months
ended December 31, 2003. During the same periods, the average size of General
Maritime's fleet decreased 4.3% to 43.1 vessels from 45.0 vessels in the prior
year period. Total daily vessel operating expenses, which include direct vessel
operating expenses and general and administrative expenses, decreased 7.9% to
$7,850 per vessel day during the fourth quarter of 2004, from $8,526 per vessel
day during the same period in 2003. Daily direct vessel operating expenses
continued to fall during the quarter ended December 31, 2004 compared to the
prior year period. This decrease can be attributed to the timing of certain
purchases, maintenance and repair costs, and the realization of the savings from
the sale of four vessels from the third quarter which had higher historic daily
operating costs than the other vessels in our fleet. Daily 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, professional fees associated with Sarbanes-Oxley Section 404
compliance as well as travel expenses and bonus accrual associated with the
growth of its business.
Financial Review: Full Year 2004
Net income was $315.1 million or $8.51 basic and $8.33 diluted earnings per
share, for the full year ended December 31, 2004 compared to $84.5 million, or
$2.29 basic and $2.26 diluted earnings per share, for the full year ended
December 31, 2003. Net voyage revenues increased 73.3% to $583.3 million for the
full year ended December 31, 2004 compared to $336.6 million for the full year
ended December 31, 2003. EBITDA was $453.7 million for the full year ended
December 31, 2004 compared to $204.5 million for the full year ended December
31, 2003. Net cash provided by operating activities was $363.2 million for the
full year ended December 31, 2004 compared to $178.1 million for the prior year
period. TCE rates obtained by the Company's fleet increased 59.7% to $37,678 per
day for the full year ended December 31, 2004 from $23,596 for the prior year
period.
Daily direct vessel operating expenses for the year ended December 31, 2004
decreased 3.1% to $6,015 compared to $6,207 million for the year ago period.
Daily general and administrative expenses increased 26.5% to $1,952 for the year
ended December 31, 2004 from $1,543 for the year ago period.
Mr. Georgiopoulos continued, "General Maritime's focus on ensuring that its
capital structure remains sound has once again served the Company well. At the
beginning of 2004, we drew upon our strong financial position to acquire the
Soponata Group, a world class company with a 57 year history. Building on past
success, we utilized the strong cash flow generated from our expanded fleet to
once again de-leverage the Company after an acquisition. Our success at
significantly reducing our net debt-to- book capitalization ratio, which stood
at 33% at the end of the year, directly contributed to our ability to implement
our unique dividend policy. The policy, which we believe will unlock significant
shareholder value, is aimed at distributing cash while preserving the Company's
ability to both grow and renew our fleet."
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 month and full year periods, ended
December 31, 2004 and 2003.
----------------------------- ------------------------------
Three Months Ended Twelve Months Ended
----------------------------- ------------------------------
December - 04 December - 03 December - 04 December - 03
------------- ------------- ------------- -------------
INCOME STATEMENT DATA
(Dollars in thousands, except share data)
Voyage revenues $ 233,213 $ 126,867 $ 701,291 $ 454,456
Voyage expenses (29,348) (30,334) (117,955) (117,810)
----------- ----------- ----------- -----------
Net voyage revenues 203,865 96,533 583,336 336,646
Direct vessel expenses 23,980 28,015 96,818 91,981
General and administrative expenses 7,128 7,268 31,420 22,866
Depreciation and amortization 23,824 25,448 100,806 84,925
Net Gain on sale of vessels (227) (560) (6,570) (1,490)
Write down of vessels 18,803 18,803
----------- ----------- ----------- -----------
Operating income 149,160 17,599 360,862 119,561
Net interest expense 8,652 10,204 37,852 35,043
Other expense (income) (20) -- 7,901 --
----------- ----------- ----------- -----------
Net Income $ 140,528 $ 7,355 $ 315,109 $ 84,518
=========== =========== =========== ===========
Basic earnings per share $ 3.79 $ 0.20 $ 8.51 $ 2.29
Diluted earnings per share $ 3.70 $ 0.20 $ 8.33 $ 2.26
Weighted average shares outstanding, thousands 37,121 36,974 37,049 36,967
Diluted average shares outstanding, thousands 37,942 37,467 37,814 37,356
12 Months Ended 12 Months Ended
--------------------------------
BALANCE SHEET DATA, at end of period December - 04 December - 03
-------------- --------------
(Dollars in thousands)
Cash $ 46,921 $ 38,905
Current assets, including cash 152,145 102,473
Total assets 1,427,261 1,263,578
Current liabilities, including current portion of long-term debt 84,120 89,771
Current portion of long-term debt 40,000 59,553
Total long-term debt, including current portion 486,597 655,670
Shareholders' equity 890,426 568,880
Three Months Ended Twelve Months Ended
----------------------------- ------------------------------
December - 04 December - 03 December - 04 December - 03
------------- ------------- ------------- -------------
OTHER FINANCIAL DATA
(dollars in thousands)
EBITDA (1) $ 173,003 $ 43,007 $ 453,767 $ 204,486
Net cash provided by operating activities 132,151 54,150 363,238 178,112
Net cash provided (used) by investing activities 18,761 23,864 (168,477) (502,919)
Net cash provided (used) by financing activities (146,439) (54,362) (186,745) 361,031
Capital expenditures
Vessel sales (purchases) net, including construction in progress 16,845 24,254 (165,796) (501,242)
Drydocking or capitalized survey or improvement costs (6,645) (4,729) (17,050) (14,137)
Weighted average long-term debt 567,814 686,278 650,196 601,086
FLEET DATA
Total number of vessels at end of period 43 43 43 43
Average number of vessels (2) 43.1 45.0 44.0 40.6
Total voyage days for fleet (3) 3,760 3,951 15,482 14,267
Total time charter days for fleet 1,039 1,020 4,372 2,804
Total spot market days for fleet 2,721 2,931 11,111 11,463
Total calendar days for fleet (4) 3,963 4,138 16,097 14,818
Fleet utilization (5) 94.9% 95.5% 96.2% 96.3%
AVERAGE DAILY RESULTS
Time charter equivalent (6) $ 54,219 $ 24,433 $ 37,678 $ 23,596
Direct vessel operating expenses per vessel (7) 6,051 6,770 6,015 6,207
General and administrative expense per vessel (8) 1,799 1,756 1,952 1,543
Total vessel operating expenses (9) 7,850 8,526 7,967 7,750
EBITDA (10) 43,655 10,393 28,190 13,800
----------------------------- ------------------------------
----------------------------- -----------------------------
Three months ended Twelve Months Ended
----------------------------- -----------------------------
December - 04 December - 03 December - 04 December - 03
----------------------------- -----------------------------
EBITDA Reconciliation
Net Income $140,528 $ 7,355 $315,109 $ 84,518
+ Net interest expense 8,652 10,204 37,852 35,043
+ Depreciation & Amortization 23,823 25,448 100,806 84,925
-------- -------- -------- --------
EBITDA $173,003 $ 43,007 $453,767 $204,486
======== ======== ======== ========
----------------------------- -----------------------------
(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 February 21, 2005, 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 December 31, 2004 by dwt, excluding the newbuilding contracts, was 11.9 years
compared to 11.8 years as of December 31, 2003. The average age of the Company's
Aframax tankers was 12.4 years and the average age of the Company's Suezmax
tankers was 11.2 years.
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,
compared to 33% of the fleet under time charter contracts as of December 31,
2003.
- --------------------------------------------------------------------------------------------
Vessel Vessel Type Expiration Date Average Daily Rate(1)
- ------ ----------- --------------- ---------------------
Genmar Pericles Aframax October 3, 2005 $19,700
Genmar Trust Aframax October 13, 2005 $19,700
Genmar Spirit Aframax October 15, 2005 $19,700
Genmar Hector Aframax November 5, 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 January 25, 2006 $19,700
Genmar Endurance Aframax January 24, 2006 $19,700
Genmar Princess Aframax May 9, 2005 $25,000
Genmar Constantine Aframax July 9, 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.
Announcement of New Dividend Policy
The Company announced a new cash dividend policy in January 2005. Under the
policy, the Company plans to declare quarterly dividends to shareholders in
April, July, October and February of each year based on its EBITDA after
interest expense and reserves, as established by the Board of Directors. The
Company estimates that if it had adopted this policy as of January 1, 2004, and
if the restricted payment covenant in the outstanding bond indenture and the
Company's secured credit facility had not limited the ability to pay dividends,
the Company would have been able to pay $ 9.36 per share with respect to full
year ended December 31, 2004. This equates to an annualized 19.6% yield based on
the closing price of General Maritime's common stock as of February 22, 2005.
General Maritime expects to declare the initial quarterly dividend following the
announcement of its first quarter 2005 results during the fourth week of April.
No dividend will be declared with respect to the fourth quarter of 2004.
Estimated Illustrative Q4 2004 Payout
Had General Maritime's dividend policy paid out a dividend with earnings from
the fourth quarter, shareholders would have received $3.94 per share. Please see
below for the illustrative dividend reconciliation for the quarter ended
December 31, 2004.
Three Months Ended
December 31, 2004(4)
--------------------
EBITDA (1) $ 173.0
- Interest Expense 8.3
Assumed quarterly fleet maintenance
- and renewal reserve (2) 11.6
- Reserve for drydocking 4.0
-------
Available for dividends 149.1
-------
Available for dividends per share (3) $ 3.94
=======
EBITDA Reconciliation
Net Income $ 140.5
+ Net interest expense 8.7
+ Depreciation & Amortization 23.8
-------
EBITDA $ 173.0
-------
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) Assumes reserves were established by the Board of Directors based
upon the Company's existing fleet at 12/31/03. This reserve is
substantially less than the expected reserve for 2005 due to vessel
values.
(3) Based on number of shares of Common Stock outstanding at the end of
the quarter.
(4) Assumes the Company obtained any necessary waivers or consents with
respect to its credit facility and amended or otherwise obtained
relief from the terms of the indenture for its outstanding Senior
Notes. Also assumes all debt amortization was refinanced.
Mr. Georgiopoulos concluded, "General Maritime remains well positioned to
continue to consolidate the mid-sized tanker industry, as the Company provides
shareholders with the opportunity to receive significant cash distributions. In
pursuing additional accretive acquisitions, we will exercise discipline and seek
to enter into transactions that add enduring value to the Company and its
shareholders. The combination of General Maritime's $600 million untapped
revolver combined with its 33% net debt-to-capitalization ratio provides the
Company with significant financial flexibility to accomplish this important
objective."
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 5.1 million dwt.
Conference Call Announcement
General Maritime Corporation announced that it will hold a conference call on
Thursday, February 24, 2005 at 8:30 a.m. Eastern Time to discuss its 2004 fourth
quarter and year end financial results. To access the conference call, dial
(719) 457-2626 and ask for the General Maritime Corporation conference call. A
replay of the conference call can also be accessed until March 9, 2005, by
dialing (888) 203-1112 for U.S. callers and (719) 457-0820 for international
callers, and entering the passcode 8103149. 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, 2003 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 the consent of the lenders under the Company's
secured credit facilities, 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.
THREE MONTHS ENDED
--------------------------------------- ---------------------------------------
Aframax Fleet Suezmax Fleet
December-04 December-03 December-04 December-03
Amount Amount Amount Amount
% Change % of % of % Change % of % of
From Prior Total for Total for From Prior Total for Total for
Period Period Period Period Period Period
--------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
Net Voyage Revenues 87.2% 92,811 49,579 136.5% 111,054 46,954
$1,000's 46% 51% 54% 49%
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
Average Daily TCE 87.3% 41,067 21,929 166.5% 74,036 27,784
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
Time Charter Revenues 2.7% 20,675 20,126 -- 2,124
$1,000's 100% 90% 0% 10%
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
Spot Charter Revenues 144.9% 72,136 29,453 147.7% 111,054 44,830
$1,000's 39% 40% 61% 60%
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
Calendar Days 0.1% 2,392 2,390 -10.1% 1,571 1,748
60% 58% 40% 42%
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
Vessel Operating Days 0.0% 2,260 2,261 -11.2% 1,500 1,690
60% 57% 40% 43%
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
Capacity Utilization -0.1% 94.5% 94.6% -1.3% 95.5% 96.7%
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
# Days Vessels on Time Charter 13.9% 1,039 912 -- 108
100% 89% 0% 11%
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
# Days Vessels on Spot Charter -9.5% 1,221 1,349 -5.2% 1,500 1,582
45% 46% 55% 54%
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
Average Daily Time Charter Rate -9.8% 19,899 22,069 -- 19,688
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
Average Daily Spot Charter Rate 170.6% 59,079 21,834 161.3% 74,036 28,336
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
Daily Direct Vessel Expenses -5.2% 5,817 6,136 -16.1% 6,407 7,636
(per Vessel)
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
Daily G&A Expenses 2.4% 1,799 1,756 2.4% 1,799 1,756
(per Vessel)
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
Total Daily Vessel Operaing -3.5% 7,616 7,892 -12.6% 8,206 9,392
Expenses (per Vessel)
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
Average Age of Fleet at End of Period 12.4 12.6 11.2 10.8
(Years)
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
# Vessels at End of Period 8.3% 26.0 24.0 -10.5% 17.0 19.0
60% 56% 40% 44%
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
Average Number of Vessels 0.0% 26.0 26.0 -10.1% 17.1 19.0
60% 58% 40% 42%
- --------------------------------------------------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------- ---------------------------------------
DWT at End of Period 1.0% 2,539 2,513 -10.1% 2,619 2,912
1,000's 49% 46% 51% 54%
- --------------------------------------------------------------------------------- ---------------------------------------
---------------------------------------
Total Fleet
December-04 December-03
% Change
From Prior
Period Amount Amount
---------------------------------------
- ---------------------------------------------------------------------------------
Net Voyage Revenues 111.2% 203,865 96,533
$1,000's
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Average Daily TCE 121.9% 54,219 24,433
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Time Charter Revenues -7.1% 20,675 22,250
$1,000's
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Spot Charter Revenues 146.6% 183,190 74,283
$1,000's
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Calendar Days -4.2% 3,963 4,138
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Vessel Operating Days -4.8% 3,760 3,951
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Capacity Utilization -0.7% 94.9% 95.5%
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
# Days Vessels on Time Charter 1.9% 1,039 1,020
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
# Days Vessels on Spot Charter -7.2% 2,721 2,931
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Average Daily Time Charter Rate -8.8% 19,899 21,817
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Average Daily Spot Charter Rate 165.6% 67,325 25,344
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Daily Direct Vessel Expenses -10.6% 6,051 6,770
(per Vessel)
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Daily G&A Expenses 2.4% 1,799 1,756
(per Vessel)
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Total Daily Vessel Operaing -7.9% 7,850 8,526
Expenses (per Vessel)
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Average Age of Fleet at End of Period 11.9 11.8
(Years)
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
# Vessels at End of Period 0.0% 43.0 43.0
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Average Number of Vessels -4.3% 43.1 45.0
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
DWT at End of Period -4.9% 5,158 5,425
1,000's
- ---------------------------------------------------------------------------------
TWELVE MONTHS ENDED
-------------------------------------- --------------------------------------
Aframax Fleet Suezmax Fleet
December-04 December-03 December-04 December-03
Amount Amount Amount Amount
% Change % of % of % Change % of % of
From Prior Total for Total for From Prior Total for Total for
Period Period Period Period Period Period
-------------------------------------- --------------------------------------
- -------------------------------------------------------------------------------- --------------------------------------
Net Voyage Revenues 33.7% 258,685 193,487 126.8% 324,651 143,159
$1,000's 44% 57% 56% 43%
- -------------------------------------------------------------------------------- --------------------------------------
- -------------------------------------------------------------------------------- --------------------------------------
Average Daily TCE 34.5% 29,001 21,568 83.0% 49,474 27,034
- -------------------------------------------------------------------------------- --------------------------------------
- -------------------------------------------------------------------------------- --------------------------------------
Time Charter Revenues 59.4% 82,894 52,012 -42.0% 3,902 6,731
$1,000's 96% 89% 4% 11%
- -------------------------------------------------------------------------------- --------------------------------------
- -------------------------------------------------------------------------------- --------------------------------------
Spot Charter Revenues 24.3% 175,791 141,475 135.1% 320,749 136,428
$1,000's 35% 51% 65% 49%
- -------------------------------------------------------------------------------- --------------------------------------
- -------------------------------------------------------------------------------- --------------------------------------
Calendar Days -1.0% 9,163 9,251 24.6% 6,934 5,567
57% 62% 43% 38%
- -------------------------------------------------------------------------------- --------------------------------------
- -------------------------------------------------------------------------------- --------------------------------------
Vessel Operating Days -0.6% 8,920 8,971 23.9% 6,562 5,296
58% 63% 42% 37%
- -------------------------------------------------------------------------------- --------------------------------------
- -------------------------------------------------------------------------------- --------------------------------------
Capacity Utilization 0.4% 97.3% 97.0% -0.5% 94.6% 95.1%
- -------------------------------------------------------------------------------- --------------------------------------
- -------------------------------------------------------------------------------- --------------------------------------
# Days Vessels on Time Charter 70.2% 4,182 2,457 -45.5% 189 347
96% 88% 4% 12%
- -------------------------------------------------------------------------------- --------------------------------------
- -------------------------------------------------------------------------------- --------------------------------------
# Days Vessels on Spot Charter -27.3% 4,738 6,514 28.8% 6,373 4,949
43% 57% 57% 43%
- -------------------------------------------------------------------------------- --------------------------------------
- -------------------------------------------------------------------------------- --------------------------------------
Average Daily Time Charter Rate -6.4% 19,822 21,172 6.4% 20,646 19,402
- -------------------------------------------------------------------------------- --------------------------------------
- -------------------------------------------------------------------------------- --------------------------------------
Average Daily Spot Charter Rate 70.8% 37,102 21,719 82.6% 50,329 27,569
- -------------------------------------------------------------------------------- --------------------------------------
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Daily Direct Vessel Expenses -0.4% 5,657 5,679 -8.7% 6,462 7,081
(per Vessel)
- -------------------------------------------------------------------------------- --------------------------------------
- -------------------------------------------------------------------------------- --------------------------------------
Daily G&A Expenses 26.5% 1,952 1,543 26.5% 1,952 1,543
(per Vessel)
- -------------------------------------------------------------------------------- --------------------------------------
- -------------------------------------------------------------------------------- --------------------------------------
Total Daily Vessel Operaing 5.4% 7,609 7,222 -2.4% 8,414 8,624
Expenses (per Vessel)
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- -------------------------------------------------------------------------------- --------------------------------------
Average Age of Fleet at End of Period 12.4 12.6 11.2 10.8
(Years)
- -------------------------------------------------------------------------------- --------------------------------------
- -------------------------------------------------------------------------------- --------------------------------------
# Vessels at End of Period 8.3% 26.0 24.0 -10.5% 17.0 19.0
60% 56% 40% 44%
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- -------------------------------------------------------------------------------- --------------------------------------
Average Number of Vessels -1.6% 25.0 25.4 25.0% 19.0 15.2
57% 63% 43% 37%
- -------------------------------------------------------------------------------- --------------------------------------
- -------------------------------------------------------------------------------- --------------------------------------
DWT at End of Period 1.0% 2,539 2,513 -10.1% 2,619 2,912
1,000's 49% 46% 51% 54%
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---------------------------------------
Total Fleet
December-04 December-03
% Change
From Prior
Period Amount Amount
---------------------------------------
- ---------------------------------------------------------------------------------
Net Voyage Revenues 73.3% 583,336 336,646
$1,000's
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Average Daily TCE 59.7% 37,678 23,596
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Time Charter Revenues 47.8% 86,796 58,743
$1,000's
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Spot Charter Revenues 78.7% 496,540 277,903
$1,000's
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Calendar Days 8.6% 16,097 14,818
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Vessel Operating Days 8.5% 15,482 14,267
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Capacity Utilization -0.1% 96.2% 96.3%
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
# Days Vessels on Time Charter 55.9% 4,371 2,804
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
# Days Vessels on Spot Charter -3.1% 11,111 11,463
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Average Daily Time Charter Rate -5.2% 19,857 20,953
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Average Daily Spot Charter Rate 84.3% 44,689 24,243
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Daily Direct Vessel Expenses -3.1% 6,015 6,207
(per Vessel)
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Daily G&A Expenses 26.5% 1,952 1,543
(per Vessel)
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Total Daily Vessel Operaing 2.8% 7,967 7,750
Expenses (per Vessel)
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Average Age of Fleet at End of Period 11.9 11.8
(Years)
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
# Vessels at End of Period 0.0% 43.0 43.0
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Average Number of Vessels 8.3% 44.0 40.6
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
DWT at End of Period -4.9% 5,158 5,425
1,000's
- ---------------------------------------------------------------------------------