Genmar newbuild in three ship charter with Eiger Shipping

General Maritime Corporation today announced it has reached definitive agreements to enter into time charters for three of its double hull Suezmax tankers with Eiger Shipping S.A., a 100% owned Lukoil OAO Company. Time charters for the 2007-built GENMAR KARA G the 2006-built GENMAR HARRIET G, and the 2002-built GENMAR ORION are expected to commence in March of 2007 at a gross rate of $38,000 per vessel per day for a period of three years.

Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, commented, "We are pleased to build upon our strong relationship with Lukoil, a leading international oil company, by entering into long-term contracts for three of our double hull Suezmax vessels at attractive rates. These agreements are consistent with our recent success in significantly increasing the time charter coverage of our modern, fully double hull fleet. Currently, we have 68% of our vessels locked away on time charters totaling approximately $163.9 million in contracted revenue for 2007 and $410.4 million into 2009. Our enhanced revenue and earnings visibility further supports our new fixed annual dividend target of $2.00 per share. We plan to continue to return significant value to our shareholders while maintaining our financial strength for entering into future value-creating transactions."

The table below outlines which vessels are currently on time charter at what rate and when the contracts are set to expire:

            Vessel       Vessel Type  Expiration Date  Average Daily Rate(1)

        Genmar Progress    Aframax   August 15,2007         $28,000
        Genmar Alexandra   Aframax   November 10, 2007      $34,000
        Genmar Princess    Aframax   October 24, 2009       $27,750
        Genmar Ajax        Aframax   December 1, 2009       $29,000
        Genmar Defiance    Aframax   December 15, 2009      $29,500
        Genmar Hope        Suezmax   August 15, 2009        $36,500
        Genmar Spyridon    Suezmax   October 13, 2009       $38,500
        Genmar Phoenix     Suezmax   November 1, 2009       $38,500
        Genmar Argus       Suezmax   November 6, 2009       $38,500
        Genmar Horn        Suezmax   November 15, 2009      $38,500
        Genmar Kara G      Suezmax   March 2010             $38,000
        Genmar Harriet G   Suezmax   March 2010             $38,000
        Genmar Orion       Suezmax   March 2010             $38,000