001-34228
|
66-071-6485
|
(COMMISSION
FILE NUMBER)
|
(I.R.S.
EMPLOYER IDENTIFICATION NO.)
|
299
Park Avenue
New
York, New York 10171
|
(ADDRESS
OF PRINCIPAL EXECUTIVE
OFFICES)
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
2009
Estimate
|
||||
Estimated
9 Months 2009 General and Administrative Expenses (1)
|
$ | 28,500,000 | ||
Estimated
9 Months 2009 Restricted Stock Compensation Expense (1)
|
7,500,000 | |||
Estimated
9 Months 2009 Daily Direct Vessel Operating Expenses (2)
|
||||
-
Aframax
|
8,150 | |||
-
Suezmax
|
8,200 | |||
-
Arlington Vessels fixed at $21,200,000 for full year 2009
|
||||
Estimated
9 Months 2009 Depreciation and Amortization (3)
|
66,800,000 | |||
Estimated
2009 Drydock Costs including Capital Improvements (4)
|
28,000,000 | |||
-
Drydocking
|
21,500,000 | |||
-
Capital Improvements and In-Water Surveys
|
6,500,000 |
Free Cash Flow
After Dividend (1)
|
Free Cash Flow (1)
|
Net Income
|
||||||||||
Direct
Vessel Operating Expenses (2)
|
$ | 90,700,000 | $ | 90,700,000 | $ | 90,700,000 | ||||||
Cash
General and Administrative Expenses (3)
|
28,500,000 | 28,500,000 | 28,500,000 | |||||||||
Restricted
Stock Compensation Expense (4)
|
- | - | 9,950,000 | |||||||||
Net
Interest Expense (5)
|
43,072,000 | 43,072,000 | 43,072,000 | |||||||||
Capital
Expenditures (6)
|
28,000,000 | 28,000,000 | - | |||||||||
Depreciation
and Amortization (7)
|
- | - | 89,000,000 | |||||||||
Target
Cash Dividends (8)
|
114,000,000 | - | - | |||||||||
Total
|
$ | 304,272,000 | $ | 190,272,000 | $ | 261,222,000 | ||||||
Contracted
Time Charter Revenues (9)
|
(250,000,000 | ) | (250,000,000 | ) | (250,000,000 | ) | ||||||
Full
Fleet Operating Days (10)
|
10690 | 10690 | 10690 | |||||||||
Spot
Fleet Operating Days (10)
|
2979 | 2979 | 2979 | |||||||||
Full
Fleet Daily Break-Even
|
$ | 28,463 | $ | 17,799 | $ | 24,436 | ||||||
Spot
Fleet Daily Break-Even
|
18,218 | - | 3,767 |
(1)
|
Free
Cash Flow is defined as net income plus depreciation and amortization and
other non cash items consisting of Restricted Stock Compensation Expense
less capital expenditures.
|
(2)
|
Direct
Vessel Operating Expenses is based on management’s estimates and budgets
submitted by our technical managers. We believe DVOE are best measured for
comparative purposes over a 12-month
period.
|
(3)
|
Based
on 2009 calendar year budget and defined as total G&A less
amortization of Restricted Stock Compensation
Expense.
|
(4)
|
Through
December 2008; excludes any grants for
2009.
|
(5)
|
Interest
Expense is calculated based on management estimates of the average total
debt outstanding for the year times LIBOR plus the relevant margin over
the relevant period.
|
(6)
|
Consists
only of drydock costs and excluding any other capital expenditures such as
vessel purchases. Drydocking represents our total drydocking
budget for 2009 including capital improvements as estimated by our
technical managers.
|
(7)
|
Depreciation
is based on the acquisition value of the current fleet and amortization of
drydocking costs.
|
(8)
|
Based
on the Company’s current quarterly dividend target of $0.50 per
share.
|
(9)
|
Based
on current time charters in effect.
|
(10)
|
Calculations
are based on an average number of
vessels.
|
GENERAL MARITIME
CORPORATION
|
|||
(Registrant)
|
|||
By:
|
/s/ John C. Georgiopoulos
|
||
Name:
|
John
C. Georgiopoulos
|
||
Title:
|
Chief
Administrative
Officer
|