NEW YORK, Feb. 21 /PRNewswire-FirstCall/ — General Maritime Corporation today reported its financial results for the three months and full year ended December 31, 2006.

Financial Review: 2006 Fourth Quarter

The Company had net income of $22.4 million, or $0.73 basic and $0.71 diluted earnings per share, for the three months ended December 31, 2006 compared to net income of $104.6 million, or $2.83 basic and $2.78 diluted earnings per share, for the three months ended December 31, 2005. The decrease in net income was the result of lower spot charter rates during the fourth quarter of 2006 relative to the prior year period, as well as a smaller fleet.

Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President commented, “2006 was another year of impressive results for General Maritime. During the year, we distributed sizeable dividends to shareholders, repurchased a significant amount of stock and completed the monetization of non-core assets, which transformed the Company into an operator of a fully double-hull fleet. Our success during the year also included commencing the delivery of our Suezmax newbuildings, which marked a new growth period for General Maritime. Finally, we significantly increased our time charter coverage, enhancing our contracted revenue stream and earnings visibility while remaining in a strong position to continue to benefit from any increases in the spot market.”

Net voyage revenue, which is gross voyage revenue minus voyage expenses unique to a specific voyage (including port, canal and fuel costs), decreased 56.4% to $52.6 million for the three months ended December 31, 2006 compared to $120.8 million for the three months ended December 31, 2005. EBITDA for the three months ended December 31, 2006 was $32.8 million compared to $129.8 million for the three months ended December 31, 2005 (please see below for a reconciliation of EBITDA to net income). Net cash provided by operating activities was $54.3 million for the three months ended December 31, 2006 compared to $59.8 million for the prior year period. As of December 31, 2006, the Company’s net debt-to-book capitalization (calculated as total long term debt less cash divided by total long term debt less cash plus shareholders’ equity) was reduced to 0% from 3.8% as of December 31, 2005.

The average daily time charter equivalent for vessels on spot charters decreased by 18.3% to $34,537 for the three months ended December 31, 2006 compared to $42,252 for the prior year period. The Company’s spot Aframax vessels earned $33,264 and the Company’s spot Suezmax vessels earned $36,650 for the quarter ended December 31, 2006.

Total vessel operating expenses, which are direct vessel operating expenses and general and administrative expenses, decreased by 31.4% to $21.6 million for the three months ended December 31, 2006 compared to $31.5 million for the three months ended December 31, 2005. During the same periods, the average size of General Maritime’s fleet decreased 53.6% to 18 vessels from 38.8 vessels in the prior year period. Daily direct vessel operating expenses increased 10.2% to $6,650 per vessel day during the fourth quarter of 2006, from $6,033 per vessel day during the same period in 2005. The increase was attributable to higher crew costs as well as higher insurance costs.

Financial Review: Full Year 2006

Net income was $156.8 million or $4.98 basic and $4.87 diluted earnings per share, for the full year ended December 31, 2006 compared to $212.4 million, or $5.71 basic and $5.61 diluted earnings per share, for the full year ended December 31, 2005. Net voyage revenues decreased 43.0% to $245.6 million for the full year ended December 31, 2006 compared to $430.7 million for the full year ended December 31, 2005. EBITDA was $197.8 million for the full year ended December 31, 2006 compared to $338.6 million for the full year ended December 31, 2005. Net cash provided by operating activities was $189.7 million for the full year ended December 31, 2006 compared to $251.8 million for the prior year period. TCE rates obtained by the Company’s fleet increased 12.7% to $34,487 per day for the full year ended December 31, 2006 from $30,605 for the prior year period.

Daily direct vessel operating expenses for the year ended December 31, 2006 increased 11.3% to $6,301 compared to $5,661 for the prior year period. The year over year increase in daily direct vessel operating expenses is mostly attributable to higher crew costs, higher lube oil costs, and higher insurance costs. General and administrative expenses remained relatively flat at $44.8 million for the year ended December 31, 2006 compared to $44.0 million for the prior year period.

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, 2006 and 2005.

Three Months Ended Twelve Months Ended December December December December - 06 - 05 - 06 - 05 INCOME STATEMENT DATA (Dollars in thousands, except per share data) Voyage revenues $66,621 $156,381 $325,984 $567,901 Voyage expenses (13,974) (35,622) (80,400) (137,203) Net voyage revenues 52,647 120,759 245,584 430,698 Direct vessel expenses 11,012 21,549 47,472 86,681 Other expenses - - 2,430 - General and administrative expenses 10,577 9,921 44,787 43,989 Depreciation and amortization 11,199 19,257 42,395 97,320 Net Gain on sale of vessels 19 (91,235) (46,022) (91,235) Operating income 19,840 161,267 154,522 293,943 Net interest expense (833) 5,890 (1,455) 28,918 Other (income) expense (1,735) 50,749 (854) 52,668 Net Income $22,408 $104,628 $156,831 $212,357 Basic earnings per share $0.73 $2.83 $4.98 $5.71 Diluted earnings per share $0.71 $2.78 $4.87 $5.61 Weighted average shares outstanding, thousands 30,711 36,932 31,472 37,164 Diluted average shares outstanding, thousands 31,493 37,619 32,217 37,874 12 Months 12 Months Ended Ended BALANCE SHEET DATA, December December at end of period - 06 - 05 (Dollars in thousands) Cash $107,460 $96,976 Current assets, including cash 137,865 471,324 Total assets 843,690 1,427,261 Current liabilities, including current portion of long-term debt 27,147 32,906 Current portion of long-term debt - - Total long-term debt, including current portion 50,000 135,020 Shareholders’ equity 763,913 976,125 Three Months Ended Twelve Months Ended December December December December - 06 - 05 - 06 - 05 OTHER FINANCIAL DATA (dollars in thousands) EBITDA (1) $32,774 $129,775 $197,771 $338,595 Net cash provided by operating activities 54,325 59,832 189,717 251,771 Net cash provided (used) by investing activities (8,819) 327,536 285,264 316,012 Net cash provided (used) by financing activities (22,486) (339,570) (464,497) (517,728) Capital expenditures Vessel sales (purchases) net, including construction in progress (6,124) 329,123 290,299 321,930 Drydocking or capitalized survey or improvement costs (5,050) (8,584) (11,929) (36,789) Weighted average long-term debt 50,000 332,534 93,085 410,794 FLEET DATA Total number of vessels at end of period 18 30 18 30 Average number of vessels (2) 18.0 38.8 20.6 41.9 Total voyage days for fleet (3) 1,530 3,305 7,121 14,073 Total time charter days for fleet 679 1,094 2,300 3,983 Total spot market days for fleet 851 2,211 4,821 10,090 Total calendar days for fleet (4) 1,656 3,572 7,534 15,311 Fleet utilization (5) 92.4% 92.5% 94.5% 91.9% AVERAGE DAILY RESULTS Time charter equivalent (6) $34,410 $36,538 $34,487 $30,605 Direct vessel operating expenses per vessel (7) 6,650 6,033 6,301 5,661 EBITDA (8) 19,791 36,331 26,250 22,114 Three Months Ended Twelve Months Ended December December December December - 06 - 05 - 06 - 05 EBITDA Reconciliation Net Income $22,408 $104,628 $156,831 $212,357 + Net interest expense (833) 5,890 (1,455) 28,918 + Depreciation & Amortization 11,199 19,257 42,395 97,320 EBITDA $32,774 $129,775 $197,771 $338,595 (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, 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 EBITDA is total EBITDA divided by total vessel calendar days. General Maritime Corporation’s Fleet

On January 15, 2007, the Company took delivery of the Genmar Kara G, a 150,000 dwt newbuilding at Universal Shipbuilding in Nagoya Japan. The Genmar Kara G is the second of 4 newbuildings ordered at this yard with the 3rd and 4th scheduled for delivery in September 2007 and January 2008.

As of February 21, 2007, General Maritime Corporation’s fleet was comprised of 21 wholly owned tankers, consisting of 10 Aframax and 9 Suezmax tankers and 2 newbuilding Suezmax contracts, with a total carrying capacity of approximately 2.7 million deadweight tons, or dwt. The average age of the Company’s fleet as of December 31, 2006 by dwt, excluding the newbuilding contracts, was 9.5 years compared to 10.9 years as of December 31, 2005. The average age of the Company’s Aframax tankers was 11.3 years and the average age of the Company’s Suezmax tankers was 7.2 years.

Currently, 5 of General Maritime Corporation’s Aframax tankers and 4 of its Suezmax tankers are operating on the spot market. 53% of the Company’s fleet, consisting of 5 Aframax tankers, and 5 Suezmax tankers are currently under time charter contracts, compared to 42% of the fleet under time charter contracts as of December 31, 2005. The table below outlines which vessels are 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 (1) Before 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.

Q4 2006 Dividend Announcement

On February 20, 2007, the Company’s Board of Directors declared a Q4 2006 quarterly dividend of $0.62 per share payable on or about March 23, 2007 to shareholders of record as of March 9, 2007. The dividend amount was determined in accordance with the Company’s policy of declaring quarterly dividends to shareholders based on its EBITDA after net expenses and reserves for drydocking and fleet renewal and maintenance as established by the Board of Directors. In addition, in determining the quarterly dividend for Q4 2006, the Company’s Board of Directors included a reversal of a reduction in gain on sale of vessels and excluded certain items in the other expense line which consist primarily of unrealized gain related to derivative financial instruments. The Company has declared aggregate dividends of $3.42 per share relating to the full year ended December 31, 2006.

On February 20, 2007, the Company’s Board of Directors revised the Company’s quarterly dividend policy, adopting a fixed quarterly target amount of $0.50 per share per quarter or $2.00 per share per year. The Company intends to declare dividends in May, August, November and February. The declaration of dividends and their amount, if any, will depend upon the results of the Company and the determination of the Board of Directors.

Please see below for the dividend reconciliation for the quarter ended December 31st 2006.

Three Months Ended December 31, 2006 EBITDA (1) $32,774 - Net Interest Expense 833 - Quarterly fleet maintenance and renewal reserve (2) (7,000) - Reserve for drydocking (2) (4,000) - Gain on sale 19 - Other Adjustments (2,485) Available for dividends $20,141 / Assumed number of shares outstanding 32,739 Available for dividends per share (3) $0.62 EBITDA Reconciliation Net Income $22,408 Depreciation and Amortization 11,199 Net Interest Expense (833) EBITDA $32,774 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) The Company’s Board of Directors established a maintenance and renewal reserve of $7.0 million per quarter for 2006 reflecting the size of the Company’s current fleet and a drydocking reserve of $4.0 million per quarter for an annual 2006 reserve of $44.0 million (3) Based on diluted shares at the end of the quarter ended 12/31/06 and the estimated number of shares outstanding on the record date of March 9, 2007 taking into account potential exercises of vested options previously granted and share repurchases made through the Company’s share repurchase program. Credit Facility Amendments

On February 20, 2007, the Company entered into an agreement to amend its existing October 2005 credit facility with a syndicate of commercial lenders, led by Nordea Bank Finland PLC New York Branch, DnB NOR Bank ASA, New York Branch and HSH Nordbank AG, to increase the total commitment from $800 million to $900 million. Pursuant to the amendment, the Company may pay quarterly cash dividends of up to $0.50 per share beginning with the first quarter of 2007 and may pay additional dividends and engage in stock buy-backs in an aggregate amount not to exceed $50 million plus 50% of cumulative net excess cash flow. In addition, the Company is permitted to declare a one-time special dividend of up to $15 per share (up to an aggregate amount not to exceed $500 million) at any time prior to December 31, 2007, provided that the Company will not permit its consolidated net worth at any time prior to the business day preceding the payment of such dividend to be less than $500 million.

The parties also amended the 2005 credit facility by agreeing that the leverage ratio covenant will be eliminated and the minimum cash balance covenant will be reduced such that the Company will not be permitted to allow the sum of (A) its unrestricted cash and cash equivalents plus (B) the lesser of (1) the total available unutilized commitment and (2) $25 million, to equal less than $50 million. In addition, pursuant to the amendment, the Company has agreed that it will not permit its net debt to EBITDA ratio to be greater than 5.5:1.00 on the last day of any fiscal quarter at any time from April 1, 2007.

All other material terms of the credit facility remain unchanged.

Mr. Georgiopoulos concluded, “We remain committed to enter into value creating transactions and have continued to meet this important objective in 2007 with the announcement of a special $15 dividend and fixed $0.50 per share on-going quarterly or $2.00 annually dividend target. With approximately $400 million in liquidity, we are in a strong position to build on our past consolidation success and seek opportunities to acquire assets of up to $1 billion in value. This approach, combined with our success in taking delivery of two Suezmax newbuildings as of January 2007 as well as the scheduled delivery of two addition newbuildings in the third quarter of 2007 and the first quarter of 2008, positions the Company well in both the short and long-term. Complementing this, we intend to distribute sizeable dividends and opportunistically look to further implement our share repurchase program. We also intend to continue to operate our double-hull fleet in a manner that meets stringent operational and safety standards.”

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 21 tankers - 10 Aframax, 9 Suezmax tankers and 2 Suezmax newbuilding contracts - with a carrying capacity of approximately 2.6 million dwt.

Conference Call Announcement

Federal Tax Rule

General Maritime believes that under current law dividend payments from earnings and profits will constitute “qualified dividend income” and will be subject to a 15% United States federal income tax rate with respect to non- corporate shareholders who satisfy certain holding period requirements. Distributions in excess of the Company’s earnings and profits will be treated first as a non-taxable return of capital, to the extent of a United States stockholder’s tax basis in its common stock on a dollar-for-dollar basis, and thereafter as a capital gain.

Other Information

The Company’s ability to pay dividends will be subject to applicable provisions of Marshall Islands law. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by the Board of Directors each quarter after its review of the Company’s financial performance. There can be no assurance that the Company’s future dividends will in fact be equal or similar to the amounts described in this press release. The Company’s dividend policy may be changed at any time, and from time to time by the Board of Directors. For further information, please see Item 8.01 of the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on the date hereof.

“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); changes in the itineraries of the Company’s vessels; delays in the construction or delivery of the contracted newbuildings; 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, 2005 and its subsequent reports on Form 10-Q and Form 8-K. Share repurchases may be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors. Purchases may be made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act. The program does not require the Company to purchase any specific number or amount of shares and may be suspended or reinstated at any time in the Company’s discretion and without notice. Repurchases will be subject to the restrictions under the Company’s existing credit facility. The Board will periodically review the program.

THREE MONTHS ENDED Aframax Fleet December-06 December-05 % Change Amount Amount From Prior % of Total % of Total Period for Period for Period Net Voyage Revenues -50.3% 28,944 58,256 $ 1,000’s 55% 48% Average Daily TCE 9.7% 32,340 29,482 Time Charter Revenues -56.4% 11,281 25,871 $ 1,000’s 49% 95% Spot Charter Revenues -45.5% 17,663 32,385 $ 1,000’s 60% 35% Calendar Days -58.5% 920 2,217 56% 62% Vessel Operating Days -54.7% 895 1,976 58% 60% Capacity Utilization 9.2% 97.3% 89.1% # Days Vessels on Time Charter -65.2% 364 1,047 54% 96% # Days Vessels on Spot Charter -42.8% 531 929 62% 42% Average Daily Time Charter Rate 25.4% 30,992 24,710 Average Daily Spot Charter Rate -4.6% 33,264 34,860 Daily Direct Vessel Expenses 1.7% 6,198 6,092 (per Vessel) Average Age of Fleet at End of Period (Years) 11.3 12.2 # Vessels at End of Period -50.0% 10.0 20.0 56% 67% Average Number of Vessels -58.5% 10.0 24.1 56% 62% DWT at End of Period -49.9% 989 1,974 1,000’s 44% 56% THREE MONTHS ENDED Suezmax Fleet December-06 December-05 % Change Amount Amount From Prior % of Total % of Total Period for Period for Period Net Voyage Revenues -62.1% 23,702 62,503 $ 1,000’s 45% 52% Average Daily TCE -20.6% 37,327 47,030 Time Charter Revenues 715.1% 11,974 1,469 $ 1,000’s 51% 5% Spot Charter Revenues -80.8% 11,728 61,034 $ 1,000’s 40% 65% Calendar Days -45.7% 736 1,355 44% 38% Vessel Operating Days -52.2% 635 1,329 42% 40% Capacity Utilization -12.1% 86.3% 98.1% # Days Vessels on Time Charter 570.2% 315 47 46% 4% # Days Vessels on Spot Charter -75.0% 320 1,282 38% 58% Average Daily Time Charter Rate 21.6% 38,013 31,255 Average Daily Spot Charter Rate -23.0% 36,650 47,608 Daily Direct Vessel Expenses 21.6% 7,214 5,935 (per Vessel) Average Age of Fleet at End of Period (Years) 7.2 9.4 # Vessels at End of Period -20.0% 8.0 10.0 44% 33% Average Number of Vessels -45.6% 8.0 14.7 44% 38% DWT at End of Period -18.3% 1,265 1,548 1,000’s 56% 44% THREE MONTHS ENDED Total Fleet % Change December-06 December-05 From Prior Period Amount Amount Net Voyage Revenues -56.4% 52,646 120,759 $ 1,000’s Average Daily TCE -5.8% 34,410 36,538 Time Charter Revenues -14.9% 23,255 27,340 $ 1,000’s Spot Charter Revenues -68.5% 29,391 93,419 $ 1,000’s Calendar Days -53.6% 1,656 3,572 Vessel Operating Days -53.7% 1,530 3,305 Capacity Utilization -0.1% 92.4% 92.5% # Days Vessels on Time Charter -37.9% 679 1,094 # Days Vessels on Spot Charter -61.5% 851 2,211 Average Daily Time Charter Rate 37.0% 34,249 24,991 Average Daily Spot Charter Rate -18.3% 34,537 42,252 Daily Direct Vessel Expenses (per Vessel) 10.2% 6,650 6,033 Average Age of Fleet at End of Period (Years) 9.5 10.9 # Vessels at End of Period -40.0% 18 30.0 Average Number of Vessels -53.6% 18.0 38.8 DWT at End of Period -36.0% 2,254 3,522 1,000’s TWELVE MONTHS ENDED Aframax Fleet December-06 December-05 % Change Amount Amount From Prior % of Total % of Total Period for Period for Period Net Voyage Revenues -40.1% 125,118 208,804 $ 1,000’s 51% 48% Average Daily TCE 15.2% 28,423 24,667 Time Charter Revenues -44.6% 46,327 83,658 $ 1,000’s 77% 98% Spot Charter Revenues -37.0% 78,791 125,146 $ 1,000’s 43% 36% Calendar Days -50.1% 4,650 9,315 62% 61% Vessel Operating Days -48.0% 4,402 8,465 62% 60% Capacity Utilization 4.2% 94.7% 90.9% # Days Vessels on Time Charter -50.8% 1,935 3,936 84% 99% # Days Vessels on Spot Charter -45.5% 2,467 4,529 51% 45% Average Daily Time Charter Rate 12.6% 23,941 21,255 Average Daily Spot Charter Rate 15.6% 31,938 27,632 Daily Direct Vessel Expenses 10.1% 6,048 5,493 (per Vessel) Average Age of Fleet at End of Period (Years) 11.3 12.2 # Vessels at End of Period -50.0% 10.0 20.0 56% 67% Average Number of Vessels -49.9% 12.7 25.5 62% 61% DWT at End of Period -49.9% 989 1,974 1,000’s 44% 56% TWELVE MONTHS ENDED Suezmax Fleet December-06 December-05 % Change Amount Amount From Prior % of Total % of Total Period for Period for Period Net Voyage Revenues -45.7% 120,466 221,894 $ 1,000’s 49% 52% Average Daily TCE 12.0% 44,305 39,567 Time Charter Revenues 848.2% 13,929 1,469 $ 1,000’s 23% 2% Spot Charter Revenues -51.7% 106,537 220,425 $ 1,000’s 57% 64% Calendar Days -51.9% 2,884 5,996 38% 39% Vessel Operating Days -51.5% 2,719 5,608 38% 40% Capacity Utilization 0.8% 94.3% 93.5% # Days Vessels on Time Charter 676.6% 365 47 16% 1% # Days Vessels on Spot Charter -57.7% 2,354 5,561 49% 55% Average Daily Time Charter Rate 22.1% 38,163 31,255 Average Daily Spot Charter Rate 14.2% 45,258 39,638 Daily Direct Vessel Expenses 13.3% 6,710 5,922 (per Vessel) Average Age of Fleet at End of Period (Years) 7.2 9.4 # Vessels at End of Period -20.0% 8.0 10.0 44% 33% Average Number of Vessels -51.8% 7.9 16.4 38% 39% DWT at End of Period -18.3% 1,265 1,548 1,000’s 56% 44% TWELVE MONTHS ENDED Total Fleet % Change December-06 December-05 From Prior Period Amount Amount Net Voyage Revenues -43.0% 245,584 430,698 $ 1,000’s Average Daily TCE 12.7% 34,487 30,605 Time Charter Revenues -29.2% 60,256 85,127 $ 1,000’s Spot Charter Revenues -46.4% 185,328 345,571 $ 1,000’s Calendar Days -50.8% 7,534 15,311 Vessel Operating Days -49.4% 7,121 14,073 Capacity Utilization 2.8% 94.5% 91.9% # Days Vessels on Time Charter -42.3% 2,300 3,983 # Days Vessels on Spot Charter -52.2% 4,821 10,090 Average Daily Time Charter Rate 22.6% 26,198 21,373 Average Daily Spot Charter Rate 12.2% 38,442 34,249 Daily Direct Vessel Expenses 11.3% 6,301 5,661 (per Vessel) Average Age of Fleet at End of Period (Years) 9.5 10.9 # Vessels at End of Period -40.0% 18 30.0 Average Number of Vessels -50.8% 20.6 41.9 DWT at End of Period -36.0% 2,254 3,522 1,000’s.

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