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General Maritime Corporation Announces First Quarter 2009 Financial Results
Declares Quarterly Dividend of
Achieves Net Income of
Financial Review: 2009 First Quarter
Excluding the
Net voyage revenue, which is gross voyage revenues minus voyage expenses unique to a specific voyage (including port, canal and fuel costs), increased 36.0% to
The average daily time charter equivalent, or TCE, rates obtained by the Company's fleet decreased by 12.0% to
Total vessel operating expenses, which are direct vessel operating expenses and general and administrative expenses, increased by 29.5% to
Summary Consolidated Financial and Other Data
The following table summarizes General Maritime Corporation's selected consolidated financial and other data for the three months ended
Three months ended
-------------------
March-09 March-08
-------- --------
INCOME STATEMENT DATA
(Dollars in thousands, except
share data)
Voyage revenues $92,349 $73,592
Voyage expenses (9,424) (12,625)
------ -------
Net voyage revenues 82,925 60,967
Direct vessel expenses 22,984 15,076
General and administrative expenses 11,741 11,747
Depreciation and amortization 21,850 13,214
Gain on sale of vessel - 613
- ---
Operating income 26,350 20,317
Net interest expense 7,910 6,883
Other (Income) expense (456) 524
---- ---
Net Income $18,896 $12,910
======= =======
Basic earnings per share $0.35 $0.33
Diluted earnings per share $0.34 $0.32
Weighted average shares
outstanding, thousands 54,511 38,830
Diluted average shares
outstanding, thousands 55,490 39,817
------ ------
-------- -----------
March-09 December-08
-------- -----------
BALANCE SHEET DATA, at end of period
(Dollars in thousands)
Cash $47,870 $104,146
Current assets, including cash 85,805 141,703
Total assets 1,499,435 1,577,225
Current liabilities 72,506 88,392
Total long-term debt 940,500 990,500
Shareholders' equity 448,104 455,799
------- -------
Three months ended
--------------------
March-09 March-08
-------- --------
OTHER FINANCIAL DATA
(dollars in thousands)
EBITDA (1) $48,656 $33,007
Net cash provided by operating
activities 25,744 14,183
Net cash provided (used) by
investing activities (2,125) (35,356)
Net cash provided (used) by
financing activities (78,932) 37,516
Capital expenditures
Vessel sales (purchases) net,
including construction in progress
- (33,504)
Drydocking or capitalized survey
or improvement costs (1,791) (4,253)
Weighted average long-term debt 957,167 586,648
FLEET DATA
Total number of vessels at end of period 31 21
Average number of vessels (2) 31.0 20.6
Total voyage days for fleet (3) 2,699 1,746
Total time charter days for fleet 2,147 1,262
Total spot market days for fleet 552 484
Total calendar days for fleet (4) 2,790 1,873
Fleet utilization (5) 96.7% 93.2%
AVERAGE DAILY RESULTS
Time Charter equivalent (6) $30,724 $34,918
Direct vessel operating expenses per
vessel (7) 8,238 8,049
EBITDA (8) 17,439 17,623
------ ------
-------------------
Three months ended
-------------------
March-09 March-08
-------- --------
EBITDA Reconciliation
Net Income $18,896 $12,910
+ Net interest expense 7,910 6,883
+ Depreciation and Amortization 21,850 13,214
EBITDA 48,656 33,007
------ ------
(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
As of
Currently, 7 of General Maritime Corporation's Aframax tankers and 1 of its Suezmax tankers are operating on the spot market. 74% of the Company's fleet, consisting of 2 VLCC, 10 Suezmax, 5 Aframax, 2 Panamax, and 4 Products tankers are currently under time charter contracts, compared to 62% of the fleet under time charter contracts as of
Expiration
Vessel Vessel Type Date Daily Rate (1)
--------------- ----------- ---------- ----------------
Genmar Agamemnon Aframax July 04, 2009 $36,750
Genmar Argus Suezmax January 6, 2010 $38,500
Genmar Defiance Aframax December 24, 2009 $29,500
Genmar George T. Suezmax August 27, 2010 $39,000
Genmar Harriet G. Suezmax June 1, 2010 $38,000
Genmar Hope Suezmax August 11, 2009 $36,500
Genmar Horn Suezmax January 23, 2010 $38,500
Genmar Kara G. Suezmax June 1, 2010 $38,000
Genmar Minotaur Aframax November 30, 2009 $25,000
Genmar Orion Suezmax June 1, 2010 $38,000
Genmar Phoenix Suezmax January 01, 2010 $38,500
Genmar Princess Aframax October 23, 2009 $27,750
Genmar Spyridon Suezmax December 13, 2009 $38,500
Genmar St. Nikolas Suezmax February 6, 2011 $39,000
Genmar Strength Aframax September 20, 2009 $39,000
Stena Companion Panamax November 10, 2009 (2) $18,639
Stena Compatriot Panamax November 10, 2010 (2) $18,639 (3)
Stena Concept Product
carriers July 4, 2011 (2) $17,942 (5)
Stena Concord Product
carriers November 10, 2009 (2) $16,642
Stena Consul Product
carriers November 10, 2010 (2) $16,642 (4)
Stena Contest Product
carriers July 4, 2011 (2) $17,942 (5)
Stena Vision VLCC November 10, 2009 (2) $37,316
Stena Victory VLCC November 10, 2009 (2) $37,316
------------- ---- ------------------ -------
(1) Before brokers' commissions.
(2) Charter end date excludes periods that are at the option of the
charterer
(3) Rate increases to $18,989 per day commencing November 11, 2009
(4) Rate increases to $16,964 per day commencing November 11, 2009
(5) Rate adjusts as follows: $18,264 per day from January 5, 2010 through
January 4, 2011 and $18,603 per day from January 5, 2011 through July 4, 2011
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.
Q1 2009 Dividend Announcement
On
About General Maritime Corporation
General Maritime Corporation is a leading crude and products tanker company serving principally within the Atlantic basin, which includes ports in the
All per share amounts presented throughout this press release, unless otherwise noted, have been adjusted to reflect the exchange of 1.34 shares of the Company's common stock for each share of common stock held by shareholders of General Maritime Subsidiary Corporation (formerly known as General Maritime Corporation) in connection with the Arlington combination
Conference Call Announcement
General Maritime Corporation announced that it will hold a conference call on
"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: loss or reduction in business from the Company's significant customers; the failure of the Company's significant customers to perform their obligations owed to us; changes in demand; a material decline 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; actions by the courts, the U.S. Coast Guard, the U.S. Department of Justice or other governmental authorities and the results of the legal proceedings to which the Company or any of its vessels may be subject; 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; adverse changes in foreign currency exchange rates affecting the Company's expenses; 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
THREE MONTHS ENDED
-------------
V-Max VLCC
March-09 March-08
% Change Amount % of Amount % of
From Prior Total for Total for
Period Period Period
---------- ----------- -----------
------------------- ----- -
Net Voyage Revenues 8,709 -
$ 1,000's 11% 0%
--------- -- -
----------------- ------ -
Average Daily TCE 48,383 -
------------------------- ----- -
Net Time Charter Revenues 8,709 -
$ 1,000's 13% 0%
--------- -- -
------------------------- - -
Net Spot Charter Revenues - -
$ 1,000's 0% 0%
--------- - -
------------- --- -
Calendar Days 180 -
6% 0%
- -
--------------------- --- -
Vessel Operating Days 180 -
7% 0%
- -
-------------------- ----- ---
Capacity Utilization 100.0% 0.0%
------------------------------ --- -
# Days Vessels on Time Charter 180 -
8% 0%
- -
------------------------------ - -
# Days Vessels on Spot Charter - -
0% 0%
- -
------------------------------- ------
Average Daily Time Charter Rate 48,383
------------------------------- - -
Average Daily Spot Charter Rate - -
---------------------------- ----- -
Daily Direct Vessel Expenses 9,036 -
(per Vessel)
------------
------------------------------- --- -
Average Age of Fleet at End of
Period (Years) 7.8 -
------------------------ --- -
# Vessels at End of Period 2.0 -
6% 0%
- -
------------------------- --- -
Average Number of Vessels 2.0 -
6% 0%
- -
-------------------- --- -
DWT at End of Period 628 -
1,000's 16% 0%
------- -- -
Suezmax Fleet
March-09 March-08
% Change Amount % of Amount % of
From Prior Total Total
Period for Period for Period
----------- ------------ ------------
------------------- ---- ------ ------
Net Voyage Revenues -0.4% 35,129 35,261
$ 1,000's 42% 58%
--------- -- --
----------------- ---- ------ ------
Average Daily TCE -2.5% 35,809 36,730
------------------------- ---- ------ ------
Net Time Charter Revenues -4.6% 33,847 32,367
$ 1,000's 50% 74%
--------- -- --
------------------------- ----- ----- -----
Net Spot Charter Revenues -55.7% 1,282 2,894
$ 1,000's 9% 17%
--------- - --
------------- --- --- ---
Calendar Days 2.8% 990 963
35% 51%
--- ---
--------------------- --- --- ---
Vessel Operating Days 2.2% 981 960
36% 55%
--- ---
-------------------- ---- ---- ----
Capacity Utilization -0.6% 99.1% 99.7%
----------------- --- --- ---
# Days Vessels on
Time Charter 5.1% 913 869
43% 69%
--- ---
----------------- ----- --- ---
# Days Vessels on
Spot Charter -25.3% 68 91
12% 19%
--- ---
----------------- ---- ------ ------
Average Daily Time
Charter Rate -0.5% 37,073 37,246
------------------ ----- ------ ------
Average Daily Spot
Charter Rate -40.7% 18,848 31,802
------------------- --- ----- -----
Daily Direct Vessel
Expenses 8.1% 8,363 7,734
(per Vessel)
------------
---------------------- --- ---
Average Age of Fleet at
End of Period (Years) 7.4 6.4
-------------------------- --- ---- ----
# Vessels at End of Period 0.0% 11.0 11.0
35% 52%
-- --
------------------------- --- ---- ----
Average Number of Vessels 3.8% 11.0 10.6
35% 51%
-- --
-------------------- --- ----- -----
DWT at End of Period 0.2% 1,691 1,688
1,000's 44% 63%
------- -- --
Aframax Fleet
March-09 March-08
% Change Amount % of Amount % of
From Prior Total Total
Period for Period for Period
----------- ------------ ------------
------------------- ---- ------ ------
Net Voyage Revenues 13.3% 29,114 25,706
$ 1,000's 35% 42%
-------- -- --
----------------- ----- ------ ------
Average Daily TCE -11.2% 29,027 32,705
------------------------- ---- ------ ------
Net Time Charter Revenues 36.4% 15,798 11,585
$ 1,000's 23% 26%
--------- -- --
------------------------- ---- ------ ------
Net Spot Charter Revenues -5.7% 13,316 14,121
$ 1,000's 91% 83%
--------- -- --
------------- ---- ----- ---
Calendar Days 18.7% 1,080 910
39% 49%
-- --
--------------------- ---- ----- ---
Vessel Operating Days 27.6% 1,003 786
37% 45%
-- --
-------------------- --- ---- ----
Capacity Utilization 7.5% 92.9% 86.4%
----------------- ---- --- ---
# Days Vessels on
Time Charter 32.1% 519 393
24% 31%
-- --
----------------- ---- --- ---
# Days Vessels on
Spot Charter 23.2% 484 393
88% 81%
-- --
------------------ --- ------ ------
Average Daily Time
Charter Rate 3.3% 30,439 29,478
------------------ ----- ------ ------
Average Daily Spot
Charter Rate -23.4% 27,513 35,931
------------------- --- ----- -----
Daily Direct Vessel
Expenses 5.5% 8,841 8,383
(per Vessel)
------------
---------------------- ---- ----
Average Age of Fleet at
End of Period (Years) 12.5 12.6
-------------------------- ---- ---- ----
# Vessels at End of Period 20.0% 12.0 10.0
39% 48%
-- --
------------------------- ---- ---- ----
Average Number of Vessels 20.0% 12.0 10.0
39% 49%
-- --
-------------------- ---- ----- ---
DWT at End of Period 21.4% 1,208 995
1,000's 31% 37%
------- -- --
THREE MONTHS ENDED
-------------
Panamax
March-09 March-08
% Change Amount % of Amount % of
From Prior Total for Total for
Period Period Period
----------- ------------ ------------
------------------- ----- -
Net Voyage Revenues 4,005 -
$ 1,000's 5% 0%
--------- - -
----------------- ------ -
Average Daily TCE 22,884 -
------------------------- ----- -
Net Time Charter Revenues 4,005 -
$ 1,000's 6% 0%
--------- - -
------------------------- - -
Net Spot Charter Revenues - -
$ 1,000's 0% 0%
--------- - -
------------- --- -
Calendar Days 180 -
6% 0%
- -
--------------------- --- -
Vessel Operating Days 175 -
6% 0%
- -
-------------------- ---- ---
Capacity Utilization 97.2% 0.0%
------------------------ --- -
# Days Vessels on Time
Charter 175 -
8% 0%
- -
------------------------------ - -
# Days Vessels on Spot Charter - -
0% 0%
- -
-------------------------- ------ -
Average Daily Time Charter
Rate 22,884 -
------------------------ - -
Average Daily Spot
Charter Rate - -
-------------------- ----- -
Daily Direct Vessel
Expenses 6,675 -
(per Vessel)
------------
------------------------ --- -
Average Age of Fleet at
End of Period (Years) 5.0 -
-------------------------- --- -
# Vessels at End of Period 2.0 -
6% 0%
- -
------------------------- --- -
Average Number of Vessels 2.0 -
6% 0%
- -
-------------------- --- -
DWT at End of Period 145 -
1,000's 4% 0%
------- - -
Product Carrier
March-09 March-08
% Change Amount % of Amount % of
From Prior Total for Total for
Period Period Period
--------- ------------ ------------
------------------- ----- -
Net Voyage Revenues 5,968 -
$ 1,000's 7% 0%
--------- - -
----------------- ------ -
Average Daily TCE 16,577 -
------------------------- ----- -
Net Time Charter Revenues 5,968 -
$ 1,000's 9% 0%
--------- - -
------------------------- - -
Net Spot Charter Revenues - -
$ 1,000's 0% 0%
--------- - -
----------- --- -
Calendar Days 360 -
13% 0%
-- -
------------------ --- -
Vessel Operating Days 360 -
13% 0%
-- -
-------------------- ----- ---
Capacity Utilization 100.0% 0.0%
------------------------------ --- -
# Days Vessels on Time Charter 360 -
17% 0%
-- -
------------------------------ - -
# Days Vessels on Spot Charter - -
0% 0%
- -
------------------------------- ------ -
Average Daily Time Charter Rate 16,578 -
------------------------------- - -
Average Daily Spot Charter Rate - -
---------------------------- ----- -
Daily Direct Vessel Expenses 6,468 -
(per Vessel)
------------
------------------------------- --- -
Average Age of Fleet at End of
Period (Years) 4.5
-------------------------- --- -
# Vessels at End of Period 4.0 -
13% 0%
-- -
------------------------- --- -
Average Number of Vessels 4.0 -
13% 0%
-- -
------------------- --- -
DWT at End of Period 190 -
1,000's 5% 0%
------- - -
Total Fleet
% Change March-09 March-08
From Prior Amount Amount
Period
----------- ------------ ------------
------------------- ---- ------ ------
Net Voyage Revenues 36.0% 82,925 60,967
$ 1,000's
---------
----------------- ----- ------ ------
Average Daily TCE -12.0% 30,724 34,918
------------------------- ---- ------ ------
Net Time Charter Revenues 55.5% 68,327 43,952
$ 1,000's
---------
------------------------- ----- ------ ------
Net Spot Charter Revenues -14.2% 14,598 17,015
$ 1,000's
---------
------------- ---- ----- -----
Calendar Days 49.0% 2,790 1,873
--------------------- ---- ----- -----
Vessel Operating Days 54.6% 2,699 1,746
-------------------- --- ---- ----
Capacity Utilization 3.8% 96.7% 93.2%
------------------------------ ---- ----- -----
# Days Vessels on Time Charter 70.1% 2,147 1,262
------------------------------ ---- --- ---
# Days Vessels on Spot Charter 14.0% 552 484
------------------------------- ---- ------ ------
Average Daily Time Charter Rate -8.6% 31,824 34,827
------------------------------- ----- ------ ------
Average Daily Spot Charter Rate -24.8% 26,445 35,155
---------------------------- --- ----- -----
Daily Direct Vessel Expenses 2.3% 8,238 8,049
(per Vessel)
------------
------------------------------ --- --- ---
Average Age of Fleet at End
of Period (Years) 8.9 8.7
-------------------------- ---- -- ----
# Vessels at End of Period 47.6% 31 21.0
------------------------- ---- ---- ----
Average Number of Vessels 50.6% 31.0 20.6
-------------------- ---- ----- -----
DWT at End of Period 43.9% 3,862 2,683
1,000's -------
SOURCE General Maritime Corporation