General Maritime reports lower first quarter earnings
Tanker company General Maritime Corp. today said its first quarter net income fell to $68.2 million from $84.2 million in the year-earlier period, primarily because earnings last year were boosted by a vessel sale, and also because of lower net voyage revenue this quarter due to a smaller fleet.
General Maritime operates 19 crude oil tankers and has two on order, which it principally operates between ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe and the North Sea. In the same period the prior year it had 26 ships.
The New York-based company had voyage revenues of $68.2 million for the three months ended March 31 compared to $105.8 million in the same 2006 period, when it also had a gain of $35.3 million on a vessel sale.
Peter C. Georgiopoulos, chairman and chief executive officer, noted that the company had paid a one-time special cash dividend of $15 per share during the quarter. It also declared a 50-cent dividend for the first quarter, representing its initial quarterly dividend under the company’s new fixed dividend target of $2.00 per share per year.
