2009-11-18 19:28:27 - General Maritime Corporation (NYSE: GMR) announced the Company’s Board of Directors declared a quarterly dividend for the three months ended September 30, 2009 of $0.125 per share.

The dividend is payable on December 4, 2009 to shareholders of record as of November 23, 2009. Including the Q3 2009 dividend. Ebeling Heffernan’s 2010 target for GMR is $16.50.

General Maritime Corporation is a provider of international seaborne crude oil transportation services. The Company’s fleet consists of 21 wholly owned vessels, consisting of 10 Aframax and 11 Suezmax vessels. The 21 vessels that the Company operates have a total of 2.7 million deadweight (dwt), all of which are double hulled. Many of the vessels in the Company’s fleet are sister ships. The majority of the Company’s vessels operate in the Atlantic, which includes ports in the Caribbean, South and Central America, the United States, Western Africa, the Mediterranean, Europe and

the North Sea. Although the majority of its vessels operate in the Atlantic, The Company also operates vessels in the Black Sea and in other regions, which enables it both to take advantage of market opportunities and to position its vessels in anticipation of drydockings. The Company’s customers include most oil companies, as well as oil producers, oil traders, vessel owners and others.

The Company manages the deployment of its vessels between spot market voyage charters, which generally last from several days to several weeks, and time charters, which can last up to several years. Through its wholly owned subsidiaries, General Maritime Management LLC and General Maritime Management (Portugal) Lda, the Company provides commercial and technical management necessary for the operations of most of its vessels, which include ship maintenance, officer staffing, crewing, technical support, shipyard supervision, and risk management services through its wholly owned subsidiaries.

General Maritime Management LLC and General Maritime Management (Portugal) Lda offers services, such as supervision of routine maintenance and repair of the vessel required to keep each vessel in good and efficient condition, including the preparation of comprehensive drydocking specifications and the supervision of each drydocking; oversight of maritime and environmental compliance with applicable regulations, including licensing and certification requirements, and the required inspections of each vessel to ensure that it meets the standards set forth by classification societies and applicable legal jurisdictions, as well as the Company’s internal corporate requirements and the standards required by its customers; engagement and provision of qualified crews (masters, officers, cadets and ratings) and attendance to all matters regarding discipline, wages and labor relations; arrangement to supply the necessary stores and equipment for each vessel, and continual monitoring of fleet performance and the initiation of necessary remedial actions to ensure that financial and operating targets are met.

The Company competes with American Eagle Tankers Inc. Limited, Frontline, Ltd., Overseas Shipholding Group, Inc., Teekay Shipping Corporation and Tsakos Energy Navigation.