General Maritime signs time charters for Aframax bulkers

General Maritime signs time charters for Aframax bulkers

General Maritime Corp. on Thursday said that it has signed two-year time charter contracts with a leading international trading company, for up to nine of its Aframax OBO vessels.

The combination ships can operate in both wet and dry trades.

The initial time charter contracts are for four of the ships, and Genmar said in a statement that the contracts will provide net voyage revenue to in the first year of approximately $28 million; a charterer's option could bring in an additional $28 million in the second year.

The time charters for these four vessels will begin on delivery, scheduled between the end of September and mid-November 2003.

The unnamed charterer has the option to time charter three additional Aframax OBO vessels for one year. If this option is exercised, the charterer will have another option to time charter two additional Aframax OBO vessels for one year. The exercise of all these five options would provide the company additional net voyage revenue of approximately $35.0 million, for total fixed net voyage revenue of approximately $63 million in the first year.

Including the four new time charters, New York-based Genmar currently has 11 of its 46 vessels on time charter contracts.