General Maritime third-quarter operating loss grows to $35.72 million

By Caroline Salls

Pittsburgh, Nov. 18 - General Maritime Corp. reported a $35.72 million operating loss for the three months ended Sept. 30 on $74.85 million in voyage revenues, according to a 10-Q filed Friday with the Securities and Exchange Commission.

The figures showed a decline from a $3.56 million operating loss posted for the three months ended Sept. 30, 2010 on $98.26 million in voyage revenues.

The company said the decrease in voyage revenues can be primarily attributed to a weak rate environment for vessels.

The net loss for the third quarter of 2011 was $37.23 million, widening from a $26.03 million net loss for the same period of 2010.

Meanwhile, General Maritime reported a $55.93 million operating loss for the nine months ended Sept. 30 on $282.99 million in voyage revenues, compared with $10.54 million of operating income for the first nine months of last year on $287.29 million of voyage revenues.

The net loss for the first three quarters of this year was $92.73 million, compared with a $49.42 million net loss for the first nine months of 2010.

The company had $37.89 million in cash at Sept. 30, up from $16.86 million at Dec. 31, 2010.

General Maritime is a New York-based provider of international seaborne crude oil transportation services. The company filed for bankruptcy on Nov. 17 in the U.S. Bankruptcy Court for the Southern District of New York. The Chapter 11 case number is 11-15285.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.