General Maritime signs contract with Shell International Trading
and Shipping Company
Posted: 09 January 2004
General Maritime Corporation entered into a contract of affreightment
(COA) agreement with Shell International Trading and Shipping Company
Limited (STASCO), the principal trading and shipping business of
the Royal Dutch/Shell Group.
The contract gives General Maritime the opportunity to transport
STASCO oil cargos for its Aframax and Suezmax fleet in the Western
Hemisphere.
Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President,
commented, "General Maritime's success at signing this agreement
with Shell underscores the quality of the company's fleet and operations
as well as its leadership position in the mid-sized tanker industry.
With this contract, General Maritime continues to position the company
to enhance shareholder value as we further penetrate areas of expanding
global oil production, solidify our leadership in the Atlantic Basin
and enhance our already strong utilization rates."
Since the beginning of 2004, General Maritime has already confirmed
liftings for Shell International Trading and Shipping Company Limited
under the contract. John P. Tavlarios, President of General Maritime
Management LLC, commented, "We continue to realize the benefits
of operating the second largest mid-sized tanker fleet and are pleased
to have further strengthened our relationship with Shell. We intend
to continue to take advantage of the Company's leadership position
and seek opportunities to sign additional COA's in the future that
add enduring value to the company."
For more information see http://www.generalmaritimecorp.com/
Posted by Richard Price,
Editor Pipeline Magazine
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