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General Maritime Corporation
General Maritime Corporation Enters into Agreement to Acquire Two Modern Aframax Vessels
June 1st, 2008
General Maritime Corporation (NYSE:GMR) announced that it has agreed to acquire two 2002-built double hull Aframax vessels from Euronav NV or its affiliates for an aggregate purchase price of $137 million. The Company expects to take delivery of the two double hull vessels, subject to customary closing conditions, between July and October 2008. General Maritime plans to finance the acquisition through borrowings under its $900 million revolving credit facility and cash from operations. Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, commented, "General Maritime has capitalized on an attractive opportunity to grow our double hull fleet in a...
Source: Pharma Investments, Ventures & Law Weekly (2008-06-01)
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