General Maritime Corporation announces sale of Aframax and Suezmax Tanker Mike Schuler Total Views: 49 February 11, 2011 General Maritime Corporation (NYSE: GMR) announced today that it has completed the sale of the Genmar Princess, a 1991-built Aframax tanker, to an unaffiliated third party, generating net proceeds of $7.5 million. The Company also announced it has entered into an agreement to sell the Genmar Gulf, a 1991-built Suezmax tanker, in a separate transaction with another unaffiliated third party. The sale of the Genmar Gulf is expected to generate net proceeds of $11.0 million and close by February 28, 2011. The Company intends to use net proceeds from the sale of both vessels, which are expected to total approximately $18.5 million, to pay down debt under the Company’s $750 million revolving credit facility. The Company also announced it has completed the previously announced sale of the last of three product tankers, the 2005-built Stena Concept, to affiliates of Northern Shipping Fund Management Bermuda, Ltd., generating net proceeds of $21.0 million. General Maritime received total net proceeds of $61.7 million from the sale and leaseback of all three product tankers, the Stena Concept, the Stena Contest and the Genmar Concord, a portion of which was used to repay the Company’s $22.8 million bridge loan, plus $0.1 million in fees and accrued and unpaid interest, on February 8, 2011. As a result of the repayment of the bridge loan, the Genmar Vision, a 2001-built VLCC, was released from its mortgage. In connection with the sale of the Stena Concept, the vessel has been leased back to General Maritime under a previously announced bareboat charter entered into with the purchasers for a period of seven years at a rate of $6,500 per day for the first two years of the charter period and $10,000 per day for the remainder of the charter period. The Stena Concept will continue to be employed on a time charter as previously disclosed by General Maritime at an