General Maritime Corporation Provides Certain U.S. Federal Income Tax Considerations With Respect to 2007 Dividends

NEW YORK, Feb. 1 /PRNewswire-FirstCall/ -- General Maritime Corporation (NYSE: GMR) today announced certain U.S. federal income tax considerations with respect to 2007 dividends. During 2007, the Company paid dividends (including a special one-time dividend of $15 per share paid in March 2007) in the aggregate amount of $555.5 million. The dividends paid during 2007 will be treated as dividends for U.S. federal income tax purposes to the extent of the Company's current and accumulated earnings and profits as of December 31, 2007, as determined for U.S. federal income tax purposes. To the extent the dividends paid exceed the Company's current and accumulated earnings and profits, they first will be applied against and will reduce a shareholder's basis in its shares and thereafter will be treated as gain from the sale or exchange of the shares.

The Company's current and accumulated earnings and profits as of December 31, 2007 is expected to be $492.0 million. Therefore, 88.6% of each dividend paid during 2007 will be treated as a dividend for U.S. federal income tax purposes, and 11.4% of each dividend will be treated as a reduction in basis or gain, as applicable.

About General Maritime Corporation

General Maritime Corporation is a provider of international seaborne crude oil transportation services principally within the Atlantic basin which includes ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe and the North Sea. The Company also currently operates tankers in other regions including the Black Sea and Far East. General Maritime Corporation currently owns and operates a fleet of 21 tankers - 10 Aframax, 10 Suezmax tankers and 1 Suezmax newbuilding contracts - making it one of the largest mid-sized tanker companies in the world, with a carrying capacity of approximately 2.8 million dwt.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

This report contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements are based on management's current expectations and observations. Included among the factors that, in the Company's view, could cause actual results to differ materially from the forward looking statements contained in this report are changes resulting from the completion of the Company's year-end accounting and audit processes and procedures and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2006 and its subsequent reports on Forms 10-Q and 8-K. The Company's ability to pay dividends in any period will depend upon factors including applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of the Company's financial performance. The timing and amount of dividends, if any, could also be affected by factors affecting cash flow, results of operations, required capital expenditures, or reserves. As a result, the amount of dividends actually paid may vary from the amounts currently estimated.