GENERAL MARITIME COMPLETES RESTRUCTURING

GENERAL MARITIME COMPLETES RESTRUCTURING

   General Maritime Corp., the stock market-listed tanker shipping company, has completed a corporate restructuring.

   The New York-based company, which lost $8 million in the first nine months of 2002, said that it has reduced its number of subsidiaries and the number of jurisdictions in which those subsidiaries are based.

   The restructuring simplifies the company’s corporate structure and is intended to achieve tax efficiencies and ensure regulatory compliance, General Maritime said.

   In addition, the restructuring separates the company’s ship owning from its ship management subsidiaries. As part of the company’s split, John Tavlarios has been named president and chief executive officer of General Maritime Management LLC, the subsidiary responsible for the commercial and technical fleet management. He remains a member of the parent company’s board of directors and a key employee of the company’s consolidated group.

   General Maritime provides of international seaborne crude oil transportation services, principally within the Atlantic basin.