General Maritime Corporation’s (GMR) NYSE common stock has appreciated significantly since our last update report and exceeded our target price. We believe the increase reflects the improvement in financial markets and rise in crude oil prices. However, we expect the demand for oil to remain weak and, consequently, expect spot freight rates to remain low over our investment horizon....

Going forward, spot freight rates for oil tankers are expected to continue to suffer from slowing crude oil demand, given the challenging economic conditions. This will impact the company’s top-line performance. On 10 April 2009, the International Energy Agency (IEA) cut its projections for global crude oil demand by 1.0 mn barrels per day (b/d) following a reassessment of global GDP assumptions and the significantly lower-than-anticipated…

General Maritime Corporation’s (GMR) 4Q 08 Net Voyage Revenues (NVR) and margins fell short of our expectations due to the unexpected delay in the merger with Arlington Tankers Ltd. (Arlington). As we expect spot rates to remain under pressure given the declining global demand for crude oil, we are likely to revise our estimates and target price downwards in our next update report. However, we remain optimistic over the company’s future…