UPDATE 1-General Maritime posts fourth straight qtrly loss

* Q3 loss $0.30/shr vs est loss $0.22/shr

* Revenue $57.6 mln vs est $66.4 mln

Oct 27 (BestGrowthStock) – Oil tanker company General Maritime Corp
(GMR.N: ) posted a loss for the fourth straight quarter, hurt by
higher voyage expenses.

For July-September, net loss was $26 million, or 30 cents a
share, compared with net profit of $14.8 million, or 27 cents a
share, in the year-ago quarter.

Net voyage revenue fell 26 percent to $57.6 million.

Analysts on average were expecting a loss of 22 cents a
share, on revenue of $66.4 million, according to Thomson
Reuters I/B/E/S.

Voyage expenses more than doubled to $40.7 million from
$18.8 million last year, said the company, whose customers
include majors like Chevron Corp (CVX.N: ), ConocoPhillips
(COP.N: ) and Exxon Mobil Corp (XOM.N: ).

Earlier this month, General Maritime said it will reduce
its quarterly cash dividend by 7 cents to 1 cent per share
under the terms of a new bridge loan to finance buying a new
ship. [ID:nSGE6940LK]

The New York-based company’s shares, which touched a
year-low earlier in the day, closed at $3.73 Wednesday on the
New York Stock Exchange. The stock has shed more than a third
of its value since the company posted a second-quarter loss in
late July.
(Reporting by Vaishnavi Bala in Bangalore; Editing by Anne
Pallivathuckal)

UPDATE 1-General Maritime posts fourth straight qtrly loss