EX-12.1 10 ex12_1.htm EXHIBIT 12.1 ex12_1.htm

Exhibit 12.1

General Maritime Corporation
Computation of Ratio of Earnings to Fixed Charges*
(Expressed in thousands of United States Dollars, except ratios)

   
Nine months ended
September 30,
   
Year Ended December 31,
 
   
2010
   
2009
   
2008
   
2007
   
2006
   
2005
 
Fixed Charges
                                   
Interest expense
  $ 59,314     $ 37,344     $ 29,388     $ 25,541     $ 4,165     $ 32,400  
Capitalized interest
    -       -       119       2,385       3,571       3,475  
Amortized loan fees
    2,318       1,724       1,089       959       722       1,968  
    Interest Component of rent      314        466        918        918        918        918  
                                                 
Fixed Charges
    61,946       39,534       31,514       29,803       9,376       38,761  
                                                 
Earnings
                                               
Pretax operating (loss) income
    (49,421     (11,995 )     29,807       44,539       156,831       212,357  
Fixed charges
    61,946       39,534       31,514       29,803       9,376       38,761  
Capitalized interest
    -       -       119       2,385       3,571       3,475  
                                                 
Earnings
  $ 12,525     $ 27,539     $ 61,202     $ 71,957     $ 162,636     $ 247,643  
                                                 
Ratio of Earnings to Fixed Charges
    0.20 (a)      0.70 (a)     1.94       2.41       17.35       6.39  
                                                 
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
    0.20       0.70       1.94       2.41       17.35       6.39  

(a) For the nine months ended September 30, 2010 and for year ended December 31, 2009, earnings were insufficient to cover fixed charges by $49,421 and $11,995, respectively.

*As defined in Item 503(d) of Regulation S-K of the Securities Exchange Act of 1934