EX-12.1 7 a16-19162_3ex12d1.htm EX-12.1

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,

 

 

 

2016

 

2015

 

2014 (2)

 

2013 (2)

 

Fixed Charges

 

 

 

 

 

 

 

 

 

Interest expense, net

 

$

31,356

 

$

15,982

 

$

29,849

 

$

34,643

 

Capitalized interest

 

24,290

 

35,172

 

8,958

 

 

Interest Component of rent expense

 

419

 

544

 

564

 

597

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

56,066

 

51,698

 

39,371

 

35,240

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

Net income (loss)

 

61,502

 

129,569

 

(47,084

)

(101,073

)

Fixed charges (calculated above)

 

56,066

 

51,698

 

39,371

 

35,240

 

Capitalized interest

 

(24,290

)

(35,172

)

(8,958

)

 

 

 

 

 

 

 

 

 

 

 

Total earnings available for fixed charges

 

$

93,278

 

$

146,095

 

$

(16,671

)

$

(65,833

)

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (1)

 

1.66

 

2.83

 

(0.42

)

(1.87

)

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends (1)

 

1.66

 

2.83

 

(0.42

)

(1.87

)

 


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

 

(1) For purposes of computing these ratios, “earnings” consist of income before taxes, interest component of rent expense (approximately one-third of our rent expense is deemed by the Company to be representative of the interest factor inherent in such rent expense), interest expense, swap interest, capitalized interest, and amortization of loan fees. “Fixed charges” consist of interest expense, swap interest, capitalized interest, and amortization of loan fees as reported in the consolidated financial statements.

 

(2) For the years ended December 31, 2014 and 2013, the deficiences in earnings to available to cover fixed charges were $56.0 million and $101.1 million, respectively.