BW acquires block of Genmar shares

15 August 2006

BW has agreed to acquire a stake of approximately 12% of General Maritime Corporation from Frontline Ltd.

The block of 3,860,000 shares was previously held by Frontline, and acquired by BW at USD 40 per share, marginally above the closing price on Monday 14 August 2006. As a company active in the shipping arena, the BW group has historically invested in both physical assets and shares of shipping companies, wherever it perceives value.

Andreas Sohmen-Pao, Managing Director of BW Shipping (Singapore) commented: We are pleased to be acquiring this significant stake in Genmar, a company with a high quality tanker fleet. The company has been successful in modernising and deleveraging over the past 12 months, and as a shareholder we look forward to participating in the companys future development.