Net income rose to US$7.28 million, or 13 cents a share, from US$4.96 million, or 12 cents, a year earlier, New York\ based General Maritime said today in a statement. General Maritime was expected to earn 20 cents, the average of seven analyst estimates compiled by Bloomberg. Revenue declined 0.9 percent to US$80.2 million.

General Maritime placed about three-quarters of its fleet on fixed-rate, time-charter contracts, locking in revenue as oil demand this year is expected to drop 2.8 percent to 83.8 million barrels a day, according to the Paris-based International Energy Agency.

"They've been more conservative in their chartering strategy," said Jonathan Chappell, a New York-based analyst at JPMorgan Chase & Co., who has an "overweight" rating on the shares. "They foresaw a weak 2009 and they positioned their fleet accordingly."Bloomberg

General Maritime Corp., the second-largest U.S. oil-tanker owner, said second-quarter profit rose 47 percent as a charge wasn't repeated. The company announced it expects to cut its dividend. The shares fell in late trading.

Net income rose to US$7.28 million, or 13 cents a share, from US$4.96 million, or 12 cents, a year earlier, New York\ based General Maritime said today in a statement. General Maritime was expected to earn 20 cents, the average of seven analyst estimates compiled by Bloomberg. Revenue declined 0.9 percent to US$80.2 million.

General Maritime placed about three-quarters of its fleet on fixed-rate, time-charter contracts, locking in revenue as oil demand this year is expected to drop 2.8 percent to 83.8 million barrels a day, according to the Paris-based International Energy Agency.

"They've been more conservative in their chartering strategy," said Jonathan Chappell, a New York-based analyst at JPMorgan Chase & Co., who has an "overweight" rating on the shares. "They foresaw a weak 2009 and they positioned their fleet accordingly."