General Maritime Corporation Selects Triple Point Technology to Manage Global Freight Tanker Fleet; Triple Point Commodity XL to Enhance Vessel Management and Hedging Opportunities.WESTPORT, Conn. -- General Maritime Corporation General Maritime Corporation operates crude oil tankers, mostly in the Atlantic Ocean and in the Caribbean, Mediterranean, Black, and North Seas. Founded in 1997 by current CEO Peter Georgiopoulos, as of 2004 the company is the second largest (based on cargo capacity) operator of , a provider of international seaborne sea·borne adj. 1. Conveyed by sea; transported by ship. 2. Carried on or over the sea. seaborne Adjective 1. carried on or by the sea 2. crude oil transportation services with one of the largest tanker fleets in the world, is deploying Triple Point's Commodity XL(TM) next-generation software solution to improve the physical operations and revenue-generating potential of its global tanker fleet. Triple Point Technology is the leading global supplier of cross-industry software platforms for the supply, trading, marketing and movement of commodities. General Maritime, whose clients include Chevron, CITGO, Exxon-Mobil, Phillips and Texaco, is deploying Triple Point Commodity XL to improve the trading of physical and derivatives contracts involving its fleet of tankers. Triple Point's solution integrates physical positions to show freight dependencies with freight hedges, enabling General Maritime to more profitably hedge tanker positions and enter the global freight forward market. In addition, the Triple Point system's sophisticated risk management capabilities identify areas of risk involving its physical freight routes while analyzing 'what-if' scenarios and results of forward freight agreements (FFAs). "The freight market has gained in importance and volume in the last few years," said Peter Armstrong, president of Triple Point Technology. "Many of our clients, in addition to General Maritime, have seen the value in using an integrated system to manage and measure their global freight trading." About Triple Point Commodity XL(TM) Triple Point Commodity XL manages the logistical and financial complexities of commodity trading and movement anywhere in the world. The next-generation platform enables producers, traders, refiners, marketers, distributors and consumers to profitably manage the opportunities and risks involved in the purchase, sale, movement and storage of commodities including gas, power, crude oil and refined products, coal/coke, base metals and ores, agri-foods and other soft commodities, and shipping and freight. Triple Point Commodity XL streamlines the processing of physical and financial trades, reduces transaction and transportation costs, improves logistical and operational efficiencies throughout the supply chain, delivers precise risk analyses and position management, and helps ensure SOX (1) (Schema for Object-oriented XML) An XML schema developed by Veo Systems and Muzino Communications, which was submitted to the W3C. SOX is based on DTD, but adds data typing and reuse mechanisms. and FAS/IAS compliance. The Triple Point Commodity XL platform is comprised of a family of commodity-specific products that can be deployed alone or in seamless combination with each other to manage every aspect of global cross-industry commercial operations. This interoperability gives clients a single, real-time view of supply and delivery obligations, financial risk and market exposure either in a single market or across all commodities and markets--and all desktops--around the world. About General Maritime Corporation General Maritime Corporation is a provider of international seaborne crude oil transportation services principally within the Atlantic basin, which includes ports in the Caribbean, South and Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. , the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. , the Mediterranean, Europe and the North Sea. It currently operates tankers in other regions including the Black Sea and Far East. General Maritime Corporation currently owns and operates a fleet of tankers - 26 Aframax and 17 Suezmax tankers and 4 Suezmax new-building contracts - making it the second largest mid-sized tanker company in the world with a carrying capacity carrying capacity the number of animal units that a farm or area will carry on a year round basis, including that needed for conservation of winter feed. Usually stated as dry cows or dry sheep equivalents per hectare. of approximately 5.9 million deadweight tons (dwt). About Triple Point Technology Inc. Founded in 1993, Triple Point Technology is the leading global supplier of cross-industry software platforms for the supply, trading, marketing and movement of commodities. More than 25 percent of both Global 500 commodity trading companies and Global 500 energy companies now use Triple Point software systems to streamline trade processing, reduce transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). , maximize supply chain efficiencies, precisely measure and monitor market risk, and ensure compliance. Headquartered in Westport, Connecticut Westport is a coastal town in Fairfield County, Connecticut, in the United States. The 2004 population estimate was 26,644. The town is as affluent as other expensive Fairfield County towns, boasting a per capita income of more than $70,000. , USA, Triple Point serves clients in Asia, Africa, Australia, Europe, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. from its five development and support centers strategically located around the world. More information is available at www.tpt.com. |
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