<PAGE>

                               ESCROW AGREEMENT


                  THIS ESCROW AGREEMENT (this "Agreement") is dated as of June
11, 2001 and is by and among General Maritime Ship Holdings Ltd., a Marshall
Islands corporation to be renamed General Maritime Corporation ("Genmar"), the
Recipients listed on SCHEDULE 1 hereto (the "Recipients"), the partnerships
listed on SCHEDULE 2 hereto (the "Partnerships"), and Mellon Investor Services
LLC as escrow agent (the "Escrow Agent"). Capitalized terms used but not defined
herein have the respective meanings assigned to such terms in the Plan of
Recapitalization attached hereto as EXHIBIT A (the "Plan of Recapitalization"),
which is incorporated herein and made a part hereof. Genmar, the Recipients, the
Partnerships, and the Escrow Agent are sometimes referred to herein individually
as a "Party" and collectively as the "Parties."

                                   RECITALS

A. Pursuant to the Plan of Recapitalization, Genmar is acquiring a number of
Vessels, entities or interests in entities which directly or indirectly own
Vessels, and other entities and assets in exchange for Recapitalization Shares
(as defined below) to be allocated to the Recipients thereof.

B. As detailed in the Plan of Recapitalization, the Recapitalization Shares are
to be deposited in a number of escrow accounts to be released or reallocated
among the Recipients and the Company upon the occurrence of certain conditions
or events.

C. Genmar and the Recipients desire that the Escrow Agent serve as the escrow
agent with respect to the Recapitalization Shares under the Plan of
Recapitalization, and the Escrow Agent is willing to serve as the same, all on
the terms and conditions set forth herein.

                  NOW THEREFORE, in consideration of the mutual covenants
hereinafter set forth, the Parties, intending to be legally bound, agree as
follows:

1.       ESTABLISHMENT OF ESCROW.

         (a) Genmar has delivered to the Escrow Agent and the Escrow Agent
acknowledges receipt of [____________] shares of Genmar common stock, par value
$.01 per share (the "Recapitalization Shares") in the form of a single stock
certificate. The Recapitalization Shares shall be held in escrow in the name of
the Escrow Agent or its nominee, subject to the terms and conditions set forth
herein. The Recapitalization Shares and any and all shares of the common stock
of Genmar or other securities declared and paid as a dividend or other
distribution on or with respect to the Recapitalization Shares and any cash
provided in substitution for such shares pursuant to Section 7 or 10 of the Plan
of Recapitalization (together, the Recapitalization Shares and any such
additional shares or cash, the "Escrow Shares") shall be and become part of the
escrow deposit hereunder. Unless and until the Escrow Shares are returned to
Genmar or delivered to the Recipients pursuant to the terms of this Agreement,
each Recipient shall have the right to direct the Escrow Agent in writing to
vote the Escrow Shares allocated to a sub-Escrow

<PAGE>

Account (as defined below) in respect of such Recipient; PROVIDED that Genmar
and not such Recipient shall have the right to vote any such Escrow Shares
allocated to such sub-Escrow Account if Genmar has not yet instructed the
Escrow Agreement to release some Escrow Shares allocable to such Recipient in
any sub-Escrow Account pursuant to the closing of a transaction between Genmar
and such Recipient as described in the Plan of Recapitalization. The Escrow
Agent must vote the Escrow Shares according to the instructions of such
Recipient or Genmar (as applicable) and may not vote the Escrow Shares without
the instruction of such Recipient or Genmar (as applicable).

         (b) The Escrow Agent shall establish four accounts (the "Escrow
Accounts") as described in the Plan of Recapitalization: the Post-Closing Vessel
Account, the Purchase Price Calculation Account, the Indemnity Account, and the
Collar Account. The Escrow Agent shall further establish sub-accounts in each
Escrow Account (a "sub-Escrow Account") for the account of each Recipient as
indicated in SCHEDULE 1. The Escrow Agent shall initially place in each
sub-Escrow Account the number of Escrow Shares as are designated in SCHEDULE 3
hereto.

2.       TRANSFER AND RELEASE OF ESCROW SHARES.

         (a) Upon written direction of Genmar, the Escrow Agent shall deliver to
each Recipient as promptly as practicable, and in any event within 30 days
following the Recapitalization Closing Time (which date shall be set forth in
such written direction), such number of Recapitalization Shares as are specified
in such written direction to be delivered to such Recipient. From time to time,
the Escrow Agent shall transfer Escrow Shares between Escrow Accounts (and
sub-Escrow Accounts thereof) or release Escrow Shares from escrow and deliver
certificates representing such Escrow Shares to designated Recipients or Genmar
all as set forth in instructions signed by an officer of Genmar whose signature
is set forth in SCHEDULE 4 hereto ("Release Instructions"), which Release
Instructions Genmar shall send to the Escrow Agent and the Recipients affected
thereby simultaneously, and which Release Instructions shall specify the precise
number of Escrow Shares to be transferred to each Escrow Account or to be
delivered to a Party, in accordance with the terms hereof (including the Plan of
Recapitalization). The Escrow Agent shall effect the transfer or release of
Escrow Shares pursuant to Release Instructions on the thirty-first day after but
not including the Escrow Agent's receipt thereof; PROVIDED, if the Escrow Agent
shall receive a written notification setting forth in reasonable detail the
nature and basis of any disagreement with the Release Instructions and the
proposed adjustment(s) (a "Recipient Notice," which shall include a Dispute
Notice as defined in the Plan of Recapitalization) signed by any Recipient(s)
prior to such thirty-first day (and if such Recipients are limited partners of
an Exchanging Partnership and the Recipient Notice relates to a matter which is
common to all partners of an Exchanging Partnership rather than to a particular
partner or partners of an Exchanging Partnership and such Recipient Notice has a
statement therein to such effect, the Escrow Agent shall notify Genmar and
request Genmar's confirmation that such Recipient Notice is signed by limited
partners who Genmar confirms to the Escrow Agent held, immediately prior to the
Recapitalization (as defined in the Plan of Recapitalization) in excess of 50%
of the limited partnership interests in such Exchanging Partnership and if such
confirmation is not received by the Escrow Agent within 10 days of such
notification and request, then Genmar will be deemed to have made such
confirmation), the Escrow Agent shall retain all Escrow Shares subject to such
Release Instructions and shall release or transfer them


                                      -2-
<PAGE>

only in accordance with joint instructions executed by Genmar and the
Recipient(s) issuing such Recipient Notice (with such instructions specifying
the precise number of Escrow Shares to be delivered to Genmar and/or a
Recipient) or a final, non-appealable judgment issued by a court of competent
jurisdiction directing the disposition of such Escrow Shares (with such
judgment specifying the precise number of Escrow Shares to be delivered to
Genmar and/or Recipient); and PROVIDED FURTHER that, without prejudice to any
other remedy the Recipients may have, no Recipient Notice shall be permitted in
connection with Release Instructions to effect the closing of the Post-Closing
Vessels pursuant to Section 9(E) of the Plan of Recapitalization. The Escrow
Agent shall have no duty to ascertain whether any Recipient received a copy of
Release Instructions or any Certificate described in the Plan of
Recapitalization or to confirm or verify whether a Recipient Notice was
appropriately given.

         (b) The Escrow Agent shall effect distributions of Escrow Shares as it
is required to make to Recipients or their designees under this Agreement by
surrendering certificates representing such Escrow Shares to Mellon Investor
Services LLC, in its capacity as transfer agent of Genmar (the "Transfer Agent")
with instructions to issue such Escrow Shares to the Recipients; PROVIDED that
if cash provided in substitution for shares pursuant to Section 7 or 10 of the
Plan of Recapitalization is to be distributed, the Escrow Agent shall cause a
check for the appropriate amount to be sent to the relevant Recipient or, if so
requested by such Recipient, by wire transfer to an account designated in
written instructions signed by such Recipient. Any Escrow Shares to be delivered
to Mr. Peter Georgiopoulos or a General Partner Owner shall be delivered instead
to Genmar for cancellation, and Genmar shall issue an equal number of new shares
directly to Mr. Georgiopoulos or such General Partner Owner. Any instructions,
including Release Instructions, shall set forth the delivery instructions
required by this paragraph.

3.       AMOUNTS EARNED ON ESCROW SHARES; TAX MATTERS. All amounts earned on or
in respect of the Escrow Shares (including dividends and other distributions)
("Escrow Shares Earnings") shall be distributed or retained in accordance with
the distribution or retention of the Escrow Shares to which such Escrow Shares
Earnings relate. The Parties acknowledge that (i) the Recipients are the owners
of the Escrow Shares for Federal, state, and other tax purposes, (ii) the
Escrow Share Earnings shall be includable in the taxable income of the
Recipients, and (iii) the Escrow Agent does not have any interest in the Escrow
Shares, but is serving only as escrow holder hereunder. Accordingly, and
without limiting the foregoing, the Parties agree that: To the extent permitted
by applicable law, including Section 468B(g) of the U.S. Internal Revenue Code
of 1986, as amended (the "Code"), the Recipients shall be responsible for any
taxes relating to the Escrow Shares and the Escrow Shares Earnings. Any
disbursements of the Escrow Shares or payments from the Escrow Shares shall be
subject to withholding taxes and regulations then in force under the Code. For
tax purposes, the Escrow Agent shall report to the relevant taxing authorities
the amount of Escrow Share Earnings allocable to a Recipient in respect of
Escrow Shares that have been (a) distributed by the Escrow Agent to such
Recipient pursuant to this Escrow Agreement by the end of the calendar year in
which the Escrow Share Earnings are earned, (b) retained in any sub-Escrow
Account of such Recipient at the end of the calendar year in which the Escrow
Share Earnings are earned, or (c) retained in any sub-Escrow Account of such
Recipient immediately prior to the return of such Escrow Shares to Genmar in
accordance with the Plan of Recapitalization. Upon request, Genmar and the
Recipients shall promptly provide the Escrow Agent with all information
necessary to enable it to comply with


                                      -3-
<PAGE>

the reporting and backup withholding requirements of the Code. The Parties
shall not take any position for tax, accounting, or other purposes that is
inconsistent with the treatment of the Escrow Shares and the Escrow Share
Earnings as described in this Section 3.

4.       TERMINATION. This Agreement shall terminate upon the distribution of
all Escrow Shares in accordance with Section 2.

5.       THE ESCROW AGENT.

         (a) The Escrow Agent shall promptly distribute all or any part of the
Escrow Shares in accordance with this Agreement. The Escrow Agent shall not be
called upon to advise any person or entity as to any investments with respect to
any security, property or funds held in escrow hereunder or the dividends,
distributions, income, interest or earnings thereon. The Escrow Agent shall act
hereunder as an escrow agent only and shall not be responsible or liable in any
matter whatever for the sufficiency, collection, correctness, genuineness or
validity of any revenues, cash, payments, securities, property, funds,
investments, income, earnings or other amounts deposited with or held by it or
for the identity, authority or rights of any person or entity executing and
delivering or purporting to execute or deliver any thereof to the Escrow Agent.

         (b) The reasonable fees and expenses of the Escrow Agent in connection
with its preparation, negotiation, amendment, modification, waiver, execution,
delivery, performance and enforcement of this Agreement as set forth on SCHEDULE
5 hereto shall be borne by Genmar which amount shall be due and payable upon the
signing of this Agreement and on the first day of each subsequent year during
which this Agreement remains in effect. The Escrow Agent shall not be liable for
any error of judgment or for any act taken or suffered or omission to act under
this Agreement, including any and all claims made against the Escrow Agent as a
result of its holding the Escrow Shares in its own name, except for its own
gross negligence or willful misconduct, each as determined by a final
non-appealable order, judgment, decree or ruling of a court of competent
jurisdiction. In no event shall the Escrow Agent be liable or responsible for
special, punitive, indirect, consequential or incidental loss or damages of any
kind whatsoever to any person or entity (including without limitation lost
profits), even if the Escrow Agent has been advised of the likelihood of such
loss or damage. Any liability of the Escrow Agent under this Escrow Agreement
will be limited to the amounts of fees paid to the Escrow Agent. The
Partnerships and Genmar, jointly and severally, agree to indemnify and hold
harmless from and against any and all claims, losses, costs, liabilities,
damages, penalties, settlements, actions, proceedings, suits, litigation,
investigations, demands, judgments or expenses (including but not limited to
reasonable attorney's fees) claimed against or incurred by the Escrow Agent
arising out of or related, directly or indirectly, to this Agreement, except
acts of gross negligence or willful misconduct, each as determined by a final
non-appealable order, judgment, decree or ruling of a court of competent
jurisdiction. The Escrow Agent shall not be obligated to expend or risk its own
funds or to take any action which it believes would expose it to expense or
liability or to a risk of incurring expense or liability, unless it has been
furnished with assurances of repayment or indemnity reasonably satisfactory to
it.

         (c) The Escrow Agent may act in reliance upon any instructions,
direction, request or other communication or instrument with a signature
believed by it to be genuine and may assume


                                      -4-
<PAGE>

that any person who has been designated by Genmar or a Recipient or otherwise
pursuant hereto to give any written instructions, notice or receipt, or make
any statements in connection with the provisions hereof, has been duly
authorized to do so. The Escrow Agent shall have no duty to make inquiry as to
the genuineness, accuracy or validity of any statements or instructions or any
signatures on statements or instructions. The name and true signatures of each
individual authorized to act on behalf of Genmar and each Recipient are stated
in SCHEDULE 4 as to Genmar and on the signature pages hereto as to each
Recipient. The Escrow Agent's duties shall be determined only with reference to
those which are expressly set forth in this Agreement (and no implied duties),
and the Escrow Agent is not charged with knowledge of or any duties or
responsibilities in connection with any other document or agreement. In the
event the Escrow Agent determines in good faith any ambiguity or uncertainty
exists hereunder or in any notice, instruction, direction, request or other
communication, paper or document received by the Escrow Agent hereunder, Escrow
Agent, may, in its sole discretion, refrain from taking any action, and shall
be fully protected and shall not be liable in any way to any Party or any other
person or entity for refraining from taking such action, unless the Escrow
Agent receives written instructions signed by the relevant Parties which
eliminates such ambiguity or uncertainty to the satisfaction of Escrow Agent.
The Escrow Agent may consult with and obtain advice from counsel (who may be
counsel to a Party or an employee of the Escrow Agent) and shall be fully
protected in taking, suffering or omitting to take any action in reliance on
said advice. Without limiting the foregoing, the Escrow Agent shall not be
subject to, nor be required to comply with, or determine if any person or
entity has complied with, the Plan of Recapitalization or any other agreement
between or among the Parties, even though reference thereto may be made in this
Escrow Agreement, or to comply with any notice, instruction, direction, request
or other communication, paper or document other than as expressly set forth in
this Escrow Agreement.

         (d) The Escrow Agent shall have the right at any time to resign
hereunder by giving written notice of its resignation to the Parties, at the
addresses set forth herein or at such other address as the Parties shall
provide, at least thirty (30) days prior to the date specified for such
resignation to take effect. In such event Genmar shall appoint a successor
escrow agent, which shall be a bank or trust company reasonably acceptable to
OCM Principal Opportunities Fund, L.P. and Genmar Alexandra, LLC (the "Minimum
Recipients"), within said thirty (30) days; if Genmar does not designate a
successor escrow agent within such period, the Minimum Recipients may appoint a
bank or trust company reasonably acceptable to Genmar as a successor escrow
agent, provided that they did not unreasonably withhold their consent to the
appointment of a successor escrow agent by Genmar pursuant to this Section 5(d).
Upon the effective date of such resignation, the Escrow Shares together with all
cash and other property then held by the Escrow Agent hereunder shall be
delivered by it to such successor escrow agent. In the event a successor escrow
agent is not appointed within said thirty (30) days, the Escrow Shares and all
cash and other property held by the Escrow Agent shall be delivered to and
deposited with a court of competent jurisdiction to act as successor escrow
agent. Upon the delivery of the Escrow Shares pursuant to this Section 5(d) to a
successor escrow agent, the Escrow Agent shall be relieved of all liability
hereunder, except for any liability arising out of the Escrow Agent's gross
negligence or willful misconduct, each as determined by a final non-appealable
order, judgment, decree or ruling of a court of competent jurisdiction.


                                      -5-
<PAGE>

         (e) The Escrow Agent may engage or be interested in any financial or
other transaction with any party hereto or affiliate thereof, and may act on, or
as depositary, trustee or agent for, any committee or body of holders of
obligations of such party or affiliate, as freely as if it were not the Escrow
Agent hereunder. The Escrow Agent shall not incur any liability for not
performing any act, duty, obligation or responsibility by reason of any
occurrence beyond the control of the Escrow Agent (including without limitation
any act or provision of any present or future law or regulation or governmental
authority, any act of God, war, civil disorder or failure of any means of
communication).

         (f) The Escrow Agent may execute any of its powers or responsibilities
hereunder and exercise any rights hereunder, either directly or by or through
its agents or attorneys. The Escrow Agent shall not be responsible for and shall
not be under a duty to examine, inquire into or pass upon the validity, binding
effect, execution or sufficiency of this Agreement or of any amendment or
supplement hereto.

         (g) The provisions of this Section 5 shall survive the termination of
this Escrow Agreement and the resignation or removal of the Escrow Agent.

6.       MISCELLANEOUS.

         (a) Unless the context clearly indicates otherwise, the terms below
mean the following:

                  (i) "Hereof" and "herein" refer to this Agreement.

                  (ii) "Including" means including, without limitation, whether
         or not so expressed.

                  (iii) References to Sections, Exhibits, and Schedules mean,
         respectively, Sections, Exhibits, and Schedules of this Agreement.

                  (iv) Words denoting the singular include the plural and vice
         versa.

                  (v) "It" or "its" or words denoting any gender include all
         genders.

         (b) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS
5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL
PRACTICE LAWS AND RULES 327(b).

         (c) Each Party submits to the non-exclusive jurisdiction of the state
and federal courts of the United States located in the City of New York, Borough
of Manhattan with respect to any claim or cause of action arising out of this
Agreement or the transactions contemplated hereby.

         (d) This Agreement may be executed in one or more counterparts, all of
which documents shall be considered one and the same document. Recipients may
accede to this Agreement at different times by executing a signature page
hereto, at which time any such executing Recipient shall be considered a Party;
provided that such accession shall not act as a


                                      -6-
<PAGE>

waiver or satisfaction of any other condition precedent under any other
agreement between Genmar and such Recipient.

         (e) Any notice or other communication required or permitted hereunder
shall be in writing and shall be deemed given when so delivered in person, by
overnight courier, by facsimile transmission (with receipt confirmed by
telephone or by automatic transmission report) or two business days after being
sent by registered or certified mail (postage prepaid, return receipt
requested), as follows:

                           If to Genmar:

                           General Maritime Ship Holdings Ltd.
                           35 West 56th Street
                           New York, NY 10019
                           Attn:  Mr. Peter C. Georgiopoulos
                           Telecopy: (212)  763-5602
                           Confirm:  (212) 763-5620

                           with a copy to:

                           Kramer Levin Naftalis & Frankel LLP
                           919 Third Avenue
                           New York, NY  10022
                           Attn:  Thomas E. Molner, Esq.
                           Telecopy:  (212) 715-8000
                           Confirm:  (212) 715-9100

                           if to a Recipient:

                           To such Recipient's address and such Recipient's
                           counsel's address as set forth in SCHEDULE 1.

                           if to a Partnership:

                           c/o General Maritime Ship Holdings Ltd.
                           35 West 56th Street
                           New York, NY 10019
                           Attn:  Mr. Peter C. Georgiopoulos
                           Telecopy: (212)  763-5602
                           Confirm:  (212) 763-5620


                                      -7-
<PAGE>

                           with a copy to:

                           Kramer Levin Naftalis & Frankel LLP
                           919 Third Avenue
                           New York, NY  10022
                           Attn:  Thomas E. Molner, Esq.
                           Telecopy:  (212) 715-8000
                           Confirm:  (212) 715-9100

                           if to the Escrow Agent:

                           Mellon Investor Services LLC
                           120 Broadway, 13th Floor
                           New York, New York 10271
                           Attention: Relationship Manager
                           Telecopy:  (917) 320-6318

                           with a copy to:

                           Mellon Investor Services
                           85 Challenger Road
                           Ridgefield Park, New Jersey  07660
                           Attention:  General Counsel
                           Telecopy:  (201) 296-4004

Addresses may be changed by written notice given pursuant to this Section.

         (f) In any case where the date for payment of Escrow Shares or notice
or any other date hereunder shall be a Saturday, Sunday or legal holiday or a
day on which banking institutions in the City of New York are authorized by law
to close, then the date for payment of Escrow Shares or notice or any other date
may be made on the next succeeding business day.

         (g) This Agreement may be amended, modified, superseded or canceled,
and any of the terms or conditions hereof may be waived, only by a written
instrument executed by Genmar, the Escrow Agent, and Recipients to whom a
majority of the Recapitalization Shares are allocated in the Escrow Accounts
(provided that the effect thereof is that the consenting Recipients are not
treated more favorably than all other Recipients) or, in the case of a waiver,
by the Party waiving compliance. The failure of any Party at any time or times
to require performance of any provision hereof shall in no manner affect its
right at a later time to enforce the same. No waiver of any Party of any
condition, or of the breach of any term contained in this Agreement, whether by
conduct or otherwise, in any one or more instances shall be deemed to be or
construed as a further or continuing waiver of any such condition or breach or a
waiver of any other condition or of the breach of any other term of this
Agreement. No Party may assign any rights, duties or obligations hereunder
unless all other Parties have given their prior written consent.


                                      -8-
<PAGE>

         (h) This Agreement shall be binding upon, inure to the benefit of, and
be enforceable by the Parties and their respective heirs, personal
representatives, legatees, successors and permitted assigns. This Agreement
shall not confer any rights or remedies upon any Person other than the Parties
and their respective heirs, personal representatives, legatees, successors and
permitted assigns.

        [THE REMAINDER OF THIS PAGE HAS INTENTIONALLY BEEN LEFT BLANK.]


                                      -9-
<PAGE>

                  IN WITNESS WHEREOF, the Parties hereto have executed this
Agreement under seal as of the date first stated above.


                                 GENERAL MARITIME SHIP HOLDINGS LTD.


                                 By: /s/ Peter C. Georgiopoulos
                                     ------------------------------------------
                                     Name: Peter C. Georgiopoulos
                                     Title: Chairman and Chief Executive Officer


                                 [RECIPIENTS]


                                 By:
                                     -------------------------------------------
                                     Name:
                                     Title:


                                 [REPEAT FOR OTHERS]



                                 AJAX LIMITED PARTNERSHIP


                                 By: /s/ Ajax Limited Partnership
                                     ------------------------------------------
                                     Name:
                                     Title:


                                 AJAX II, L.P.


                                 By: /s/ Ajax II, L.P.
                                     ------------------------------------------
                                     Name:
                                     Title:


                                 BOSS, L.P.


                                 By: /s/ Boss, L.P.
                                     ------------------------------------------
                                     Name:
                                     Title:


                                     -10-
<PAGE>

                                 GENERAL MARITIME I, L.P.


                                 By: /s/ General Maritime I, L.P.
                                     ------------------------------------------
                                     Name:
                                     Title:


                                 GENERAL MARITIME II, L.P.


                                 By: /s/ General Maritime II, L.P.
                                     ------------------------------------------
                                     Name:
                                     Title:


                                 HARRIET, L.P.


                                 By: /s/ Harriet, L.P.
                                     ------------------------------------------
                                     Name:
                                     Title:


                                 PACIFIC TANKSHIP, L.P.


                                 By: /s/ Pacific Tankship, L.P.
                                     ------------------------------------------
                                     Name:
                                     Title:



                                 MELLON INVESTOR SERVICES LLC


                                 By: /s/ Mellon Investor Services LLC
                                     -------------------------------------------
                                     Name:
                                     Title:



                                     -11-
<PAGE>

                                                                       EXHIBIT A


                                             PLAN OF RECAPITALIZATION


[TO BE ATTACHED.]



                                     -12-
<PAGE>

                                                                      SCHEDULE 1

                                                    RECIPIENTS
<TABLE>
<CAPTION>
--- ---------------------------- ------------------------------------------- ------------------------------------
    RECIPIENT                    ADDRESS                                     COUNSEL
--- ---------------------------- ------------------------------------------- ------------------------------------
<S> <C>                          <C>                                         <C>
1.  Peter C. Georgiopoulos       c/o General Maritime Shipholdings Ltd.      Kramer Levin Naftalis & Frankel LLP
                                 35 West 56th Street                         919 Third Avenue
                                 New York, NY 10019                          New York, New York  10022
                                 Attn: Mr. Peter C. Georgiopoulos            Attn:  Thomas E. Molner, Esq.
                                 Telecopy: (212) 763-5602                    Telecopy:  (212) 715-8000

--- ---------------------------- ------------------------------------------- ------------------------------------
2.  Blystad Shipholding Inc.,    One Gorham Island                           Seward & Kissel LLP
    Liberia                      Westport, CT 06880                          One Battery Park Plaza
                                 Telecopy: (203) 341-3630                    New York, NY  10004
                                                                             Telecopy:  (212) 480-8421

--- ---------------------------- ------------------------------------------- ------------------------------------
3.  KS Stavanger Prince          c/o DET Stavanger Ske Dampskibsselskab ASA  Seward & Kissel LLP
                                 P.O. Box 40, N-4001                         One Battery Park Plaza
                                 Stavanger Norway                            New York, New York  10004
                                                                             Telecopy:  (212) 480-8421
                                                                             Confirm:  (212) 574-1200

--- ---------------------------- ------------------------------------------- ------------------------------------
4.  Genmar Alexandra, LLC        Wexford Capital LLC                         Reitler Brown, LLC
                                 411 West Putnam Avenue                      800 Third Avenue
                                 Greenwich, CT 06830                         21st Floor
                                 Attn:  Mr. Frederick Simon                  New York, NY 10022
                                 Telecopy: (203) 862-7311                    Attn:  Edward G. Reitler, Esq.
                                 and                                         Telecopy: (212) 371-5500
                                 Attn:  Mr. Arthur Amron
                                 Telecopy:  (203) 862-7312

--- ---------------------------- ------------------------------------------- ------------------------------------
5.  Genmar II, LLC               Wexford Capital LLC                         Reitler Brown, LLC
                                 411 West Putnam Avenue                      800 Third Avenue
                                 Greenwich, CT 06830                         21st Floor
                                 Attn:  Mr. Frederick Simon                  New York, NY 10022
                                 Telecopy: (203) 862-7311                    Attn:  Edward G. Reitler, Esq.
                                 and                                         Telecopy: (212) 371-5500
                                 Attn:  Mr. Arthur Amron
                                 Telecopy:  (203) 862-7312

--- ---------------------------- ------------------------------------------- ------------------------------------


                                                      -13-
<PAGE>

<CAPTION>
--- ---------------------------- ------------------------------------------- ------------------------------------
    RECIPIENT                    ADDRESS                                     COUNSEL
--- ---------------------------- ------------------------------------------- ------------------------------------
<S> <C>                          <C>                                         <C>
6.  Equili Company, L.P.         Wexford Capital LLC                         Reitler Brown, LLC
                                 411 West Putnam Avenue                      800 Third Avenue
                                 Greenwich, CT 06830                         21st Floor
                                 Attn:  Mr. Frederick Simon                  New York, NY 10022
                                 Telecopy: (203) 862-7311                    Attn:  Edward G. Reitler, Esq.
                                 and                                         Telecopy: (212) 371-5500
                                 Attn:  Mr. Arthur Amron
                                 Telecopy:  (203) 862-7312

--- ---------------------------- ------------------------------------------- ------------------------------------
7.  Equili Company, LLC          Wexford Capital LLC                         Reitler Brown, LLC
                                 411 West Putnam Avenue                      800 Third Avenue
                                 Greenwich, CT 06830                         21st Floor
                                 Attn:  Mr. Frederick Simon                  New York, NY 10022
                                 Telecopy: (203) 862-7311                    Attn:  Edward G. Reitler, Esq.
                                 and                                         Telecopy: (212) 371-5500
                                 Attn:  Mr. Arthur Amron
                                 Telecopy:  (203) 862-7312

--- ---------------------------- ------------------------------------------- ------------------------------------
8.  Equili Company II, L.P.      Wexford Capital LLC                         Reitler Brown, LLC
                                 411 West Putnam Avenue                      800 Third Avenue
                                 Greenwich, CT 06830                         21st Floor
                                 Attn:  Mr. Frederick Simon                  New York, NY 10022
                                 Telecopy: (203) 862-7311                    Attn:  Edward G. Reitler, Esq.
                                 and                                         Telecopy: (212) 371-5500
                                 Attn:  Mr. Arthur Amron
                                 Telecopy:  (203) 862-7312

--- ---------------------------- ------------------------------------------- ------------------------------------
9.  Equili Company II, LLC       Wexford Capital LLC                         Reitler Brown, LLC
                                 411 West Putnam Avenue                      800 Third Avenue
                                 Greenwich, CT 06830                         21st Floor
                                 Attn:  Mr. Frederick Simon                  New York, NY 10022
                                 Telecopy: (203) 862-7311                    Attn:  Edward G. Reitler, Esq.
                                 and                                         Telecopy: (212) 371-5500
                                 Attn:  Mr. Arthur Amron
                                 Telecopy:  (203) 862-7312

--- ---------------------------- ------------------------------------------- ------------------------------------
10. Genmar Ajax Ltd.             c/o General Maritime Shipholdings Ltd.
                                 35 West 56th Street
                                 New York, NY 10019
                                 Attn: Mr. Peter C. Georgiopoulos
                                 Telecopy: (212) 763-5602

--- ---------------------------- ------------------------------------------- ------------------------------------


                                                      -14-
<PAGE>

<CAPTION>
--- ---------------------------- ------------------------------------------- ------------------------------------
    RECIPIENT                    ADDRESS                                     COUNSEL
--- ---------------------------- ------------------------------------------- ------------------------------------
<S> <C>                          <C>                                         <C>
11. Belvedere Maritime           1251 Avenue of the Americas                 Danal Abrams
    Holdings, LLC                53rd Floor                                  Moore Capital Management, Inc.
                                 NY, NY 10020                                1251 Avenue of the Americas
                                 Attn:  Michael Garfinkle                    New York, NY 10020
                                 Telecopy: (212) 782-7086                    (212) 782-7563
                                                                             Telecopy:  (212) 382-9837

--- ---------------------------- ------------------------------------------- ------------------------------------
12. Alta Ajax Ltd.               c/o International Management Services Ltd.  Danal Abrams
                                 P.O. Box 61 GT                              Moore Capital Management, Inc.
                                 Grand Cayman, Cayman Islands                1251 Avenue of the Americas
                                 British West Indies                         New York, NY 10020
                                 Attn:  Martin Lang                          (212) 782-7563
                                 Telecopy:  (345) 949-8635                   Telecopy:  (212) 382-9837

                                                                             and

                                                                             Ron Resnick
                                                                             Highbridge Capital Management, LLC
                                                                             767 Fifth Avenue
                                                                             New York, New York 10153
                                                                             Telecopy: (212) 759-6010

--- ---------------------------- ------------------------------------------- ------------------------------------
13. Special Situations
    Holdings II, Ltd. -

--- ---------------------------- ------------------------------------------- ------------------------------------
14. GMC Ajax, LLC                c/o Valmora Partners, L.P.
                                 300 Crescent Court, Ste. 500                Attn:  Joe Coffman
                                 Dallas, TX 75201
                                 Attn:  James C. Crain
                                 Telecopy:  214-880-4430

--- ---------------------------- ------------------------------------------- ------------------------------------
15. GMC I (Ajax), LLC            1221 Avenue of the Americas, 40th Fl.
                                 New York, NY 10020
                                 Attn:  Bryan Martin

--- ---------------------------- ------------------------------------------- ------------------------------------
16. Alta Participants II,        c/o International Management                Ian Boxall & Co.
    Ltd.                         Services Ltd.                               P.O. Box 1234
--- ---------------------------- ------------------------------------------- ------------------------------------


                                                      -15-
<PAGE>

<CAPTION>
--- ---------------------------- ------------------------------------------- ------------------------------------
    RECIPIENT                    ADDRESS                                     COUNSEL
--- ---------------------------- ------------------------------------------- ------------------------------------
<S> <C>                          <C>                                         <C>
                                 P.O. Box GT                                 Grand Cayman, Cayman Islands
                                 Grand Cayman, Cayman Islands                Attn:  James Berstrom
                                 British West Indies
                                 Attn.:  Martin Lang
                                 Telecopy:  (345) 949-8635

--- ---------------------------- ------------------------------------------- ------------------------------------
17. Maritime Associates LLC      c/o Perry Capital                           Schulte Roth & Zabel
                                 599 Lexington Ave.                          919 Third Ave.
                                 New York, NY 10022                          New York, NY 10022
                                 Telecopy:  (212) 583-4099                   Attn:  Yashe Lahiri

--- ---------------------------- ------------------------------------------- ------------------------------------
18. Stern Joint Venture, L.P.    676 N. Michigan Ave. Suite 3600
                                 Chicago, I. 60611
                                 Attn:  Alan Maran
                                 Telecopy:  (312) 787-2208

--- ---------------------------- ------------------------------------------- ------------------------------------
19. Maritime Ventures Ltd.       c/o DGM Investments Inc.
                                 4 Woodbine Ave.
                                 Greenwood Lake, NY 10925
                                 Attn:  James S. Moore
                                 Telecopy:  (845) 477-0295

--- ---------------------------- ------------------------------------------- ------------------------------------
20. Meritage Fund Ltd.           c/o Renaissance Technology Corp.
                                 425 California Ave., Suite 1400
                                 San Francisco, CA 94104

--- ---------------------------- ------------------------------------------- ------------------------------------
21. LJR Tankers, LLC             28601 Chagrin Boulevard, Suite 550          [Akerman Senterfitt & Eidson, P.A.
                                 Cleveland, Ohio 44122-4531                  1 S.E. Third Avenue
                                 Attn: Mark F. Polzin                        28th Floor
                                 Telecopy: (216) 831-2915                    Miami, FL 33131-1714
                                                                             Telecopy:  (305) 374-5095]

--- ---------------------------- ------------------------------------------- ------------------------------------
22. OCM Ajax Investments, Inc.   Oaktree Capital Management, LLC             Skadden, Arps, Slate, Meagher &
                                 333 South Grand Avenue, 28th Floor          Flom LLP
                                 Los Angeles, CA 90071                       300 South Grand Avenue
                                 Attn: Stephen A. Kaplan and B. James Ford   Los Angeles, CA 90071
                                 Telecopy: (213) 830-6395                    Attn:  Jeffrey H. Cohen
                                                                             Telecopy: (213) 687-5600

--- ---------------------------- ------------------------------------------- ------------------------------------
23. OCM Principal                Oaktree Capital Management, LLC             Skadden, Arps, Slate, Meagher &
    Opportunities Fund, L.P.     333 South Grand Avenue, 28th Floor          Flom LLP
                                 Los Angeles, CA 90071                       300 South Grand Avenue
                                 Attn: Stephen A. Kaplan and B. James Ford   Los Angeles, CA 90071
                                 Telecopy: 213-830-6395                      Attn:  Jeffrey H. Cohen
                                                                             Telecopy: (213) 687-5600
--- ---------------------------- ------------------------------------------- ------------------------------------


                                                      -16-
<PAGE>

<CAPTION>
--- ---------------------------- ------------------------------------------- ------------------------------------
    RECIPIENT                    ADDRESS                                     COUNSEL
--- ---------------------------- ------------------------------------------- ------------------------------------
<S> <C>                          <C>                                         <C>
24. Ajax II LLC                  c/o General Maritime Shipholdings Ltd.
                                 35 West 56th Street
                                 New York, NY 10019
                                 Attn: Mr. Peter C. Georgiopoulos
                                 Telecopy: (212) 763-5602

--- ---------------------------- ------------------------------------------- ------------------------------------
25. Genmar Pacific Ltd.          c/o General Maritime Shipholdings Ltd.
                                 35 West 56th Street
                                 New York, NY 10019
                                 Attn: Mr. Peter C. Georgiopoulos
                                 Telecopy: (212) 763-5602

--- ---------------------------- ------------------------------------------- ------------------------------------
26. Alta Participants Ltd.       c/o International Management Services Ltd.  Danal Abrams
                                 P.O. Box 61 GT                              Moore Capital Management, Inc.
                                 Grand Cayman, Cayman Islands                1251 Avenue of the Americas
                                 British West Indies                         New York, NY 10020
                                 Attn:  Martin Lang                          (212) 782-7563
                                 Telecopy:  345-949-8635                     Telecopy:  (212) 382-9837

                                                                             and

                                                                             Ron Resnick
                                                                             Highbridge Capital Management, LLC
                                                                             767 Fifth Avenue
                                                                             New York, New York 10153
                                                                             Telecopy: (212) 759-6010
--- ---------------------------- ------------------------------------------- ------------------------------------
27. GMC I (Pacific Jupiter), LLC 1221 Avenue of the Americas, 40th Fl.
                                 New York, NY 10020
                                 Attn:  Bryan Martin

--- ---------------------------- ------------------------------------------- ------------------------------------
28. Farallon Maritime III, LLC   c/o Farallon Capital Management, L.L.C.
                                 One Maritime Plaza, Suite 1325
                                 San Francisco, CA  94111
                                 Attn:  Steve Millham

--- ---------------------------- ------------------------------------------- ------------------------------------
29. Genmar Boss Ltd.             c/o General Maritime Shipholdings Ltd.
                                 35 West 56th Street
                                 New York, NY 10019
                                 Attn: Mr. Peter C. Georgiopoulos
--- ---------------------------- ------------------------------------------- ------------------------------------


                                                      -17-
<PAGE>

<CAPTION>
--- ---------------------------- ------------------------------------------- ------------------------------------
    RECIPIENT                    ADDRESS                                     COUNSEL
--- ---------------------------- ------------------------------------------- ------------------------------------
<S> <C>                          <C>                                         <C>
                                 Telecopy: (212) 763-5602

--- ---------------------------- ------------------------------------------- ------------------------------------
30. Valmora Partners, L.P.       c/o Valmora Partners, L.P.                  Valmora Partners, L.P.
                                 300 Crescent Court, Ste. 900                300 Crescent Court, Ste. 900
                                 Dallas, TX 75201                            Dallas, TX 75201
                                 Attn:  James C. Crain                       Attn:  Joe Coffman
                                 Telecopy:  214-880-4430                     Telecopy: (214) 880-4430

--- ---------------------------- ------------------------------------------- ------------------------------------
31. Alta (Boss) Ltd.             c/o International Management Services Ltd.  Danal Abrams
                                 P.O. Box 61 GT                              Moore Capital Management, Inc.
                                 Grand Cayman, Cayman Islands                1251 Avenue of the Americas
                                 British West Indies                         New York, NY 10020
                                 Attn:  Martin Lang                          (212) 782-7563
                                 Telecopy: (345)-949-8635                    Telecopy:  (212) 382-9837

                                                                             and

                                                                             Ron Resnick
                                                                             Highbridge Capital Management, LLC
                                                                             767 Fifth Avenue
                                                                             New York, New York 10153
                                                                             Telecopy: (212) 759-6010
--- ---------------------------- ------------------------------------------- ------------------------------------
32. Quadrangle Offshore          6 East 45th St. #805,
    (Cayman) LLC                 New York, NY 10067
                                 Attn:  Sheryl Miller
                                 Telecopy: (212) 883-7642

--- ---------------------------- ------------------------------------------- ------------------------------------
33. Boss Investor Ltd.           450 Park Avenue, 28th Floor
                                 New York, NY 10022
                                 Attn:  Bob Davenport
                                 Telecopy:  212-891-1541

--- ---------------------------- ------------------------------------------- ------------------------------------
34. Genmar Maritime I            c/o General Maritime Shipholdings Ltd.
    Corporation (a Delaware      35 West 56th Street
    corporation)                 New York, NY 10019
                                 Attn: Mr. Peter C. Georgiopoulos
                                 Telecopy: (212) 763-5602

--- ---------------------------- ------------------------------------------- ------------------------------------
35. Alta G.M. I Ltd.             c/o International Management Services Ltd.  Danal Abrams
                                 P.O. Box 61 GT                              Moore Capital Management, Inc.
                                 Grand Cayman, Cayman Islands                1251 Avenue of the Americas
                                 British West Indies                         New York, NY 10020
--- ---------------------------- ------------------------------------------- ------------------------------------


                                                      -18-
<PAGE>

<CAPTION>
--- ---------------------------- ------------------------------------------- ------------------------------------
    RECIPIENT                    ADDRESS                                     COUNSEL
--- ---------------------------- ------------------------------------------- ------------------------------------
<S> <C>                          <C>                                         <C>
                                 Attn:  Martin Lang                          (212) 782-7563
                                 Telecopy:  (345) 949-8635                   Telecopy:  (212) 382-9837

                                                                             and

                                                                             Ron Resnick
                                                                             Highbridge Capital Management, LLC
                                                                             767 Fifth Avenue
                                                                             New York, New York 10153
                                                                             Telecopy: (212) 759-6010

--- ---------------------------- ------------------------------------------- ------------------------------------
36. GMC I (Alta), LLC            1221 Avenue of the Americas, 40th Fl.
                                 New York, NY 10020
                                 Attn:  Bryan Martin

--- ---------------------------- ------------------------------------------- ------------------------------------
37. Farallon Maritime I, LLC     c/o Farallon Capital Management, L.L.C.
                                 One Maritime Plaza, Suite 1325
                                 San Francisco, CA  94111
                                 Attn:  Steve Millham
--- ---------------------------- ------------------------------------------- ------------------------------------
38. Genmar Maritime II           c/o General Maritime Shipholdings Ltd.
    Corporation (a Delaware      35 West 56th Street
    corporation)                 New York, NY 10019
                                 Attn: Mr. Peter C. Georgiopoulos
                                 Telecopy: (212) 763-5602

--- ---------------------------- ------------------------------------------- ------------------------------------
39. GMC I (President), LLC       1221 Avenue of the Americas, 40th Fl.
                                 New York, NY 10020
                                 Attn:  Bryan Martin

--- ---------------------------- ------------------------------------------- ------------------------------------
40. Credit Suisse First Boston   11 Madison Avenue, 4th Floor
    Management Corporation       New York, NY 10010

--- ---------------------------- ------------------------------------------- ------------------------------------
41. Nord Participants Ltd.       c/o International Management Services Ltd.  Danal Abrams
                                 P.O. Box 61 GT                              Moore Capital Management, Inc.
                                 Grand Cayman, Cayman Islands                1251 Avenue of the Americas
                                 British West Indies                         New York, NY 10020
                                 Attn:  Martin Lang                          (212) 782-7563
                                 Telecopy:  (345) 949-8635                   Telecopy:  (212) 382-9837

                                                                             and
--- ---------------------------- ------------------------------------------- ------------------------------------


                                                      -19-
<PAGE>

<CAPTION>
--- ---------------------------- ------------------------------------------- ------------------------------------
    RECIPIENT                    ADDRESS                                     COUNSEL
--- ---------------------------- ------------------------------------------- ------------------------------------
<S> <C>                          <C>                                         <C>
                                                                             and

                                                                             Ron Resnick
                                                                             Highbridge Capital Management, LLC
                                                                             767 Fifth Avenue
                                                                             New York, New York 10153
                                                                             Telecopy: (212) 759-6010

--- ---------------------------- ------------------------------------------- ------------------------------------
42. General Maritime III         c/o General Maritime Shipholdings Ltd.
    Corporation                  35 West 56th Street
                                 New York, NY 10019
                                 Attn: Mr. Peter C. Georgiopoulos
                                 Telecopy: (212) 763-5602

--- ---------------------------- ------------------------------------------- ------------------------------------
43. Alta Harriet Ltd.            c/o International Management Services Ltd.  Danal Abrams
                                 P.O. Box 61 GT                              Moore Capital Management, Inc.
                                 Grand Cayman, Cayman Islands                1251 Avenue of the Americas
                                 British West Indies                         New York, NY 10020
                                 Attn:  Martin Lang                          (212) 782-7563
                                 Telecopy:  (345) 949-8635                   Telecopy:  (212) 382-9837

                                                                             and

                                                                             Ron Resnick
                                                                             Highbridge Capital Management, LLC
                                                                             767 Fifth Avenue
                                                                             New York, New York 10153
                                                                             Telecopy: (212) 759-6010

--- ---------------------------- ------------------------------------------- ------------------------------------
44. GMC I (Nausicaa), LLC        1221 Avenue of the Americas, 40th Fl.
                                 New York, NY 10020
                                 Attn:  Bryan Martin

--- ---------------------------- ------------------------------------------- ------------------------------------
45. Farallon Maritime II, LLC    c/o Farallon Capital Management, L.L.C.
                                 One Maritime Plaza, Suite 1325
                                 San Francisco, CA  94111
                                 Attn:  Steve Millham
--- ---------------------------- ------------------------------------------- ------------------------------------
</TABLE>


                                                      -20-
<PAGE>

                                                                      SCHEDULE 2

                                  PARTNERSHIPS

Each of the following partnerships was formed under the laws of the Cayman
Islands:

Ajax Limited Partnership
Ajax II L.P.
Boss, L.P.
General Maritime I, L.P.
General Maritime II, L.P.
Harriet, L.P.
Pacific Tankship, L.P.


                                     -21-
<PAGE>

                                                                      SCHEDULE 3

                       INITIAL ALLOCATION OF ESCROW SHARES

[TO BE PROVIDED.]





                                     -22-
<PAGE>

                                                                      SCHEDULE 4

                          GENMAR AUTHORIZED SIGNATORIES
<TABLE>
<CAPTION>

OFFICE/TITLE                        NAME                               SPECIMEN SIGNATURE
------------                        ----                               ------------------
<S>                                 <C>                                <C>
Chairman and Chief                  Peter C. Georgiopoulos
Executive Officer

President and Chief                 John P. Tavlarios
Operating Officer

Vice President, Chief               John C. Georgiopoulos
Administrative Officer,
and Treasurer

</TABLE>


                                     -23-
<PAGE>

                                                                      SCHEDULE 5

                        FEES AND EXPENSES OF ESCROW AGENT

                  The Escrow Agent shall be entitled to an initial fee of
$5,000, payable upon the execution hereof. In addition, the Escrow Agent shall
be entitled to a fee of $50 per each disbursement of shares, cash, or other
property to any recipient thereof under this Agreement.

                  In addition to the above referenced fees, the Escrow Agent is
entitled to reimbursement for any reasonable attorney fees, disbursements or
other out-of-pocket expenses it may incur in carrying out its duties as Escrow
Agent hereunder, including reasonable fees for defending itself in any action it
may become involved in arising out of this Agreement.


                                     -24-