<PAGE>

                                                                  Exhibit 10.57
                                                                      DRAFT

                      CHRISTIANIA BANK OG KREDITKASSE ASA,
                                 NEW YORK BRANCH
                         11 WEST 42ND STREET, 7TH FLOOR
                            NEW YORK, NEW YORK 10036

                                                                 May 14,2001

General Maritime Corporation
Genmar House
35 West 56th Street
New York. NY 100 19

Attention:  Peter C. Georgiopoulos
            James C. Christodoulou

Re GENERAL MARITIME CORPORATION - COMMITMENT LETTER

Gentlemen:

                  You have advised Christiania Bank og Kreditkasse ASA, New York
Branch ("CBK") that General Maritime Corporation, a company incorporated under
the laws of Marshall Islands (die "Company") and presently owned by Peter C.
Georgiopoulos (the "Equity Sponsor"), intends to acquire at the time of the
Equity Financing described below (the "First Acquisition") (i) all of the issued
and outstanding shares of common stock of another company currently named
General Maritime Corporation incorporated under the laws of New York State ("Old
General Maritime"), (ii) substantially all of the assets of United Overseas
Tankers Ltd. ("UOT"), (iii) six limited partnerships owning 13 vessels for which
corporations owned by the Equity Sponsor acted as managing general partner, (iv)
one special purpose company owning the vessel GENMAR GEORGE for which a
corporation owned by the Equity Sponsor acted as managing general partner, (v)
the vessel STAVANGER PRINCE which is owned by an unaffiliated party, and (vi)
five special purpose entities each owning one vessel and owned by an affiliate
of Wexford Capital, LLC. The consideration paid to the various sellers in
respect of the First Acquisition consist solely of common stock with respect to
Old General Maritime, approximately $6 million of cash with respect to UOT, and
a combination of common stock and assumption of existing debt with respect to
the remainder of the First Acquisition. We understand that immediately after
giving effect to the First Acquisition, the Equity Sponsor, certain members of
management and the selling shareholders in connection with the First Acquisition
shall own 100% of the equity of the Company. We further understand that, after
giving effect to the Acquisition, the Company shall make an initial public
offering of its common stock, generating aggregate net cash proceeds to the
Company of at least $100 million (the "Equity Financing") and, substantially
simultaneously with the Equity Financing, will refinance all outstanding
indebtedness of the Company and its

<PAGE>

subsidiaries through $300 million of credit facilities arranged by CBNY ("the,
S300 Million Credit Facility").

                  Further, you have advised CBK that the Company intends to
acquire shortly after the closing of the Equity Financing (the "Second
Acquisition" and together with the First Acquisition, the "Acquisitions") (i)
two oil tankers from Blystad Shipholding Inc. (the "Blystad Purchase") and (ii)
7 oil-bulk-ore carriers from affiliates of Sovcomflot (the "Sovcomflot
Purchase"), with the consideration paid to the various sellers in respect of the
Second Acquisition to consist of a combination of common stock and assumption of
debt with respect to the Blystad Purchase, and $212.5 million of cash with
respect to the Sovcomflot Purchase.

                  CBK understand, that the funding required for the Second
Acquisition shall be provided solely from (i) the Equity Financing and (ii) the
incurrence by the Company of senior secured bank financing in an aggregate
amount of $165 million. (the "$165 Million Credit Facility" and together with
the S300 Million Credit Facility the "Credit Facilities"). After giving effect
to the Acquisitions, the Credit Facilities and the Equity Financing
(collectively die "Transaction"), the Company and its subsidiaries shall have no
indebtedness for borrowed money other than the Credit Facilities and such other
indebtedness as may be satisfactory to CBK.

                  CBK further understands that the $165 million Credit Facility
will be made available in the form of (i) a term loan facility (the "Term Loan
Facility") in the amount of $l15 million and (ii) a revolving credit facility
(the "Revolving Facility", and together with the Term Loan Facility, the "Senior
Secured Financing") in the amount of $50 million. A summary of the principal
terms of the Senior Secured Financing is set forth in Exhibit A attached hereto
(the "Term Sheet"). Please note that those matters that are not covered or made
clear herein or in the Term Sheet or in the related fee letter dated the date
hereof (the: "Fee Letter") are subject to mutual agreement of the parties. The
terms and conditions of this letter and the attached Term Sheet and Fee Letter
may be modified only in writing signed by each of the parties hereto.

                  CBK is pleased to confirm that, subject to and upon the terms
and conditions set forth herein, in the Fee Letter and in the Term Sheet, it is
willing to provide $82.5 million (our "Commitment") of the aggregate commitments
under the Senior Secured Financing and hereby confirms that it has received a
commitment from Hamburgische Landesbank - Girozentrale ("HL") to provide the
additional $82.5 million (subject to receipt of satisfactory documentation
consistent with the terms set forth herein), it being understood that (i) CBK
and HL reserves the right, prior to or after execution of the definitive credit
documentation, to syndicate all or part of their commitments hereunder to one or
more financial institutions (collectively with CBK and HL, the "Lenders") that
will become parties to such definitive credit documentation pursuant to a
syndication to be managed by CBK, and (ii) CBK will art as Lead Arranger,
Administrative Agent, Syndication Agent and Security Trustee thereunder. Our
Commitment and HL's commitment shall terminate on June 29, 2001 if the initial
borrowing of loans shall not have occurred on or before such date.

CBK intends to commence syndication efforts with respect to the Senior Secured
Financing promptly after the execution of this letter by you, and you agree
actively to assist CBK in achieving a syndication that is satisfactory to CBK.
Such syndication shall be managed by


                                      -2-
<PAGE>

CBK and will be accomplished by a variety of means, including direct contact
during the syndication process between senior management and advisers of the
Company and the proposed syndicate members. To assist CBK in its syndication
efforts, you hereby agree (i) to provide and cause your advisors to provide CBK
and other prospective syndicate members upon request with all information deemed
necessary by CBK to complete syndication, including but not limited to
information and evaluations prepared by you and your advisors, or on your
behalf, relating to the Acquisition and the Transaction contemplated hereby,
(ii) to assist CBK in the preparation of an Information Memorandum to be used in
connection with the syndication of the Senior Secured Financing and (iii) to
make, available from time to time the senior officers and representatives of the
Company and to attend and make presentations regarding the business and
prospects of the Company and its subsidiaries at a meeting or meetings of
Lenders or prospective Lenders.

                  CBK's commitment hereunder and HL's commitment in respect of
the Senior Secured Financing are also subject to (a) there not occurring or
becoming known to us any material adverse condition or material adverse change
in or affecting the business, property, assets, nature of assets, liabilities,
condition (financial or otherwise) or prospects (if the Company, or the Company
and its subsidiaries taken as a whole (in each case after giving effect to the
Transaction), (b) our not becoming aware after the date hereof of any
information not previously known to us which CBK believes is materially negative
information with. respect to the condition (financial or otherwise), business,
operations, assets, liabilities or prospects of the Company or the Company and
its subsidiaries taken as a whole (in each case after giving effect to the
Transaction), or which is inconsistent in a material and adverse manner with any
such information or other matter disclosed to us prior to the date hereof, (e)
there not having occurred a material adverse change, after the date hereof and
prior to the Closing Date (as defined in the Term Sheet), to the syndication
market for credit facilities similar in nature to the Senior Secured Financing
contemplated herein and there not having occurred and be continuing during such
period a material disruption of or material adverse change in financial, banking
or capital markets that would have a material adverse effect on the syndication,
(d) the Company and its subsidiaries fully cooperating in the syndication
efforts, including without limitation by promptly providing CBK with all
information deemed reasonably necessary by it to successfully complete the
syndication, (e) HL having fulfilled its commitment to CBK to provide its
portion of the Senior Secure Financing, (f) our reasonable satisfaction that
prior to and during the syndication of the Senior Secured Financing, there shall
be no competing offering, placement or arrangement of any debt securities or
bank financing by or on behalf of the Company or any of its subsidiaries and (g)
the other conditions set forth or referred to in the Term Sheet.

                  To induce CBK to issue this letter and to commence with its
syndication efforts, you hereby agree that all reasonable out-of-pocket fees and
expenses (including the fees and expenses of counsel and consultants) of CBK and
its affiliates arising in connection with this letter (and its syndication
efforts in connection herewith) and in connection with the transactions
described herein shah be for your account, whether or not the Transaction is
consummated, the $165 Million Credit Facility is made available or definitive
credit documents are executed. In addition, you hereby agree to pay, when and as
due, the fees described in the enclosed Fee Letter. You further agree to
indemnify and hold harmless CBK and each of the Lenders, and each director,
officer, employee and affiliate of CBK and the Lenders (each an "indemnified
person") from and against any and all claims, losses, damages, liabilities
or expenses of any kind or nature


                                      -3-
<PAGE>

whatsoever which may be incurred by or asserted against or involve any such
indemnified person as a result of or arising out of or in any way related to or
resulting from any investigation, inquiry, litigation or other proceeding
relating to this letter, the Transaction or the extension of the Credit
Facilities contemplated by this letter, or in any way arising from any use or
intended use of this letter or the proceeds of the Credit Facilities, and you
agree to reimburse each indemnified person for any legal or other out-of-pocket
expenses incurred in connection with investigating, defending or preparing to
defend any such investigation, inquiry, litigation or other proceeding (whether
or not CBK or any such other indemnified person is a party to any action or
proceeding out of which any such expenses arise); PROVIDED, HOWEVER, that you
shall not have to indemnify any indemnified person against any loss, claim,
damage, expense or liability to the extent that same shall have been finally
judicially determined to have resulted from the gross negligence or willful
misconduct of such indemnified person. This letter is issued for your benefit
only and no other person or entity may rely hereon. Neither CBK nor any Lender
shall be responsible or liable to you or any other person for consequential
damages which may be alleged as a result of this letter or any failure to
provide the Credit Facilities.

                  Further, you agree that if on July 31, 2001 CBK and HL in
aggregate hold more than $80.0 million of unfunded commitments and loans under
the Senior Secured Financing the Interest Rate as defined in the Term Sheet
shall increase to LIBOR + 1 3/4% per annum.

                  CBK reserves the right to employ the services of its
affiliates in providing services contemplated by this letter and to allocate, in
whole or in poll, to such affiliates certain fees payable to CBK in such manner
as CBK and such affiliates may agree in their sole discretion. You acknowledge
that, in connection with the Senior Secured Financing, CBK may share with any of
its affiliates and HL's affiliates, and such affiliates may share with CBK, any
information related to the Company and any of its subsidiaries (and its and
their respective affiliates), the Acquisitions or the Transaction, or any of the
matters contemplated hereby. CBK agrees to treat, and cause any such affiliate
to treat, all non-public information provided to us by the company or any of its
subsidiaries, affiliates or advisors, as confidential information in accordance
with customary banking industry practices.

                  The provisions of the immediately preceding three paragraphs
shall survive any termination of this letter.

                  This letter does not constitute a commitment on the part of
CBK to provide any portion of the Senior Secured Financing in excess of our
Commitment and CBK shall not be deemed to have any obligations with respect to
the Senior Secured Financing other than as expressly act forth herein.

                  You are not authorized to show or circulate this letter to any
other person or entity (other than your legal and financial advisors in
connection with your and their respective evaluations hereof) until such time as
you have accepted this letter as provided in the immediately succeeding
paragraph. if this letter is not accepted by you as provided in the immediately
succeeding paragraph, you are to immediately return this letter (and any copies
hereof) to the undersigned. This letter may be executed in any number of
counterparts and by the different


                                      -4-
<PAGE>

parties hereto on separate counterparts, each of which counterparts shall be an
original, but all of which shall together constitute one and the same
instrument.

                  If you are in agreement with the foregoing, please sip and
return to CBK (including by way of facsimile transmission) a copy of this
letter, together with. the related Fee Letter, no later than 5:00 P.M., New York
time, on May 25, 2001.

                  THIS LETTER AND THE RELATED FEE LETTER SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AND ANY
RIGHT TO TRIAL By JURY WITH RESPECT TO ANY CLAIM, ACTION, SUIT OR PROCEEDING
ARISING OUT OF OR CONTEMPLATED BY THIS LETTER AND/OR THE RELATED FEE LETTER IS
HEREBY WAIVED. THE PARTIES HERETO HEREBY SUBMIT TO THE NON-EXCLUSIVE
JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE CITY OF NEW
YORK IN CONNECTION WITH ANY DISPUTE RELATED TO THIS LETTER AND/OR THE RELATED
FEE LETTER OR ANY MATTERS CONTEMPLATED HEREBY OR THEREBY.

                                        Very truly yours,

                                        CHRISTIANIA BANK OG KREDITKASSE ASA,

                                        By   /s/  HANS CHR. KJELSRUD
                                           -------------------------------------
                                           Name:    HANS CHR. KJELSRUD
                                           Title:   SENIOR VICE PRESIDENT


Agreed to and Accepted this             By   /s/  MARTIN LUNDER
                                           -------------------------------------
25th day of May, 2001:                     Name:    MARTIN LUNDER
                                           Title:   SENIOR VICE PRESIDENT
GENERAL MARITIME CORPORATION

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


                                      -5-
<PAGE>

                                                                       EXHIBIT A


                              SUMMARY OF MAIN TERMS

BORROWER:                     General Maritime Corporation (the "Borrower"), a
                              company incorporated under the laws of the
                              Republic of the Marshall Islands.

GUARANTORS:                   Those subsidiaries of the Borrower owning a
                              Collateral Vessel (as defined under Security
                              below).

LEAD ARRANGER:                Christiania Bank og Kreditkasse ASA, New York
                              Branch ("CBK").

CO-ARRANGER:                  Hamburgische Landesbank - Girozentrale ("HL").

ADMINISTRATIVE AGENT,
SYNDICATION AGENT AND
SECURITY TRUSTEE:             CBK.

LENDERS:                      A syndicate of financial institutions formed by
                              CBK.

CREDIT FACILITIES:            $165 million of credit facilities consisting of:

                              1.   A Term Loan Facility in an aggregate
                                   principal amount of $115 million (the "Term
                                   Loan Facility")

                              2.   A Revolving Credit Facility in an aggregate
                                   principal amount of $50 million (the
                                   "Revolving Facility", and together with the
                                   Term Loan Facility, the "Credit Facilities").

USE OF PROCEEDS:              The loans made pursuant to the Term Loan Facility
                              (the "Term Loans") shall be utilized for financing
                              part of the purchase price of the Collateral
                              Vessels.

                              The loans made pursuant the Revolving Facility
                              (the "Revolving Loans") shall be utilized for the
                              Borrower's and its subsidiaries' general corporate
                              and working capital needs.

CLOSING DATE:                 The date of initial borrowings under the Credit
                              Facilities, however no later than June 29, 2001.

MATURITY:                     The Credit Facilities will mature on the fifth
                              anniversary of the Closing Date (the "Maturity
                              Date").

AVAILABILITY:                 Term Loans may only be incurred on the Closing
                              Date. No amount or Term Loans once repaid may be
                              re-borrowed.

<PAGE>

                                                                      Exhibit A


                                                                         Page 2


                              Revolving Loans maybe borrowed, repaid and
                              re-borrowed on and after the Closing Date and
                              prior to the Maturity Date.

SCHEDULED REPAYMENTS:         The Term Loan Facility shall be subject to
                              scheduled repayments in 20 consecutive quarterly
                              installments, commencing 3 months after the
                              Closing Date, the first 8 in the amount of
                              $6,750,000 each, the next 11 in the amount of
                              $4,000,000 each, and the 20th and final
                              installment in an amount of $17,000,000. All
                              amounts outstanding under the Revolving Facility
                              shall be repaid in full on the Maturity Date.

MANDATORY PREPAYMENTS/
COMMITMENT REDUCTIONS:        Upon sale or loss of a Collateral Vessel (as
                              defined under Security below), outstanding Term
                              Loans shall be required to be, repaid, and the
                              commitments under the Revolving Facility shall be
                              reduced, pro rata in an amount equal to the sum of
                              the then aggregate outstanding principal amount
                              under the Term Loan Facility plus the then total
                              commitment under the Revolving Facility,
                              multiplied by a fraction, the numerator of which
                              is the appraised value of such Collateral Vessel
                              and the denominator of which is the aggregate of
                              the appraised value of all Collateral Vessels.
                              Mandatory prepayments of Term Loans shall be
                              applied to reduce future Scheduled Repayments on a
                              pro rata basis (based upon the then applicable
                              amounts of such Scheduled Repayments).

VOLUNTARY PREPAYMENTS:        Permitted in whole or in part, without penalty,
                              upon prior written notice, provided that
                              prepayments other than on the last day of an
                              interest period shall be subject to customary
                              compensation for funding losses. Voluntary
                              prepayments of Term Loan shall be applied to
                              reduce future Scheduled Repayments on a pro rata
                              basis (based upon the then applicable amounts of
                              such Scheduled Repayments).

INTEREST RATE:                LIBOR plus 1 1/2% per annum for interest periods
                              of 1, 3 or 6 months. Interest shall be payable on
                              the last day of an interest period, and in the
                              case of interest periods longer than three months,
                              interest is payable at the end of every three
                              month period.

<PAGE>

                                                                       Exhibit A

                                                                          Page 3



COMMITMENT FEE:               5/8% per annum, payable quarterly in arrears on
                              the unused daily available portion of the
                              Revolving Facility.

SECURITY:                     The Credit Facilities shall be secured by

                              o    First priority mortgages on each of the
                                   vessels listed in Appendix I (the "Collateral
                                   Vessels")

                              o    First priority assignment of earnings from
                                   and insurances on the Collateral Vessels.

                              o    First priority pledge of the shares of all
                                   Guarantors.

                              o    Unconditional and irrevocable guarantee from
                                   the Guarantors.

DOCUMENTATION:                The Credit Facilities and the Lenders' commitments
                              thereunder will be subject to the negotiation,
                              execution and delivery of a mutually satisfactory
                              definitive credit agreement and related
                              guaranties, mortgages, security agreements and
                              other supporting documentation consistent with the
                              terms herein. Such credit agreement will contain
                              representations and warranties, conditions
                              precedent, covenants, events of default and other
                              provisions appropriate for credit facilities of
                              this type including, but not limited to, the
                              following:

CONDITIONS PRECEDENT:         Those conditions precedent that are usual and
                              customary for credit facilities of this type, and
                              such additional conditions precedent as are
                              appropriate under the circumstances. Without
                              limiting the foregoing, the following conditions
                              shall apply:

                              1.   The Borrower shall have consummated the
                                   Transactions (as defined below), including
                                   without limitation, the acquisitions (the
                                   "Acquisitions") identified in its Amendment
                                   No. 2 to its Form S-1 Registration Statement
                                   as filed with the Securities and Exchange
                                   Commission on April 26, 2001, in each case
                                   pursuant to documentation in form and
                                   substance satisfactory to the Administrative
                                   Agent and with the Transaction otherwise to
                                   be structured in a manner satisfactory to the
                                   Administrative Agent.

                              2.   The Borrower shall have received net cash
                                   proceeds of at least $100 million from an
                                   initial public offering of its common stock
                                   (the "Equity Financing").

                              3.   The Administrative Agent shall be satisfied
                                   with the corporate and capital structure of
                                   the Borrower and its subsidiaries after
                                   giving effect to the Acquisitions, the Equity
                                   Financing and the Credit Facilities (the
                                   Credit Facilities, the Equity Financing and

<PAGE>

                                                                      Exhibit A

                                                                          Page 4


                                   the $300 Million Credit Facility (as defined
                                   below) collectively referred to as the
                                   "Transaction").

                              4.   After giving effect to the Transaction, the
                                   Borrower and its subsidiaries shall have no
                                   outstanding indebtedness or contingent
                                   liabilities, except for indebtedness incurred
                                   pursuant to the Credit Facilities, accounts
                                   payable, and an additional $300,000,000 of
                                   credit facilities arranged by the Lead
                                   Arranger (the "$300 Million Credit Facility")
                                   and such other existing indebtedness and
                                   disclosed contingent liabilities of the
                                   Borrower and its subsidiaries, if any, as
                                   shall be permitted by the Administrative
                                   Agent, and all stock of the Borrower's
                                   subsidiaries shall be owned by the Borrower,
                                   in each case free and clear of liens (other
                                   than those securing the Credit Facilities and
                                   such other exceptions as may be mutually
                                   agreed upon).

                              5.   All necessary governmental approvals
                                   (domestic and foreign) and third party
                                   approvals and/or consents in connection with
                                   the Transaction, the transactions
                                   contemplated by the Credit Facilities and
                                   otherwise referred to herein shall have been
                                   obtained and remain in effect, and all
                                   applicable waiting periods shall have expired
                                   without any action being taken by any
                                   competent authority which, in the judgment of
                                   the Administrative Agent, restrains,
                                   prevents, or imposes materially adverse
                                   conditions upon, the consummation of the
                                   Transaction or the transactions contemplated
                                   by the Credit Facilities or otherwise
                                   referred to herein. Additionally, there shall
                                   not exist any judgment, order, injunction or
                                   other restraint prohibiting or imposing
                                   materially adverse conditions upon the
                                   Transaction or the transactions contemplated
                                   by the Credit Facilities.

                              6.   Nothing shall have occurred (and the
                                   Administrative Agent shall not have become
                                   aware of facts or conditions not previously
                                   known to it) which the Administrative Agent
                                   shall determine is reasonably likely to have
                                   a material adverse effect on the rights or
                                   remedies of the Lenders or the Administrative
                                   Agent, or on the ability of the Borrower or
                                   the Borrower and its subsidiaries taken as a
                                   whole (after giving effect to the
                                   Acquisition) to perform its or their
                                   obligations to the Lenders, or which is
                                   reasonably likely to have a materially
                                   adverse effect on the business, property,
                                   assets, liabilities, condition (financial

<PAGE>

                                                                      Exhibit A

                                                                          Page 5


                                   or otherwise) or prospects of the Borrower,
                                   or of the Borrower and its subsidiaries taken
                                   as a whole.

                              7.   No litigation by any entity (private or
                                   governmental) shall be pending or threatened
                                   with respect to the Credit Facilities or any
                                   documentation executed in connection
                                   therewith, or with respect to the
                                   Transaction, or which the Administrative
                                   Agent shall determine is reasonably likely to
                                   have a materially adverse effect on the
                                   Transaction or on the business, property,
                                   assets, liabilities, condition (financial or
                                   otherwise) or prospects of the Borrower or of
                                   the Borrower and its subsidiaries taken as a
                                   whole, either before or after giving effect
                                   to the consummation of the Transaction.

                              8.   The Lenders shall have received legal
                                   opinions from counsel, and covering matters
                                   (including without limitation compliance with
                                   the margin regulations, no-conflict opinions
                                   and security perfection), reasonably
                                   acceptable to the Administrative Agent.

                              9.   All Loans and other financing to be made
                                   pursuant to the Transaction shall be in full
                                   compliance with all applicable requirements
                                   (including without limitation the collateral
                                   valuation requirements) of the margin
                                   regulations, and each Lender in good faith
                                   "be able to complete the relevant forms
                                   establishing compliance with the margin
                                   regulations.

                              10.  All costs, fees, expenses (including, without
                                   limitation, legal fees and expenses) and
                                   other compensation contemplated hereby,
                                   payable to the Lenders and the Administrative
                                   Agent or payable in respect of the
                                   Transaction, shall have been paid to the
                                   extent due.

                              11.  The Lenders shall have received appraisals of
                                   recent date, from a third party appraiser
                                   satisfactory to the Administrative Agent,
                                   which appraisal shall be in form and
                                   substance satisfactory to the Administrative
                                   Agent, setting forth the current fair market
                                   value of each of the Collateral Vessels, with
                                   the results thereof to be satisfactory to the
                                   Administrative Agent, and the Administrative
                                   Agent shall have received a solvency
                                   Certificate from the senior financial officer
                                   of the Borrower, in form and substance
                                   satisfactory to the Administrative Agent,
                                   setting forth

<PAGE>

                                                                      Exhibit A

                                                                          Page 6


                                   the conclusions that, after giving effect to
                                   the Transaction (including the incurrence of
                                   all the financing contemplated herein), each
                                   of the Borrower, individually, and the
                                   Borrower and its subsidiaries, taken as a
                                   whole, are not insolvent and will not be
                                   rendered insolvent by the indebtedness
                                   incurred in connection therewith, and will
                                   not be left with unreasonably small capital
                                   with which to engage in their businesses and
                                   will not have incurred debts beyond their
                                   ability to pay such debts as they mature.

                              12.  After giving effect to die Transaction, the
                                   financings incurred in connection therewith
                                   and the other transactions contemplated
                                   hereby, there shall be no conflict with, or
                                   default under, any material agreement of the
                                   Borrower or any of its subsidiaries
                                   (including any such agreements acquired
                                   pursuant to the Acquisition).

                              13.  The Guaranties and Security Agreements
                                   required hereunder shall have been executed
                                   and delivered in form, scope and substance
                                   reasonably satisfactory to the Administrative
                                   Agent, and the Lenders shall have a first
                                   priority perfected security interest in all
                                   assets of the Borrower and its subsidiaries
                                   as and to the extent required above.

                              14.  Receipt by the Administrative Agent of (i)
                                   satisfactory consolidated financial
                                   statements of the Borrower and it
                                   subsidiaries (after giving effect to the
                                   Acquisition of affiliated entities) for the
                                   1997, 1998, 1999 and 2000 fiscal years, and
                                   (to the extent available) die interim
                                   financial statements for periods preceding
                                   the Closing Date and (ii) a PRO FORMA opening
                                   balance sheet of the Borrower and its
                                   subsidiaries after giving effect to the
                                   Acquisition and the Transaction.

FINANCIAL COVENANTS:          The following financial Covenants Shall apply to
                              the Borrower and its subsidiaries on a
                              consolidated basis and be measured at the end of
                              each fiscal quarter (definitions to be agreed).

                              1.   LEVERAGE. The ratio of funded debt to total
                                   capitalization shall be no greater than 0.60
                                   to 1.00.

<PAGE>

                                                                      Exhibit A

                                                                          Page 7

                              2.   WORKING CAPITAL. The ratio of current assets
                                   to current liabilities (excluding current
                                   portion long term debt) shall be no less than
                                   1.50 to 1.00.

                              3.   INTEREST COVERAGE. The ratio of EBITDA to net
                                   interest expense, on a trailing four quarter
                                   basis, shall be no less than 2.50 to 1.00.

                              4.   NET WORTH. Net Worth shall be no less than
                                   80% of stockholders' equity at 3/31/01 plus
                                   (i) 50% of net income (if positive), and (ii)
                                   100% of net proceeds from any equity
                                   offering,

                              5.   COLLATERAL MAINTENANCE. The aggregate fair
                                   market value of the Collateral Vessels shall
                                   at all times be at least 130% of the sum of
                                   the then aggregate outstanding principal
                                   amount under the Term Loan Facility plus the
                                   then total commitment under the Revolving
                                   Facility

REPRESENTATIONS AND
WARRANTIES:                   Those representations and warranties that are
                              usual and customary for this type of Credit
                              Facilities, including without limitation; (i) due
                              incorporation and qualification, (ii) corporate
                              power, (iii) authority and enforceability, (iv) no
                              required governmental approvals, (v) compliance
                              with contracts and organizational documents, (vi)
                              correctness of financial statements, (vii)
                              compliance with ISM code, (viii) no material
                              adverse change, (ix) tax compliance, and (x)
                              environmental compliance.

AFFIRMATIVE COVENANTS:        Those affirmative covenants that are usual and
                              customary for this type of Credit Facilities,
                              including without limitation; (i) delivery of
                              financial statements, compliance certificates and
                              such other information as the Administrative Agent
                              may require, (ii) maintenance of satisfactory
                              insurance, (iii) maintenance of existence and
                              properties, (iv) environmental compliance, (v)
                              notification of any default and material
                              litigation, (vi) ERISA covenants, (vii) compliance
                              with laws, and (viii) payment of taxes.

NEGATIVE COVENANTS:           Those negative covenants that arc usual and
                              customary for Credit Facilities of this type,
                              including without limitation; (i) no dividend, (d)
                              restrictions on liens on the Collateral Vessels
                              and pledged stock, (h) limitation on mergers and
                              consolidations, (iii) limitation on change of
                              registry, class and management of Collateral
                              Vessels, (iv) no change of nature of business, and
                              (v) transactions with affiliates on an arm's
                              length basis.

<PAGE>

                                                                      Exhibit A

                                                                          Page 8


EVENTS OF DEFAULT:            Those events of default that are usual and
                              customary for this type of Credit Facilities,
                              including without limitation; (i) payment default,
                              (ii) default under the credit agreement or any of
                              the collateral documents, (iii) cross default to
                              other indebtedness, (iv) bankruptcy, insolvency
                              etc., and (v) change of control,

INDEMNIFICATION:              The documentation for the Credit Facilities will
                              contain customary indemnities for the Lenders and
                              the Administrative Agent (other than as a result
                              of such indemnified party's gross negligence or
                              willful misconduct).

REQUIRED LENDERS:             Lenders having aggregate commitments and/or
                              outstandings (as appropriate) pertaining to all
                              tranches (taken in the aggregate) in excess of
                              50%, except for certain customary issues requiring
                              the approval of all Lenders.

ASSIGNMENTS AND
PARTICIPATIONS:               Each Leader may assign all or a portion of its
                              loans and commitments under the Credit Facilities,
                              or sell participations therein, to another bona
                              fide person or persons, provided that (i) each
                              such assignment shall be in a minimum amount of
                              $5,000,000 and shall be subject to certain
                              conditions (including, without limitation, the
                              approval of the Administrative Agent and the
                              Borrower, which approval by the Borrower shall not
                              be unreasonably withheld) and (ii) no purchaser of
                              a participation shall have the right to exercise
                              or to cause the selling Leader to exercise voting
                              rights in respect of the Credit Facilities (except
                              as certain customary issues). in connection with
                              any assignment, the assigning Lender shall pay the
                              Administrative Agent an assignment fee of $3,000.

GOVERNING LAW:                State of New York, except collateral documentation
                              that the Administrative Agent determine should be
                              governed by local or maritime law.

<PAGE>

                                                                      Exhibit A

                                                                          Page 9


                         APPENDIX I - COLLATERAL VESSELS

<TABLE>
<CAPTION>
                                       Year
     Vessel Name:                    Delivered         Type            Dwt


<S>                                    <C>              <C>             <C>
AFRAMAX:
--------------------------------------------------------------------------------
Anja                                   1990             DS              97,000
--------------------------------------------------------------------------------
Anella                                 1991             DS              97,000
--------------------------------------------------------------------------------
SCF Trader (1)                         1991             DH              96,027
--------------------------------------------------------------------------------
SCF Challenger (1)                     1991             DH              96,027
--------------------------------------------------------------------------------
SCF Endurance (1)                      1991             DH              96,027
--------------------------------------------------------------------------------
SCF Champion (1)                       1992             DH              96,027
--------------------------------------------------------------------------------
SCF Spirit (1)                         1992             DH              96,027
--------------------------------------------------------------------------------
SCF Star (1)                           1992             DH              96,027
--------------------------------------------------------------------------------
SCF Trust (1)                          1992             DH              96,027
--------------------------------------------------------------------------------
</TABLE>

(1) Oil-Bulk-Ore Carrier (OBO)

<PAGE>

                      CHRISTIANIA BANK OG KREDITKASSE ASA,
                                 NEW YORK BRANCH
                          11 WEST 42ND STREET, 7TH FLOOR
                             NEW YORK, NEWYORK 10036

May 14,2001

General Maritime Corporation
Genmar House
35 West 56th Street
New York, NY 10019

Attention:  Peter C. Georgiopoulos
            James C. Christodoulou
                                                                    CONFIDENTIAL

Re GENERAL MARITIME CORPORATION - FEE LETTER

Gentlemen:

                  Reference is made to our letter to you dated the date hereof
(the "Commitment Letter") concerning the financing of the proposed transaction
described therein. Terms defined in the Commitment Letter shall have the same
meaning when used in this letter (this "Fee Letter").

                  This Fee Letter will supplement the Commitment Letter by
setting forth the arrangements relating to compensation for certain services
rendered and to be rendered by Christiania Bank og Kreditkasse ASA, New York
Branch ("CBK") in connection with the Senior Secured Financing described
therein. CBK's willingness to provide its portion of the Senior Secured
Financing and its willingness to art as Lead Arranger and Administrative Agent
with respect thereto are Subject to your acceptance and return of this letter
concurrently with the Commitment Letter.

                  You hereby agree to pay to CBK the following non-refundable
amounts (each fee being in addition to and not creditable against any other fee,
including, without limitation, fees payable to CBK pursuant to any other
agreements or for acting in any other capacities, and each

<PAGE>

fee shall be retained and/or distributed by CBK in such manner as it determines
in its sole discretion);

                  1.       A facility fee equal to 1.50% of the total amount
of the Senior Secured Financing (i.e. $165 million), 10% of which fee shall be
earned by and payable to CBK on the date of execution by you of the Commitment
Letter and the remaining 90% of which fee shall be earned and payable on the
Closing Date, provided that if on July 31, 2001 CBK and HL in aggregate hold
more than $80.0 million of unfunded commitments and outstanding loans under the
Senior Secured Financing, an additional facility fee of 0.25% of the total
amount of the Senior Secured Financing shall be earned by and payable to CBK on
such date.

                  2.       An annual agent's administration fee of $40,000,
which fee shall be payable annually in advance to CBK (x) on the Closing Date
in respect of the first year of the Senior Secured Financing and (y) on each
successive anniversary thereof until the termination of the commitments for the
Senior Secured Financing and the repayment of all amounts outstanding
thereunder.

                  3.       A commitment fee equal to 0.625% per annum of the
total amount of the Credit Facilities (i.e. $165 million) calculated from June
1, 2001 to the earliest of (i) the Closing Date, (ii) the termination by the
Company of its discussions with respect to the Second Acquisition, and (iii)
such date as CBK's obligations under the Commitment Letter are terminated or
expire, with such fee to be due and payable to CBK on such earliest date.

                  If you are in agreement with the foregoing please sign and
return to CBK (including by way of telecopier) the enclosed copy of this Fee
Letter no later than 5:00 P.M., New York time on May 25, 2001. This offer and
the offer set forth in the Commitment Letter shall terminate if this Fee Letter
is not accepted by you on or prior to that time.

                  You are not authorized to show or circulate this Fee Letter to
any other person or entity (other than your legal and financial advisors in
connection with your evaluation hereof). In any event neither you nor your
advisors are authorized to disclose the terms hereof or CBK's issuance hereof
(or file copies hereof) in any public filings or announcements made by you
without our prior written consent except to the extent required by law, it being
understood that in such event you shall first give CBK prior written notice. If
this Fee Letter is not accepted by you as provided in the immediately preceding
paragraph, you are directed to immediately return this Fee Letter (and any
copies hereof) to the undersigned.


                                      -2-
<PAGE>

                  This Letter shall remain in full force and effect following
any expiration or termination of the Commitment Letter.


                                        Very truly yours,

                                        CHRISTIANIA BANK OG KREDITKASSE ASA,
                                        NEW YORK BRANCH


                                        By  /s/  HANS CHR. KJELSRUD
                                          --------------------------------------
                                          Name:   HANS CHR. KJELSRUD
                                          Title:  SENIOR VICE PRESIDENT


                                        By  /s/  MARTIN LUNDER
                                          --------------------------------------
                                          Name:   MARTIN LUNDER
                                          Title:  SENIOR VICE PRESIDENT



Accepted and Agreed to this
25th day of May, 2001:

GENERAL MARITIME CORPORATION


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


                                      -3-