The market capitalisation of General Maritime has shrunk to less than $4m as the share price tumbled to around three cents in the wake of a Chapter 11 bankruptcy filing.

The General Maritime share although delisted by the New York stock exchange at $0.16 a share now trades on the over the counter market where the price stood at $0.0312 at the end of last week.

This puts the market capitalisation of one of the top tanker owners, albeit one in bankruptcy proceedings at a scarcely credible $3.69m.

General