Gener8 Maritime Reports 4Q Loss of $45.4 mln
The New York-based Gener8 Maritime Inc. (GNRT) reported a loss of $45.4 million for the fourth-quarter ended December 31, 2017, after reporting a profit of $5.8 million in the same period a year earlier.
The crude oil transportation services provider reported a loss of $168.5 million for the year ended December 31, 2017.
Gener8 Maritime has increased full fleet "ECO" operating days to 65.1% in the three months ended December 31, 2017, compared to 43.4% in the same period in the prior year.
The company sold a 2003-built Aframax (Gener8 Pericles), a 2000-built Suezmax (Gener8 Argus), a 2002-built VLCC (Gener8 Poseidon), and a 2010-built VLCC (Gener8 Zeus) for net cash proceeds of $33.2 million after debt repayment of $63.8 million and release of working capital from the Navig8 pools.
It has also entered into an Agreement and Plan or Merger with Euronav NV and Euronav MI Inc., a wholly-owned subsidiary of Euronav NV.