Gener8 Maritime News

Investment company United Overseas Group (UOG) is to acquire Dubai-based shipping company United Arab Chemical Carriers (UACC), the two companies said on Thursday.The deal is subject to regulatory approvals and is expected to close in the first quarter, they said in a statement, without disclosing the value.UOG is controlled by shipping industry veterans Peter Georgiopoulos and Leonidas Vrondissi.The sale of UACC, whose shareholders include the sovereign wealth funds of Saudi Arabia and Qatar, was held up in 2017 after a bitter diplomatic rift broke between the Gulf Arab states, sources familiar with matter had told Reuters.The countries agreed this week to end the dispute that had seen Saudi Arabia and some allies cut ties with Qatar over accusations it supports terrorism.

The market for Initial public offerings (IPOs) across the global shipping industry has remained understandably muted in recent years but secondary offerings continue to be an important funding mechanism, according to a recent report from Drewry Maritime Financial Research.Despite low interest in shipping IPOs in the US over the last few years, listed shipping companies continue to raise money through secondary/additional offerings and bond offerings in the US market with Oslo emerging as the preferred platform for shipping companies to raise equity.Investor appetite for shipping sector IPOs has remained weak as earnings have remained negative or sub-par at best…

Global law firm Norton Rose Fulbright has advised Citigroup and other lenders of Danaos on a $2.2 billion restructuring of NYSE-listed Danaos Corp (DAC), one of the world’s largest independent owners of modern, large-size containerships.Norton Rose Fulbright’s Athens, London and New York offices advised Citigroup and certain other lenders (including China Exim Bank and Eurobank) on new money, take out and refinancing facilities, restructuring support agreements, debt for equity arrangements, debt trading, Chinese ECA aspects and complex shared security and other intercreditor agreements.The transaction, which completed out of court,…

Belgian tanker operator Euronav has concluded its merger with U.S. rival Gener8 Maritime, creating one of the world’s largest tanker shipping fleets.Gener8’s shareholders voted earlier this week to approve the merger, and following the closing on Tuesday, 60.9 million new shares issued to Gener8 shareholders as consideration for the transaction began trading Wednesday on the NYSE.The merger, which Euronav CEO Paddy Rodgers described as an “important milestone”, takes place amid…

Tanker company Euronav NV announced that it has sold the Suezmax Cap Jean (1998 – 146,643 dwt) for USD 10.6 million. The vessel was delivered to her new owners on June 8th. The Company will record a capital gain of approximately USD 10.6 million in the current quarter. The sale of the Cap Jean is part of a fleet rejuvenation program. Together with the sale Euronav is taking in operation four new Suezmax vessels, of which two have already been delivered, with the remaining two due for delivery from the Hyundai yard in South Korea (HHI) during summer 2018. Those 4 vessels will all go under seven year time charter contracts with a leading global refinery player.

Tanker company International Seaways said that it has entered into a stock purchase and sale agreement to acquire the holding companies for six VLCCs from Euronav NV in connection with the closing of Euronav’s announced acquisition of Gener8 Maritime. The $434 million transaction is inclusive of assumed debt, and includes five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao Shipbuilding Co. The Company intends to fund the transaction, which is expected to close in the second quarter of 2018, with a combination of available liquidity, the assumption of all or part of the debt that is currently secured by the vessels…

Tanker operators Euronav NV said that it remains confident of closing a takeover of the U.S.-based provider of international seaborne crude oil transportation services Gener8 Maritime in the next three months. On 21 December 2017 the boards of Euronav and Gener8 Maritime announced agreement on a stock-for-stock merger for the entire issued and outstanding share capital of Gener8 pursuant to which Gener8 would become a wholly-owned subsidiary of Euronav (the Combined Entity). "Work on the transaction is proceeding as planned with an anticipated closing in the second quarter of 2018," said a statement from the company. The merger will create the leading independent large crude tanker operator with 75 crude tankers…

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.

International Seaways, one of the largest tanker companies worldwide, said it acquired a 2010-built VLCC for $53 million, the Seaways Raffles, which commenced trading in the Tankers International pool, during the fourth quarter of 2017. During the fourth quarter, the company, which provides energy transportation services for crude oil and petroleum products in International Flag markets,  sold a 2004-built MR, which was delivered to buyers in November 2017. The Company also sold a 2002-built MR, which delivered to buyers in January 2018, and a 2004-built MR, which delivered to buyers in February 2018. Net proceeds received from the two ships delivered to buyers in 2018 totaled $17.9 million.

Shares in crude oil tanker firm Frontline jump 10.5 pct to 34.48 crowns. DNB Markets predicts VLCC spot rates set to increase from $22,000 a day in 2018 to $41,000 a day by 2020. On asset values, DNB sees an 11 percent upside to VLCC resale prices by 2019 and 27 percent upside by 2020. DHT, Euronav, Frontline, Gener8 Maritime and Teekay are all upgrade to buy from hold. Share price target in DHT lifted to $5.2 from $4.0, Euronav to $10.7 from $9.0, Frontline NOK 42 from NOK 33 and Gener8 Maritime to $7.4 from $4.9 and Teekay to $1.8 from $1.5. DNB Markets says tanker stocks with moderate leverage have been unchanged year over year which shows that the downside has been taken out.

Belgian crude oil shipper Euronav's freight rates in the fourth quarter hit their lowest level since 2012, hurt by excess available tonnage, the company said on Thursday. However, rates were still higher than many analysts had expected, pushing Euronav's shares up 1.4 percent by 0847 GMT. The world tanker fleet expanded by 4.8 percent in 2017 as a large wave of new deliveries offset scrapping, while an agreement in November between OPEC and non-OPEC oil producers to extend output cuts until the end of 2018 has added to pressures on tanker companies. "The typical seasonal rate pattern for the fourth quarter was not observed," Euronav Chief Executive Paddy Rodgers said in a statement. The fourth quarter is typically the strongest for tanker companies because of seasonal oil demand.

International Seaways has entered into a binding letter of intent to acquire the holding companies for six 300,000 DWT VLCCs with an average age of 1.7 years from Euronav NV in connection with the closing of Euronav’s announced acquisition of Gener8 Maritime, Inc. (GNRT). The purchase price for the six-vessel acquisition is $434 million, inclusive of assumed debt. The six vessels that INSW has agreed to acquire include five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao Shipbuilding Co., and are expected to be delivered to the Company in the second quarter of 2018. In connection with the transaction…

Tanker operator Euronav is to buy U.S. rival Gener8 Maritime to create one of the world's top oil shipping fleets, the companies said on Thursday, in an all-stock deal worth an estimated $490 million. Tanker companies have faced tough conditions in recent months, partly due to a glut of ships available for hire, and as a result have been looking for ways to build scale and cut costs. The Euronav deal is the first major M&A transaction since Oslo-listed tanker player Frontline said in June it had abandoned its pursuit of New York-listed rival DHT Holdings . Euronav, headquartered in Belgium, said the deal would create a tanker group with "tangible economies of scale" and an estimated market capitalisation of about $1.8 billion.

CEO: Frontline will continue to expand its fleet; won't pursue M&A now, though consolidation may come later. Oslo-listed oil tanker firm Frontline has abandoned its pursuit of New York-listed rival DHT Holdings and is not working on any alternative acquisitions, Frontline's CEO told Reuters on Monday. DHT last month rejected a fifth takeover proposal from billionaire shipping tycoon John Fredriksen's Frontline, calling the $500 million all-share bid "woefully inadequate". Frontline has now admitted defeat and switched course away from takeovers for the time being. "We will not spend time pursuing the DHT track," Frontline Chief Executive Robert Hvide Macleod said in a written comment to Reuters.

Gener8 Maritime announced that it took delivery of the "ECO" VLCC the Gener8 Hector on January 6, 2017 from Hanjin Heavy Industries and Construction Philippines. The Gener8 Hector represents the nineteenth of 21 "ECO" VLCCs expected to be delivered into Gener8 Maritime's fleet.  Upon delivery, the Gener8 Hector entered Navig8 Group's VL8 Pool.

Gener8 Maritime, Inc. a leading U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of the "ECO" VLCC the Gener8 Miltiades on October 25, 2016 from Shanghai Waigaoqiao Shipbuilding Co. Ltd. ("SWS"). The Gener8 Miltiades  represents the sixteenth of 21 "ECO" VLCCs expected to be delivered into Gener8 Maritime's fleet. Upon delivery, the Gener8 Miltiades entered Navig8 Group's VL8 Pool. The Gener8 Miltiades is the sixth "ECO" VLCC delivered by SWS to Gener8 Maritime, concluding our newbuilding program with the yard.

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of two very large crude carriers (VLCC).   The Gener8 Perseus was delivered September 9, 2016 from Hyundai Heavy Industries Co., Ltd., and the Gener8 Oceanus on September 12, 2016 from Hyundai Samho Heavy Industries Co., Ltd. Upon delivery, both tankers entered Navig8 Group's VL8 Pool.   The two new tankers represent vessels 14 and 15 of 21 "ECO" VLCCs ordered for the Gener8 Maritime fleet. The shipper has on order four more VLCCs anticipated for delivery in 2016 and two for 2017.

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it has taken delivery of the ECO VLCC the Gener8 Macedon on August 30, 2016 from Hyundai Samho Heavy Industries Co., Ltd.   The Gener8 Macedon represents the 13th of 21 ECO VLCCs expected to be delivered into Gener8 Maritime's fleet.    Upon delivery, the Gener8 Macedon entered Navig8 Group's VL8 Pool.

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of the ECO VLCC the Gener8 Nautilus on April 20, 2016 from Hyundai Samho Heavy Industries Co., Ltd. The Gener8 Nautilus represents the ninth of 21 ECO VLCCs expected to be delivered into Gener8 Maritime's fleet.  Upon delivery, the Gener8 Nautilus entered Navig8's VL8 Pool.

Online ships data platform VesselsValue.com has rounded up the top spenders in terms of second hand tonnage for the first half of 2015. Leading the industry in total amount spent on second hand tonnage so far in 2015 is U.S.-based Gener8 Maritime, who spent roughly $1.4 billion on 14 vessels. The seaborne crude oil transportation services company formed earlier this year as result of a merger between General Maritime Corporation and Navig8 Crude Tankers Inc. Second in spending was the Malaysian headquartered tanker shipping group MISC who spent about $1.065 billion on five second hand vessels.

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27, 2016 from Hyundai Samho Heavy Industries Co. Ltd.   The Gener8 Constantine represents the 11th of 21 ECO VLCCs expected to be delivered into Gener8 Maritime's fleet.   Upon delivery, the Gener8 Constantine entered Navig8 Group's VL8 Pool.

Announcing its financial results today for the three and six months ended June 30, 2016 Gener8 Maritime, Inc. reported net income of $38.0 million, or $0.46 basic and diluted earnings per share, for the three months ended June 30, 2016, a 91% increase compared to $19.9 million for the same period in the prior year. The Recorded adjusted net income of $42.0 million, or $0.51 basic and diluted adjusted earnings per share, for the three months ended June 30, 2016, a 16.8% increase in adjusted net income compared to $35.9 million for the same period in the prior year. Increased net voyage revenue (which are voyage revenues of $105.9 million less voyage expense of $4.2 million) by $22.1 million…

Gener8 Maritime, Inc. involved in international seaborne crude oil transportation services, today announced that it took delivery of the ECO VLCC Gener8 Neptune from Daewoo Shipbuilding & Marine Engineering on September 11, 2015.  The Gener8 Neptune represents the first of 21 "ECO" VLCCs expected to be delivered into Gener8 Maritime's fleet. Upon delivery, the Gener8 Neptune will be entered into Navig8's VL8 Pool.