Gener8 Maritime Adds New VLCC to Its Fleet

Gener8 Maritime US-based crude oil shipping company Gener8 Maritime took delivery of the newly built 300,973 dwt Very Large Crude Carrier (VLCC) Gener8 Chiotis from China’s Shanghai Waigaoqiao Shipbuilding (SWS) on August 18. The company acquired the contract for the Gener8 Chiotis along with thirteen other shipbuilding contracts for VLCC newbuildings in May 2015 in connection with the acquisition of Navig8 Crude. Six of the fourteen shipbuilding contracts acquired from Navig8 Crude were for VLCC newbuildings under construction with SWS, and the Gener8 Chiotis, which features a length of 333 meters and a width of 60 meters, is the sixth of these fourteen newbuildings to be delivered. Gener8 Chiotis, the twelfth of 21 ECO VLCCs expected to join Gener8 Maritimes fleet, entered Navig8 Groups VL8 Pool upon delivery. At the end of June, Gener8 Maritime entered into an amendment to its existing senior secured credit facility to finance the delivery of the Chiotis and the Miltiades, the final two ECO VLCCs built for the company by Shanghai Waigaoqiao Shipbuilding. The amended facility deal provides for up to USD 385.2 million in debt financing, with export credit insurance support from Sinosure, and carries a margin over LIBOR of 2.0% and a 15 year amortization profile. Gener8 Maritime said that there are no further remaining installment payments due in respect of the Gener8 Chiotis.