Gener8 Orion Finds New Owner

Shipspotting US-based crude oil shipping company Gener8 Maritime informed it has delivered Gener8 Orion, a Suezmax tanker, to its new owners in Singapore. In May, Gener8 inked a sub-sale agreement to sell the 160,000 dwt ship to Elegant Ship Management for USD 13.3 million, VesselsValues data shows. The tanker, which was built by South Korean shipbuilder Samsung Heavy Industries (SHI) in 2002, currently has a market value of USD 14.6 million. Earlier this year, the company entered into a series of transactions which were expected to increase cash on the balance sheet by more than USD 82 million. The transactions included the sale of two 2016-built VLCCs, Gener8 Noble and Gener8 Theseus. In addition, Gener8 disposed of the 2002-built Aframax tanker Gener8 Daphne in March. The shipping company also agreed to sell the 2002-built Aframax Gener8 Elektra, however, this sale failed, according to information provided by VesselsValue. Gener8s fleet is currently comprised of more than 30 tankers. World Maritime News Staff; Image Courtesy: Shipspotting