Gener8 Sells Tanker for USD 17.5 Million

Gener8 New York-headquartered crude oil shipping company Gener8 Maritime has entered into a memorandum of agreement for the sale of the 2004-built MR tanker Gener8 Consul to an undisclosed buyer. Some USD 9.8 million of the net proceeds, from a total of USD 17.5 million in gross proceeds, will be used to repay a portion of the senior secured debt outstanding under the refinancing facility associated with the vessel and the companys remaining net proceeds, Gener8 said. The 47,171 dwt Gener8 Consul is expected to be delivered to the buyer in February 2016. We are pleased to have reached an initial agreement for the sale of our sole MR tanker, further allowing the company to focus on the larger segment of the tanker market, Gener8 Maritimes Chairman & Chief Executive Officer, Peter Georgiopoulos, said. Gener8 Maritime has a fully-delivered fleet of 47 vessels, including one time-chartered-in VLCC. The companys owned fleet is comprised of 17 VLCC newbuildings and 29 vessels on the water, with an average age of less than 6 years upon delivery of the newbuildings. As World Maritime News reported in December, the company secured a credit facility for up to USD 259.6 million of debt financing for its Chinese VLCC newbuilding program to be drawn in connection with the deliveries of the first four of the company’s six Chinese newbuildings.