Gener8 Maritime, Inc. Announces Fourth Quarter and Full Year 2015 Financial Results

Mar 15, 2016, 17:05 ET from Gener8 Maritime, Inc.

NEW YORK, March 15, 2016 /PRNewswire/ -- Gener8 Maritime, Inc. (NYSE: GNRT) ("Gener8 Maritime" or the "Company"), a leading U.S.-based provider of international seaborne crude oil transportation services, today announced its financial results for the three months and full year ended December 31, 2015.

Highlights

  • Recorded adjusted net income of $50.1 million, or $0.61 basic and diluted adjusted earnings per share for the fourth quarter and adjusted net income of $155.5 million or $2.48 basic and $2.46 diluted adjusted earnings per share for the full year 2015.
  • Accepted delivery of two "ECO" newbuilding VLCCs, the Gener8 Athena and the Gener8 Strength in the fourth quarter and a further four "ECO" newbuilding VLCCs, the Gener8 Apollo, the Gener8 Supreme, the Gener8 Ares and the Gener8 Hera, in 2016 to date.
  • Entered into a senior secured credit facility for up to $259.6 million of debt financing for the first four of the Company's six newbuildings with Shanghai Waigaoqiao Shipbuilding Co. ("SWS"). The first drawdown was used to refinance the October 21, 2015 term loan facility with Citibank for the Gener8 Strength, with the additional drawdowns occurring in connection with the deliveries of the Gener8 Supreme, Gener8 Success and Gener8 Andriotis.
  • Sold the Gener8 Consul, the sole Handymax tanker in the Company's fleet, in February 2016 for $17.5 million in gross proceeds.

"The Company achieved a number of important milestones in 2015," said Peter Georgiopoulos, Chairman and Chief Executive Officer of Gener8 Maritime.  "Following the merger between General Maritime and Navig8 Crude Tankers, Gener8 Maritime successfully completed its initial public offering in June.  We have since taken delivery of the first seven VLCCs from our 21 vessel newbuilding program.  Each of these vessels entered Navig8 Group's VL8 pool upon their respective deliveries.  As of the date of this release, we have 31 vessels on the water and are generating significant revenues in a strong tanker market. Our newbuilding delivery schedule remains on track, and we expect to take delivery of an additional 12 VLCCs in 2016.  The crude tanker market has seen both significant strength and volatility over the past several months, and we believe that Gener8 is well positioned to take advantage of current market conditions. We expect strong demand for crude oil driven by lower prices to continue to benefit the crude tanker market and help to absorb expected growth in the global tanker fleet. Our modern, high quality fleet of crude tankers, deployed in Navig8 Group's strong commercial platform, has Gener8 Maritime poised to drive future growth." 

Leo Vrondissis, Chief Financial Officer, added, "During the fourth quarter we also made significant progress towards completing the financing of our newbuilding program. We secured a $259.6 million debt facility to finance the first four of our six vessels being built at SWS and are focused on finalizing the financing for the remaining two vessels well ahead of scheduled deliveries."

Fleet Performance


The average TCE rates earned by Gener8 Maritime's vessels are detailed below:
















Gener8 Maritime Average Daily TCE Revenues
















Three Months Ended


Year Ended




Dec-15


Dec-14


Dec-15


Dec-14


VLCC














Average Spot TCE


$

57,637


$

22,237


$

50,953


$

17,255


Average Time Charter Rate


$

37,459




$

36,839


















SUEZMAX














Average Spot TCE


$

36,861


$

16,959


$

35,964


$

16,843


Average Time Charter Rate




$

20,092


$

19,013


$

19,126
















AFRAMAX














Average Spot TCE


$

32,227


$

16,423


$

30,428


$

19,634
















PANAMAX














Average Spot TCE


$

23,146


$

16,983


$

22,464


$

17,235
















HANDYMAX














Average Spot TCE


$

7,326


$

15,713


$

15,783


$

10,231



Please refer to the tables at the end of this report for a reconciliation of TCE to voyage revenues.


Our spot TCEs include all spot voyages for the Company's vessels, including those that were within the Navig8 Group pools.

 

Fourth Quarter 2015 Results Summary

The Company recorded adjusted net income of $50.1 million, or $0.61 basic and diluted adjusted earnings per share, for the three months ended December 31, 2015, compared to an adjusted net loss of ($2.8) million, or ($0.08) basic and diluted adjusted loss per share, for the three months ended December 31, 2014. The increase in adjusted net income was primarily due to increases in hire rates as the market improved. The large decrease in voyage expenses for the three months ended December 31, 2015, compared to the prior year period is the result of the Company having transitioned the majority of its vessels into the Navig8 pools where voyage expenses are borne by the pool and netted out of monthly distributions.  Please refer to the tables at the end of this report for a reconciliation of adjusted net income / (loss) to net income / (loss).

Net income for the three months ended December 31, 2015 was $45.5 million, or $0.55 basic and diluted earnings per share, compared to a net loss of $(7.0) million, or $(0.21) basic and diluted loss per share, for the prior year period.

The average daily spot TCE rates obtained by the Company's VLCC fleet, including our vessels that were within the Navig8 pools, was $57,637 for the three months ended December 31, 2015 and $50,953 for the twelve months ended December 31, 2015. Please refer to the tables at the end of this report for a reconciliation of operating days and spot charter revenues.

Net voyage revenue increased by $59.7 million, or 145.6%, to $100.7 million for the three months ended December 31, 2015, compared to $41.0 million from the prior year period. The increase was primarily attributable to the increase in hire charter rates during the three months ended December 31, 2015 compared to the prior year period, as well as lower fuel prices during the period compared to the prior year period.

Direct vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, and maintenance and repairs, increased by $2.8 million, or 13.9%, to $22.9 million for the three months ended December 31, 2015 compared to $20.1 million for the prior year period. The increase in direct vessel operating expenses was primarily due to the increase in average size of our fleet and the increase in vessel management expenses during the fourth quarter 2015 as compared to the fourth quarter 2014.

Navig8 charterhire expenses increased by $4.0 million, to $4.0 million for the three months ended December 31, 2015 compared to $0 for the three months ended December 31, 2014, due to the assumption of the time charter commitment of the Nave Quasar in connection with our merger with Navig8 Crude Tankers.

General and administrative expenses increased by $2.6 million, to $8.2 million during the three months ended December 31, 2015 compared to $5.6 million for the prior year period, primarily due to $1.4 million of legal and other professional fees related to refinancing activities which were not incurred in the prior year period as well as other professional matters and $1.5 million of amortization of restricted stock units, partially offset by a decrease of $0.5 million in the Portugal office's expenses during the three months ended December 31, 2014. The Portugal office was officially closed in the fourth quarter of 2015. The restricted stock units were granted in connection with the pricing of our initial public offering and we recognized compensation expense upon the immediate vesting of a portion of the restricted stock units upon grant and the vesting of an additional portion upon the consummation of our initial public offering.

Adjusted EBITDA for the three months ended December 31, 2015 increased by $50.2 million, or 298.8%, to $67.0 million compared to $16.8 million for the prior year period. Please refer to the tables at the end of this report for a reconciliation of adjusted EBITDA to net income / (loss).

Depreciation and amortization expenses increased by $2.2 million, or 18.6%, to $14.0 million during the three months ended December 31, 2015 compared to $11.8 million for the prior year period. This increase is primarily due to the increase in fleet size as our newbuilding vessels are delivered, partially offset by a change in the estimated residual scrap value from $265/LWT to $325/LWT.

Net interest expense decreased by $3.0 million, or 38.5%, to $4.8 million for the three months ended December 31, 2015 compared to $7.8 million for the prior year period. Such decrease was primarily attributable to the increase in the capitalization of interest expense associated with vessel construction of $7.8 million, or by 236.4%, to $11.1 million for the fourth quarter 2015 compared to $3.3 million for fourth quarter 2014 as a result of our acquisition of the fourteen 2015 acquired VLCC newbuildings in connection with the 2015 merger.  The decrease in net interest expense was partially offset by an increase in our weighted average debt balance due to the incurrence of new debt, and an increase in our payment-in-kind interest.

As of December 31, 2015, the Company's cash balance was $157.5 million, compared to $147.3 million as of December 31, 2014. As of December 31, 2015, the Company's net debt (calculated as total debt less cash, discounts and deferred financing costs) was $750.6 million.

As of December 31, 2015, there were 82,679,922 shares of the Company's common stock outstanding.

Full Year 2015 Results Summary

The Company recorded adjusted net income of $155.5 million, or $2.48 basic and $2.46 diluted adjusted earnings per share for the full year ended December 31, 2015, compared to an adjusted net loss of $(27.2) million or $(0.89) basic and diluted adjusted loss per share, for the full year 2014. The large decrease in voyage expenses for the year ended December 31, 2015, compared to the prior year period is primarily resulted from the Company having transitioned the majority of its vessels into the Navig8 pools where voyage expenses are borne by the pool and netted out of monthly distributions. Please refer to the tables at the end of this report for a reconciliation of adjusted net income / (loss) to net income / (loss).

Net income for the full year ended December 31, 2015 was $129.6 million, or $2.06 basic and $2.05 diluted earnings per share, compared to a net loss of $(47.1) million, or $(1.54) basic and diluted loss per share, for the prior year period.

Net voyage revenue increased by $182.1 million, or 119.4%, to $334.6 million for the full year ended December 31, 2015 compared to $152.5 million for the prior year period. The increase in net voyage revenues was primarily attributable to higher TCE rates earned during fiscal 2015 compared to the prior year period, primarily resulting from a higher charter rate environment, combined with lower fuel costs.

Direct vessel operating expenses remained substantially flat, increasing by $1.3 million, or 1.5%, to $85.5 million for the full year ended December 31, 2015 compared to $84.2 million for the prior year period.

Navig8 charterhire expenses increased by $11.3 million, to $11.3 million for the full year ended December 31, 2015 compared to $0 for the full year ended December 31, 2014, due to the assumption of the time charter commitment of the Nave Quasar in connection with our merger with Navig8 Crude Tankers.

General and administrative expenses increased by $14.0 million, or 62.5%, to $36.4 million for the full year ended December 31, 2015 compared to $22.4 million for the prior year period. The primary factors contributing to this increase were an increase in stock-based compensation from the prior year due to the issuance of RSUs in conjunction with the IPO and legal fees and professional fees related to refinancing activities which were not incurred in the prior year period as well as other matters.

Adjusted EBITDA for the full year ended December 31, 2015 increased $167.7 million, or 343.6%, to $216.5 million compared to $48.8 million for the prior year period. Please refer to the tables at the end of this report for a reconciliation of adjusted EBITDA to net income / (loss).

Depreciation and amortization expenses increased by $1.5 million, or 3.3%, to $47.6 million for the full year ended December 31, 2015 compared to $46.1 million for the prior year period. Amortization of drydocking costs increased $2.3 million while vessel depreciation decreased $0.8 million during the full year ended December 31, 2015 compared to the prior year period. The increase in the amortization of drydocking costs was primarily due to additional drydocking costs incurred during fiscal 2015. The increase in depreciation and amortization was partially offset by the decrease in vessel depreciation primarily due to the increase in our estimated residual scrap value of the vessels to $325/LWT from $265/LWT effective January 1, 2015.

Net interest expense decreased by $13.8 million, or 46.6%, to $16.0 million for the full year ended December 31, 2015 compared to $29.8 million for the prior year period. This decrease was primarily attributable to the increase in the capitalization of interest expense associated with vessel construction of $26.2 million, or by 291.2%, to $35.2 million for the full year ended December 31, 2015 compared to $9.0 million for the prior year period as a result of our acquisition of the 2015 acquired VLCC newbuildings in connection with the 2015 merger. The increase in capitalized interest was offset by an increase in our weighted average debt balance, new debt, and an increase in our payment-in-kind interest.

Other financing costs increased by $6.0 million, to $6.0 million for the full year ended December 31, 2015 compared to $0 for the prior year, due to the issuance of common shares as a commitment premium pursuant to a commitment agreement for the purchase and sale of common shares entered into in connection with our merger with Navig8 Crude Tankers and the subsequent termination of such agreement upon the IPO.

Gener8 Fleet

As of March 15, 2016, Gener8 Maritime has a fleet of 45 wholly-owned vessels on a fully-delivered basis. The Company's fleet is comprised of 14 VLCC newbuildings and 31 vessels on the water consisting of 14 VLCCs, 11 Suezmaxes, four Aframaxes, and two Panamax tankers, with a total expected carrying capacity of approximately 10.8 million deadweight tons ("DWT") and average age on a DWT basis of less than 6 years upon delivery of the newbuildings. The Company has agreed to deliver each of its newbuilding VLCCs into the VL8 Pool managed by Navig8 Group upon their respective deliveries.



Gener8 Maritime Fleet Profile


Vessels on the
Water


Type


Vessel Name


DWT


Year Built


Employment


1


VLCC


Gener8 Apollo


301,417


2016


VL8 Pool


2


VLCC


Gener8 Supreme


300,933


2016


VL8 Pool


3


VLCC


Gener8 Ares


301,587


2016


VL8 Pool


4


VLCC


Gener8 Hera


301,619


2016


VL8 Pool


5


VLCC


Gener8 Neptune


299,999


2015


VL8 Pool


6


VLCC


Gener8 Athena


299,999


2015


VL8 Pool


7


VLCC


Gener8 Strength


300,960


2015


VL8 Pool


8


VLCC


Gener8 Zeus


318,325


2010


VL8 Pool


9


VLCC


Gener8 Hercules


306,543


2007


VL8 Pool


10


VLCC


Gener8 Atlas


306,005


2007


VL8 Pool


11


VLCC


Gener8 Ulysses


318,695


2003


VL8 Pool


12


VLCC


Gener8 Poseidon


305,795


2002


VL8 Pool


13


VLCC


Gener8 Vision


312,679


2001


Time Charter

(1)

14


VLCC


Gener8 Victory


312,640


2001


Time Charter

(2)

15


Suezmax


Gener8 Spartiate


164,925


2011


Suez8 Pool


16


Suezmax


Gener8 Maniate


164,715


2010


Suez8 Pool


17


Suezmax


Gener8 St. Nikolas


149,876


2008


Suez8 Pool


18


Suezmax


Gener8 Kara G


150,296


2007


Suez8 Pool


19


Suezmax


Gener8 George T


149,847


2007


Suez8 Pool


20


Suezmax


Gener8 Harriet G


150,296


2006


Suez8 Pool


21


Suezmax


Gener8 Orion


159,992


2002


Suez8 Pool


22


Suezmax


Gener8 Argus


159,999


2000


Suez8 Pool


23


Suezmax


Gener8 Spyridon


159,999


2000


Suez8 Pool


24


Suezmax


Gener8 Horn


159,475


1999


Suez8 Pool


25


Suezmax


Gener8 Phoenix


153,015


1999


Suez8 Pool


26


Aframax


Gener8 Pericles


105,674


2003


V8 Pool


27


Aframax


Gener8 Daphne


106,560


2002


V8 Pool


28


Aframax


Gener8 Elektra


106,560


2002


V8 Pool


29


Aframax


Gener8 Defiance


105,538


2002


V8 Pool


30


Panamax


Gener8 Companion


72,749


2004


Spot


31


Panamax


Gener8 Compatriot


72,749


2004


Spot




Vessels on the Water Total


6,579,461



















 

 













Newbuilding










Expected


Fleet List


Type


Vessel Name


DWT


Yard


Delivery Date


1


VLCC


Gener8 Success


300,000


SWS


Mar-16


2


VLCC


Gener8 Nautilus


300,000


HHI


Apr-16


3


VLCC


Gener8 Andriotis


300,000


SWS


May-16


4


VLCC


Gener8 Constantine


300,000


HHI


Jun-16


5


VLCC


Gener8 Perseus


300,000


HHI


Aug-16


6


VLCC


Gener8 Macedon


300,000


HHI


Aug-16


7


VLCC


Gener8 Hector


300,000


HAN


Aug-16


8


VLCC


Gener8 Chiotis


300,000


SWS


Aug-16


9


VLCC


Gener8 Oceanus


300,000


HHI


Sep-16


10


VLCC


Gener8 Noble


300,000


HHI


Oct-16


11


VLCC


Gener8 Theseus


300,000


HHI


Oct-16


12


VLCC


Gener8 Miltiades


300,000


SWS


Nov-16


13


VLCC


Gener8 Nestor


300,000


HAN


Jan-17


14


VLCC


Gener8 Ethos


300,000


HHI


Feb-17




Newbuildings Total


4,200,000







(1)     Gener8 Vision on time charter through March 2016 at approximately $38,000/day gross TCE.

(2)     Gener8 Victory on time charter through August 2016 at approximately $47,600/day gross TCE with an option to extend for six months at $53,750/day gross TCE.

 

 

Financial Information


Selected Balance Sheet Data











December 31,


December 31,


BALANCE SHEET DATA, at end of period


2015


2014


(Dollars in thousands)








Cash & cash equivalents


$

157,535


$

147,303


Current assets, including cash



258,128



230,662


Total assets



2,389,746



1,359,120


Current liabilities, including current portion of long-term debt



268,615



52,770


Current portion of long-term debt



135,367




Total long-term debt, including current portion, excluding discount and deferred financing
costs



908,090



789,030


Shareholders' equity



1,347,761



517,149


 

 

Consolidated Statement of Operations for the Three Months ended December 31, 2015 and 2014











For the Three Months




Ended December 31,


(Dollars in thousands excepet per share data)


2015


2014










VOYAGE REVENUES








Time charter revenues


$

7,059


$

3,076


Spot charter revenues



6,272



89,753


Navig8 pool revenues



89,429




Total voyage revenues



102,760



92,829










OPERATING EXPENSES








Voyage expenses



2,103



51,845


Direct vessel operating expenses



22,938



20,148


Navig8 charterhire expenses



4,037




General and administrative



8,235



5,601


Depreciation and amortization



13,962



11,777


Goodwill Impairment





2,099


Goodwill write-off for sales of vessels






Loss on impairment of vessels held for sale



520




Loss on disposal of vessels & vessel equipment



557



420


Closing of Portugal office





366










Total operating expenses



52,352



92,256










OPERATING INCOME (LOSS)



50,408



573










Interest expense, net



(4,849)



(7,759)


Other financing costs



(4)




Other (expense) income, net



(34)



207


Total other expenses



(4,887)



(7,552)


NET INCOME/ (LOSS)


$

45,521


$

(6,979)










INCOME (LOSS) PER COMMON SHARE:








Basic


$

0.55


$

(0.21)


Diluted


$

0.55


$

(0.21)


 

 

Consolidated Statement of Operations for the Full Year ended December 31, 2015 and 2014











For the Year




Ended December 31,


(Dollars in thousands excepet per share data)


2015


2014










VOYAGE REVENUES








Time charter revenues


$

28,707


$

10,894


Spot charter revenues



251,584



381,515


Navig8 pool revenues



149,642




Total voyage revenues



429,933



392,409










OPERATING EXPENSES








Voyage expenses



95,306



239,906


Direct vessel operating expenses



85,521



84,209


Navig8 charterhire expenses



11,324




General and administrative



36,379



22,418


Depreciation and amortization



47,572



46,118


Goodwill Impairment





2,099


Goodwill write-off for sales of vessels





1,249


Loss on impairment of vessels held for sale



520




Loss on disposal of vessels & vessel equipment



805



8,729


Closing of Portugal office



507



5,123










Total operating expenses



277,934



409,851










OPERATING INCOME (LOSS)



151,999



(17,442)










Interest expense, net



(15,982)



(29,849)


Other financing costs



(6,044)




Other (expense) income, net



(404)



207


Total other expenses



(22,430)



(29,642)


NET INCOME/ (LOSS)


$

129,569


$

(47,084)










INCOME (LOSS) PER COMMON SHARE:








Basic


$

2.06


$

(1.54)


Diluted


$

2.05


$

(1.54)


 

Reconciliation Tables

EBITDA represents net income (loss) plus net interest expense and depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted to exclude the items set forth in the table above, which represent certain non-cash, one-time, and other items that the Company's believes are not indicative of the ongoing performance of its core operations. Adjusted Net Income represents Net Income adjusted to exclude the same non-cash, one-time, and other items. EBITDA, Adjusted EBITDA and Adjusted Net Income are included in this presentation because they are used by management and certain investors as measures of operating performance. EBITDA, Adjusted EBITDA and Adjusted Net Income are used by analysts in the shipping industry as common performance measures to compare results across peers. The Company's management uses EBITDA, Adjusted EBITDA and Adjusted Net Income as performance measures and they are also presented for review at the Company's board meetings. EBITDA, Adjusted EBITDA and Adjusted Net Income are not items recognized by accounting principles generally accepted in the United States of America (GAAP), and should not be considered as alternatives to net income, operating income, cash flow from operating activity or any other indicator of a company's operating performance or liquidity calculated under GAAP. The definitions of EBITDA, Adjusted EBITDA and Adjusted Net Income used here may not be comparable to those used by other companies. These definitions are also not the same as the definition of EBITDA, Adjusted EBITDA and Adjusted Net Income used in the financial covenants in the Company's debt instruments. Set forth below is the EBITDA, Adjusted EBITDA and Adjusted Net Income reconciliation:

 

 

Reconciliation Tables


Please see below for a reconciliation of the following adjusted amounts to Net Income / (Loss)
















(Dollars in thousands excepet per share data)


Three Months Ended



Year Ended




Dec-15


Dec-14



Dec-15


Dec-14


Net Income / (Loss)


$

45,521


$

(6,979)



$

129,569


$

(47,084)


+ Goodwill Impairment





2,099






2,099


+ Goodwill write-off for sales of vessels










1,249


+ Loss on impairment of vessels held for sale



520






520




+ Stock-based compensation expense



1,450



247




12,243



1,215


+ Vessel Impairment & Loss on disposal of vessels and vessel equipment



557



420




805



8,729


+ Closing of Portugal office





366




507



5,123


+ Other financing costs



4






6,044




+ Non-cash G&A expenses, excluding stock-based compensation expense



162



1,084




1,980



1,484


+ Transactional professional fees unable to be capitalized








1,309




+ Commitment Fees



1,905






2,556




Net Income / (Loss), adjusted


$

50,119


$

(2,763)



$

155,533


$

(27,185)

















Weighted average shares outstanding, basic, in thousands



82,280



33,273




62,779



30,493


Weighted average shares outstanding, diluted, in thousands



82,778



33,273




63,113



30,493

















Basic net income / (loss) per share, adjusted


$

0.61


$

(0.08)



$

2.48


$

(0.89)


Diluted net income / (loss) per share, adjusted


$

0.61


$

(0.08)



$

2.46


$

(0.89)


 

 

Please see below for a reconciliation of the following adjusted amounts to EBITDA

















(Dollars in thousands excepet per share data)


Three Months Ended



Year Ended




Dec-15


Dec-14



Dec-15


Dec-14


Net Income / (Loss)


$

45,521


$

(6,979)



$

129,569


$

(47,084)


+ Interest expense, net



4,849



7,759




15,982



29,849


+ Depreciation and amortization



13,962



11,777




47,572



46,118


EBITDA


$

64,332


$

12,557



$

193,123


$

28,883


+ Goodwill Impairment





2,099






2,099


+ Goodwill write-off for sales of vessels










1,249


+ Loss on impairment of vessels held for sale



520






520




+ Stock-based compensation expense



1,450



247




12,243



1,215


+ Vessel Impairment & Loss on disposal of vessels and vessel equipment



557



420




805



8,729


+ Closing of Portugal office





366




507



5,123


+ Other financing costs



4






6,044




+ Non-cash G&A expenses, excluding stock-based compensation expense



162



1,084




1,980



1,484


+ Transactional professional fees unable to be capitalized








1,309




EBITDA, adjusted


$

67,025


$

16,773



$

216,531


$

48,782


 

Net Voyage Revenue & Operating Days Reconciliation Table

Time Charter Equivalent, or TCE, is a measure of the average daily revenue performance of a vessel. We calculate TCE by dividing net voyage revenue by total operating days for fleet. Net voyage revenues are voyage revenues minus voyage expenses. We evaluate our performance using net voyage revenues. We believe that presenting voyage revenues, net of voyage expenses, neutralizes the variability created by unique costs associated with particular voyages or deployment of vessels on time charter or on the spot market and presents a more accurate representation of the revenues generated by our vessels.  Total operating days for fleet are the total days our vessels were in our possession for the relevant period net of off hire days associated with major repairs, drydockings or special or intermediate surveys.

 















Gener8 Maritime Net Voyage Revenue & Operating Days
















Three Months Ended


Year Ended


(Dollars in thousands excepet Operating Days data)


Dec-15


Dec-14


Dec-15


Dec-14


VLCC














Spot Charter & Navig8 Pool Net Voyage Revenues


$

42,378


$

14,280


$

114,167


$

43,227


Spot Charter & Navig8 Pool Operating Days



735



642



2,241



2,505


Time Charter Revenue


$

6,857


$


$

23,929


$


Time Charter Operating Days



183





650


















SUEZMAX














Spot Charter & Navig8 Pool Net Voyage Revenues


$

34,657


$

13,351


$

127,939


$

57,154


Spot Charter & Navig8 Pool Operating Days



940



787



3,557



3,393


Time Charter Revenue


$


$

2,988


$

4,024


$

10,528


Time Charter Operating Days





149



212



550
















AFRAMAX














Spot Charter & Navig8 Pool Net Voyage Revenues


$

11,833


$

5,827


$

42,612


$

28,291


Spot Charter & Navig8 Pool Operating Days



367



355



1,400



1,441
















PANAMAX














Spot Charter Net Voyage Revenue


$

4,259


$

3,114


$

16,209


$

9,798


Spot Operating Days



184



183



722



569
















HANDYMAX














Spot Charter Net Voyage Revenue


$

674


$

1,425


$

5,747


$

3,505


Spot Operating Days



92



91



364



343
















Gener8 Maritime Full Fleet Net Voyage Revenues
















Three Months Ended


Year Ended


(Dollars in thousands)


Dec-15


Dec-14


Dec-15


Dec-14


Total Voyage Revenues


$

102,760


$

92,829


$

429,933


$

392,409


Total Voyage Expenses



2,103



51,845



95,306



239,906


Total Net Voyage Revenues


$

100,657


$

40,984


$

334,627


$

152,503


 

Conference Call Information

A conference call to discuss the results will be held tomorrow, March 16, 2016 at 8:00 a.m. ET. The conference call can be accessed live by dialing 1-877-407-3982, or for international callers, 1-201-493-6780, and requesting to be joined into the Gener8 Maritime call. A replay will be available at 11:00 a.m. ET and can be accessed by dialing 1-877-870-5176 or for international callers, 1-858-384-5517. The pass code for the replay is 13631240. The replay will be available until March 23, 2016.

A live webcast of the conference call will also be available under the Investor Relations section at www.gener8maritime.com. The Company plans to place additional materials related to the earnings announcement, including a slide presentation, on its website prior to the conference call.

About Gener8 Maritime

As of March 15, 2016, Gener8 Maritime has a fleet of 45 wholly-owned vessels on a fully-delivered basis. Gener8's fleet is comprised of 14 VLCC newbuildings and 31 vessels on the water consisting of 14 VLCCs, 11 Suezmaxes, four Aframaxes, and two Panamax tankers, with a total expected carrying capacity of approximately 10.8 million deadweight tons ("DWT"), and average age on a DWT basis of less than 6 years upon delivery of the newbuildings. Gener8 Maritime is incorporated under the laws of the Marshall Islands and headquartered in New York.

Website Information

The Company intends to use its website, www.gener8maritime.com, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Such disclosures will be included in its website's Investor Relations section. Accordingly, investors should monitor the Investor Relations portion of the Company's website, in addition to following its press releases, filings with the Securities and Exchange Commission (the "SEC"), public conference calls, and webcasts. To subscribe to the Company's e-mail alert service, please click the "Investor Alerts" link in the Investors section of the Company's website and submit your email address. The information contained in, or that may be accessed through, the Company's website is not incorporated by reference into or a part of this document or any other report or document the Company files with or furnish to the SEC, and any references to the Company's website are intended to be inactive textual references only.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements, which are based on management's current expectations and observations. Included among the factors that, in the Company's view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following: (i) loss or reduction in business from the Company's significant customers; (ii) the failure of the Company's significant customers, pool managers or technical managers to perform their obligations owed to the Company; (iii) the loss or material downtime of significant vendors and service providers; (iv) the Company's failure, or the failure of the commercial managers of any pools in which the Company's vessels participate, to successfully implement a profitable chartering strategy; (v) changes in demand; (vi) a material decline or prolonged weakness in rates in the tanker market; (vii) changes in production of or demand for oil and petroleum products, generally or in particular regions; (viii) greater than anticipated levels of tanker newbuilding orders or lower than anticipated rates of tanker scrapping; (ix) changes in rules and regulations applicable to the tanker industry, including, without limitation, legislation adopted by international organizations such as the International Maritime Organization and the European Union or by individual countries; (x) actions taken by regulatory authorities; (xi) actions by the courts, the U.S. Coast Guard, the U.S. Department of Justice or other governmental authorities and the results of the legal proceedings to which the Company or any of its vessels may be subject; (xii) changes in trading patterns significantly impacting overall tanker tonnage requirements; (xiii) changes in the typical seasonal variations in tanker charter rates; (xiv) changes in the cost of other modes of oil transportation; (xv) changes in oil transportation technology; (xvi) increases in costs including without limitation: crew wages, insurance, provisions, repairs and maintenance; (xvii) changes in general political conditions; (xviii) changes in the condition of the Company's vessels or applicable maintenance or regulatory standards (which may affect, among other things, the Company's anticipated drydocking or maintenance and repair costs); (xix) changes in the itineraries of the Company's vessels; (xx) adverse changes in foreign currency exchange rates affecting the Company's expenses; (xxi) the fulfillment of the closing conditions under, or the execution of customary additional documentation for, the Company's agreements to acquire vessels and contemplated financing arrangements; (xxii) financial market conditions; (xxiii) sourcing, completion and funding of financing on acceptable terms; (xxiv) the Company's ability to comply with the covenants and conditions under the Company's debt obligations; (xxv) any negative perception of the Company's Chapter 11 bankruptcy reorganization in 2012 by investors, customers or other counterparties; (xxvi) other factors listed from time to time in the Company's filings with SEC, including, without limitation, the Company's prospectus dated June 24, 2015, filed with the SEC pursuant to rule 424(b) of the Securities Act on June 25, 2015, and its subsequent reports on Form 10-Q and Form 8-K; and (xxvii) the impact of electing to take advantage of certain exemptions applicable to emerging growth companies. Gener8 Maritime, Inc. does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 

SOURCE Gener8 Maritime, Inc.