Gener8 Maritime, Inc. Announces Closing of Initial Public Offering

NEW YORK, June 30, 2015 /PRNewswire/ -- Gener8 Maritime, Inc. (NYSE: GNRT) ("Gener8 Maritime"), a leading U.S.-based provider of international seaborne crude oil transportation services, today announced the completion of its initial public offering of 15,000,000 shares of common stock at a price to the public of $14.00 per share. The underwriters have a 30-day option from June 24, 2015 to purchase up to an additional 2,250,000 shares of common stock to cover any over-allotments. Gross proceeds from the offering were approximately $210 million, before deducting underwriting discounts and commissions and estimated offering expenses.

Citigroup Global Markets Inc., UBS Securities LLC, Jefferies LLC and Evercore Group L.L.C. acted as joint book-running managers for the proposed offering. DNB Markets Inc. and Skandinaviska Enskilda Banken AB (publ) acted as senior co-managers. DVB Capital Markets LLC, ABN AMRO Securities (USA) LLC, Axia Capital Markets, LLC and Pareto Securities AS acted as co-managers.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission.  The offering was made only by means of a prospectus. A copy of the final prospectus related to the offering was filed with the SEC and may be obtained by contacting Citigroup Global Markets Inc., Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by phone at (800) 831-9146; from UBS Securities LLC, Attn: Prospectus Department , 1285 Avenue of the Americas, New York, NY 10019, or by phone at (888) 827-7275; from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022, or by phone at (877) 547-6340; and from Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, or by phone at (877)-993-2673.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Gener8 Maritime

Gener8 Maritime has a fully-delivered fleet of 46 vessels, comprised of 21 VLCC newbuildings and 25 vessels on the water consisting of seven VLCCs, 11 Suezmaxes, four Aframaxes, two Panamax tankers, and one Handymax tanker, together comprising over 10 million deadweight tons with a market-value weighted average age of less than 5 years upon delivery of the newbuildings based on current market values. Gener8 Maritime is incorporated under the laws of the Marshall Islands and headquartered in New York.

Forward Looking Statements

This press release contains forward-looking statements, which are based on management's current expectations and observations. Included among the important factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following: (i) conditions in the United States capital markets; (ii) conditions affecting the crude oil transportation market; (iii) the ability of Gener8 Maritime to fund and take delivery of its newbuilding vessels; and other factors listed from time to time under "Risk Factors" and other sections of our public filings with the SEC including, without limitation, Gener8 Maritime's registration statement on Form S-1.

SOURCE Gener8 Maritime