Gener8 Maritime, Inc. Announces Sale of the MR Tanker Gener8 Consul

Jan 05, 2016, 16:30 ET from Gener8 Maritime, Inc.

NEW YORK, Jan. 5, 2016 /PRNewswire/ -- Gener8 Maritime, Inc. (NYSE: GNRT) ("Gener8 Maritime"), a leading U.S.-based provider of international seaborne crude oil transportation services, today announced that it has entered into a memorandum of agreement for the sale of the 2004-built MR tanker Gener8 Consul for $17.5 million in gross proceeds.  Gener8 Maritime intends to use approximately $9.8 million of the net proceeds to repay a portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel and the remaining net proceeds for general corporate purposes. The vessel is expected to be delivered to the buyer in February 2016.

Gener8 Maritime's Chairman & Chief Executive Officer, Peter Georgiopoulos, commented, "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."

About Gener8 Maritime

As of January 5, 2016, Gener8 Maritime has a fully-delivered fleet of 47 vessels, including one time-chartered-in VLCC. Gener8's owned fleet is comprised of 17 VLCC newbuildings and 29 vessels on the water consisting of 11 VLCCs, 11 Suezmaxes, four Aframaxes, two Panamax tankers, and one MR tanker, with a total carrying capacity of over 11.1 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.

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

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations. Included among the factors that, in the view of Gener8 Maritime, Inc. (the "Company"), could cause actual results to differ materially from the forward-looking statements contained in this press release are the following: (i) sourcing, completion and funding of financing on acceptable terms; (ii) changes in the values of the Company's vessels, newbuildings or other assets, (iii) loss or reduction in business from the Company's significant customers; (iv) the failure of the Company's significant customers, vendors, service providers, pool managers or technical managers to perform their obligations owed to the Company; (v) 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; (vi) a material decline or prolonged weakness in rates in the tanker market; (vii) greater than anticipated levels of tanker newbuilding orders or lower than anticipated rates of tanker scrapping; (viii) changes in rules and regulations applicable to the tanker industry; (ix) actions taken by governmental or regulatory authorities; (x) increases in operating or other costs; (xi) the fulfillment of the closing conditions under, or the execution of customary additional documentation for, the Company's agreements to acquire vessels and existing and contemplated financing arrangements; (xii) financial market conditions; (xiii) the Company's ability to comply with the covenants and conditions under the Company's debt obligations; and (xiv) other factors listed from time to time in the Company's filings with the 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 the Company's subsequent reports on Form 10-Q and Form 8-K, which are accessible on the SEC's website at and which may be obtained by contacting the Company's investor relations department via the Company's website 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.