New York: Private equity-backed tanker operator Gener8 Maritime filed on Friday with the SEC to proceed with an initial public offering worth up to $100m.
The company, which was created this February via the merger of General Maritime and Navig8 Crude, said it had booked $391m in pro forma historical sales for the 12 months ended March 31 this year. Citi and UBS are joint bookrunners for the sale. The NYSE symbol will be GNRT.
Gener8 Maritime has 46 tankers on its books, totalling over 11m dwt once all deliveries arrive. The fleet comprises 21 VLCC newbuildings plus 25 vessels in operation including seven VLCCs, 11 suezmaxes, four aframaxes, two panamax tankers and one handymax tanker. Each vessel has an average age of less than 5.5 years.
