Gener8 Maritime files in New York for $100m IPO

Gener8 Maritime files in New York for $100m IPO

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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