Gener8 Maritime sells MR tanker

Gener8 Maritime has announced that it has entered into a memorandum of agreement for the sale of the 2004-built handymax MR tanker Gener8 Consul for $17.5m.

Gener8 Maritime intends to use approximately $9.8m of the net proceeds to repay a portion of debt under the refinancing facility associated with the vessel and the remaining net proceeds for general corporate purposes.

The vessel, which has been trading on the spot market, is expected to be delivered to the buyer in February 2016.

“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,” said Gener8 Maritime’s chairman & chief executive officer, Peter Georgiopoulos.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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