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.
