If content does not display, please refresh your browser.
Not a subscriber?
Find out about tailored subscription packages:
T: +44 (0) 20 3377 3792
Register for our free email digests:
Led by Peter Georgiopoulos, Gener8 is one of the world’s largest VLCC owners. The New York-based company resulted from the merger between General Maritime and Navig8 Crude Tankers, the latter sponsored by Navi8 Group, one of the largest pool managers worldwide. The company owned 30 vessels as of early May, including 21 VLCCs and other smaller ones. It is being acquired by Euronav.
Gener8 has stopped reporting its financial results as it is being acquired by Euronav.
The company’s sale to Euronav is expected to be completed by the end of June 2018.
Under the terms of the merger, there will be 0.7272 Euronav shares exchanged for each Gener8 share, leading to the issuance of about 60.9m new Euronav shares to the latter’s stakeholders.
When completed, Euronav will own a 72% stake in the combined tanker giant, the world’s largest crude carrier by capacity, while Gener8 will own the rest, based on each company’s fully diluted share capitals.
Latest From Gener8
Update: Chief executive Paddy Rodgers describes scrubber installation as a rush to mine gold in the hills for some tanker owners, but not for Euronav just yet
The Euronav chief executive has completed some of the largest deals in shipping this decade to push the Belgium-based tanker firm to become the industry’s top player. He believes bigger companies tend to serve their clients better
Euronav chief executive Paddy Rodgers says merger ‘provides the crude tanker market with a global player of substantial size’
Gener8 is granted debt covenant waivers until June 30 after non-compliance with interest coverage ratio
Merger plan to create the world’s largest crude carrier has removed a legal hurdle, but Gener8 director Nicolas Busch is yet to commit his support to the idea
Withdrawal of six aframaxes and 20 VLCCs will pave the way for the Gener8-Euronav merger
All set! This article has been sent to email@example.com.
All fields are required. For multiple recipients, separate email addresses with a semicolon.
Please Note: Only individuals with an active subscription will be able to access the full article. All other readers will be directed to the abstract and would need to subscribe.