General Maritime and Navig8 Merge to Form Gener8 Maritime, the "Largest Owner of Modern ECO VLCCs"

by Ship & Bunker News Team
Thursday February 26, 2015

American crude oil tanker operator General Maritime Corp and London-based Navig8 Crude Tankers Inc will merge to form a new company called Gener8 Maritime Inc, the two companies announced on Wednesday. 

The merge will make Gener8 the "largest owner of modern ECO very large crude carriers (VLCC)" said the two companies, with a combined fleet of 21 newbuilds and 25 vessels already in operation. 

Under the terms of the agreement, Gener8, a newly-formed subsidiary of General Maritime, will acquire all shares of Navig8 in a stock-for-stock deal.

"Together, Gener8 Maritime will be well-positioned to take advantage of improved market conditions and increasing average voyage lengths with one of the largest, youngest, and most efficient fleets in the industry," said Peter Georgiopoulos, General Maritime's chairman.

Existing General Maritime management are expected to to remain in executive roles.

In addition, Navig8 CEO and Chairman Nicolas Busch will join the board of directors, while he and Co-founder Gary Brocklesby will also become a senior consultants to the the board. 

"We believe this highly complementary combination will deliver outstanding value to shareholders," said Busch.

"We are excited to join forces with General Maritime and further leverage our market-leading commercial management platform."

The deal is expected to close in the first half of 2015. 

Late last year it was reported that Navig8 had 32 ECO chemical newbuilds under construction in Korea, Japan and Vietnam.

Ship & Bunker News Team
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