Gener8 Back in Black on Low Bunker Prices, High Rates

by Ship & Bunker News Team
Wednesday November 11, 2015

Gener8 Maritime, Inc. (Gener8) reported a turnaround in the third quarter of 2015 on the back of low bunker prices and high rates, posting a net income of $36.5 million compared to the $13.3 million loss reported this time last year.

The results were said to have been mainly driven by a rise in net voyage revenues "resulting from an increase in rates and a decrease in fuel costs compared to the prior year period," which jumped to $78.8 million from $31.2 million a year ago.

"We continue to take advantage of what we believe to be a tightly balanced tanker market resulting in strong spot rates," said CFO Leo Vrondissis.

While the results are a positive turn for Gener8, the company's posted EBITDA of $48.3 million reportedly fell short of some analyst estimates of $59.1 million.

"We are pleased with our operating and financial results for the third quarter of 2015, as we delivered a strong financial performance," said CEO Peter Georgiopoulos.

"With our modern, high quality fleet of crude tankers utilizing Navig8 Group's strong commercial platform, we remain poised to drive future growth through multiple avenues."

Since completing its IPO earlier this year in June, Gener8 Maritime has received positive reactions from analysts.

Earlier this year, Ship & Bunker reported that the company appeared poised to capitalize on bunker savings with its fleet of eco-vessels.

Ship & Bunker News Team
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