World News
Gener8 Maritime Credits Bunker-Saving ECO Vessels for Competitive Advantage in 2017's Q1
Gener8 Maritime, Inc. (Gener8 Maritime) today, in its report on its financial results for 2017's Q1, credited its bunker-saving ECO vessels with giving the company a competitive advantage.
"We are pleased that our 'ECO' vessels continue to earn a demonstrable premium. This is a significant competitive advantage for us, particularly as the market enters a somewhat weaker rate environment amplified by growth in the size of the global fleet," said Peter Georgiopoulos, Chairman and CEO of Gener8 Maritime.
As Ship & Bunker reported in January, Gener8 Maritime announced it had taken delivery of the Gener8 Hector, the nineteenth of 21 ECO Very Large Crude Carriers (VLCCs) slated for the company - a series said to be equipped with advanced, fuel-saving technology.
Overall, Gener8 Maritime recorded a net income of $26.9 million for the three months ending March 31, 2017, compared to $60.9 million during the same period of 2016.
Meanwhile, the company's recorded adjusted net income in 2017's Q1 was $38.5 million, compared to $64.8 million during the same period of the previous year.
In March, Ship & Bunker reported that Gener8 Maritime, in its 2016 financial results, said that its fleet of fuel efficient ECO design vessels had been generating higher TCE rates for the company in the face of increasing bunker prices.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 8.50 | 779.00 | 29.50 |
| Rotterdam | 608.00 | 11.00 | 764.50 | 24.50 |
| Houston | 636.50 | 8.00 | 807.50 | 5.00 |
| Fujairah | 649.50 | 4.00 | 888.50 | 11.50 |
| Global 20 Ports Average | 665.50 | 6.50 | 870.50 | 14.50 |
| Global 4 Ports Average | 635.50 | 3.50 | 810.00 | 17.50 |
| Global Average Bunker Price | 725.00 | 2.50 | 925.50 | 8.00 |
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