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Gener8 debuts $20m in the black

Gener8 debuts $20m in the black
Gener8 Maritime has reported net income of of $19.9m in its first quarterly report since the combination of General Maritime Corporation and Navig8 Crude Tankers.

The company's Initial Public Offering in June and July earned gross proceeds of $236.3m.

Peter Georgiopoulos, chairman and ceo of Gener8 Maritime, commented, "We are already benefiting from our strategic merger and our relationship with Navig8 Group, having delivered 14 vessels into the Navig8 pools. We expect to receive delivery of our first eco-VLCC in September 2015 and are on schedule with our remaining newbuilding program.

Voyage revenues in the second quarter increased by 39.8% to $33.2m, driven largely by improvements in spot earnings.

Spot time charter equivalent (TCE) earnings for the company's fleet rose across all vessel sizes; VLCCs earned an average of $40,900 per day, up from $14,067 in the same period last year, suezmaxes earned $36,945 per day up from $8,330, aframaxes $35,783 per day up from $14,856, panamaxes $21,807 up from $17,161 and handymaxes $20,867 up from $4,980.

At the end of July, Gener8 owned 46 vessels, 25 of which were on the water: seven VLCCs, 11 suezmaxes, four aframaxes, two panamaxes and a single handymax product carrier. 21 newbuild VLCCs on order, with delivery dates through until February 2017.