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General Maritime and Navig8 Crude regenerate as Gener8 Maritime

General Maritime and Navig8 Crude regenerate as Gener8 Maritime
In the latest tanker sector consolidation General Maritime Corp (Genmar) and Navig8 Crude Tankers (Navig8 Crude) are merging to create a new tanker giant Gener8 Maritime.

The board of directors of both companies have approved an all stock transaction that under which a new subsidiary of Genmar will acquire all the common issued and outstanding stock of Navig8 Crude, creating a newly merged company with fleet of over 11m dwt in tankers.

Navig8 Crude shareholders will receive 0.8947 shares of the combined company for each share of Navig8 Crude common stock.

Gener8 Maritime will have a fleet of 46 vessels, comprised of 21 VLCC newbuildings and 25 vessels in operation including seven VLCCs, 11 suezmaxes, four aframaxes, two panamax tankers, and one handymax tanker.

"We are pleased to have reached this agreement with Navig8 Crude, which we believe will combine an established owner and highly-respected commercial operator on an unprecedented scale," said Peter Georgiopoulos, chairman of Genmar.

"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.”

Gener8 Maritime’s fleet will be place in tankers in pools managed by Navig8.

"We believe this highly complementary combination will deliver outstanding value to shareholders," said Nicolas Busch, Chairman of Navig8 Crude.

Genmar chairman Peter Georgiopoulos will be chairman and ceo of Gener8 Maritime, John Tavlarios who will become co and Leo Vrondissis will be cfo. Navig8 Crude’s Gary Brocklesby and Nicolas Busch, are expected to become senior consultants to the board of directors of the merged firm.