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Gener8 tops secondhand spender leaderboard splashing $1.4bn

Gener8 tops secondhand spender leaderboard splashing $1.4bn
Gener8 maritime has topped the list of biggest spenders on secondhand tonnage in the first half of 2015, according to data from

Gener8's $1.4bn spend on 14 vessels leads MISC's $1bn spend on five ships, with Euronav, Ship Finance International (SFL) and Sinokor Merchant Marine making up the top five.

The product of a merger/acquisition between Navig8 and General Maritime Corp (Genmar), Gener8 came into existence in the first quarter with a fleet of 46 tankers. Gener8, with its private equity backing, recently priced its IPO under expectations at $14 per share, with gross proceeds of just over $240m including underwriters' over-allotment option.

Second place MISC announced earlier this year that it was setting aside $1bn for capital expenditure in 2015, with a focus on LNG carriers and offshore operations.

Euronav, third on the list with a $776m spend on eight vessels, has had a strong start to the year with a well-timed IPO ahead of its best quarterly results since the global financial crisis. The company secured four newbuilding contracts for VLCCs from Metrostar, with delivery expected late this year and early in 2016 from Hyundai Heavy Industries.

Another company upbeat on 2015 is SFL, with a $566m spend on 11 vessels in the first six months of the year. A bullish outlook was apparent in its first quarter results, where a deal to buy eight capesizes from Golden Ocean worth $272m was announced, followed in June by a three-vessel deal for 9,000 teu boxships with charters.

Sinoker Merchant Marine, a diversified South Korea-based shipping and logistics company covering container, dry bulk and tanker operations, has bought a range of vessels so far in 2015 including VLCCs, chemical tankers, capesizes and a boxship, according to data.

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