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Gener8 books healthy profit

Gener8 books healthy profit
Gener8 Maritime, the tanker company formed by the merger of General Maritime Corp (Genmar) with pool operator Navig8 Group just over a year ago, reported $155.5m of adjusted net income in 2015 of which $50.1m was achieved in the soaring market of Q4.

The full-year result compared with a loss of $27.2m incurred in 2014 by the same vessels, including tankers in the Navig8 pool. Voyage revenues in 2015 were up 119.4% to $334.6m.

"The Company achieved a number of important milestones in 2015," said Gener8 chairman and ceo Peter Georgiopoulos. "Following the merger between General Maritime and Navig8 Crude Tankers, Gener8 Maritime successfully completed its initial public offering in June.

“We have since taken delivery of the first seven VLCCs from our 21 vessel new building program,’ he added, with all the new vessels having entered Navig8 Group's VL8 pool upon delivery. The company currently has 31 vessels on the water - 14 VLCCs, 11 Suezmaxes, four Aframaxes and two Panamaxes – with a further 11 VLCCs due to deliver this year, out of a total 14 on order.   

“We expect strong demand for crude oil driven by lower prices to continue to benefit the crude tanker market and help to absorb expected growth in the global tanker fleet,” added Georgiopoulos. “Our modern, high quality fleet of crude tankers, deployed in Navig8 Group's strong commercial platform, has Gener8 Maritime poised to drive future growth."