Navig8 Crude Tankers and General Maritime Corporation have entered into a definitive agreement to create Gener8 Maritime.
The newly established company will be the largest owner of modern Eco VLCCs and consist of 46 vessels, including 21 VLCC newbuildings and near term deliveries. The combined fleet is valued at over $3 billion.
Gener8 will contribute its crude tankers to established commercial pools currently managed by Navig8 Group.
"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, General Maritime's chairman. "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. We are pleased to unite two high-quality investor groups, both of whom strongly support this transaction.”
Approved by the board of directors of both companies, Navig8 Crude and General Maritime will merge in a stock-for-stock transaction. A newly formed subsidiary of General Maritime will acquire all of the issued and outstanding common stock of Navig8 Crude. Law firm Seward & Kissel served as counsel to Navig8, with partners Gary Wolfe, Jim Abbott, and Jim Cofer representing Navig8 Crude in connection with the transaction.