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New York - Jan. 5, 2016 Gener8 Maritime, Inc. (NYSE: GNRT) ("Gener8 Maritime"), a leading U.S.-based provider of international seaborne crude oil transportation services, today announced that it has entered into a memorandum of agreement for the sale of the 2004-built MR tanker Gener8 Consul for $17.5 million in gross proceeds. Gener8 Maritime intends to use approximately $9.8 million of the net proceeds to repay a portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel and the remaining net proceeds for general corporate purposes. The vessel is expected to be delivered to the buyer in February 2016. Gener8 Maritime's Chairman & Chief Executive Officer, Peter Georgiopoulos, commented, "We are pleased to have reached an initial agreement for the sale of our sole MR tanker, further allowing the company to focus on the larger segment of the tanker market." About Gener8 Maritime As of January 5, 2016, Gener8 Maritime has a fully-delivered fleet of 47 vessels, including one time-chartered-in VLCC. Gener8's owned fleet is comprised of 17 VLCC newbuildings and 29 vessels on the water consisting of 11 VLCCs, 11 Suezmaxes, four Aframaxes, two Panamax tankers, and one MR tanker, with a total carrying capacity of over 11.1 million deadweight tons ("DWT"), and average age on a DWT basis of less than 6 years upon delivery of the newbuildings. Gener8 Maritime is incorporated under the laws of the Marshall Islands and headquartered in New York. Gener8 Maritime - Press Release |
