Gener8 Maritime to Go Public
By Aiswarya Lakshmi
Monday, May 25, 2015
Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m.
The company was created in February 2015 via the merger of General Maritime and Navig8 Crude.
New York-based company booked $391 million in pro forma historical sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol GNRT.
Gener8 Maritime initially filed confidentially (as General Maritime prior to the merger) on November 12, 2014. Citi and UBS are the joint bookrunners on the deal. No pricing terms were disclosed.
Gener8 Maritime has 46 tankers on its books, totaling over 11m dwt once all deliveries arrive.
The fleet comprises 21 VLCC newbuildings plus 25 vessels in operation including seven VLCCs, 11 suezmaxes, four aframaxes, two panamax tankers and one handymax tanker. Each vessel has an average age of less than 5.5 years.