Crude oil tanker operator General Maritime Corporation and Navig8 Crude Tankers Inc have completed their merger to create Gener8 Maritime, a U.S.-based provider of international seaborne oil transportation services.
Under the deal, Navig8 Crude merged with a newly-formed subsidiary of General Maritime and became a wholly-owned subsidiary of General Maritime. General Maritime was renamed Gener8 Maritime.
As announced, Navig8 Crude shareholders will receive 0.8947 shares of Gener8 Maritime for each share of Navig8 Crude common stock.
The definitive agreement provides that, following the transaction closing, the existing General Maritime shareholders own approximately 52.55% and Navig8 Crude shareholders own approximately 47.45% of the issued and outstanding common stock of Gener8 Maritime, including restricted shares anticipated to be issued after the closing.
Gener8 Maritime has a fully-delivered fleet of 46 vessels, comprised of 21 VLCC newbuildings and 25 vessels on the water consisting of seven VLCCs, 11 Suezmaxes, four Aframaxes, two Panamax tankers, and one Handymax tanker.
In total, the fleet comprises of over 11 million deadweight tons with an average age of less than 5.5 years upon delivery of the newbuildings.
Gener8 Maritime is expected to contribute its crude tankers to established commercial pools managed by Navig8 Group.