Gener8 Maritime Changes Loan Terms to Finance Two Newbuilds

US-based Gener8 Maritime has entered into an amendment to an existing senior secured credit facility to finance the delivery of the Chiotis and the Miltiades, the last two ECO VLCC newbuild vessels to be delivered from China’s Shanghai Waigaoqiao Shipbuilding (SWS).

“Following this amendment, we have secured requisite debt financing to fund our newbuilding program,” Leo Vrondissis, Gener8 Maritime’s Chief Financial Officer, said.

The amended facility deal provides for up to USD 385.2 million in debt financing, with export credit insurance support from Sinosure, and carries a margin over LIBOR of 2.0% and a 15 year amortization profile.

The company said that, pursuant to the amendment, the debt financing will be secured by six Gener8 Maritime VLCC newbuildings built at SWS.

“We have benefited from our broad relationships within the lending community as well as our strong financial profile, both of which have allowed Gener8 Maritime to access in excess of USD 2 billion in capital over the past year,” Vrondissis said.

With the company’s latest addition of a ECO VLCC, the Gener8 Constantine, Gener8 Maritime has a fleet of 45 wholly-owned vessels comprised of 28 VLCCs, including 10 newbuilds, 11 Suezmaxes, four Aframaxes, and two Panamax tankers.

Built by South Korean shipbuilder Hyundai Samho Heavy Industries, the 299,019 dwt Gener8 Constantine entered Navig8 Group’s VL8 Pool upon delivery.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >