Gener8 Maritime Sets Date for Euronav Merger Vote

Gener8 Maritime logoImage Courtesy: Gener8 Maritime

Shareholders of U.S.-based crude oil shipping company Gener8 Maritime are scheduled to hold a special meeting on June 11, 2018, when they will vote on the merger with Belgian tanker company Euronav.

The merger plans were revealed in December 2017 and, if cleared by regulators, will see the creation of an independent large crude tanker operator with 75-strong crude tanker fleet.

Under the planned stock-for-stock merger, Euronav plans to acquire the entire issued and outstanding share capital of Gener8, which would become a wholly-owned subsidiary of Euronav.

Once completed, Euronav shareholders would own around 72 pct and Gener8 shareholders would own 28 pct of the issued share capital of the combined company.

However, the agreement is subject to the approval of Gener8’s shareholders and some of its lenders.

Euronav said earlier that everything was on track for the transaction to conclude in the second quarter of 2018.

The consolidation move comes at a difficult time for tanker owners arising mainly from overcapacity from newbuilding deliveries in VLCC and Suezmax sectors coupled with restricted crude supply.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2018 >>
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

Posidonia 2018

Posidonia, the international shipping exhibition, has long been established as one of the major calendar events…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

THE 7TH EDITION OF NAVALIA, INTERNATIONAL SHIPBUILDING EXHIBITION 2018

The event wanted to be from the beginning a reference for the naval sector and to serve as a tool to attract investors and contracts for the industry…

read more >

BlueWeek2018

The BlueWeek2018 will be held on 28-29-30 May in Rotterdam, under the auspices of the Blue Forum…

read more >