Gener8 Shareholders Approve Euronav Takeover

Illustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Shareholders of US-based crude oil shipping company Gener8 Maritime approved the merger with Belgium’s tanker shipping company Euronav on June 11.

Holders of 81% of the outstanding shares of Gener8 cast their vote, of which 98% approved the merger, by which, upon the closing of the merger, Gener8 will become a wholly-owned subsidiary of Euronav.

Through the merger and its related transactions, Euronav will have an operating fleet of 74 crude tankers and two FSO vessels. The fleet consisting of 43 VLCCs, 27 Suezmax, 2 ULCCs and 2 LR1s will have an aggregate carrying capacity of 19.4 million deadweight tons.

The transaction is not subject to any further regulatory approvals and is expected to close on June 12, 2018.

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