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Actionable news in GNRT: Gener8 Maritime Inc,

Completion of Acquisition or Disposition of

On March22, 2016, Gener8 Success LLC, a wholly-owned subsidiary of Gener8 Maritime,Inc. (the Company), took delivery of the

Gener8 Success

, a 300,932 metric tons deadweight 2016-built VLCC newbuilding. The Company acquired this vessel pursuant to a shipbuilding contract with Shanghai Waigaoqiao Shipbuilding Co.,Ltd. (SWS) which was entered into by Navig8 Crude Tankers,Inc. (Navig8 Crude) which assigned its rights on delivery to Gener8 Success LLC as Navig8 Crudes nominee. The Company acquired the contract for the

Gener8 Success

along with thirteen other shipbuilding contracts for VLCC newbuildings in May2015 in connection with the Companys acquisition of Navig8 Crude. Six of the fourteen shipbuilding contracts acquired from Navig8 Crude were for VLCC newbuildings under construction with SWS, and the

Gener8 Success

is the third of these fourteen VLCC newbuildings to be delivered.

Installment payments of $18.5 million were made to SWS under the shipbuilding contract for

Gener8 Success

by Navig8 Crude prior to it being acquired by the Company in May2015. After its acquisition of Navig8 Crude, the Company made $74.1 million of additional installment payments to SWS under this shipbuilding contract. There are no further remaining installment payments due in respect of the

Gener8 Success

. The funds used by the Company for the installment payments in respect of the

Gener8 Success

after the Companys acquisition of Navig8 Crude in May2015 included borrowings under a term loan facility, dated as of November30, 2015 (the...


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