Gener8 Maritime Adds New ECO VLCC, Earns Less in 2016

The US-based crude oil shipping company Gener8 Maritime has taken delivery of its ECO very large crude carrier (VLCC) the Gener8 Ethos, the 20th ship from the company’s 21 ECO newbuilding program.Handed over on March 9, the 299,000 dwt tanker was constructed by South Korea’s shipbuilder Hyundai Samho Heavy Industries.Featuring a length of 333 meters and a width of 60 meters, Gener8 Ethos was purchased from Navig8 Crude Tankers in January 2015, according to data provided by VesselsValue.The company announced the delivery as part of its latest financial report, in which Gener8 Maritime said that it recorded a net income of USD 5.8 million for the three months ended December 31, 2016, down from USD 45.5 million seen in the fourth quarter of 2015.The average daily spot TCE rates obtained by the company’s VLCC fleet were USD 36,282 in the fourth quarter and USD 40,130 in the full year of 2016. During the three months ended December 31, 2016, the ECO VLCC fleet earned an average daily TCE of USD 37,430, while the non-ECO VLCC fleet earned an average daily TCE of USD 32,419.Net voyage revenue was USD 99.6 million for the three months ended December 31, 2016, substantially flat as compared to USD 100.7 million in the prior year period.Since the end of the third quarter of 2016, the company took delivery of five ECO newbuilding VLCCs, including Gener8 Miltiades, Gener8 Noble and Gener8 Theseus in the fourth quarter of 2016, while Gener8 Hector and Gener8 Ethos joined the fleet subsequent to the end of the quarter.Additionally, Gener8 Maritime sold the 2000-built Suezmax tanker Gener8 Spyridon in December 2016 for net proceeds of USD 1.8 million after prepaying USD 11.7 million of associated debt. The company also disposed of its 2003-built VLCC tanker Gener8 Ulysses in February 2017 for net proceeds of USD 10.2 million after prepaying USD 20 million of associated debt.For the full year of 2016, Gener8 Maritime recorded a net income of USD 67.3 million, down from USD 129.6 million seen a year earlier, while its net voyage revenue increased to USD 392.1 million from USD 334.6 million reported in the respective periods.The increase in net voyage revenues was primarily attributable to the increase in the company’s vessel operating days as a result of the deployment of 15 additional VLCC newbuilding vessels that were delivered during the year ended December 31, 2016.

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