Gener8 Maritime announces Q2 2017 financial results
Gener8 Maritime, Inc. , a leading U.S.-based provider of international seaborne crude oil transportation services, today announced its financial results for the three months and six ended June 30, 2017.
Highlights
Including a non-cash loss of $67.9 million due to ships held for sale, recorded net loss of $82.5 million, or $0.99 basic and diluted loss per share, for the three months ended June 30, 2017, compared to net income of $38.0 million, or $0.46 basic and diluted earnings per share for the same period in the prior year.
Recorded adjusted net loss of $8.9 million, or $0.11 basic and diluted adjusted loss per share, for the three months ended June 30, 2017, compared to adjusted net income of $42.0 million or $0.51 basic and diluted adjusted earnings per share for the same period in the prior year.
Increased vessel operating days by 18.0% to 3,352 in the three months ended June 30, 2017 compared to 2,841 in the same period in the prior year. Increased full fleet "ECO" operating days to 54.2% in the three months ended June 30, 2017, compared to 30.8% in the same period in the prior year.
Entered into a series of transactions that are expected to increase cash on the balance sheet by more than $87 million and reduce total indebtedness by approximately $144 million. These include:
Modified the Company's interest rate swap agreements, resulting in aggregate net cash proceeds of $18.2 million in April 2017.
Sold the following vessels for net cash proceeds of $65.4 million after debt repayment of $119.7 million:
A 2002-built Aframax (Gener8 Daphne), two 2016-built VLCCs (Gener8 Noble and Gener8 Theseus), and a 2002-built Suezmax (Gener8 Orion).
Entered into agreements in July 2017 to sell the following vessels for expected net cash proceeds of $3.4 million after debt repayment of $24.1 million:
Two 1999-built Suezmax tankers, Gener8 Horn and Gener8 Phoenix, for demolition prior to the vessels' special surveys, and the 2002-built Aframax Gener8 Elektra
About Gener8 Maritime
As of July 31, 2017, Gener8 Maritime has a fleet of 39 wholly-owned vessels comprised of 25 VLCCs, including one newbuilding, 9 Suezmaxes, three Aframaxes, and two Panamax tankers. On a fully-delivered basis, Gener8 Maritime's fleet has a total carrying capacity of approximately 9.4 million deadweight tons ("DWT") and an average age of approximately 4.5 years on a DWT basis. Gener8 Maritime is incorporated under the laws of the Marshall Islands and headquartered in New York.