In International Shipping News 08/05/2015
Gener8 Maritime, Inc. announced that General Maritime Corporation (“General Maritime”) and Navig8 Crude Tankers Inc (“Navig8 Crude”) have completed the merger to create Gener8 Maritime, a leading U.S.-based provider of international seaborne oil transportation services.
In accordance with the terms of the definitive agreement, Navig8 Crude merged with a newly-formed subsidiary of General Maritime and became a wholly-owned subsidiary of General Maritime. General Maritime was renamed Gener8 Maritime. Navig8 Crude shareholders will receive 0.8947 shares of Gener8 Maritime for each share of Navig8 Crude common stock. The definitive agreement provides that, following the close of the transaction and subject to certain limitations, the existing General Maritime shareholders own approximately 52.55% and Navig8 Crude shareholders own approximately 47.45% of the issued and outstanding common stock of Gener8 Maritime, including restricted shares anticipated to be issued after the closing, in accordance with the terms of the definitive agreement.
Existing shareholders of Navig8 Crude will receive a mailing in the next few weeks that includes a Letter of Transmittal from Computershare Inc., who is acting as Exchange and Paying Agent. This mailing will contain specific instructions regarding the payment of merger consideration.
Gener8 Maritime has a fully-delivered fleet of 46 vessels, comprised of 21 VLCC newbuildings and 25 vessels on the water consisting of seven VLCCs, 11 Suezmaxes, four Aframaxes, two Panamax tankers, and one Handymax tanker, together comprising over 11 million deadweight tons with an average age of less than 5.5 years upon delivery of the newbuildings. It is anticipated that following the closing, subject to reaching mutually agreeable commercial terms and upon completion of any existing employment commitments, Gener8 Maritime will contribute its crude tankers to established commercial pools managed by Navig8 Group. Gener8 Maritime is incorporated under the laws of the Marshall Islands and headquartered in New York.
