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The world’s largest independent VLCC fleet has been formed

25 Dec 2017

New York-listed shipping firms Euronav and Gener8 Maritime on Friday merged to create the shipping market’s leading independent large crude tanker operator.

The development will see Gener8 becoming a wholly owned subsidiary of Euronav.

Euronav will now operate 75 crude tankers, including 44 VLCCs and 28 Suezmax crude tankers, representing a total of over 18 million deadweight tonne (dwt).

“I have been a vocal advocate for consolidation in the shipping industry and have always stated that we would be a willing buyer or seller depending upon what is best for our shareholders,” says Peter Georgiopoulos, Chairman and CEO of Gener8.

“This transaction creates the largest independent VLCC fleet in the world. The combined company has a very bright future that will benefit both Gener8 and Euronav shareholders.”

Commenting on the merger, Carl Steen, Chairman of Euronav said: “The merger between Euronav and Gener8 is expected to deliver real value for both sets of shareholders.”

“The financial strength of the Combined Entity together with a strong leadership team will make it well placed to navigate the tanker cycle.”

Photo credit: Euronav
Published: 26 December, 2017
 

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