General Maritime and Navig8 Crude to Merge

Tanker companies General Maritime Corporation and Navig8 Crude Tankers Inc. have announced today they have entered into a definitive agreement to merge their respective assets into a new tanker company named Gener8 Maritime Inc. Upon closing of this deal, Gener8 Maritime will have a combined fully-delivered fleet of 46 vessels, comprised of 21 VLCC newbuildings and 25 … [Read more...]

General Maritime to Manage Key Unipec Tanker Pool

General Maritime Corp. will place as many as 19 of its tankers in a pool to transport crude for China International United Petroleum & Chemical Co., or Unipec, shipping newspaper Tradewinds said, citing unnamed sources. General Maritime, a New York-based tanker owner, will also manage the pool for Unipec, the world’s second-largest tanker charterer, with ships … [Read more...]

General Maritime and Oaktree Get Blasted by Their Creditors in Bankruptcy Court

Creditors of General Maritime Corp. (GMRRQ) are accusing the oil tanker operator and "old friend" Oaktree Capital Management LLC of contriving to give the hedge fund manager ownership of the company and leave them holding the bag. The creditors committee in General Maritime's bankruptcy case blasted the company's restructuring plan backed by Oaktree's $175 million equity … [Read more...]

General Maritime Files For Chapter 11

General Maritime Corp. (GMR) voluntarily filed for Chapter 11 bankruptcy and reached agreements with key senior lenders for a financial restructuring that will allow the oil-tanker company's operations to continue. "Our operations are strong, but continued macroeconomic weakness and reduced tanker rates have diminished our cash flow and our ability to comply with certain … [Read more...]

Goldman Sees Choppy Waters For Tanker Stocks

NEW YORK (Dow Jones)--Oil-tanker stocks look risky as the U.S. ramps up domestic crude production, analysts at Goldman Sachs Group Inc. (GS) said Thursday. The investment bank said the industry will face a "prolonged down cycle" as the U.S. reduces oil imports from the Middle East, resulting in fewer routes for tankers. Goldman analyst Daniel Boyd cut his … [Read more...]