Gener8 Maritime (GNRT) IPO Opens Lower

Today's IPO for Gener8 Maritime, Inc. (NYSE: GNRT) opened for trading at $12.75 after pricing 15,000,000 shares of common stock at a price to the public of $14.00 per share.

Citigroup Global Markets Inc., UBS Securities LLC, Jefferies LLC and Evercore Group L.L.C. are acting as joint book-running managers for the proposed offering. DNB Markets Inc. and Skandinaviska Enskilda Banken AB (publ) are acting as senior co-managers. DVB Capital Markets LLC, ABN AMRO Securities (USA) LLC, Pareto Securities AS and Axia Capital Markets, LLC are acting as co-managers.

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 10 million deadweight tons with a market-value weighted average age of less than 5 years upon delivery of the newbuildings based on current market values. Gener8 Maritime is incorporated under the laws of the Marshall Islands and headquartered in New York.

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