Gener8 Maritime IPO: Everything You Need to Know

Gener8 Maritime IPOGener8 Maritime, Inc. submitted a filing to the Securities and Exchange Commission (SEC) on June 15, 2015 about its initial public offering (IPO). Hence, investors may have some questions about the Gener8 Maritime IPO as the energy sector still suffers from lower oil prices. (Source: Securities and Exchange Commission, last accessed June 23, 2015.)

Who is Gener8 Maritime?

Gener8 Maritime is a leading U.S.-based provider of international seaborne crude oil transportation services. The company is a result of a merger of General Maritime Corporation and Navig8 Crude Tankers Inc., a company sponsored by the Navig8 Group. The company has a fully-delivered fleet of 46 vessels. Gener8 Maritime is incorporated under the laws of the Marshall Islands and headquartered in New York.

What is Gener8 Maritime’s Business Model?

Gener8 Maritime’s strategy has been to acquire or dispose of secondhand vessels, new building contracts, or shipping companies. The company aims to integrate any acquired businesses or vessels successfully with their existing operation.

What is Gener8 Maritime’s Revenue?

In 2013 and 2014, the company generated $356 million and $392 million respectively. The company reported a net loss of $101 million in 2013 but improved in 2014 to a net loss of $47.0 million.

What is Gener8 Maritime’s IPO Price?

The company plans to offer 15 million shares—all of which would be offered by Gener8 Maritime. The IPO price is currently expected to be between $17.00 and $19.00 per share. Citigroup Inc. (NYSE/C) is the major underwriter.

What is Gener8 Maritime’s Stock Symbol?

Gener8 Maritime applied to be listed on the New York Stock Exchange under the ticker symbol “GNRT.”

How Will Gener8 Maritime Use the Money?

The company plans to use proceeds from the IPO in implementing their expansion strategy to acquire more vessels.