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 November 9, 2015 - 8:28 PM EST
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Gener8 Maritime, Inc. Announces Third Quarter 2015 Financial Results

NEW YORK, Nov. 9, 2015 /PRNewswire/ -- Gener8 Maritime, Inc. (NYSE: GNRT) ("Gener8 Maritime"), a leading U.S.-based provider of international seaborne crude oil transportation services, today announced its financial results for the three and nine months ended September 30, 2015.

Highlights – Third Quarter and October 2015

  • As of October 29, 2015, took delivery of the first three vessels under our VLCC newbuilding program, the Gener8 Neptune, Gener8 Athena, & Gener8 Strength
  • Closed over $1.6 billion in financing for the Company's fleet & newbuilding program
  • Closed the issuance of the underwriters' IPO over-allotment option to purchase 1,882,223 shares of common stock, resulting in net proceeds of $24.6 million

Third Quarter 2015 Results Summary

The Company recorded adjusted net income of $36.5 million or $0.45 basic and $0.44 diluted earnings per share for the three months ended September 30, 2015. This excludes the following: $1.5 million relating to stock-based compensation expense, $1.4 million relating to transaction-based professional fees unable to be capitalized, $0.1 million relating to loss on disposal of vessels and vessel equipment, $0.1 million related to the closing of the Company's office in Portugal, and $0.1 million relating to non-cash G&A expenses other than stock-based compensation. The Company recorded an adjusted net loss of ($13.3) million or ($0.40) basic and diluted loss per share for the three months ended September 30, 2014. This excludes $0.2 million relating to stock-based compensation expense, $0.3 million relating to vessel impairment and loss on disposal of vessels and vessel equipment, $0.5 million related to the closing of the Company's office in Portugal, and a gain of $0.1 million relating to non-cash G&A expenses other than stock-based compensation. The increase in adjusted net income was primarily due to an increase in the Company's net voyage revenue, which are voyage revenues minus voyage expenses, resulting from an increase in rates and a decrease in fuel costs compared to the prior year period.  Please see below for a reconciliation of net income / (loss) to adjusted net income / (loss).

Net income for the three months ended September 30, 2015 was $33.2 million or $0.41 basic and $0.40 diluted earnings per share compared to a net loss of $(14.3) million or $(0.43) basic and diluted loss per share for the prior year period.

Peter Georgiopoulos, Chairman and Chief Executive Officer of Gener8 Maritime, commented, "We are pleased with our operating and financial results for the third quarter of 2015, as we delivered a strong financial performance.  During the quarter, we took delivery of our first "eco" VLCC vessel in our newbuilding program, the Gener8 Neptune, which entered the Navig8 VL8 Pool.  In addition, as of November 1, 2015, we took delivery of both the Gener8 Strength and the Gener8 Athena, which also have entered the Navig8 VL8 Pool. We continue to deliver on our growth plan as stated during our IPO. With our modern, high quality fleet of crude tankers utilizing Navig8 Group's strong commercial platform, we remain poised to drive future growth through multiple avenues."

On July 17, 2015, following the exercise by the underwriters of the IPO of their over-allotment option to purchase 1,882,223 shares of common stock at the public offering price of $14.00 per share, the Company closed the issuance and sale of such shares, resulting in additional gross proceeds of $26.4 million and net proceeds of $24.6 million after underwriting commissions and other registration expenses.

Net Voyage Revenue increased by $47.0 million, or 147.8%, to $78.8 million for the three months ended September 30, 2015, compared to $31.8 million from the prior year period. The increase was primarily attributable to the increase in hire rates during the three months ended September 30, 2015 compared to the prior year period, as well as lower fuel prices during the period compared to the prior year period. Offsetting the increase in Net Voyage Revenue was a decrease in utilization to 92.5% for the three months ended September 30, 2015, compared to 95.6% for the prior year period. This decrease was primarily due to scheduled drydocking of two of our Suezmax vessels that were unexpectedly extended due to a typhoon that hit in the area of the shipyard.

The Company evaluates its performance using net voyage revenues. Net voyage revenues are voyage revenues minus voyage expenses. The Company believes that presenting voyage revenues, net of voyage expenses, neutralizes the variability created by unique costs associated with particular voyages or deployment of vessels on time charter, on the spot market, or through vessel pools and presents a more accurate representation of the revenues generated by its vessels.

Direct vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs decreased by $0.3 million, or 1.6%, to $20.5 million for the three months ended September 30, 2015 compared to $20.9 million for the prior year period.

General and administrative expenses increased by $3.2 million, to $8.2 million during the three months ended September 30, 2015 compared to the prior year period, primarily due to an increase in the compensation costs of restricted stock units of $1.5 million for the three months ended September 30, 2015 as compared to the prior year period. The restricted stock units were granted in connection with the pricing of our initial public offering and we recognized compensation expense upon the immediate vesting of a portion of the restricted stock units upon grant and the vesting of an additional portion upon the consummation of our initial public offering.

Adjusted EBITDA (which the Company calculated in accordance with the methodology set forth in the reconciliation tables below), for the three months ended September 30, 2015 increased by $42.2 million to $48.3 million compared to $6.1 million for the prior year period. Please see below for a reconciliation of net income / (loss) to adjusted EBITDA.

Depreciation and amortization expenses decreased by $0.1 million, or 0.6%, to $11.6 million during the three months ended September 30, 2015 compared to $11.7 million for the prior year period.

Net interest expense decreased by $7.6 million, or 97.5%, to $0.2 million for the three months ended September 30, 2015 compared to $7.8 million for the prior year period. Such decrease was primarily attributable to the increase in the capitalization of interest expense associated with vessel construction of $9.2 million, to $12.4 million for the three months ended September 30, 2015 compared to $3.2 million for the prior year period as a result of the Company's acquisition of the 14 VLCC newbuildings acquired in connection with the 2015 merger.

As of September 30, 2015, the Company's cash balance was $244.6 million, compared to $147.3 million as of December 31, 2014.

As of September 30, 2015, the Company's net debt (calculated as total debt less cash) was $546.1 million.

As of September 30, 2015, there were 82,105,376 shares of the Company's common stock outstanding.

Nine Months Ended September 30, 2015 Results Summary

The Company recorded adjusted net income of $104.8 million or $1.86 basic and diluted earnings per share for the nine months ended September 30, 2015. This excludes the following: $11.6 million relating to stock-based compensation, $0.2 million relating to vessel impairment and loss on disposal of vessels and vessel equipment, $0.5 million related to the closing of the Company's office in Portugal, $6.0 million in one-time financing costs primarily due to the issuance of common shares as a commitment premium pursuant to a commitment agreement for the purchase and sale of common shares entered into in connection with the merger with Navig8 Crude Tankers and the subsequent termination of such agreement upon the IPO, $1.0 million relating to non-cash G&A expenses other than stock-based compensation, and $1.3 million in transaction-based professional fees unable to be capitalized. The Company recorded an adjusted net loss of $(24.5) million or $(0.83) basic and diluted loss per share for the nine months ended September 30, 2014. This excludes the following: $1.2 million of goodwill impairment, $1.0 million relating to stock-based compensation expense, $8.3 million relating to vessel impairment and loss on disposal of vessels and vessel equipment, $4.8 million related to the closing of the Company's office in Portugal, and $0.4 million relating to non-cash G&A expenses other than stock-based compensation. The increase in adjusted net income was primarily due to an increase in the Company's net voyage revenue due to increased rates and lower fuel costs compared to the prior year period. Please see below for a reconciliation of net income / (loss) to adjusted net income / (loss).

Net income for the nine months ended September 30, 2015 was $84.0 million or $1.50 basic and $1.49 diluted earnings per share compared to a net loss of $(40.1) million or $(1.36) basic and diluted loss per share for the prior year period.

Net Voyage Revenue increased by $122.5 million, or 109.8%, to $234.0 million for the nine months ended September 30, 2015 compared to $111.5 million for the prior year period. The increase was primarily attributable to the increase in hire rates during the nine months ended September 30, 2015 compared to the prior year period, as well as lower fuel prices for the nine months ended September 30, 2015 compared to the prior year period.

Direct vessel operating expenses decreased by $1.5 million, or 2.3%, to $62.6 million for the nine months ended September 30, 2015 compared to $64.1 million for the prior year period.

General and administrative expenses increased by $11.3 million, or 67.4%, to $28.1 million for the nine months ended September 30, 2015 compared to $16.8 million for the prior year period. The primary factors contributing to this increase were an increase in the compensation costs of restricted stock units of $10.4 million during the nine months ended September 30, 2015 compared to the prior year period.

Adjusted EBITDA (which the Company calculates in accordance with the methodology set forth in the reconciliation tables below), for the nine months ended September 30, 2015 increased $83.9 million to $116.0 million compared to $32.0 million for the prior year period. Please see below for a reconciliation of net income / (loss) to adjusted EBITDA.

Depreciation and amortization expenses decreased by $0.7 million, or 2.1%, to $33.6 million during the nine months ended September 30, 2015 compared to $34.3 million for the prior year period. This decrease was primarily due to the change in our scrap rate to $325/ton from $265/ton, which more accurately reflects market prices. 

Net interest expense decreased by $11.0 million, or 49.6%, to $11.1 million for the nine months ended September 30, 2015 compared to $22.1 million for the prior year period. Such decrease was primarily attributable to the increase in capitalization of interest expense associated with vessel construction of $18.3 million, or by 326.1%, to $23.9 million for the nine months ended September 30, 2015 compared to $5.6 million for the prior year period as a result of the Company's acquisition of the 14 VLCC newbuildings in connection with the 2015 merger.

Other financing costs increased by $6.0 million, to $6.0 million during the nine months ended September 30, 2015 compared to $0 for the prior year period, primarily due to the issuance of common shares as a commitment premium pursuant to a commitment agreement for the purchase and sale of common shares entered into in connection with the merger with Navig8 Crude Tankers and the subsequent termination of such agreement upon the IPO, resulting in financing costs of approximately $6.0 million.

Leo Vrondissis, Chief Financial Officer, commented, "We continue to take advantage of what we believe to be a tightly balanced tanker market resulting in strong spot rates.  We are excited to have closed over $1.6 billion in financing, encompassing a refinanced facility for our fleet on the water, a Korean ECA facility for the Korean newbuildings, and a bilateral loan for the first Chinese newbuilding. We look forward to utilizing our dynamic platform and balance sheet to grow our Company and maximize shareholder value in the future."

Gener8 Fleet

As of November 1, 2015, Gener8 Maritime's fleet was comprised of 47 tankers, including one time chartered-in VLCC and 46 owned vessels comprised of 28 vessels on the water, consisting of 10 VLCC's 11 Suezmax vessels, 4 Aframax vessels, 2 Panamax vessels and 1 Handymax product carrier, with an aggregate carrying capacity of 5.7 million deadweight tons ("DWT"), and 18 "eco" VLCC newbuildings with expected deliveries through February 2017. These newbuildings are expected to more than double the Company's owned fleet capacity to 10.8 million DWT, based on the contractually-guaranteed minimum DWT of newbuild vessels. As of November 1, 2015, nine of the Company's VLCC vessels (including a time chartered-in vessel) were deployed in Navig8 Group's VL8 Pool, all 11 of the Company's Suezmax vessels were deployed in Navig8 Group's Suez8 Pool and all four of the Company's Aframax vessels were deployed in the Navig8 Group's V8 Pool.

The Company expects to deliver into the VL8 Pool each of the newbuilding VLCC's as they deliver.

The TCE revenues for our vessels are outlined in the chart below:

Gener8 Maritime Average TCE Revenues













Nine Months Ended



Q3 2015


Q3 2014


9/30/2015


9/30/2014


VLCC









Average Spot TCE (1)

$55,847


$16,021


$47,590


$20,902


Average Time Charter Rate

$36,154


-


$36,910


-











SUEZMAX









Average Spot TCE (1)

$32,497


$21,660


$35,616


$17,925


Average Time Charter Rate

$18,983


-


$19,014


-











AFRAMAX









Average Spot TCE (1)

$25,742


$20,952


$29,789


$22,015











PANAMAX









Average Spot TCE

$17,386


$18,877


$22,231


$16,533











HANDYMAX









Average Spot TCE

$15,647


$6,503


$18,642


$8,894











(1) Includes our vessels in Navig8 Pools















The average daily spot TCE rates obtained by the Company's VLCC fleet was $55,847 for the three months ended September 30, 2015 and $47,590 for the nine months ended September 30, 2015. The Spot TCEs in the table above include all spot voyages for the Company's vessels, including those that were within the Navig8 Pools.

During the three months ended September 30, 2015, we had three vessels on time charter contracts, two VLCCs and one Suezmax, as outlined in the Fleet Profile table below.

Fleet Update

The following table provides information regarding the Company's vessels on the water:

Gener8 Maritime Fleet Profile (as of November 1, 2015)

Gener8 Maritime Fleet Profile














Type


Vessel Name


DWT


Employment


VLCC


Gener8 Ulysses


318,695


VL8 Pool


VLCC


Gener8 Zeus


318,325


VL8 Pool


VLCC


Gener8 Vision


312,679


Time Charter (1)


VLCC


Gener8 Victory


312,640


Time Charter (1)


VLCC


Gener8 Hercules


306,543


VL8 Pool


VLCC


Gener8 Atlas


306,005


VL8 Pool


VLCC


Gener8 Poseidon


305,795


VL8 Pool


VLCC


Gener8 Neptune


299,999


VL8 Pool


VLCC


Gener8 Athena


299,999


VL8 Pool


VLCC


Gener8 Strength


300,960


VL8 Pool


Suezmax


Gener8 Spartiate


164,925


Suez8 Pool


Suezmax


Gener8 Maniate


164,715


Suez8 Pool


Suezmax


Gener8 Argus


159,999


Suez8 Pool


Suezmax


Gener8 Spyridon


159,999


Suez8 Pool


Suezmax


Gener8 Orion


159,992


Suez8 Pool


Suezmax


Gener8 Horn


159,475


Suez8 Pool


Suezmax


Gener8 Phoenix


153,015


Suez8 Pool


Suezmax


Gener8 Harriet G


150,296


Suez8 Pool


Suezmax


Gener8 Kara G


150,296


Suez8 Pool


Suezmax


Gener8 St. Nikolas


149,876


Suez8 Pool


Suezmax


Gener8 George T


149,847


Suez8 Pool


Panamax


Gener8 Companion


72,749


Spot


Panamax


Gener8 Compatriot


72,749


Spot


Handymax


Gener8 Consul


47,400


Spot


Aframax


Gener8 Daphne


106,560


V8 Pool


Aframax


Gener8 Elektra


106,560


V8 Pool


Aframax


Gener8 Pericles


105,674


V8 Pool


Aframax


Gener8 Defiance


105,538


V8 Pool


VLCC


Nave Quasar


297,376


VL8 Pool (2)


Vessels on the Water Total


5,718,681












(1) Gener8 Victory and Vision on Time charter through January and February 2016,


respectively, at $38,000/day gross TCE with an option year at $46,000/day gross TCE


(2) Nave Quasar is a TC-in acquired through the May 7, 2015 merger. It's TC-in rate is $26,330/day


plus a 50/50 profit share over $30,000/day on net pool earnings







The Company believes it is uniquely positioned to benefit from the near-term delivery of its VLCC newbuildings shown in the table below.

Gener8 Maritime Newbuilding VLCC Details




Vessel Name


Yard


Delivery Date



Gener8 Neptune


DSME


11-Sep-15

Delivered

Gener8 Athena


DSME


28-Oct-15


Gener8 Strength


SWS


29-Oct-15



Gener8 Apollo


DSME


5-Jan-16


Gener8 Supreme


SWS


6-Jan-16


Gener8 Ares


DSME


15-Jan-16


Gener8 Hera


DSME


12-Feb-16


Gener8 Nautilus


HHI


15-Mar-16


Gener8 Success


SWS


30-Mar-16


Gener8 Andriotis


SWS


30-Apr-16


Gener8 Constantine


HHI


17-Jun-16

Not Yet Delivered

Gener8 Macedon


HHI


25-Jul-16


Gener8 Hector


HAN


29-Jul-16


Gener8 Chiotis


SWS


30-Aug-16


Gener8 Perseus


HHI


9-Sep-16


Gener8 Oceanus


HHI


13-Sep-16


Gener8 Noble


HHI


20-Oct-16


Gener8 Theseus


HHI


15-Nov-16


Gener8 Miltiades


SWS


30-Dec-16


Gener8 Nestor


HAN


23-Jan-17


Gener8 Ethos


HHI


20-Feb-17








Financial Information

Selected Balance Sheet Data





September 30,


December 31,

BALANCE SHEET DATA, at end of period

2015


2014

(Dollars in thousands)




Cash


$                 244,598


$                 147,303

Current assets, including cash

308,149


230,662

Total assets

2,125,248


1,360,925


Current liabilities, including current portion of long-term debt

153,890


52,770


Current portion of long-term debt

121,248


-

Total long-term debt, including current portion

790,674


790,835

Shareholders' equity

1,301,635


517,149





    




For the Three Months
Ended September 30, 




2015


2014














Time charter revenues

$                   6,932


$                    3,655


Spot charter revenues

26,358


89,318


Navig8 pool revenues

56,001


-


Total voyage revenues

89,291


92,973


Voyage expenses

10,527


61,186



Net Voyage Revenue

78,764


31,787














Direct vessel operating expenses

20,539


20,866


Navig8 charterhire expenses

4,688


-


General and administrative

8,200


5,044


Depreciation and amortization

11,600


11,665


Loss on disposal of vessel equipment

101


274


Closing of Portugal office

146


536









Total operating expenses (Excl. Voyage Expenses)

45,274


38,385








OPERATING INCOME (LOSS)

33,490


(6,598)














Interest expense, net

(193)


(7,816)


Other income (expense), net

(69)


132



Total other expenses

(262)


(7,684)


NET INCOME (LOSS)

$                 33,228


$                (14,282)








INCOME (LOSS) PER COMMON SHARE:






Basic

$                     0.41


$                    (0.43)



Diluted

$                     0.40


$                    (0.43)

 




For the Nine Months
Ended September 30, 




2015


2014














Time charter revenues

$                  21,648


$                     7,818


Spot charter revenues

245,312


291,762


Navig8 pool revenues

60,213


-


Total voyage revenues

327,173


299,580


Voyage expenses

93,203


188,061



Net Voyage Revenue

233,970


111,519














Direct vessel operating expenses

62,583


64,061


Navig8 charterhire expenses

7,287


-


General and administrative

28,144


16,817


Depreciation and amortization

33,610


34,341


Goodwill Impariment

-


1,249


Loss on disposal of vessel equipment

248


8,309


Closing of Portugal office

507


4,757









Total operating expenses (Excl. Voyage Expenses)

132,379


129,534








OPERATING INCOME (LOSS)

101,591


(18,015)














Interest expense, net

(11,133)


(22,090)


Other financing costs

(6,040)


-


Other income (expense), net

(370)


-



Total other expenses

(17,543)


(22,090)


NET INCOME (LOSS)

$                   84,048


$                  (40,105)








INCOME (LOSS) PER COMMON SHARE:






Basic

$                       1.50


$                      (1.36)



Diluted

$                       1.49


$                      (1.36)

 

Reconciliation Tables

EBITDA represents net income (loss) plus net interest expense and depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted to exclude the items set forth in the table below, which represent certain non-cash items, one-time items that the Company's believes are not indicative of the ongoing performance of its core operations, or strategic / financial transactional professional fees. Adjusted Net Income represents Net Income adjusted to exclude the same non-cash, one-time items, or strategic / financial transactional professional fees. EBITDA, Adjusted EBITDA and Adjusted Net Income are included in this press release because they are used by management and certain investors as measures of operating performance. EBITDA, Adjusted EBITDA and Adjusted Net Income are used by analysts in the shipping industry as common performance measures to compare results across peers. The Company's management uses EBITDA, Adjusted EBITDA and Adjusted Net Income as performance measures and they are also presented for review at the Company's board meetings. EBITDA, Adjusted EBITDA and Adjusted Net Income are not items recognized by accounting principles generally accepted in the United States of America (GAAP), and should not be considered as alternatives to net income, operating income, cash flow from operating activity, or any other indicator of a company's operating performance or liquidity required by GAAP. The definitions of EBITDA, Adjusted EBITDA and Adjusted Net Income used here may not be comparable to those used by other companies. These definitions are also not the same as the definition of EBITDA, Adjusted EBITDA and Adjusted Net Income used in the financial covenants in the Company's debt instruments. Set forth below is the EBITDA, Adjusted EBITDA and Adjusted Net Income reconciliation:













Reconciliation Tables














Please see below for a reconciliation of the following adjusted amounts to Net Income / (Loss)





















Three Months Ended



Nine Months Ended




Sep-15


Sep-14



Sep-15


Sep-14



Net Income / (Loss)

$        33,228


$      (14,282)



$        84,048


$      (40,105)














+ Goodwill Impairment 

-


-



-


1,249



+ Stock-based compensation expense

1,543


247



11,607


968



+ Vessel Impairment & Loss on disposal of vessels and vessel equipment

101


274



248


8,309



+ Closing of Portugal office

146


536



507


4,757



+ Other financing costs

-


-



6,040


-



+ Non-cash G&A expenses, excluding stock-based compensation expense

78


(115)



1,004


362



+ Transactional professional fees unable to be capitalized

1,419


-



1,309


-



Net Income / (Loss), adjusted

$        36,515


$      (13,340)



$      104,764


$      (24,460)














Weighted average shares outstanding, basic, in thousands

81,757


33,273



56,207


29,556



Weighted average shares outstanding, diluted, in thousands

82,479


33,273



56,448


29,556














Basic net income / (loss) per share, adjusted

$            0.45


$          (0.40)



$            1.86


$          (0.83)



Diluted net income / (loss) per share, adjusted

$            0.44


$          (0.40)





$          (0.83)














Please see below for a reconciliation of the following adjusted amounts to EBITDA






















Three Months Ended



Nine Months Ended




Sep-15


Sep-14



Sep-15


Sep-14



Net Income / (Loss)

$        33,228


$       (14,282)



$        84,048


$      (40,105)



+ Interest expense, net

193


7,816



11,133


22,090



+ Depreciation and amortization

11,600


11,665



-


34,341



EBITDA

$        45,021


$          5,199



$        95,181


$        16,326














+ Goodwill Impairment 

$                  -


$                  -



$                  -


$          1,249



+ Stock-based compensation expense

1,543


247



11,607


968



+ Vessel Impairment & Loss on disposal of vessels and vessel equipment

101


274



248


8,309



+ Closing of Portugal office

146


536



507


4,757



+ Other financing costs

-


-



6,040


-



+ Non-cash G&A expenses, excluding stock-based compensation expense

78


(115)



1,004


362



+ Transactional professional fees unable to be capitalized

1,419


-



1,309


-



EBITDA, adjusted

$        48,307


$          6,141



$      115,896


$       31,971













 

Conference Call Information

A conference call to discuss the results will be held tomorrow, November 10, 2015 at 8:00 a.m. ET. The conference call can be accessed live by dialing 1-877-407-3982, or for international callers, 1-201-493-6780, and requesting to be joined into the Gener8 Maritime call. A replay will be available at 11:00 a.m. ET and can be accessed by dialing 1-­877-870-5176, or for international callers, 1-858-384-5517. The pass code for the replay is 13622795. The replay will be available until November 17, 2015.

A live webcast of the conference call will also be available under the investor relations section at www.gener8maritime.com. The Company plans to place additional materials related to the earnings announcement, including a slide presentation, on its website prior to the conference call.

About Gener8 Maritime

As of November 1, 2015, Gener8 Maritime has a fully-delivered fleet of 47 vessels, including one time-chartered-in VLCC. Gener8's owned fleet is comprised of 18 VLCC newbuildings and 28 vessels on the water consisting of 10 VLCCs, 11 Suezmaxes, four Aframaxes, two Panamax tankers, and one Handymax tanker, with a total carrying capacity of over 11.1 million deadweight tons ("DWT"), and average age on a DWT basis of less than 6 years upon delivery of the newbuildings. Gener8 Maritime is incorporated under the laws of the Marshall Islands and headquartered in New York.

Website Information

The Company intends to use its website, www.gener8maritime.com, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Such disclosures will be included in its website's Investor Relations section. Accordingly, investors should monitor the Investor Relations portion of the Company's website, in addition to following its press releases, filings with the Securities and Exchange Commission (the "SEC"), public conference calls, and webcasts. To subscribe to the Company's e-mail alert service, please click the "Investor Alerts" link in the Investor Relations section of the Company's website and submit your email address. The information contained in, or that may be accessed through, the Company's website is not incorporated by reference into or a part of this document or any other report or document the Company files with or furnish to the SEC, and any references to the Company's website are intended to be inactive textual references only.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements, which are based on management's current expectations and observations. Included among the factors that, in the Company's view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following: (i) loss or reduction in business from the Company's significant customers; (ii) the failure of the Company's significant customers, pool managers or technical managers to perform their obligations owed to the Company; (iii) the loss or material downtime of significant vendors and service providers; (iv) the Company's failure, or the failure of the commercial managers of any pools in which the Company's vessels participate, to successfully implement a profitable chartering strategy; (v) changes in demand; (vi) a material decline or prolonged weakness in rates in the tanker market; (vii) changes in production of or demand for oil and petroleum products, generally or in particular regions; (viii) greater than anticipated levels of tanker newbuilding orders or lower than anticipated rates of tanker scrapping; (ix) changes in rules and regulations applicable to the tanker industry, including, without limitation, legislation adopted by international organizations such as the International Maritime Organization and the European Union or by individual countries; (x) actions taken by regulatory authorities; (xi) actions by the courts, the U.S. Coast Guard, the U.S. Department of Justice or other governmental authorities and the results of the legal proceedings to which the Company or any of its vessels may be subject; (xii) changes in trading patterns significantly impacting overall tanker tonnage requirements; (xiii) changes in the typical seasonal variations in tanker charter rates; (xiv) changes in the cost of other modes of oil transportation; (xv) changes in oil transportation technology; (xvi) increases in costs including without limitation: crew wages, insurance, provisions, repairs and maintenance; (xvii) changes in general political conditions; (xviii) changes in the condition of the Company's vessels or applicable maintenance or regulatory standards (which may affect, among other things, the Company's anticipated drydocking or maintenance and repair costs); (xix) changes in the itineraries of the Company's vessels; (xx) adverse changes in foreign currency exchange rates affecting the Company's expenses; (xxi) the fulfillment of the closing conditions under, or the execution of customary additional documentation for, the Company's agreements to acquire vessels and contemplated financing arrangements; (xxii) financial market conditions; (xxiii) sourcing, completion and funding of financing on acceptable terms; (xxiv) the Company's ability to comply with the covenants and conditions under the Company's debt obligations; (xxv) any negative perception of the Company's Chapter 11 bankruptcy reorganization in 2012 by investors, customers or other counterparties; (xxvi) other factors listed from time to time in the Company's filings with SEC, including, without limitation, the Company's prospectus dated June 24, 2015, filed with the SEC pursuant to rule 424(b) of the Securities Act on June 25, 2015, and its subsequent reports on Form 10-Q and Form 8-K, which are accessible on the SEC's website at www.sec.gov and which may be obtained by contacting the Company's investor relations department via the Company's website www.gener8maritime.com; and (xxvii) the impact of electing to take advantage of certain exemptions applicable to emerging growth companies. Gener8 Maritime, Inc. does not undertake any obligation to update or revise any forward-looking statements as a result of new information, future events, or otherwise.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/gener8-maritime-inc-announces-third-quarter-2015-financial-results-300175391.html

SOURCE Gener8 Maritime, Inc.


Source: PR Newswire (November 9, 2015 - 8:28 PM EST)

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