The two companies General Maritime Corporation and Navig8 Crude Tankers will merge their crude oil activities in a move that will create one of the largest VLCC owners in the world. The merger is backed by US-based private equity fund Oaktree Capital Management, which allegedly plans to list the new company Gener8 Maritime Inc. as quickly as possible in light of the favorable market, not least a result of the low oil price.
The new company will control a combined fleet of 46 vessels, including 28 VLCC newbuildings and a fleet consisting mainly of Suezmaxes and Aframax vessels.
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