Oaktree behind new US-based VLCC giant
Private equity fund Oaktree is serving as financial mastermind behind the merger of US-based General Maritime Corporation and Navig8 Crude Tankers into a new VLCC giant. The new company will likely be listed as soon as possible.
BY OLE ANDERSEN
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.
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