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.

Photo: Colourbox

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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