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Tanker giant Gener8's IPO looks like a disappointment

Poor proceeds and a low number of ships in the water are some of the reasons that a New York IPO for newly established crude oil carrier Gener8 does not look set to become a capital feast in spite of a booming tanker market.

The New York IPO for the next major tanker carrier, Gener8 Maritime, a merger between General Maritime and Navig8 Crude Tankers, is awaited with interest from the US financial market and in parts of the shipping industry. But judging by the company's share pricing at USD 14, the IPO of a new giant in the currently booming tanker market looks set for a slightly disappointing finish.

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