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Gener8 Maritime in slight Q2 disappointment

Newly established tanker carrier Gener8 Maritime finished its first quarter as a listed carrier with a lower adjusted result than expected. Disappointing, says Fearnley.

Photo: Navig8

One of the biggest new players in the tanker market, Gener8 Maritime, exited the second quarter with an adjusted result of USD 35.9 million, due to lower financing costs than projected - but this result is still disappointing in light of the expected USD 37 million, notes analyst agency Fearnley. However, the result did surpass the analyst consensus of USD 33.2 million.

The carrier's net profit came to USD 19.9 million, up from a deficit of USD 33.3 million in the second quarter 2014, according to an interim report on Wednesday from the carrier that was established in February this year through the merger of General Maritime and Navig8 Crude.

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