ShippingWatch

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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Stolt-Nielsen reports best quarterly profit in years

Norwegian Stolt-Nielsen, which has acquired shares in competitor Odfjell, benefitted from higher volumes and spot rates in the chemical tanker market and predicts further improvement in the market. The company is, however, not quite ready for ordering newbuilds.

Skuld opens new office in Tokyo

Skuld is to open a Japanese branch located in Tokyo. To lead the division, Skuld recruits former deputy general manager from Japan P&I Club.

Further reading

Related articles

Latest news

See all jobs