Shares in Gener8 Maritime flew out of the gate in New York today following the announcement of its planned share-for-share merger with Euronav.

TradeWinds broke news of the deal yesterday and after the transaction was confirmed by Euronav its chief executive Paddy Rodgers described it as the natural next step in consolidation of the big tanker market.

Dubbed the “deal of the cycle” by Credit Suisse analyst Greg Lewis, Euronav will become one of the top five VLCC player globally should it be signed off by Gener8 Shareholders.