Core investors are underpinning the prospective Gener8 Maritime with a $125m liquidity lifeline in the event that the VLCC goliath is not able to quickly complete a sizeable initial public offering (IPO).
The agreement sees shareholders on each side of General Maritime Corp (Genmar)’s merger with Navig8 Crude Tankers provide a security blanket of sorts to a company that will be taking in 21 VLCC newbuildings over the next two years.
