Gener8 Maritime, Inc. Announces Amendment to its Sinosure Facility Agreement to Provide Financing for Two Additional Newbuild Vessels

NEW YORK, June 30, 2016 /PRNewswire/ -- Gener8 Maritime, Inc. (NYSE: GNRT) ("Gener8 Maritime"), a leading U.S.-based provider of international seaborne crude oil transportation services, today announced that it has entered into an amendment to an existing senior secured credit facility dated November 30, 2015 (the "Amended Sinosure Facility Agreement") to finance the delivery of the Chiotis and the Miltiades, the last two ECO VLCC newbuild vessels to be delivered from China's Shanghai Waigaoqiao Shipbuilding ("SWS").

Gener8 Maritime's Chairman, Peter Georgiopoulos, commented, "We are pleased to have completed the financing agreement for the Chiotis and the Miltiades within the expected time frame. While we expected to complete it, this agreement is noteworthy given the challenging financing environment faced by our industry."

"Following this amendment, we have secured requisite debt financing to fund our newbuilding program," added Leo Vrondissis, Gener8 Maritime's Chief Financial Officer.  "We have benefited from our broad relationships within the lending community as well as our strong financial profile, both of which have allowed Gener8 Maritime to access in excess of $2 billion in capital over the past year."

The Amended Sinosure Facility Agreement provides for up to $385.2 million in debt financing, with export credit insurance support from Sinosure, and carries a margin over LIBOR of 2.0% and a 15 year amortization profile.  Pursuant to the Amended Sinosure Facility Agreement, the debt financing will be secured by six Gener8 Maritime VLCC newbuildings built at SWS.

About Gener8 Maritime

As of June 30, 2016, Gener8 Maritime has a fleet of 45 wholly-owned vessels comprised of 28 VLCCs, including 10 newbuilds, 11 Suezmaxes, four Aframaxes, and two Panamax tankers. On a fully-delivered basis, Gener8 Maritime's fleet has a total carrying capacity of approximately 10.8 million deadweight tons ("DWT"), and average age of approximately five years on a DWT basis.  Gener8 Maritime is incorporated under the laws of the Marshall Islands and headquartered in New York.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations. Included among the factors that, in the view of Gener8 Maritime, Inc. (the "Company"), could cause actual results to differ materially from the forward-looking statements contained in this press release are the following: changes in the values of the Company's vessels, newbuildings or other assets; the fulfillment of the closing conditions under, or the execution of customary additional documentation for, the Company's agreements to acquire vessels and existing financing arrangements; financial market conditions; the Company's ability to complete and fund financing, and to comply with the covenants and conditions under its debt obligations; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission (the "SEC"), including without limitation, the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and its subsequent reports on Form 10-Q and Form 8-K. Gener8 Maritime, Inc. does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

SOURCE Gener8 Maritime, Inc.