Euronav MI II (GNRT) 10-K 21 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Mar. 15, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	Gener8 Maritime, Inc.
Entity Central Index Key	1,443,799
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 426.5
Entity Common Stock, Shares Outstanding		82,679,922
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 157,535	$ 147,303
Restricted cash		660
Due from charterers, net	13,611	50,007
Due from Navig8 pools, net	38,086
Assets held for sale	16,999
Prepaid expenses and other current assets	31,897	32,692
Total current assets	258,128	230,662
NONCURRENT ASSETS:
Vessels, net of accumulated depreciation of $147,129 and $109,235, respectively	1,086,877	814,528
Vessels under construction	911,017	257,581
Other fixed assets, net	4,664	2,985
Deferred drydock costs, net	17,875	14,361
Working capital at Navig8 pools	26,000
Restricted cash	1,425
Goodwill	26,291	27,131
Other assets	57,469	11,872
Total noncurrent assets	2,131,618	1,128,458
TOTAL ASSETS	2,389,746	1,359,120
CURRENT LIABILITIES:
Accounts payable and accrued expenses	133,248	52,770
Long-term debt, current portion	135,367
Total current liabilities	268,615	52,770
NONCURRENT LIABILITIES:
Long term debt	821,687	797,164
Less unamortized discount and debt financing cost	(48,964)	(8,134)
Long-term debt less unamortized discount and debt financing cost	772,723	789,030
Other noncurrent liabilities	647	171
Total noncurrent liabilities	773,370	789,201
TOTAL LIABILITIES	$ 1,041,985	$ 841,971
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock	$ 827
Preferred stock
Paid-in capital	$ 1,509,688	$ 809,477
Accumulated deficit	(163,421)	(292,990)
Accumulated other comprehensive income	667	329
Total shareholders' equity	1,347,761	517,149
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,389,746	1,359,120
Class A common stock
SHAREHOLDERS' EQUITY:
Common stock		113
Class B common stock
SHAREHOLDERS' EQUITY:
Common stock		$ 220

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Vessels, accumulated depreciation (in dollars)	$ 147,129	$ 109,235
Common stock, par value (in dollars per share)	$ 0.01
Common stock, authorized shares	225,000,000
Common stock, issued shares	82,679,922
Common stock, outstanding shares	82,679,922
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred stock, outstanding shares	0	0
Class A common stock
Common stock, par value (in dollars per share)		$ 0.01
Common stock, authorized shares		50,000,000
Common stock, issued shares		11,270,196
Common stock, outstanding shares		11,270,196
Class B common stock
Common stock, par value (in dollars per share)		$ 0.01
Common stock, authorized shares		30,000,000
Common stock, issued shares		22,002,998
Common stock, outstanding shares		22,002,998

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
VOYAGE REVENUES:
Time charter revenues	$ 28,707	$ 10,894	$ 16,166
Spot charter revenues	251,584	381,515	340,503
Navig8 pools revenues, net	149,642
Total voyage revenues	429,933	392,409	356,669
OPERATING EXPENSES:
Voyage expenses	95,306	239,906	259,982
Direct vessel operating expenses	85,521	84,209	90,297
Navig8 pool charterhire expenses	11,324
General and administrative	36,379	22,418	21,814
Depreciation and amortization	47,572	46,118	45,903
Goodwill impairment	0	2,099
Goodwill write-off for sales of vessels		1,249	1,068
Loss on impairment of vessels held for sale	520		2,048
Loss on disposal of vessel and vessel equipment	805	8,729	2,452
Closing of Portugal office	507	5,123
Total operating expenses	277,934	409,851	423,564
OPERATING INCOME (LOSS)	151,999	(17,442)	(66,895)
OTHER EXPENSES:
Interest expense, net	(15,982)	(29,849)	(34,643)
Other financing costs	(6,044)
Other (expense) income, net	(404)	207	465
Total other expenses	(22,430)	(29,642)	(34,178)
NET INCOME (LOSS)	$ 129,569	$ (47,084)	$ (101,073)
INCOME (LOSS) PER COMMON SHARE:
Basic (in dollars per share)	$ 2.06	$ (1.54)	$ (8.64)
Diluted (in dollars per share)	$ 2.05	$ (1.54)	$ (8.64)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 129,569	$ (47,084)	$ (101,073)
Other comprehensive income:
Foreign currency translation adjustments	338	190	57
Total other comprehensive income	338	190	57
Comprehensive income (loss)	$ 129,907	$ (46,894)	$ (101,016)

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock.Class B common stock	Common Stock.	Preferred Stock	Paid-In CapitalClass B common stock	Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Class B common stock	Total
Balance at Dec. 31, 2012		$ 112			$ 402,728	$ (143,667)	$ 82		$ 259,255
Increase (Decrease) in Shareholders' Equity
Net income (loss)						(101,073)		$ (5,091)	(101,073)
Foreign currency translation adjustments							57		57
Issuance of 102,227 shares of common stock to settle a payable		1			2,828				2,829
Issuance of 10,146 shares of preferred stock			$ 10,146		(331)				9,815
Conversion of 10,146 shares of preferred stock to 611,468 shares of Class B common stock			$ (10,146)		11,312	(1,166)
Issuance of shares of common stock	$ 113			$ 193,329				193,442
Stock based compensation					1,365				1,365
Balance at Dec. 31, 2013		226			611,231	(245,906)	139		365,690
Increase (Decrease) in Shareholders' Equity
Net income (loss)						(47,084)		(29,682)	(47,084)
Foreign currency translation adjustments							190		190
Issuance of shares of common stock	$ 107			$ 197,031				$ 197,138
Stock based compensation					1,215				1,215
Balance at Dec. 31, 2014		333			809,477	(292,990)	329		517,149
Increase (Decrease) in Shareholders' Equity
Net income (loss)						129,569			129,569
Foreign currency translation adjustments							338		338
Issuance of 31,465,989 shares of common stock to acquire 2015 VLCC Newbuildings		314			464,282				464,596
Issuance of 483,970 shares of common stock for share purchase commitment		5			6,035				6,040
Issuance of shares of common stock		150			189,657				189,807
Issuance of 574,546 shares of common stock for vested 2015 restricted stock units		6			(6)
Issuance of 1,882,223 shares of common stock for exercise of over-allotment option		19			24,619				24,638
Stock based compensation					12,243				12,243
Issuance of 2015 warrants					3,381				3,381
Balance at Dec. 31, 2015		$ 827			$ 1,509,688	$ (163,421)	$ 667		$ 1,347,761

CONSOLIDATED STATEMENT OF SHAR7

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Issuance of shares of common stock to settle a payable (in shares)			102,227
Common stock shares issued to acquire VLCC vessels (in shares)	31,465,989
Issuance of shares pursuant to purchase commitment (in shares)	483,970
Issuance of common stock (in shares)	15,000,000
Issuance of common stock for vested 2015 restricted stock units (in shares)	574,546
Issuance of common stock for exercise of over-allotment option (in shares)	1,882,223
Common Stock. | Class B common stock
Issuance of common stock upon conversion of preferred stock (in shares)			611,468
Issuance of common stock (in shares)		10,688,828	10,702,702
Preferred Stock
Conversion of preferred stock into common stock (in shares)			10,146
Issuance of common stock (in shares)			10,146

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 129,569	$ (47,084)	$ (101,073)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss on disposal of vessel and vessel equipment	805	8,729	2,452
Loss on impairment of vessels held for sale	520		2,048
Goodwill write-off for sales of vessels		1,249	1,068
Goodwill impairment	0	2,099
Payment-in-kind interest expense	5,220	7,354
Depreciation and amortization	47,572	46,118	45,903
Amortization of fair value of related-party chartered-in vessel	2,610
Amortization of deferred financing costs	3,294	737	201
Write-off of commitment premium shares	6,040		24
Net unrealized gain on derivative financial instrument			(1,964)
Stock-based compensation expense	12,243	1,215	1,365
Provision for bad debts	3,764	1,990	2,005
Changes in assets and liabilities:
(Increase) decrease in due from charterers	32,633	(6,388)	(25,411)
Increase in due from Navig8 pools	(36,209)	0
Decrease in prepaid expenses and other current and noncurrent assets	18,880	10,960	(4,748)
Increase in working capital at Navig8 pools	(26,000)
Decrease in accounts payable and other current and noncurrent liabilities	(35,731)	(25,989)	44,442
Decrease in deferred voyage revenue			(1,534)
Deferred drydock costs incurred	(9,321)	(12,787)	(5,250)
Net cash provided by (used in) operating activities	155,889	(11,797)	(40,472)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for purchase of VLCC Newbuildings	(389,958)	(248,623)
Payment of professional fees for 2015 merger	(10,295)	0
Payment of capitalized interest	(20,016)	(6,629)
Proceeds from sale of vessels		22,703	7,546
Cash at Navig8 Crude upon merger	28,876
Deposit of cash merger consideration	(1,187)
Restricted cash	(765)
Purchase of vessel improvements and other fixed assets	(5,513)	(5,470)	(3,244)
Net cash (used in) provided by investing activities	(398,858)	(238,019)	4,302
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facilities and senior notes	829,892	125,020	18,870
Repayments of credit facilities	(746,747)	(21,371)	(116,140)
Proceeds from issuance of common stock	236,351	197,743	198,000
Proceeds from issuance of preferred stock			10,146
Payment of underwriters' commission	(15,363)
Payment of common stock issuance costs	(6,543)	(1,621)	(3,908)
Payment of preferred issuance costs			(331)
Deferred financing costs paid	(44,727)	(354)	(1,736)
Net cash provided by financing activities	252,863	299,417	104,901
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	338	(5)	55
NET INCREASE IN CASH AND CASH EQUIVALENTS	10,232	49,596	68,786
CASH AND CASH EQUIVALENTS, beginning of period	147,303	97,707	28,921
CASH AND CASH EQUIVALENTS, end of period	157,535	147,303	97,707
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION -
Cash paid during the period for interest, net of capitalized interest	$ 9,240	$ 22,157	$ 35,691

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF BUSINESS— Incorporated on August 1, 2008, under the Laws of Republic of the Marshall Islands, Gener8 Maritime, Inc. (formerly named General Maritime Corporation) and its wholly-owned subsidiaries (collectively, the “Company”, “We” or “Our”) provides international transportation services of seaborne crude oil and petroleum products. The Company’s owned fleet at December 31, 2015 consisted of twenty eight tankers in operation ( eleven Very Large Crude Carriers (“VLCCs”), eleven Suezmax tankers, four Aframax tankers and two Panamax tankers and 18 newbuilding VLCCs under construction. Additionally, pursuant to a time charter which is currently anticipated to expire in March 2016, the Company has chartered-in a VLCC vessel from a related party. The Company operates its business in one reportable segment, which is the transportation of international seaborne crude oil and petroleum products. The Company’s vessels are primarily available for charter on a spot voyage or time charter basis and for employment in commercial pools. Under a spot voyage charter, which generally lasts from several days to several months, the owner of a vessel agrees to provide the vessel for the transport of specific goods between specific ports in return for the payment of an agreed-upon freight per ton of cargo or, alternatively, for a specified total amount. All operating and specified voyage costs are paid by the owner of the vessel. A time charter involves placing a vessel at the charterer’s disposal for a set period of time, generally one to three years, during which the charterer may use the vessel in return for the payment by the charterer of a specified daily or monthly hire rate. In time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel, canal and port charges are paid by the charterer. The Company is party to certain commercial pooling arrangements. Commercial pools are designed to provide for effective chartering and commercial management of similar vessels that are combined into a single fleet to improve customer service, increase vessel utilization and capture cost efficiencies. On May 7, 2015, the Company consummated a merger (“2015 merger”) pursuant to an agreement between Gener8 Maritime Acquisition, Inc., a wholly owned subsidiary of the Company, Navig8 Crude Tankers, Inc. and the equity holders’ representatives named therein. As a result of the 2015 merger, Gener8 Maritime Subsidiary Inc. (formerly known as Navig8 Crude Tankers, Inc.) became a wholly owned subsidiary of the Company, and the Company’s name was changed from General Maritime Corporation to Gener8 Maritime, Inc. (see Note 6, 2015 Merger ). During the year ended December 31, 2015, and subsequent to the 2015 merger, the Company changed its fleet’s deployment strategy and entered all of its vessels, with the exception of two VLCCs that remained on time charter, two Panamax vessels and one Handymax vessel that remained in the spot market, into the Navig8 commercial crude tanker pools. These pools are VL8 pool, into which the Company entered eight VLCC vessels, Suez8 pool, into which the Company entered eleven Suezmax vessels and V8 pool into which the Company entered four Aframax vessels. Accordingly, the Company restructured its business reporting model around each vessel’s class. The Company’s operations are principally managed on a vessel class basis. Each of the Company’s vessel classes serve the same type of customer, have similar operation and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. The Company operates its business in one reportable business segment, which is the transportation of international seaborne crude oil and petroleum products. The new reporting structure is aligned to the internal management reporting, reviewe d by the chief operating decision maker. BASIS OF PRESENTATION —The financial statements of the Company have been prepared on the accrual basis of accounting and presented in United States Dollars (“USD” or “$”) which is the functional currency of the Company. A summary of the significant accounting policies followed in the preparation of the accompanying financial statements, which conform to Generally Accepted Accounting Principles (“GAAP”) in the United States of America, is presented below. PRIOR PERIOD RECLASSIFICATION — During the fourth quarter of 2015, the Company elected to adopt Accounting Standards Codification Update No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The election requires retrospective application to all prior periods presented in the financial statements and represents a change in accounting principle. The adoption of ASU 2015-03 resulted in the reclassification of debt issuance costs from deferred financing costs in other assets to a reduction to the carrying amount of the related debt liability within the Company’s consolidated balance sheets. The following table summarizes the change in presentation related to the adoption of ASU 2015-03: December 31, 2014 December 31, 2014 (dollars in thousands) (As previously reported) (After adoption) NONCURRENT ASSETS: Deferred financing costs, net $ $ — NONCURRENT LIABILITIES: Long-term debt (1) $ $ Less unamortized discount and debt financing costs — Long-term debt less unamortized discount and debt financing costs $ $ (1) 2014 loan balance noted as previously reported was presented net of $6.3 million of discount on the Senior Notes. PRINCIPLES OF CONSOLIDATION —The accompanying consolidated financial statements include the accounts of Gener8 Maritime Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation . Cash and cash equivalents — The Company considers highly liquid investments such as money market funds and certificates of deposit with an original maturity of three months or less to be cash equivalents. Allowance for doubtful accounts —The Company provides a reserve for freight and demurrage revenues based upon historical collection trends. The Company provides a general reserve based on aging of receivables, in addition to specific reserves on certain long-aged or doubtful receivables. REVENUE AND EXPENSE RECOGNITION —Revenue and expense recognition policies for spot market voyage charters, time charters and pool revenues are as follows: SPOT MARKET VOYAGE CHARTERS. Spot market voyage revenues are recognized on a pro rata basis based on the relative transit time in each period. The period over which voyage revenues are recognized commences at the time the vessel departs from its last discharge port and ends at the time the discharge of cargo at the next discharge port is completed. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. The Company does not recognize revenue when a vessel is off hire. Estimated losses on voyages are provided for in full at the time such losses become evident. Voyage expenses primarily include only those specific costs which are borne by the Company in connection with voyage charters which would otherwise have been borne by the charterer under time charter agreements. These expenses principally consist of fuel, canal and port charges which are generally recognized as incurred. Demurrage income represents payments by the charterer to the vessel owner when loading and discharging time exceed the stipulated time in the spot market voyage charter. Demurrage income is measured in accordance with the provisions of the respective charter agreements and the circumstances under which demurrage claims arise and is recognized on a pro rata basis over the length of the voyage to which it pertains. Direct vessel operating expenses are recognized when incurred. At December 31, 2015 and December 31, 2014, the Company has a reserve of approximately $5,761 and $2,100 , respectively, against its due from charterers balance associated with voyage revenues, including freight and demurrage revenues. TIME CHARTERS. Revenue from time charters is recognized on a straight ‑line basis over the term of the respective time charter agreement. Direct vessel operating expenses are recognized when incurred. Time charter agreements require, among others, that the vessels meet specified speed and bunker consumption standards. The Company believes that there may be unasserted claims relating to its time charters of $527 and $1,455 as of December 31, 2015 and December 31, 2014, respectively, for which the Company has reduced its amounts due from charterers to the extent that there are amounts due from charterers with asserted or unasserted claims or as an accrued expense to the extent the claims exceed amounts due from such charterers. POOL REVENUES. Pool revenue is determined in accordance with the terms specified within each pool agreement. In particular, the pool manager aggregates the revenues and expenses of all of the pool participants and distributes the net earnings to participants based on the following allocation key: · The pool points (vessel attributes such as cargo carrying capacity, fuel consumption and construction characteristics are taken into consideration); and · The number of days the vessel participated in the pool in the period. Vessels are chartered into the pool and receive net time charter revenue in accordance with the pool agreement. The time charter revenue is variable depending upon the net result of the pool and the pool points and trading days for each vessel. The pool has the right to enter into voyage and time charters with external parties for which it receives freight and related revenue. It also incurs voyage costs such as bunkers, port costs and commissions. At the end of each period, the pool aggregates the revenue and expenses for all the vessels in the pool and distributes net revenue to the participants based on the results of the pool and the allocation key. The Company recognizes net pool revenue on a monthly basis, when the vessel has participated in a pool during the period and the amount of pool revenue for the month can be estimated reliably. CHARTERHIRE EXPENSE —Charterhire expense is the amount the Company pays the vessel owner for time chartered-in vessel. The amount is usually for a fixed period of time at charter rates that are generally fixed, but may contain a variable component based on inflation, interest rates, profit sharing, or current market rates. The vessel’s owner is responsible for crewing and other vessel operating costs. Charterhire expense is recognized ratably over the charterhire period. VESSELS, NET —Vessels, net is stated at cost, which was adjusted to fair value pursuant to fresh-start reporting when applicable, less accumulated depreciation. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from date of initial delivery from the shipyard. If regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life would be adjusted, if necessary, at the date such regulations are adopted. Depreciation is based on cost, which was adjusted to fair value pursuant to fresh-start reporting when applicable, less the estimated residual scrap value. Depreciation expense of vessel assets for the years ended December 31, 2015, 2014 and 2013 totaled $41,621 , $42,419 and $44,096 , respectively. Undepreciated cost of any asset component being replaced is written off as a component of Loss on disposal of vessels and vessel equipment. Expenditures for routine maintenance and repairs are expensed as incurred. Vessel equipment is depreciated over the shorter of 5 years or the remaining life of the vessel. Effective January 1, 2015, the Company increased the estimated residual scrap value of the vessels from $265 /LWT (light weight ton) to $325 /LWT prospectively based on the 15 ‑year average scrap value of steel. The change in the estimated residual scrap value will result in a decrease in depreciation expense over the remaining lives of the vessel assets. During the year ended December 31, 2015, the effect of the increase in the estimated residual scrap value was to decrease depreciation expense and to increase net income by approximately $2,802 , and to increase net income per basic and diluted common share by $0.05 . VESSELS UNDER CONSTRUCTION — Vessels under construction represents the cost of acquiring contracts to build vessels, installments paid to shipyards, certain other payments made to third parties and interest costs incurred during the construction of vessels (until the vessel is substantially complete and ready for its intended use). During the years ended December 31, 2015 and 2014, the Company capitalized interest expense associated with vessels under construction of $35.2 million and $9.0 million, respectively. OTHER FIXED ASSETS, NET. Other fixed assets, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the following estimated useful lives: DESCRIPTION USEFUL LIVES Furniture and fixtures 10 years Vessel and computer equipment 5 years REPLACEMENTS, RENEWALS AND BETTERMENTS. The Company capitalizes and depreciates the costs of significant replacements, renewals and betterments to its vessels over the shorter of the vessel’s remaining useful life or the life of the renewal or betterment. The amount capitalized is based on management’s judgment as to expenditures that extend a vessel’s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are written off as a component of direct vessel operating expense during the period incurred. Expenditures for routine maintenance and repairs are expensed as incurred. GOODWILL — T he Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350-20-35, Intangibles— Goodwill and Other . This statement requires that goodwill and intangible assets with indefinite lives be tested for impairment at least annually or when there is a triggering event and written down with a charge to operations when the carrying amount of the reporting unit that includes goodwill exceeds the estimated fair value of the reporting unit. If the carrying value of the goodwill exceeds the reporting unit’s implied goodwill, such excess must be written off. Goodwill as of December 31, 2015 and 2014 was $26.3 million and $27.1 million, respectively . It was determined that there was no goodwill impairment during the year ended December 31, 2015. As of December 31, 2015, we transferred $0.8 million of goodwill, related to Gener8 Consul , to assets held for sale for the anticipated sale. During the year ended December 31, 2014, the Company recorded $2.1 million of goodwill impairment as a result of the annual assessment. Goodwill of $1.2 million (related to one vessel sold in July 2014) and $1.1 million (relating to one vessel sold in October 2013 and another sold in February 2014), respectively, was written off during the years ended December 31, 2014 and 2013. IMPAIRMENT OF LONG ‑LIVED ASSETS —The Company follows FASB ASC 360 ‑10 ‑05, Accounting for the Impairment or Disposal of Long ‑Lived Assets , which requires impairment losses to be recorded on long ‑lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the asset’s carrying amount. In the evaluation of the future benefits of long ‑lived assets, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long ‑lived assets. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value. The Company estimates fair value primarily through the use of third party valuations performed on an individual vessel basis. Various factors, including the use of trailing 10 ‑year industry average for each vessel class to forecast future charter rates and vessel operating costs, are included in this analysis. It was determined that there was no indicator of impairment for any vessel for 2015 and 2014. During 2013, the Company recorded $2.0 million of impairment loss related to one vessel sold in February 2014. DEFERRED DRYDOCK COSTS, NET —Approximately every thirty to sixty months, the Company’s vessels are required to be dry ‑docked for major repairs and maintenance, which cannot be performed while the vessels are operating. The Company defers costs associated with the drydocks as they occur and amortizes these costs on a straight ‑line basis over the estimated period between drydocks. Amortization of drydock costs is included in depreciation and amortization in the consolidated statements of operations. For the years ended December 31, 2015, 2014 and 2013, amortization was $5,113 , $2,773 and $1,107 , respectively. Accumulated amortization as of December 31, 2015 and 2014 was $8,787 (net of $364 write-off to assets held for sale related to Gener8 Consul) and $4,038 , respectively. The Company only includes in deferred drydock costs those direct costs that are incurred as part of the drydock to meet regulatory requirements, or that are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydock or not, are expensed as incurred. DEFERRED FINANCING COSTS, NET —Deferred financing costs include bank fees and legal expenses associated with securing new loan facilities. These costs are amortized based upon the effective interest rate method over the life of the related debt, which is included in interest expense. Amortization for the years ended December 31, 2015 2014, and 2013 was $3,294 , $737 and $201 , respectively. During the year ended December 31, 2015, the Company adopted ASU 2015-03, which resulted in the reclassification of debt issuance costs from deferred financing costs in other assets to a reduction in the carrying amount of the related debt liability within the Company’s consolidated balance sheets . ACCOUNTING ESTIMATES —The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. WARRANTS —The Company calculates the fair value of warrants utilizing a valuation model to which Monte Carlo simulations and the Black-Scholes option pricing model are applied. The model projects future share prices based on a risk-neutral framework. The parameters used include inception date, share price, subscription price, lifetime, expected volatility (estimated based on historical share prices of similar listed companies) and expected dividends. The amount of share-based compensation recognized during a period is based on the fair value of the award at the time of issuance. SHARE-BASED COMPENSATION – STOCK OPTIONS —The Company calculates the fair value of stock options utilizing the Black-Scholes option pricing model. The parameters used include grant date, share price, exercise price, risk-free interest rate, expected option life, expected volatility (estimated based on historical share prices of similar listed companies) and expected dividends. The amount of share-based compensation recognized during a period is based on the fair value of the award at the time of issuance over the vesting period of the option. INTEREST EXPENSE, NET —The Company follows the provisions of FASB ASC 835-20-30, Capitalization of Interest , to capitalize interest cost as part of the historical cost of acquiring certain assets. The amount of interest cost to be capitalized for qualifying assets is intended to be that portion of the interest cost incurred during the assets’ acquisition periods that theoretically could have been avoided (for example, by avoiding additional borrowings or by using the funds expended for the assets to repay existing borrowings) if expenditures for the assets had not been made. The notion of interest on borrowings as an avoidable cost does not require that the practicability of repaying individual borrowings be considered. The amount capitalized in an accounting period is determined by applying the capitalization rate to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period are based on the rates applicable to borrowings outstanding during the period. If an entity’s financing plans associate a specific new borrowing with a qualifying asset, the entity may use the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset that does not exceed the amount of that borrowing. If average accumulated expenditures for the asset exceed the amounts of specific new borrowings associated with the asset, the capitalization rate to be applied to such excess is a weighted average of the rates applicable to other borrowings of the entity. NET INCOME (LOSS) PER SHARE— Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised using the treasury stock method. FAIR VALUE OF FINANCIAL INSTRUMENTS— With the exception of the Company’s Senior Notes, the estimated fair values of the Company’s financial instruments approximate their individual carrying amounts as of December 31, 2015 and 2014 due to the short-term or variable-rate nature of the respective borrowings. CONCENTRATION OF CREDIT RISK —Financial instruments that potentially subject the Company to concentrations of credit risk are amounts due from charterers. During the year ended December 31, 2015, the Company placed the majority of its vessels in the Navig8 Group commercial vessel pools (for further details, see Note 20, related party transactions ). As a result, a significant portion of the Company’s shipping revenue were derived from these pools during this period. With respect to accounts receivable, the Company limits its credit risk by performing ongoing credit evaluations and, when deemed necessary, requires letters of credit, guarantees or collateral. During the year ended December 31, 2015, the Company earned approximately 34.8% from Navig8 Group pools. During the years ended December 31, 2014 and 2013, the Company earned 15.2% and 12.2% , respectively, of its revenues from one customer. The Company maintains substantially all of its cash and cash equivalents with two financial institutions. None of the Company’s cash balances are covered by insurance in the event of default by these financial institutions. FOREIGN CURRENCY TRANSACTIONS —Gains and losses on transactions denominated in foreign currencies are recorded within the consolidated statements of operations as components of general and administrative expenses or other expense depending on the nature of the transactions to which they relate. TAXES —The Company is incorporated in the Republic of the Marshall Islands. Pursuant to the income tax laws of the Marshall Islands, the Company is not subject to Marshall Islands income tax. Additionally, pursuant to the U.S. Internal Revenue Code of 1986, as amended (the “Code”), the Company is exempt from U.S. income tax on its income attributable to voyages that do not begin or end in the U.S. The Company is generally not subject to state and local income taxation. Pursuant to various tax treaties, the Company’s shipping operations are not subject to foreign income taxes. As a result of change in ownership of the Company, effective May 17, 2012, the Company no longer qualified for an exemption pursuant to Section 883 of the Code, making the Company subject to U.S. federal tax on its shipping income that is derived from voyages that begin or end in the U.S., retroactive to the beginning of 2012. As a result of the Company’s Initial Public Offering (“IPO”), the Company in 2015 was again exempt from U.S. federal tax on all of its shipping income (including income attributable to voyages that begin or end in the U.S.). D uring 2014 and 2013, the Company recorded gross transportation tax of $1.2 million and $1.1 million, respectively, as a component of voyage expenses.

COMMON STOCK

COMMON STOCK	12 Months Ended
	Dec. 31, 2015
COMMON STOCK
COMMON STOCK	2. COMMON STOCK At the closing of the 2015 merger, the Company deposited into an account maintained by the 2015 merger exchange and paying agent, in trust for the benefit of Navig8 Crude’s former shareholders, 31,233,170 shares of the Company’s common stock and $4.5 million in cash. The number of shares and amount of cash deposited into such account was calculated based on an assumption that the former holders of 1% or less of Navig8 Crude’s shares would not be permitted under the 2015 merger agreement to receive shares of the Company as consideration and would receive cash instead. During the period from May 8, 2015 (post-merger) to December 31, 2015, all of these shares and 232,819 additional shares were issued to former shareholders of Navig8 Crude as merger consideration and $3.3 million of cash was returned to the Company from the trust account since the former holders of more than 99.0% of Navig8 Crude’s shares received shares of the Company as consideration. As of December 31, 2015, $1.2 million in cash and 31,465,989 shares were issued to former shareholders of Navig8 Crude as merger consideration. As of December 31, 2015, $29 of cash remained in the trust account. On June 30, 2015, the Company completed its IPO of 15,000,000 shares at $14.00 per share, which resulted in gross proceeds of $210,000 . After underwriting commissions, the Company received net proceeds of $196,350 . On July 17, 2015, following the exercise by the underwriters of the IPO of their over-allotment option to purchase 1,882,223 shares of common stock at the public offering price of $14.00 per share, the Company closed the issuance and sale of such shares, resulting in additional gross proceeds of $26,351 and net proceeds of $24,638 after underwriting commissions and other registration expenses. Additionally, the Company incurred $6.5 million of issuance costs. On June 24, 2015, in connection with the pricing of the Company’s IPO, the Company granted members of management restricted stock units (“RSUs”) on 1,663,660 shares of the Company’s common stock pursuant to the Company’s amended 2012 Equity Incentive Plan. The RSUs vest ratably in 20% increments or tranches on June 24, 2015, June 30, 2015, December 1, 2016, December 1, 2017 and December 1, 2018, subject for each increment to employment with the Company through the applicable vesting date for such increment. The shares for the first two vesting increments were issued within three business days after December 3, 2015 and the shares for the remaining vesting increments are expected to be issued within a similar short period of time following the vesting date for each of such increments. The RSUs were included in determining the diluted net income per share for the year ended December 31, 2015. The RSUs were not included in determining the basic net income per share for fiscal 2015 since there are certain circumstances, although remote, in which certain shares would not be issued. On December 3, 2015, the Company issued 574,546 shares in settlement of RSUs that had vested on June 24, 2015 and June 30, 2015. As of December 31, 2015, 44,919 RSUs had been forfeited and 953,279 shares may be issued in future years in settlement of vested RSUs, following the applicable vesting date for each increment.

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2015
Goodwill.
GOODWILL	3. GOODWILL Goodwill Accumulated impairment losses Net Amounts in thousands Balance as of January 1, 2014 $ $ (89,026) $ Write-off related to sale of vessels Impairment loss — (2,099) Balance as of December 31, 2014 Transfer to assets held for sale — Balance as of December 31, 2015 $ $ $ FASB ASC 350-20-35, Intangibles—Goodwill and Other, bases the accounting for goodwill on the units of the combined entity into which an acquired entity is integrated (those units are referred to as reporting units). A reporting unit is an operating segment as defined in FASB ASC 280, Disclosures about Segments of an Enterprise and Related Information, or one level below an operating segment. Prior to the change in the Company’s strategy to enter into external pools, the Company considered each vessel to be an operating segment and a reporting unit. The new reporting structure is aligned to the internal management reporting presented to the chief operating decision maker. FASB ASC 350-20-35 provides guidance for impairment testing of goodwill, which is not amortized. Other than goodwill, the Company does not have any other intangible assets that are not amortized. Goodwill is tested for impairment using a two-step process that begins with an estimation of the fair value of the Company’s reporting units. The first step is a screen for potential impairment and the second step measures the amount of impairment, if any. The first step involves a comparison of the estimated fair value of a reporting unit with its carrying amount. If the estimated fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is considered unimpaired. Conversely, if the carrying amount of the reporting unit exceeds its estimated fair value, the second step is performed to measure the amount of impairment, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined by allocating the estimated fair value of the reporting unit to the estimated fair value of its existing assets and liabilities in a manner similar to a purchase price allocation. The unallocated portion of the estimated fair value of the reporting unit is the implied fair value of goodwill. If the implied fair value of goodwill is less than the carrying amount, an impairment loss, equivalent to the difference, is recorded as a reduction of goodwill and a charge to operating expense. During the year ended December 31, 2015, the fair value of the reporting units utilized in testing goodwill for impairment was determined using the average of the two recent third-party independent valuations of the vessel included as a component of the reporting unit. The other assets and liabilities in a reporting unit were not significant and due to their short-term nature, approximated fair value. Step 1 consisted of determining and comparing the fair value of a reporting unit, to its carrying value. The Company assessed impairment prior to and after the redesignation of its operating segments. Subsequent to the redesignation of its operating segments, the Company aggregates vessels within each operating segment as they have similar economic characteristics, as they are all of the same vessel class and operate identically to other vessels in the operating segment. Based on performance of this test, it was determined that the fair value for each reporting unit was higher than the carrying value and therefore no goodwill impairment was recorded during the year ended December 31, 2015. Additionally, during the year ended December 31, 2015, the Company transferred $0.8 million of goodwill, related to Gener8 Consul, to Assets held for sale in the consolidated balance sheet. See Note 5, Assets held for sale. During the year ended December 31, 2014, the Company recorded a goodwill impairment charge of $2,099 to goodwill. Additionally, goodwill associated with one Suezmax vessel, which was sold in July 2014, of $1,249 was written-off during the year ended December 31, 2014.

INCOME (LOSS) PER COMMON SHARE

INCOME (LOSS) PER COMMON SHARE	12 Months Ended
	Dec. 31, 2015
INCOME (LOSS) PER COMMON SHARE
INCOME (LOSS) PER COMMON SHARE	4. INCOME (LOSS) PER COMMON SHARE The computation of basic income (loss) per share is based on the weighted-average number of common shares outstanding during the year. The computation of diluted earnings per share assumes the exercise of all dilutive stock options using the treasury stock method and the lapsing of restrictions on unvested restricted stock awards, for which the assumed proceeds upon lapsing the restrictions are deemed to be the amount of compensation cost attributable to future services and not yet recognized using the treasury stock method, to the extent dilutive. The reconciliation of basic to diluted income (loss) per common share was as follows (in thousands, except per share amounts): For the Years Ended December 31, 2015 2014 2013 New Common Stock Class A Class B Class A Class B Basic net income (loss) per share: Numerator: Allocation of net income (loss) applicable to common stock $ $ $ $ $ Denominator: Weighted-average shares outstanding, basic Basic net income (loss) per share $ $ $ $ $ Diluted net income (loss) per share: Numerator: Allocation of net income (loss) applicable to common stock $ $ $ $ $ Reallocation of net loss as a result of assumed conversion of Class B to Class A shares — — — Allocation of net income (loss) applicable to common stock $ $ $ $ $ Denominator: Weighted-average shares outstanding used in basic computation Add: Assumed conversion of Class B to Class A shares — — — Restricted stock units — — — — Weighted-average shares outstanding, diluted Diluted net income (loss) per share: $ $ $ $ $ On May 7, 2015, all shares of Class A Common Stock and Class B Common Stock were converted on a one -to- one basis to a single class of common stock. Options to purchase 343,662 shares of Class A Common Stock were excluded from the above calculation for the years ended December 31, 2015 and 2014, because the impact is anti-dilutive. Warrants to purchase 1,431,520 shares of new common stock and options to purchase 13,420 shares of new common stock were excluded from the above calculation for the year ended December 31, 2015, because certain market conditions have not been met. As a result of the conversion in 2015, and that both Class A Common Stock and Class B Common Stock had equal rights to earnings and losses, the 2015 presentation of net income per share combines Class A Common Stock, Class B Common Stock and new common stock.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	12 Months Ended
	Dec. 31, 2015
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE	5. ASSETS HELD FOR SALE On December 30 2015, the Company entered into an agreement to sell the 2004-built MR tanker Gener8 Consul for $17.5 million, gross proceeds. The transaction closed in the first quarter of 2016, resulting in proceeds (net of selling expenses) of $17.0 million. As a result of the expected sale in 2016, the Company recorded a loss of $0.5 million as Loss on impairment of vessels held for sale in the consolidated statement of operations. See Note 24, SUBSEQUENT EVENTS .

2015 MERGER

2015 MERGER	12 Months Ended
	Dec. 31, 2015
2015 Merger
2015 MERGER	6. 2015 MERGER On February 24, 2015, the Company entered into an Agreement and Plan of Merger (“2015 merger agreement”) with Gener8 Maritime Acquisition, Inc. (one of its wholly-owned subsidiaries, referred to as “Gener8 Acquisition”), Navig8 Crude Tankers, Inc. (“Navig8 Crude”) and each of the equityholders’ representatives named therein. Pursuant to the 2015 merger agreement, Gener8 Acquisition merged with and into Navig8 Crude, with Navig8 Crude continuing as the surviving corporation and our wholly-owned subsidiary and being renamed Gener8 Maritime Subsidiary Inc. or “Gener8 Subsidiary.” Navig8 Crude’s former shareholders that are determined by the Company, based on certifications received by the Company from such shareholders following the closing of the 2015 merger, to be permitted to receive shares of the Company’s common stock pursuant to the Securities Act under the 2015 merger agreement are entitled to receive 0.8947 shares of our common stock for each common share of Navig8 Crude they owned immediately prior to the consummation of the transactions contemplated under the 2015 merger agreement. Navig8 Crude’s former shareholders that are not determined to be permitted to receive shares of the Company’s common stock pursuant to the Securities Act under the 2015 merger agreement (such as shareholders that are not “accredited investors”) are entitled to receive cash in an amount equal to the number of shares of the Company’s common stock such shareholder would have received multiplied by $14.348 . Concurrently with the 2015 merger, the Company filed with the Registrar of Corporations of the Republic of the Marshall Islands its Third Amended and Restated Articles of Incorporation to, among other things, increase the Company’s authorized capital, reclassify the Company’s common stock into a single class of common stock and change the Company’s legal name to “Gener8 Maritime, Inc.” The Company follows the guidance of Financial Accounting Standards Board, or “FASB,” Accounting Standards Codification, or “ASC,” Topic 805, Business Combinations. Pursuant to this, the Company accounted for the 2015 merger as an asset acquisition after considering the following factors: i) Navig8 Crude’s assets at the date of the merger consisted almost exclusively of contracts for 14 VLCC newbuildings under construction and cash. The primary purpose for the merger was to acquire these newbuildings for the Company’s fleet. Delivery of these newbuildings is scheduled to occur over a period which began in the third quarter of 2015 and ending in the first quarter of 2017, and thus these newbuildings have had no operating history. The sole operating activities of Navig8 Crude since its inception were the chartering in of two vessels from a related party and the chartering out of such vessels to Navig8 Crude’s former sponsor’s VL8 pool. Navig8 Crude does not own the vessels, the vessels are not being acquired as part of the merger, and Navig8 Crude did not perform any of the processes relative to these vessels, as they were commercially managed by the VL8 pool and technical management was the responsibility of the vessels’ owner. One of these charters was a six month charter that terminated on July 9, 2014, well before the merger, and the other will expire in March 2016 with no option to renew. The Company does not consider the prior activity to be significant. ii) No employees, processes or operating vessels: Navig8 Crude has no employees, and the Company intends to outsource the commercial management of the newbuildings to one or more vessel pools once the completed vessels are delivered and will need to provide technical management to the vessels. Navig8 Crude does not have any processes of its own and no employees or operating vessels were transferred as part of the merger. Additionally, substantially all acquired assets are newbuildings that were under construction, without substantial additional capital to be provided by the Company, such assets are not capable of producing outputs. The assets acquired through the 2015 merger primarily included 14 newbuilding VLCC vessels under construction, one time chartered-in VLCC vessel which is currently anticipated to expire in March 2016, and cash and cash equivalents. These assets were recorded on May 7, 2015 at cost, which approximates fair value, and the common stock issued on such date for the benefit of Navig8 Crude’s former shareholders was recorded based on costs of net assets acquired. The assets acquired and the liabilities assumed from Navig8 Crude were recorded at cost, which approximates fair value, and included the following: Cash and cash equivalents $ Due from Navig8 pools, net Prepaid expenses and other current assets Vessels under construction Other assets (noncurrent) Accounts payable and accrued expenses Pursuant to the 2015 merger agreement, the Company deposited at the closing of the 2015 merger $4.5 million and 31,233,170 shares of its common stock into a trust account with Computershare Trust Company, N.A. for the benefit of Navig8 Crude’s shareholders. See Note 2, Common Stock . Immediately following the consummation of the 2015 merger on May 7, 2015, the Company’s shareholders prior to the 2015 merger owned approximately 34.9 million, or 52.55% , of the shares of its common stock and Navig8 Crude’s shareholders prior to the 2015 merger owned approximately 31.5 million, or 47.45% of the shares of the Company’s common stock. Until twenty-four months following the anniversary of the closing of the 2015 merger, the Company is required, subject to a maximum amount of $75.0 million and a deductible of $5.0 million, to indemnify and defend the pre-merger shareholders of General Maritime or the former shareholders of Navig8 Crude immediately prior to the 2015 merger, in respect of certain losses arising from inaccuracies or breaches in the representations and warranties of, or the breach prior to the closing of the 2015 merger by, Navig8 Crude and General Maritime, respectively. Any amounts payable pursuant to such indemnification obligation shall be satisfied by the issuance of shares of our common stock with a fair market value equal to the amount of the indemnified loss.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2015
CASH FLOW INFORMATION
CASH FLOW INFORMATION	7. CASH FLOW INFORMATION The Company excluded from cash flows from investing and financing activities in the consolidated statements of cash flows items included in accounts payable and accrued expenses for the purchase of other fixed assets of $0 and $26 as of December 31, 2015 and December 31, 2014, respectively, and accrued but unpaid milestone and supervision payments of $106.0 million as of December 31, 2015. As of December 31, 2015, the Company also excluded from financing activities $60.9 million of recorded debt, related to the delivery of Gener8 Apollo. Such debt was funded by the Company’s bank into an escrow account prior to December 31, 2015. As such, $9.0 million, which was transferred to the Company in January 2016, is recorded as a component of prepaid expenses and other current assets, and $51.9 million, which was funded to the shipyard in January 2016, is recorded as escrow deposits as a component of other assets. Gener8 Apollo was delivered on January 6, 2016. Capitalized interest amounted to $35.2 million for the year ended December 31, 2015, out of which, $15.0 million has not been paid out as of December 31, 2015 ( $1.0 million is included in Accounts payable and accrued expenses and $14.0 million, primarily representing PIK interest, is included in Long ‑term debt in the consolidated balance sheet). Capitalized interest amounted to $9.0 million for the year ended December 31, 2014, out of which, $2.3 million has not been paid out as of December 31, 2014. Also excluded from investing and financing activities are the issuances of 31,465,989 shares of common stock related to the 2015 merger, as described in Note 6, 2015 MERGER and 483,970 shares of common stock issued as a commitment premium paid to the commitment parties under the equity purchase agreement entered into in connection with the 2015 merger valued at $6.0 million. Such amount was expensed as Other financing costs in 2015 when the equity purchase commitment expired.

DELIVERY OF VESSEL

DELIVERY OF VESSEL	12 Months Ended
	Dec. 31, 2015
DELIVERY OF VESSEL
DELIVERY OF VESSEL.	8. DELIVERY OF VESSELS Gener8 Strength On October 29, 2015, Gener8 Strength LLC, a wholly-owned subsidiary of the Company, took delivery of the Gener8 Strength , a 2015-built VLCC newbuilding. Upon delivery, the Gener8 Strength entered into the VL8 Pool pursuant to a pool agreement dated October 22, 2015. On October 23, 2015, the Company borrowed approximately $60.2 million under the Citibank Facility to fund the delivery of the Gener8 Strength, which was subsequently paid-off and re-financed by the proceeds from the Sinosure Credit Facility. The Company has made all shipyard installment payments and there is no outstanding payable balance as of December 31, 2015. Gener8 Athena On October 28, 2015, Gener8 Athena LLC, a wholly-owned subsidiary of the Company, took delivery of the Gener8 Athena , a 2015-built VLCC newbuilding. Upon delivery, the Gener8 Athena entered into the VL8 Pool pursuant to a pool agreement dated October 22, 2015. On October 28, 2015, the Company borrowed approximately $62.9 million under the Korean Export Credit Facility to fund the delivery of the Gener8 Athena . The Company has made all shipyard installment payments and there is no outstanding payable balance as of December 31, 2015. Gener8 Neptune On September 11, 2015, Gener8 Neptune , a wholly-owned subsidiary of the Company, took delivery of the Gener8 Neptune, a 2015-built VLCC newbuilding. Upon delivery, the Gener8 Neptune entered into the VL8 Pool pursuant to a pool agreement dated October 22, 2015. On September 11, 2015, the Company borrowed approximately $62.9 million under the Korean Export Credit Facility to fund the delivery of the Gener8 Neptune. The Company has made all shipyard installment payments and there is no outstanding payable balance as of December 31, 2015.

DISPOSAL OF VESSELS AND VESSEL

DISPOSAL OF VESSELS AND VESSEL EQUIPMENT	12 Months Ended
	Dec. 31, 2015
DISPOSAL OF VESSELS AND VESSEL EQUIPMENT
DISPOSAL OF VESSELS AND VESSEL EQUIPMENT	9. DISPOSAL OF VESSELS AND VESSEL EQUIPMENT During the year ended December 31, 2015, the Company recorded a loss on disposal of vessel and vessel equipment of $0.8 million. During the year ended December 31, 2014, the Company recorded a loss on disposal of vessels and vessel equipment of $8.7 million, of which $1.8 million related to the disposal of vessel equipment and $6.9 million related to the disposal of vessels. Losses on disposal of vessels include the cost of fuel consumed to deliver the vessels to their point of sale, as well as legal costs and commissions. The loss on disposal of vessel equipment relates to replacement of steel and vessel equipment. Out of the total loss on disposal of vessels of $6.9 million for the year ended December 31, 2014, $6.3 million was related to one vessel sold in July 2014. The vessel was approximately 16 years old at the time of sale and was sold to an unrelated third-party to satisfy the Company’s obligation under amendments to the Former Senior Secured Credit Facilities requiring the Company to cause its subsidiaries to sell two vessels. The other vessel was sold in October 2013. In addition, unamortized drydock costs of $2.5 million and undepreciated vessel equipment of $0.1 million relating to the vessel were also written off and included in the Loss on disposal of vessels and vessel equipment in the consolidated statement of operations.

VESSELS UNDER CONSTRUCTION

VESSELS UNDER CONSTRUCTION	12 Months Ended
	Dec. 31, 2015
VESSELS UNDER CONSTRUCTION
VESSELS UNDER CONSTRUCTION	10. VESSELS UNDER CONSTRUCTION Vessels under construction consist of the following (dollars in thousands): December 31, December 31, 2015 2014 2014 Acquired VLCC Newbuildings: SPV Stock Purchase $ $ Installment payments Accrued milestones and supervision payments — Drawing approval and site supervision fee Others (initial agent fee, etc.) 2015 Acquired VLCC Newbuildings: Vessels — Acquisition-related costs — Installment payments — Accrued milestones and supervision payments — Others — Fair value of 2015 Warrant Agreement assumed (Note 21) — Fair value of 2015 Stock Options assumed (Note 21) — Capitalized interest expense Vessel deliveries — Total $ $ 2014 Acquired VLCC Newbuildings In March 2014, the Company entered into an agreement with Scorpio Tankers Inc. (“Scorpio”) and seven of its wholly-owned subsidiaries (“Scorpio Shipbuilding SPVs”) for the purchase of the outstanding common stock of the Scorpio Shipbuilding SPVs for an aggregate price of approximately $162.7 million (the “SPV Stock Purchase”). As a result of the acquisition of the Scorpio Shipbuilding SPVs, the Company acquired ownership of shipbuilding contracts for seven VLCC tankers. As of December 31, 2015, 2 of such contracts were delivered to the Company. The aggregate remaining installment payments under the shipbuilding contracts acquired from Scorpio are $289.1 million, which are due in 2016. If for any reason payments are not made when due, the Company’s subsidiary holding such contract could be liable for late payment interest at a rate per annum of six percent (6%) and could be liable for any additional damages, including liability for broker’s or supervision fees if the ship builder chooses to complete and sell, or to sell, the vessel to a third party following any default by the Company’s subsidiary. Additionally, any equipment provided to the ship builder as buyers’ supplies for installation by the ship builder on the vessels could be lost. In connection with the original entry into such shipbuilding contract in December 2013, Scorpio agreed to guarantee (the “Scorpio Guarantees”) the performance of the seven Scorpio Shipbuilding SPV’s under the relevant shipbuilding contracts. In March 2014, a subsidiary of the Company and Scorpio entered into an agreement pursuant to which such subsidiary, among other things, agreed to indemnify Scorpio to the extent that Scorpio was required to perform its obligations under the Scorpio Guarantees. Subsequently, the Scorpio Guarantees were released and discharged and replaced with new guarantees, issued by the Company in favor of the relevant shipbuilder in substantially the same form as the Scorpio Guarantees. 2015 Acquired VLCC Newbuildings The Company is a party to newbuilding contracts for 14 VLCC tankers (together with shipbuilding contracts acquired from Scorpio discussed above, the “Acquired VLCC Newbuildings”) acquired through the 2015 merger with deliveries commencing the fourth quarter of 2015. The Company expects each of the 14 VLCC newbuildings to be delivered to a newly formed wholly-owned subsidiary, subject to agreement by the relevant shipyards, which the Company expects to obtain prior to the delivery of the applicable newbuilding. As of December 31, 2015, the Company’s estimated commitments associated with these newbuildings through their expected delivery dates were approximately $803.0 million, of which $707.2 million and $95.8 m illion is due in 2016 and 2017, respectively. As the 2015 merger is accounted for as an asset acquisition, acquisition-related costs associated with the 2015 merger amounting to $10.3 million w ere capitalized and included in Vessels under construction as of December 31, 2015.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2015
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	11. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following (dollars in thousands): December 31, December 31, 2015 2014 Bunkers and lubricants $ $ Escrow deposit - final installment for Gener8 Apollo - Insurance claims receivable Prepaid insurance Other Total $ $ Insurance claims receivable consist substantially of payments made by the Company for repairs of vessels that the Company expects, pursuant to the terms of the insurance agreements, to recover from the carrier within one year, net of deductibles which have been expensed. As of December 31, 2015 and December 31, 2014, the portion of insurance claims receivable not expected to be collected within one year of $0.8 million and $4.7 million, respectively, is included in Other assets (non ‑current) on the consolidated balance sheets. Other primarily represent advances to our third ‑party technical managers and working capital related to Nave Quasar time charter.

OTHER FIXED ASSETS

OTHER FIXED ASSETS	12 Months Ended
	Dec. 31, 2015
OTHER FIXED ASSETS
OTHER FIXED ASSETS	12. OTHER FIXED ASSETS Other fixed assets consist of the following (dollars in thousands): December 31, December 31, 2015 2014 Other fixed assets: Furniture, fixtures and equipment $ $ Vessel equipment Computer equipment Other Total cost Less: accumulated depreciation Total $ $ Leasehold improvements are depreciated over the shorter of the life of the assets ( 10 years) or the remaining term of the lease. Depreciation of Other fixed assets for the years ended December 31, 2015, 2014 and 2013 was $ 0.8 million , $0.9 million and $0.7 million, respectively.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2015
OTHER ASSETS.
OTHER ASSETS	13. OTHER ASSETS Other assets consist of the following (dollars in thousands): December 31, December 31, 2015 2014 Escrow deposits $ $ Working capital for 2011 VLCC pool Long-term due from charterers Fresh start lease asset Insurance claims Total $ $ As of December 31, 2015, escrow deposits primarily represent the final installment payments for Gener8 Apollo. See Note 24, Subsequent events .

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2015
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	14. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following (dollars in thousands): December 31, December 31, 2015 2014 Accounts payable $ $ Accrued milestone and supervision payments — Accrued operating expenses Accrued administrative expenses Accrued interest Total $ $

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2015
LONG-TERM DEBT.
LONG-TERM DEBT	15. LONG ‑TERM DEBT Long ‑term debt consists of the following (dollars in thousands): December 31, December 31, 2015 2014 $508M Credit Facility $ — $ $273M Credit Facility — Refinancing Facility — Korean Export Credit Facility — Senior Notes Sinosure Credit Facility — Total Less: current portion of long-term debt — Less: unamortized discount and debt issuance cost Long-term debt less unamortized discount and debt issuance cost $ $ During the years ended December 31, 2015, 2014 and 2013, the Company recorded interest expense, including amortization of debt issuance costs, debt discount and commitment fees, of $51.2 million (out of which $35.2 million was capitalized), $38.8 million (out of which $9.0 million was capitalized) and $34.6 million, respectively. Former Senior Secured Credit Facilities The “Former Senior Secured Credit Facilities” consisted of (i) the Third Amended and Restated Credit Agreement, dated as of May 17, 2012 (the “$ 508M Credit Facility”), among the Company, as parent, Gener8 Maritime Subsidiary IV Inc. (formerly known as General Maritime Subsidiary II Inc.), as borrower, Gener8 Maritime Subsidiary III Inc. (formerly known as Arlington Tankers Ltd.) and Gener8 Maritime Subsidiary II Inc. (formerly known as General Maritime Subsidiary Corporation and referred to herein as “Gener8 Maritime Sub II”), each as a guarantor, certain other subsidiaries of the Company, the lenders party thereto and Nordea Bank Finland PLC, New York Branch and (ii) the Second Amended and Restated Credit Agreement, dated as of May 17, 2012 (the “$ 273M Credit Facility”), among the Company, as parent, Gener8 Maritime Sub II, as borrower, Gener8 Maritime Subsidiary III Inc. and Gener8 Maritime Subsidiary IV Inc., each as a guarantor, and certain other Subsidiaries of the Company, the lenders party thereto and Nordea Bank Finland, PLC, New York Branch. The Former Senior Secured Credit Facilities (as defined above) were fully repaid in September 2015 using the proceeds of the Refinancing Facility (as defined below) and available cash. For the years ended December 31, 2015, 2014 and 2013, interest expense (excluding amortization of deferred financing charges) incurred under the Former Senior Secured Credit Facilities amounted to $19.3 million, $28.3 million and $33.2 million, respectively. Refinancing Facility On September 3, 2015, the Company entered into a term loan facility, dated as of September 3, 2015 (the “Refinancing Facility”), by and among the Company’s wholly-owned subsidiary, Gener8 Maritime Sub II, the Company, as parent, the lenders party thereto, and Nordea Bank Finland, PLC, New York Branch as Facility Agent and Collateral Agent in order to refinance the $ 508M Credit Facility and the $ 273M Credit Facility. The Refinancing Facility provides for term loans up to the aggregate approximate amount of $581.0 million, which were fully drawn on September 8, 2015. The loans under the Refinancing Facility will mature on September 3, 2020. The Refinancing Facility bears interest at a rate per annum based on the London Interbank Offered Rate (“LIBOR”) plus a margin of 3.75% per annum. If there is a failure to pay any amount due on a loan under the Refinancing Facility and related credit documents, interest shall accrue at a rate 2.00% higher than the interest rate that would otherwise have been applied to such amount. The Refinancing Facility is secured on a first lien basis by a pledge of the Company’s interest in Gener8 Maritime Sub II, a pledge by Gener8 Maritime Sub II of its interests in the 25 vessel-owning subsidiaries it owns (the “Gener8 Maritime Sub II Vessel Owning Subsidiaries”) and a pledge by such Gener8 Maritime Sub II Vessel Owning Subsidiaries of substantially all their assets, and is guaranteed by the Company and the Gener8 Maritime Sub II Vessel Owning Subsidiaries. In addition, the Refinancing Facility is secured by a pledge of certain of the Company’s and Gener8 Maritime Sub II Vessel Owning Subsidiaries’ respective bank accounts. As of December 31, 2015, the Gener8 Maritime Sub II Vessel Owning Subsidiaries owned 7 VLCCs, 11 Suezmax vessels, 4 Aframax vessels, 2 Panamax vessels and 1 Handymax vessel. Gener8 Maritime Sub II is obligated to repay the Refinancing Facility in 20 consecutive quarterly installments, the earliest installment of which was made on December 31, 2015. Gener8 Maritime Sub II is also required to prepay the Refinancing Facility upon the occurrence of certain events, such as a sale for vessels held as collateral or total loss of a vessel. The Company is required to comply with various collateral maintenance and financial covenants under the Refinancing Facility, including with respect to its maximum leverage ratio, minimum cash balance and an interest expense coverage ratio covenant. The Refinancing Facility also requires the Company to comply with a number of customary covenants, including covenants related to the delivery of quarterly and annual financial statements, budgets and annual projections; maintaining required insurances; compliance with laws (including environmental); compliance with ERISA; maintenance of flag and class of the collateral vessels; restrictions on consolidations, mergers or sales of assets; limitations on liens; limitations on issuance of certain equity interests; limitations on restricted payments; limitations on transactions with affiliates; and other customary covenants and related provisions. The Refinancing Facility also contains certain restrictions on payments of dividends and prepayments of the indebtedness outstanding under the Note and Guarantee Agreement (as defined below). The Refinancing Facility permits the Company to pay dividends and make prepayments under the Note and Guarantee Agreement so long as the Company satisfies certain conditions under the Refinancing Facility’s minimum cash balance and collateral maintenance tests subject to a cap of 50% of consolidated net income earned by the Company after the closing date of the Refinancing Facility. For purposes of calculating consolidated net income, consolidated net income will be adjusted, without duplication, by adding noncash interest expense and amortization of other fees and expenses; amounts attributable to impairment charges on intangible assets, including amortization or write-off of goodwill; non-cash management retention or incentive program payments; non-cash restricted stock compensation; and losses on minority interests or investments less gains on such minority interests or investments. The Company is also permitted to pay dividends in an amount not to exceed net cash proceeds received from its issuance of equity after the date of the Refinancing Facility. The Company may also make prepayments under the Note and Guarantee Agreement from the proceeds received from sale of assets so long as it satisfies certain conditions under its minimum cash balance and collateral maintenance tests. Further, the Company is allowed to refinance the Note and Guarantee Agreement subject to certain restrictions and pay the outstanding indebtedness under the Note and Guarantee Agreement on the maturity date of the Note and Guarantee Agreement. The Refinancing Facility includes customary events of default and remedies for credit facilities of this nature, including an event of default if a change of control occurs. In addition to other customary events, a change of control under the Refinancing Facility occurs if a change of control occurs under the governing document of any indebtedness with an aggregate principal amount of greater than $20 million, and, as a result, such indebtedness becomes due and payable prior to its stated maturity date. If the Company does not comply with its financial and other covenants under the Refinancing Facility, the lenders may, subject to customary cure rights, require the immediate payment of all amounts outstanding under the Refinancing Facility. For the year ended December 31, 2015, interest expense incurred under the Refinancing Facility amounted to $7.6 million. Korean Export Credit Facility On September 3, 2015, the Company entered into a term loan facility (the “Korean Export Credit Facility”) to fund a portion of the remaining installment payments due under shipbuilding contracts for 15 VLCC newbuildings owned by the Company at that time. The Korean Export Credit Facility provides for term loans up to the aggregate approximate amount of $963.7 million, which is comprised of a tranche of term loans to be made available by a syndicate of commercial lenders up to the aggregate approximate amount of $282.0 million (the “Commercial Tranche”), a tranche of term loans to be fully guaranteed by the Export-Import Bank of Korea ( “KEXIM”) up to the aggregate approximate amount of up to $139.7 million (the “KEXIM Guaranteed Tranche”), a tranche of term loans to be made available by KEXIM up to the aggregate approximate amount of $197.4 million (the “KEXIM Funded Tranche”) and a tranche of term loans insured by Korea Trade Insurance Corporation (“K-Sure”) up to the aggregate approximate amount of $344.6 million (the “K-Sure Tranche”). As of December 31, 2015, approximately $770.0 million was available to borrow in aggregate under this facility to fund the remaining installment payments. At or around the time of delivery of each of the VLCC newbuildings, a loan will be available to be drawn under the Korean Export Credit Facility in an amount equal to the lowest of (i) 65% of the final contract price of such VLCC newbuilding, (ii) 65% of the maximum contract price of such VLCC newbuilding and (iii) 60% of the fair market value of such VLCC newbuilding tested at or around the time of delivery of such VLCC newbuilding. Each such loan is referred to herein as a “Korean Vessel Loan.” Each Vessel Loan will be allocated pro rata to each lender of the Commercial Tranche, KEXIM Guaranteed Tranche, KEXIM Funded Tranche and K-Sure Tranche based on their respective commitments, other than the Vessel Loans to fund the deliveries of Gener8 Hector and Gener8 Nestor , which will be fully funded by the lenders of the Commercial Tranche. As of December 31, 2015, the Company’s wholly-owned subsidiary, Gener8 Maritime Subsidiary VIII Inc., (“Gener8 Maritime Sub VIII”) had borrowed $185.4 million to fund the delivery of Gener8 Neptune , Gener8 Athena and Gener8 Apollo during 2015. Each Korean Vessel Loan will mature, in respect of the Commercial Tranche, on the date falling 60 months from the date of borrowing of that Korean Vessel Loan and, in respect of the other tranches, on the date falling 144 months from the date of borrowing of that Korean Vessel Loan. KEXIM and K-Sure have the option of requiring prepayment of their respective tranches if the Commercial Tranche is not, upon its termination date, fully refinanced or renewed by the commercial lenders. Upon exercise of such option, all outstanding amounts under the relevant tranche must be repaid upon the termination date of the Commercial Tranche. The Korean Export Credit Facility bears interest at a rate per annum based on LIBOR plus a margin of, in relation to the Commercial Tranche, 2.75% per annum, in relation to the KEXIM Guaranteed Tranche, 1.50% per annum, in relation to the KEXIM Funded Tranche, 2.60% per annum and in relation to the K-Sure Tranche, 1.70% per annum. If there is a failure to pay any amount due on a Vessel Loan, interest shall accrue at a rate 2.00% higher than the interest rate that would otherwise have been applied to such amount. The Korean Export Credit Facility is secured on a first lien basis by a pledge of the Company’s interest in Gener8 Maritime Sub V, a pledge by Gener8 Maritime Sub V of its interests in Gener8 Maritime Sub VIII, a pledge by Gener8 Maritime Sub VIII of its interests in its 15 wholly-owned subsidiaries intended to own vessels or newbuildings (the “Gener8 Maritime Sub VIII Vessel Owning Subsidiaries”), and a pledge by such Gener8 Maritime Sub VIII Vessel Owning Subsidiaries of substantially all their assets, and is guaranteed by the Company, Gener8 Maritime Sub V and the Gener8 Maritime Sub VIII Vessel Owning Subsidiaries. In addition, the Korean Export Credit Facility is secured by a pledge of certain of the Company’s and Gener8 Maritime Sub VIII Vessel Owning Subsidiaries’ respective bank accounts. As of September 7, 2015, the Gener8 Maritime Sub VIII Vessel Owning Subsidiaries were party to shipbuilding contracts with DSME for the construction and delivery of five VLCC newbuildings and party to ship delivery agreements with Gener8 Maritime Subsidiary Inc. (a wholly-owned subsidiary of the Company and the party to eight additional shipbuilding contracts with Korean shipyards) for the delivery of eight additional VLCCs newbuildings. Gener8 Maritime Sub VIII is obligated to repay the Commercial Tranche of each Vessel Loan in 20 equal consecutive quarterly installment (excluding a final balloon payment equal to 2/3 of the applicable Vessel Loan) of such Vessel Loan and is obligated to repay the other tranches of each Vessel Loan in 48 equal consecutive installments. Gener8 Maritime Sub VIII is also required to prepay Vessel Loans upon the occurrence of certain events, including a default under a shipbuilding contract, a sale or total loss of a vessel, and upon election by the majority lenders, upon a change of control. If Peter Georgiopoulos ceases at any time to serve as a member of the board of directors of the Company, a change of control would occur under the Korean Export Credit Facility. For example, a change of control would occur if Mr. Georgiopoulos resigns or is removed from the board, declines to stand for reelection or fails to be reelected to the board, dies or otherwise ceases to remain a director of the Company for any reason. In the event of a change of control, the majority lenders may elect to declare all amounts outstanding under the Vessel Loans to be immediately due and payable and, in the event of non-payment, proceed against the collateral securing such loans. The lenders may make this election at any time following the occurrence of a change of control. The Company is required to comply with various collateral maintenance and financial covenants under the Korean Export Credit Facility, including with respect to its maximum leverage ratio, minimum cash balance and an interest expense coverage ratio covenant. The Korean Export Credit Facility also requires the Company to comply with a number of customary covenants, including covenants related to the delivery of quarterly and annual financial statements, budgets and annual projections; maintaining required insurances; compliance with laws (including environmental); compliance with ERISA; maintenance of flag and class of the collateral vessels; restrictions on consolidations, mergers or sales of assets; limitations on liens; limitations on issuance of certain equity interests; limitations on restricted payments; limitations on transactions with affiliates; and other customary covenants and related provisions. The Korean Export Credit Facility also contains certain restrictions on payments of dividends and prepayments of the indebtedness under the Note and Guarantee Agreement. The Korean Export Credit Facility permits the Company to pay dividends and make prepayments under the Note and Guarantee Agreement so long as the Company satisfies certain conditions under the Korean Export Credit Facility’s minimum cash balance and collateral maintenance tests subject to a limit of 50% of consolidated net income earned by the Company after the date of the Korean Export Credit Facility. For purposes of calculating consolidated net income, consolidated net income will be adjusted, without duplication, by adding noncash interest expense and amortization of other fees and expenses; amounts attributable to impairment charges on intangible assets, including amortization of goodwill; non-cash management retention or incentive program payments; non-cash restricted stock compensation; and losses on minority interests or investments less gains on such minority interests or investments. The Company is also permitted to pay dividends in an amount not to exceed net cash proceeds received from its issuance of equity after the date of the Korean Export Credit Facility. It may also make prepayments under the Note and Guarantee Agreement from the proceeds received from sale of assets so long as it satisfies certain conditions under its minimum cash balance and collateral maintenance tests. Further, the Company is allowed to refinance the Note and Guarantee Agreement subject to certain restrictions and repay the outstanding indebtedness under the Note and Guarantee Agreement on the maturity date of the Note and Guarantee Agreement. The Korean Export Credit Facility includes customary events of default and remedies for credit facilities of this nature. If the Company does not comply with its financial and other covenants under the Korean Export Credit Facility, the lenders may, subject to various customary cure rights, require the immediate payment of all amounts outstanding under the Korean Export Credit Facility. For the year ended December 31, 2015, interest expense incurred under the Korean Export Credit Facility amounted to $ 3.6 million, including commitment fees. Senior Notes On March 28, 2014, the Company and Gener8 Maritime Sub V entered into a Note and Guarantee Agreement (the “Note and Guarantee Agreement”), with affiliates of BlueMountain Capital Management, LLC, in respect of the Company’s issuance of senior secured notes (the “Senior Notes”). On September 8, 2015, the Company entered into an amendment to the Note and Guarantee Agreement, which released the existing guarantors (other than Gener8 Maritime Sub V) from their obligations to guarantee the indebtedness under the Note and Guarantee Agreement and permitted the incurrence of indebtedness and granting of liens under the Korean Export Credit Facility and the Refinancing Facility. On October 21, 2015, we entered into an amendment to the Note and Guarantee Agreement, dated as of October 21, 2015, by and among the parties to the Note and Guarantee Agreement, which allowed us to enter into the Citibank Facility. On December 2, 2015, the Company entered into an amendment to the Note and Guarantee Agreement, dated as of December 2, 2015, by and among the parties to the Note and Guarantee Agreement. This amendment permits the Company to repurchase outstanding equity interests held by employees, former employees, directors and former directors (i) pursuant to certain stock option grant agreements and equity incentive plans and (ii) in an amount equal to the value of any withholding taxes in connection with the vesting of equity interests granted to employees, former employees, directors or former directors. As of December 31, 2015 and 2014, the discount on the Senior Notes was $5.7 million and $6.3 million, respectively, which the Company amortizes as additional interest expense until March 28, 2020. During the years ended December 31, 2015, 2014 and 2013, interest expense, including amortization of the discount, amounted to $16.5 million, $9.6 million and $0 , respectively. Interest on the Senior Notes accrues at the rate of 11.0% per annum in the form of additional Senior Notes and the balloon repayment is due 2020, except that if the Company at any time irrevocably elects to pay interest in cash for the remainder of the life of the Senior Notes, interest on the Senior Notes will thereafter accrue at the rate of 10.0% per annum. Citibank Facility On October 21, 2015, the Company entered into a term loan facility (the “Citibank Facility”), dated as of October 21, 2015, by and among the Company’s wholly-owned subsidiary, Gener8 Maritime Subsidiary VII Inc. (“Gener8 Maritime Sub VII”); the Company as parent; the lenders party thereto; and Citibank, N.A., New York Branch as Facility Agent and Collateral Agent in order to fund a portion of the remaining installment payments due under the shipbuilding contract for the Gener8 Strength , which was delivered on October 29, 2015. The Citibank Facility provides for term loans up to the aggregate approximate amount of $60.2 million, which were drawn on October 23, 2015. The loans under the Citibank Facility will mature on October 21, 2016, provided that if certain extension conditions are satisfied on or prior to the one -year anniversary of the effective date of the facility, the maturity date will be extended to October 21, 2020. On December 30, 2015, the Company fully repaid the $60.7 million (including $0.5 million of interest expense) outstanding under the Citibank Facility using proceeds from the Sinosure Credit Facility. As a result, the Citibank Facility is no longer outstanding and all liens thereunder on the Gener8 Strength were released. For the year ended December 31, 2015, interest expense incurred under the Citibank Facility amounted to $0.8 million. Sinosure Credit Facility On December 1, 2015, the Company entered into a term loan facility, dated as of November 30, 2015 (the “Sinosure Credit Facility”), by and among the Company’s wholly-owned subsidiary, Gener8 Maritime Subsidiary VII Inc., as borrower (“GNRT Sub VII” ); the Company, as the parent guarantor; the borrower’s four wholly-owned subsidiary owner guarantors party thereto; Citibank, N.A. and Nordea Bank Finland Plc, New York Branch, as global co-ordinators; Citibank, N.A., as bookrunner; Citibank, N.A., London Branch as ECA co-ordinator and ECA agent; Nordea Bank Finland Plc, New York Branch as facility agent and security agent; The Export-Import Bank of China (“CEXIM”); the mandated lead arrangers party thereto; the banks and financial institutions named therein as original lenders; and the banks and financial institutions named therein as hedge counterparties, to fund a portion of the remaining installment payments due under shipbuilding contracts for three VLCC newbuildings owned by the Company being built at Chinese shipyards and to refinance the Citibank Facility. The Sinosure Credit Facility provides for term loans up to the aggregate approximate amount of $259.6 million. At or around the time of delivery of each of the three VLCC newbuildings, a loan in an amount equal to the lowest of (i) 67.5% of the contract price of such VLCC newbuilding, (ii) 67.5% of the maximum contract price of such VLCC newbuilding and (iii) 65% of the fair market value of such VLCC newbuilding tested at or around the time of delivery of such VLCC newbuilding will be available to be drawn under the Sinosure Credit Facility (each such loan a “Delivery Loan”). Each such Delivery Loan and the loan incurred to refinance the Citibank Facility loan is referred to in this report as a “Sinosure Vessel Loan.” Each Vessel Loan will be allocated pro rata to each lender based on its commitments. The Company’s ability to utilize funds obtained from a Delivery Loan is subject to the actual delivery of the vessel. Each Sinosure Vessel Loan will mature on the date falling 144 months from the date of borrowing of that Sinosure Vessel Loan (the “Termination Date”). The Sinosure Credit Facility bears interest at a rate per annum based on LIBOR plus a margin of 2.00% per annum. If there is a failure to pay any amount due on a Sinosure Vessel Loan, interest shall accrue at a rate 2.00% higher than the interest rate that would otherwise have been applied to such amount. The Sinosure Credit Facility is secured on a first lien basis by a pledge of the Company’s interest in GNRT Sub VII, a pledge by GNRT Sub VII of its interests in its four wholly-owned subsidiaries owning or intended to own vessels or newbuildings (the “GNRT Sub VII Vessel Owning Subsidiaries”) and a pledge by such GNRT Sub VII Vessel Owning Subsidiaries of substantially all their assets, and is guaranteed by the Company and the GNRT Sub VII Vessel Owning Subsidiaries. In addition, the Sinosure Credit Facility is secured by a pledge of certain of the Company’s and GNRT Sub VII Vessel Owning Subsidiaries’ respective bank accounts. GNRT Sub VII is obligated to repay each Sinosure Vessel Loan in equal consecutive quarterly installments (excluding a final balloon payment equal to 20% of the applicable Sinosure Vessel Loan), each in an amount equal to 1 2/3% of such Vessel Loan, on each of March 21, June 21, September 21 and December 21 until the Termination Date. On the Termination Date, GNRT Sub VII is obligated to repay the remaining amount that is outstanding under each Sinosure Vessel Loan. GNRT Sub VII is also required to prepay Sinosure Vessel Loans upon the occurrence of certain events, including a default under a shipbuilding contract, a sale or total loss of a vessel and, upon election by CEXIM and one other lender, upon a change of control. A change of control will occur under the Sinosure Credit Facility if, at any time, none of (i) Peter Georgiopoulos, (ii) Gary Brocklesby or (iii) Nicolas Busch serves as a member of the board of directors of the Company. For example, since Mr. Brocklesby is not currently a member of the Board, a change of control would occur should Mr. Georgiopoulos and Mr. Busch both resign or be removed from the board, decline to stand for reelection or fail to be reelected to the board, die or otherwise cease to remain as directors of the Company for any reason. In the event of a change of control, CEXIM along with one other lender could elect to declare all amounts due under the Vessel Loans to be immediately due and payable and, in the event of non-payment, proceed against the collateral securing such loans. This election may be made at any time following the occurrence of a change of control. The Company is also subject to various collateral maintenance, financial and other covenants, restrictions on payments of dividends, events of default and remedies that are substantially the same as those contained in the Refinancing Facility. The Company expects to fund a significant portion of the installment payments in respect of the remaining two VLCC newbuildings being built at Chinese shipyards through borrowings under one or more credit facilities with export credit insurance support from the Chinese Export & Credit Insurance Corporation the Company intends to enter into. However, there are no assurances that the Company will be able to enter into any such credit facilities, nor that it will be able to borrow any further amounts under the Sinosure Credit Facility. Future principal repayment amounts of the Company’s outstanding debt for the next five years are as follows: 2016— $135.4 million, 2017 — $124.5 million, 2018— $91.8 million, 2019— $91.8 million, 2020— $343.6 million and thereafter— $144.8 million. As of December 31, 2015, the Company has aggregate future commitments to shipyards of $1,092 .1 million and aggregate available borrowings under the above facilities of $1,029.9 million.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2015
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	16. FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair values of the Company’s financial instruments are as follows (dollars in thousands): December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair Value Value Value Value Cash and cash equivalents $ $ $ $ Restricted cash Long-term debt, including current portion, excluding discount The fair value of the Refinancing Facilities, Korean Export Credit Facility and the Sinosure Credit Facility as of December 31, 2015 was deemed to approximate the carrying value based on fact that the Company recently entered into these loan agreements in September 2015 and December 2015. The fair value of the Senior Notes, included above as a component of long-term debt, was based on quoted yields of bond indices and is classified within Level 3 of the fair value hierarchy. The carrying amounts of the Company’s other financial instruments at December 31, 2015 and December 31, 2014 (principally restricted cash and cash equivalents) approximate fair value and are considered to be Level 1 items. The fair value of a vessel held for sale (see Note 5, ASSETS held for sale ) was determined based on the selling price, net of estimated costs to sell, of such asset based on the contract of sale finalized within a short period of time of its classification as held for sale, and measured on a nonrecurring basis (see Note 24, SUBSEQUENT events ). Because sales of vessels occur infrequently, and as the sale of such asset was being negotiated around period end, the selling price is considered to be a Level 2 item. The following table summarizes the valuation of assets measured on a nonrecurring basis (dollars in thousands): December 31, 2015 December 31, 2014 Significant Significant Other Significant Other Significant Observable Unobservable Observable Unobservable Inputs Inputs Inputs Inputs Total (Level 2) (Level 3) Total (Level 2) (Level 3) Assets held for sale $ $ $ — $ — $ — $ —

VESSEL POOL ARRANGEMENTS

VESSEL POOL ARRANGEMENTS	12 Months Ended
	Dec. 31, 2015
VESSEL POOL ARRANGEMENTS
VESSEL POOL ARRANGEMENTS	17. VESSEL POOL ARRANGEMENTS 2011 VLCC Pool During the second quarter of 2011, the Company agreed to enter five of its VLCCs into a commercial pool of VLCCs (the “2011 VLCC Pool”) managed by a third ‑party company (“2011 VLCC Pool Operator”). Through March 31, 2012, the Genmar Vision , the Genmar Ulysses , the Genmar Zeus , the Genmar Hercules and the Genmar Victory were delivered into the 2011 VLCC Pool. The subsidiaries of the Company which own the Genmar Poseidon and the Genmar Atlas entered into time charters with a subsidiary company of the 2011 VLCC Pool Operator which in turn delivered those vessels into the 2011 VLCC Pool in July 2011. These two time charters were at market related rates, subject to a floor of $15,000 per day and a 50% profit share above $30,000 per day. The Genmar Atlas and the Genmar Poseidon time charters were terminated and the vessels were removed from the 2011 VLCC Pool in October 2012 and June 2013, respectively. As each vessel entered the 2011 VLCC Pool, the Company was required to fund a working capital reserve of $2,000 per vessel, which was increased to $2,500 per vessel during the fourth quarter of 2012. This reserve was being accumulated over an eight ‑month period via $250 per month being withheld from distributions of revenues earned. The 2011 VLCC Pool Operator is responsible for the working capital reserve for the two vessels it charters. For the five vessels delivered directly into the 2011 VLCC Pool by December 31, 2012, there is a working capital reserve of $1,900 as of December 31, 2015 and December 31, 2014. All five of these vessels left the 2011 VLCC Pool by the end of May 2013, while the Company continues to own and operate these vessels. These five vessels have receivables from the 2011 VLCC Pool, including the working capital reserve, amounting to $3,446 , which is recorded on the consolidated balance sheet as Other assets, as of December 31, 2015 and December 31, 2014 for undistributed earnings and bunkers onboard the vessels when they entered into the 2011 VLCC Pool and certain other advances made by the Company on behalf of the vessels in the 2011 VLCC Pool. See Note 22, Commitments and Contingencies , for a discussion regarding a dispute on balances due from the 2011 VLCC Pool. Unique Tankers Pool On November 29, 2012, Unique Tankers LLC, a wholly ‑owned subsidiary of the Company (“Unique Tankers”), entered into an Agency Agreement (the “Unique Agency Agreement”) with Unipec UK Company Limited (“Unipec”) for purposes of establishing and operating a pool of tanker vessels (the “Unique Pool”) to be employed in the worldwide carriage or storage of crude oil, fuel oil or other products. Pursuant to the Unique Agency Agreement, Unique Tankers is jointly managed by Gener8 Maritime Management LLC, a wholly ‑owned subsidiary of the Company (“GMM”), and Unipec through a pool committee (the “Unique Pool Committee”). Unique Tankers chartered in tanker vessels (“Unique Pool Vessels”) under time charters providing vessel owners with a charter hire based on the earnings of all of the vessels entered in the Unique Tankers pool and pool weightings assigned to the vessels pursuant to pool participation agreements entered into with vessel owners. In turn, Unique Tankers deployed Unique Pool Vessels as agent of the vessel owners/disponent owners to its customers. Subject to the direction of the Unique Pool Committee, GMM act as Unique Pool manager, providing administrative services to Unique Tankers. GMM also overseas, monitor and assist with, as requested, commercial management of the Unique Pool Vessels. GMM is entitled to receive a fixed fee per day for each Unique Pool Vessel for such services. All such fees have been eliminated in consolidation. For the years ended December 31, 2015 and 2014, all of the vessels in the Unique Pool were owned by the Company. Pursuant to the Unique Agency Agreement, Unipec acted as the exclusive commercial manager of the Unique Pool Vessels, and as compensation received a certain percentage of the gross voyage revenues obtained by each Unique Pool Vessel (the “Unique Agency Fee”). For the years ended December 31, 2015 and 2014, the Unique Agency Fee amounted to $2,169 and $2,733 respectively. The Unique Agency Fee is included in Voyage Expenses on the consolidated statements of operations. As of December 31, 2014, seventeen of the Company’s vessels were chartered into the Unique Pool. For the years ended December 31, 2015, 2014 and 2013, voyage revenue associated with the Unique Pool amounted to $186,711 , $291,028 and $228,517 , respectively. Voyage revenue associated with the Unique Pool is included in the consolidated statements of operations as a component of Spot charter revenues. On May 7, 2015, the Company delivered to Unipec a notice of termination under certain of its pool-related agreements between Unipec and Unique Tankers, including the Unique Agency Agreement. As of December 31, 2015, none of the Company’s vessels were deployed in the Unique Pool. Navig8 Pools The Company employs all of its VLCC, Suezmax and Aframax vessels, with the exception of two VLCCs that remain on time charters, in Navig8 Group commercial crude tanker pools including the VL8 Pool, the Suez8 Pool and the V8 Pool. In June 2015, certain of the Company’s VLCC, Suezmax, Aframax and newbuilding owning subsidiaries (but not the subsidiaries for the Gener8 Victory and Gener8 Vision ) entered into pool agreements with VL8 Pool Inc. and V8 Pool Inc., subsidiaries of Navig8 Limited, the beneficial owner of over 4% of the Company’s outstanding common shares as of December 31, 2015. See Note 20, Related Party Transactions , for a description of the pool arrangements with these related parties.

LEASE COMMITMENTS

LEASE COMMITMENTS	12 Months Ended
	Dec. 31, 2015
LEASE COMMITMENTS
LEASE COMMITMENTS	18. LEASE COMMITMENTS In 2004, the Company entered into a 15 ‑year lease for office space in New York, New York. The monthly rental is as follows: Free rent from December 1, 2004 to September 30, 2005, $110 per month from October 1, 2005 to September 30, 2010, $119 per month from October 1, 2010 to September 30, 2015, and $128 per month from October 1, 2015 to September 30, 2020. The monthly straight ‑line rental expense is $161 , including amortization of the lease asset recorded on May 17, 2012 associated with fresh-start accounting, for the period from May 18, 2012 to September 30, 2020. During the years ended December 31, 2015, 2014 and 2013, the Company recorded expense associated with this lease of $2.0 million, $1.8 million and $1.8 million, respectively. In July 2015, the Company amended its office lease to, among other things, extend the lease term for an additional five year period commencing on October 1, 2020 at a rate of $182 per month. After the lease amendment, future minimum rental payments on this lease for the next five years are as follows: 2016— $1.5 million, 2017— $1.5 million, 2018— $1.5 million, 2019— $1.5 million, 2020— $1.7 million and thereafter— $10.4 million. On June 30, 2015, the Company increased its letter of credit and related cash collateral in anticipation of the extension of its office lease. As of December 31, 2015 and December 31, 2014, the Company had an outstanding letter of credit of $1.4 million and $0.7 million, respectively, as required under the terms of its office lease. This letter of credit is secured by cash placed in a restricted account amounting to $1.4 million and $0.7 million as of December 31, 2015 and December 31, 2014, respectively.

CLOSING OF PORTUGAL OFFICE

CLOSING OF PORTUGAL OFFICE	12 Months Ended
	Dec. 31, 2015
CLOSING OF PORTUGAL OFFICE.
CLOSING OF PORTUGAL OFFICE	19. CLOSING OF PORTUGAL OFFICE The Company announced the closing of its Portugal office to its employees on April 29, 2014. As of December 31, 2015, the Portugal office was officially closed and the Company incurred approximately $5.6 million, total one ‑time charges associated with the closing, including severance of $4.7 million. The Company outsources the management of the vessels that have been managed by the Portugal office to a third ‑party ship manager with its principal office in Mumbai, India. Management commenced the change of management of the vessels in May 2014 and completed the change in November 2014. For the years ended December 31, 2015 and 2014, costs incurred associated with the closing of the Portugal office amounted to $0.5 million and $5.1 million , respectively, and are included in Closing of Portugal office on the consolidated statements of operations. As of December 31, 2015 and December 31, 2014, a balance of $0 and $1.1 million , respectively, remains outstanding and is included in Accounts payable and accrued expenses on the consolidated balance sheets. Closing of Portugal Office Balance as of January 1, 2015 $ Expenses accrued Amount paid Foreign currency revaluation Balance as of December 31, 2015 $ —

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	20. RELATED PARTY TRANSACTIONS The following are related party transactions not disclosed elsewhere in these financial statements: VL8 Pool Navig8 Group consists of Navig8 Limited, the beneficial owner of over 4% of the Company’s outstanding common shares as of December 31, 2015, and all of its subsidiaries. These subsidiaries include Navig8 Shipmanagement Pte Ltd., Navig8 Asia Pte Ltd, VL8 Management Inc., Navig8 Inc., VL8 Pool Inc., V8 Pool Inc. and Integr8 Fuels Inc. Each of the Company’s VLCC newbuilding or vessel owning subsidiaries (other than for the Genmar Victory and for the Gener8 Vision ) entered into a pool agreement with VL8 Pool Inc., a subsidiary of Navig8 Limited and the pool operator of the VL8 pool. VL8 Pool Inc. acts as the time charterer of the pool vessels and will enter the pool vessels into employment contracts such as voyage charters. VL8 Pool Inc. allocates the revenue of VL8 pool vessels between all the pool participants based on pool results and a pre-determined allocation method. Pursuant to the pool agreement, the Company is required to pay an administration fee of $325.00 per day per vessel. As of December 31, 2015, eight of the Company’s owned VLCC vessels have entered into the VL8 pool; additionally, one chartered-in VLCC vessel ( Nave Quasar ), which operates under a time charter anticipated to expire in March 2016, was also deployed in the VL8 pool. During the years ended December 31, 2015, the Company earned net pool distributions of $75.9 million from VL8 Pool and these amounts are included in Navig8 pool revenues on the consolidated statement of operations. As of December 31, 2015, a balance of $17.3 million is unpaid and is included in Due from Navig8 pools on the consolidated balance sheet. Nave Quasar is chartered-in from Navig8 Inc., a subsidiary of Navig8 Limited at a gross daily rate of $26 , and the pool earnings are subject to a 50% profit share with Navig8 Inc. for earnings above $30 per day. For the year ended December 31, 2015, the related expense amounted to $11.3 million, and are included in Navig8 charterhire expenses on the consolidated statement of operations. The Company’s estimated commitments, as of December 31, 2015, excluding any amounts which may be due pursuant to profit share after December 31, 2015, through the expected re-delivery date of Nave Quasar , aggregate approximately $1.8 million, which is payable in 2016. Suez8 Pool Each of the Company’s Suezmax vessel owning subsidiaries entered into pool agreements with V8 Pool Inc., a subsidiary of Navig8 Limited and the pool operator of the Suez8 pool. V8 Pool Inc. acts as the time charterer of the pool vessels and will enter the pool vessels into employment contracts such as voyage charters. V8 Pool Inc. allocates the revenue of Suez8 pool vessels between all the pool participants based on pool results and pre-determined allocation method. Pursuant to the pool agreement, the Company is required to pay an administration fee of $325.00 per day per vessel. As of December 31, 2015 , eleven of the Company’s Suezmax vessels have entered into the Suez8 pool. During the year ended December 31, 2015, the Company earned net pool distributions of $52.4 million, from Suez8 pool and these amounts are included in Navig8 pool revenues on the consolidated statement of operations. As of December 31, 2015, a balance of $15.5 million is unpaid and is included in Due from Navig8 pools on the consolidated balance sheet. V8 Pool Each of the Company’s Aframax vessel owning subsidiaries entered into a pool agreement in June 2015 with V8 Pool Inc., a subsidiary of Navig8 Limited and the operator of the V8 pool. V8 Pool Inc. acts as the time charterer of the pool vessels and will enter the pool vessels into employment contracts such as voyage charters. V8 Pool Inc. allocates the revenue of the V8 pool vessels between all the pool participants based on pool results and pre-determined allocation method. Pursuant to the pool agreement, the Company is required to pay an administration fee of $250.00 per day per vessel. As of December 31, 2015, four of the Company’s Aframax vessels have entered into the V8 pool. During the year ended December 31, 2015, the Company received net pool distributions from the V8 pool of $21.3 million, and these amounts are included in Navig8 pool revenues on the consolidated statement of operations. As of December 31, 2015, a balance of $5.3 million is unpaid and is included in Due from Navig8 pools on the consolidated balance sheet. Working Capital at Navig8 Pools The Company is required to provide working capital of $1,500 to VL8 Pool Inc. upon delivery of each vessel into the VL8 pool; and to provide working capital of $1,000 and $750 to V8 Pool Inc. upon delivery of each vessel into the Suez8 pool and V8 pool, respectively. As of December 31, 2015, the working capital associated with the Company’s owned vessels entered into the VL8 pool, Suez8 pool, and V8 pool aggregated to $26 million and is included in Working capital at Navig8 pools on the consolidated balance sheet as noncurrent assets. In addition, the working capital contribution to the VL8 pool for Nave Quasar (the chartered-in vessel) of $1.8 million is included in Prepaid expenses and other current assets on the consolidated balance sheet as of December 31, 2015, as the time charter is expiring in March 2016. Navig8 Supervision Agreement The Company has entered into supervision agreements with Navig8 Shipmanagement Pte Ltd., or “Navig8 Shipmanagement,” a subsidiary of Navig8 Limited, with regards to the 2015 Acquired VLCC Newbuildings whereby Navig8 Shipmanagement agrees to provide advice and supervision services for the construction of the newbuilding vessels. These services also include project management, plan approval, supervising construction, fabrication and commissioning and vessel delivery services. As per the supervision agreements, Gener8 Subsidiary agrees to pay Navig8 Shipmanagement a total fee of $0.5 million per vessel. Supervision fees incurred during the period from May 8, 2015 (post-merger) to December 31, 2015 was $1.0 million, and $4.2 million remained outstanding as of December 31, 2015. Corporate Administration Agreement On December 17, 2013, Navig8 Crude, which merged with the Company on May 7, 2015, entered into a corporate administration agreement with a subsidiary of Navig8 Limited, whereby the Navig8 Limited subsidiary agreed to provide certain administrative services for Navig8 Crude. In accordance with the corporate administration agreement, Navig8 Crude agreed to pay the Navig8 Limited subsidiary a fee of $250.00 per vessel or newbuilding owned by Navig8 Crude per day. During the year ended December 31, 2015, Navig8 billed the Company a total of $0.8 million, for corporate administration fees. A payable balance of $0.1 million remained outstanding as of December 31, 2015. Other Related Party Transactions During the years ended December 31, 2015, 2014 and 2013, the Company incurred office expenses totaling approximately $7 , $11 and $6 , respectively, on behalf of P C Georgiopoulos & Co. LLC, an investment management company controlled by Peter C. Georgiopoulos, the Chairman of the Company’s Board and Chief Executive Officer. As of December 31, 2015 and 2014, a balance due from P C Georgiopoulos & Co., LLC of approximately $7 and $14 , respectively, remains outstanding. The Company incurred fees for legal services aggregating $0 , $81 and $27 during the years ended December 31, 2015, 2014 and 2013 , respectively, due to the father of Mr. Georgiopoulos. As of December 31, 2015 and December 31, 2014, there was no balance due to the father of Mr. Georgiopoulos. The Company incurred certain business, travel, and entertainment costs totaling $111 , $102 and $133 , during the years ended December 31, 2015, 2014 and 2013, respectively , on behalf of Genco Shipping & Trading Limited (“Genco”), an owner and operator of dry bulk vessels. Mr. Georgiopoulos is chairman of Genco’s board of directors. As of December 31, 2015 and 2014, a balance due from Genco of $8 and $53 , respectively, remains outstanding. Genco made available certain of its employees who performed internal audit services for the Company for which the Company was invoiced $0 , $84 and $140 , during the years ended December 31, 2015, 2014 and 2013 , respectively based on actual time spent by the employees. As of December 31, 2015 and 2014, a balance of $0 and $12 , respectively, remains outstanding. Aegean Marine Petroleum Network, Inc. (“Aegean”) supplied bunkers and lubricating oils to the Company’s vessels aggregating $8.2 million, $17.1 million and $11.8 million , during the years ended December 31, 2015, 2014 and 2013 , respectively . As of December 31, 2015 and 2014, a balance of $0.8 million and $0.6 million, respectively, remains outstanding. Mr. Georgiopoulos is the chairman of Aegean’s board of directors, and John Tavlarios, the Company’s Chief Operating Officer is on the board of directors of Aegean. During the second half year of 2014, Aegean chartered one of the Company’s voyages ( no such transactions occurred during fiscal 2015). As of December 31, 2015 and 2014, a balance of $0 and $0.3 million, respectively, remains outstanding. In addition, the Company provided office space to Aegean and Aegean incurred rent and other expenses in its New York office during the years ended December 31, 2015, 2014 and 2013, for $0.2 million, $0.2 million and $30 , respectively. As of December 31, 2015 and 2014, a balance of $4 and $5 , respectively, remains outstanding. The Company provided office space to Chemical Transportation Group, Inc. (“Chemical”), an owner and operator of chemical vessels for $60 , $45 and $0 , respectively, during the years ended December 31, 2015, 2014 and 2013, respectively. Mr. Georgiopoulos is chairman of Chemical’s board of directors. No balances remain outstanding as of December 31, 2015 and 2014. During 2013, the Company assigned certain payments associated with bunker supply contracts with third ‑party vendors amounting to $20,364 to Oaktree Principal Bunker Holdings Ltd., which is managed by Oaktree Capital Management, L.P. One board member of the Company is employed by Oaktree Capital Management, L.P. Prior to the consummation of the 2015 merger on May 7, 2015, three members of the Board were associated with or employed by Oaktree Capital Management, L.P. The fees incurred to Oaktree Principal Bunker Holdings Ltd. for this assignment amounted to $1.0 million, $3.4 million and $1.2 million for the years ended December 31 , 2015, 2014 and 2013, respectively, and this amount is included in Voyage expenses on the consolidated statement of operations. As of December 31, 2015 and 2014, the balance due to Oaktree Principal Bunker Holdings Ltd. of $0 and $14.3 million, respectively, remains outstanding, and is included in Accounts payable and accrued expenses on the consolidated balance sheets. The Company purchased bunkers from Integr8 Fuels Inc., a subsidiary of Navig8 Limited, amounting to $6.5 million, $8.6 million and $0 , for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015 and December 31, 2014, there was no balance due to Integr8 Fuels Inc. Amounts due from the related parties described above as of December 31, 2015 and 2014 are included in Prepaid expenses and other current assets on the consolidated balance sheets (except as otherwise indicated above); amounts due to the related parties described above as of December 31, 2015 and 2014 are included in Accounts payable and accrued expenses on the consolidated balance sheets (except as otherwise indicated above).

STOCK-BASED COMPENSATION AND WA

STOCK-BASED COMPENSATION AND WARRANTS	12 Months Ended
	Dec. 31, 2015
STOCK-BASED COMPENSATION AND WARRANTS
STOCK-BASED COMPENSATION AND WARRANTS	21. STOCK ‑BASED COMPENSATION AND WARRANTS Stock Options under 2012 Equity Incentive Plan In connection with the 2015 merger and the grant to members of the Company’s management of restricted stock options upon the pricing of the IPO, the outstanding stock options for 343,662 shares under the 2012 Equity Inventive Plan were surrendered and cancelled on June 24, 2015, and unamortized balance was expensed immediately. For the years ended December 31, 2015, 2014 and 2013, amortization of the fair value of these stock options was $1.2 million, $1.2 million and $1.4 million , respectively, which is included in the Company’s consolidated statements of operations as a component of general and administrative expense. The following table summarizes all stock option activity for the years ended December 31, 2015, 2014 and 2013: Weighted Average Weighted Number of Exercise Average Options Price Fair Value (‘000) Outstanding, January 1, 2013 $ $ Granted — Exercised — Forfeited Outstanding, December 31, 2013 $ $ Granted — Exercised — Forfeited — Outstanding, December 31, 2014 $ $ Granted — Exercised — Forfeited $ $ Outstanding, December 31, 2015 — The following table summarizes certain information about the stock options outstanding as of December 31, 2014: Options Outstanding, Options Exercisable, December 31, 2014 December 31, 2014 Weighted Weighted Average Weighted Number of Average Remaining Number of Average Exercise Price Options Exercise Price Contractual Life Options Exercise Price (‘000) $38.26 $ — — 2015 Restricted Stock Units On June 24, 2015, in connection with the pricing of the Company’s IPO, the Company granted members of management restricted stock units (“RSUs”) on 1,663,660 shares of the Company’s common stock pursuant to the Company’s amended 2012 Equity Incentive Plan. The RSUs, which were valued at the IPO price of $14.00 per share, vest ratably in 20% increments or tranches on June 24, 2015, June 30, 2015, December 1, 2016, December 1, 2017 and December 1, 2018, subject for each increment to employment with the Company through the applicable vesting date for such increment. The shares for the first two vesting increments were issued within three business days after December 3, 2015 and the shares for the remaining vesting increments are expected to be issued within a similar short period of time following the vesting date for each of such increments. The RSUs were included in determining the diluted net income per share for the year ended December 31, 2015. The RSUs were not included, prior to issuance, in determining the basic net income per share for fiscal 2015 since there are certain circumstances, although remote, in which certain shares would not be issued. On December 3, 2015, the Company issued 574,546 shares in settlement of RSUs that had vested on June 24, 2015 and June 30, 2015. As of December 31, 2015, 44,919 RSUs were forfeited and 953,279 shares are remaining to be issued in future years, following the vesting date for each increment. Stock options under the 2012 Equity Incentive Plan had been cancelled in connection with the granting of the RSUs. The incremental compensation cost of these RSUs on their grant date of $22.0 million was calculated to be the excess of the fair value of the RSUs over the fair value of the cancelled stock options immediately prior to cancellation and will be amortized over the vesting period using a graded amortization schedule. For fiscal 2015, compensation expense of $11.9 million in connection with the RSUs is included in the Company’s consolidated statements of operations as a component of general and administrative expense. Future amortization for the following years are: 2016 — $5.7 million, 2017— $2.8 million, and 2018— $1.1 million. 2015 Warrant Agreement In connection with the 2015 merger, the Company entered into an amended and restated warrant agreement (the “2015 Navig8 warrant agreement”) with Navig8 Limited (the “2015 Navig8 warrantholder”), with the terms of the agreement substantially consistent with the original warrant agreement between Navig8 Crude and Navig8 Limited except as described below. Under the 2015 Navig8 warrant agreement, 1,600,000 warrants that had, prior to the Navig8 merger, provided the 2015 Navig8 warrantholder the right to purchase 1,600,000 shares of Navig8 common stock at $10 per share of Navig8 common stock were converted into warrants entitling the 2015 Navig8 warrantholder to purchase 0.8947 shares of our common stock for each warrant held for a purchase price of $10.00 per warrant, or $11.18 per share. The 2015 warrants, which expire on March 31, 2016, vest in five equal tranches, with each tranche vesting upon the Company’s common shares reaching the following trading thresholds following the IPO: $15.09 , $16.21 , $17.32 , $18.44 and $19.56 . These trading thresholds represent the volume-weighted average price of the Company’s shares over any period of ten consecutive trading days during which there is a minimum cumulative trading volume of $2 million. The aggregate fair value of the 2015 Navig8 warrant agreement totaled $3.4 million at its grant date on May 7, 2015. As these warrants were assumed by the Company in conjunction with the 2015 merger, the fair value of these warrants at the date of the 2015 merger was included as part of vessel acquisition costs within Vessels-under-construction as of December 31, 2015. The fair value was calculated using a valuation model to which Monte Carlo simulations and the Black-Scholes option pricing model were applied. On May 17, 2012, the Company entered into a warrant agreement, each warrant is exercisable at a price of $42.50 at any time for a period of five years through May 17, 2017. The 309,296 warrants to purchase an aggregate total of 1,431,520 shares of New Common Stock were issued under the warrant agreement. The fair value of each of the Warrants is $15.95 , derived using a term of five years, volatility of 55% (representing the five -year volatility of a peer group), a risk-free interest rate of 0.74% and a dividend rate of 0% . The aggregate fair value of the Warrants is $4.9 million and is a disclosure item only in these consolidated financial statements as they were considered in the opening equity value of the Company on May 12, 2012. The Warrant Agreement provides holders of the Warrants with cashless exercise rights. The Warrant Agreement also provides for, among other things, redemption rights, anti-dilution protection and transfer restrictions, as set forth in the agreement. The following is summary of the status of the Company’s warrants as of December 31, 2015 : Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual fair Warrants Price Life (Years) value (‘000) Outstanding, January 1, 2015 — n/a n/a n/a Granted $ $ Exercised — Forfeited — Outstanding, December 31, 2015 $ $ 2015 Stock Options In connection with the 2015 merger, the Company agreed to convert each outstanding option to acquire Navig8 common stock into an option to acquire the number of shares of the common stock of the Company equal to the product obtained by multiplying (i) the number of shares of Navig8 common stock subject to such stock option immediately prior to the consummation of the 2015 merger by (ii) 0.8947 , at an exercise price per share equal to the quotient obtained by dividing (A) the per share exercise price specified in such stock option immediately prior to the 2015 merger by (B) 0.8947 . The Company also agreed to treat the option agreement as exercisable through July 8, 2017. Immediately prior to the consummation of the 2015 merger, there was one option to purchase 15,000 shares at $13.50 per share; this option was converted into an option to purchase 13,420 of the Company’s common shares at an exercise price of $15.088 per share. Except as described above, the terms on these stock options are substantially consistent with the original stock options issued by Navig8 Crude. The fair value of the stock options was calculated by using the Black-Scholes option pricing model. As these stock options were assumed by the Company in conjunction with the 2015 merger, the fair value of these stock options at the date of the 2015 merger of $39 was included as part of vessel acquisition costs within Vessels-under-construction as of December 31, 2015.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	22. COMMITMENTS AND CONTINGENCIES From time to time the Company has been, and expects to continue to be, subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. See Note 18, Lease commitments , for lease commitments and Note 1 0 , Vessel under construction, for vessel purchase commitments . GENMAR PROGRESS In August 2007, an oil sheen was discovered and reported by shipboard personnel in the vicinity of the Genmar Progress, in Guayanilla Bay, Puerto Rico. Subsequently, the U.S. Coast Guard formally designated the Genmar Progress as a source of the pollution incident. In October 2010, the United States, GMR Progress, LLC, and General Maritime Management (Portugal) L.d.A. executed a Joint Stipulation and Settlement Agreement. Pursuant to the terms of this agreement, the United States agreed to accept $6.3 million in full satisfaction of oil spill response costs of the Coast Guard and certain natural damage assessment costs incurred through the date of settlement. The settlement had been paid in full by the vessel’s protection & indemnity underwriters. In April 2013, the Natural Resource Trustees for the United States and the Commonwealth of Puerto Rico, or the “Trustees,” submitted a claim to GMR Progress, LLC and General Maritime Management (Portugal) L.d.A. for alleged injury to natural resources as a result of this oil spill, primarily seeking monetary damages in the amount of $4.9 million for both loss of beach use and compensation for injury to natural resources such as mangroves, sea grass and coral. On July 7, 2014, the Trustees presented a revised claim for $7.9 million, consisting of $0.9 million for loss of beach use, $5.0 million for injuries to mangroves, sea grass and coral and for uncompensated damage assessment costs and $2.0 million for a 35% contingency for monitoring and oversight. In October 2015, the parties reached an agreement to settle this claim for $2.8 million plus interest, which remains subject to approval by the federal court in Puerto Rico and other customary requirements. The settlement was reported to the vessel’s protection & indemnity underwriters, who are expected to fund the settlement of any such claim. 2011 VLCC POOL DISPUTE Pursuant to an arbitration commenced in January 2013, on August 2, 2013, five vessel owning subsidiaries of the Company (the “2011 VLCC Pool Subs”) that entered into the 2011 VLCC Pool submitted to arbitration in accordance with the terms of the London Maritime Arbitrator’s Association claims of balances due following the withdrawal of their respective vessels from the 2011 VLCC Pool. The claims are for, among other things, amounts due for hire of the vessels and amounts due in respect of working capital invested in the 2011 VLCC Pool. The respondents in the arbitrations, the 2011 VLCC Pool Operator and agent, assert that lesser amounts are owed to the 2011 VLCC Pool Subs by the 2011 VLCC Pool and that the working capital amounts of approximately $1.9 million in the aggregate are not due to be returned until a later date pursuant to the terms of the pool agreements. The respondents also counterclaim for damages for alleged breaches of collateral contracts to the pool agreements, claiming that such contracts purport to extend the earliest date by which the 2011 VLCC Pool Subs were entitled to withdraw their vessels from the 2011 VLCC Pool. Such counterclaim for damages has not yet been quantified. Submissions in this arbitration have closed. As of December 31, 2015 and December 31, 2014, an amount due from the 2011 VLCC Pool of $3.4 million was included in Other assets (noncurrent). ATLAS CHARTER DISPUTE On April 22, 2013, GMR Atlas LLC, a vessel owning subsidiary of the Company, submitted to arbitration in accordance with the terms of the London Maritime Arbitrator’s Association a claim for declaratory relief as to the proper construction of certain provisions of a charterparty contract (the “Atlas Charterparty”) between GMR Atlas LLC and, the party chartering a vessel from GMR Atlas LLC (the “Atlas Claimant”) relating to, among other things, customer vetting eligibility. The Atlas Claimant is an affiliate of the 2011 VLCC Pool Operator. The Atlas Claimant initially counterclaimed (the “Initial Atlas Claims”) for repayment of hire and other amounts paid under the Atlas Charterparty during the period from July 22, 2012 to November 4, 2012 and also asserted claims for interests and costs. GMR Atlas LLC provided security for those claims, plus amounts in respect of interest and costs, in the sum of $3.5 million pursuant to an escrow agreement (the “Escrow Account”). The Initial Atlas Claims were dismissed with prejudice to the extent they were for repayment of hire or other amounts paid prior to October 26, 2012 and this dismissal is no longer subject to appeal. The Atlas Claimant served further submissions on March 7, 2014 which set out claims in the aggregate amount of $4.0 million plus an unquantified claim for interest and legal costs (the “Subsequent Atlas Claims”) arising from the Atlas Charterparty, including primarily claims for damages (as opposed to a claim for repayment) for alleged breaches of customer vetting eligibility requirements. The Subsequent Atlas Claims, in addition to setting out new claims not previously asserted, also include the portion of the Initial Atlas Claims which had not been dismissed. The $3.5 million security previously provided in respect of the Initial Atlas Claims remains held in respect of the Subsequent Atlas Claims. The aggregate amount of claims currently asserted by the Atlas Claimant in respect of the Atlas Charterparty is $4.0 million plus an unquantified claim for interest and legal costs. These claims are presently proceeding in arbitration. Both parties have exchanged lists of documents for standard disclosure and copies of the documents to be disclosed. The next stage will be the exchange of witness statements of fact and the preparation of an expert report for exchange.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2015
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	23. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued Accounting Standards Update No. 2014 ‑09, Revenue from Contracts with Customers, or “ASU 2014 ‑09,” which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014 ‑09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative ‑effect adjustment as of the date of adoption. The Company is evaluating the potential impact of this standard update on its consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update No. 2015 ‑02, Amendments to the Consolidation Analysis, which focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. This new standard simplifies consolidation accounting by reducing the number of consolidation models and providing incremental benefits to stakeholders. In addition, the new standard places more emphasis on risk of loss when determining a controlling financial interest, reduces the frequency of the application of related ‑party guidance when determining a controlling financial interest in a variable interest entity (a “VIE”), and changes consolidation conclusion for public and private companies in several industries that typically make use of limited partnerships or VIEs. This standard will be effective for annual reporting periods beginning after December 15, 2015 for public companies. Early adoption is permitted, including adoption in an interim period. The Company believes that this standard update will have no impact on its consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). The objective of ASU 2015-03 is to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 is effective for public business entities in annual and interim periods beginning after December 15, 2015. Early adoption is permitted. ASU 2015-03 provides for retroactive application, and upon transition, applicable disclosures for a change in an accounting principle would be provided, including the transition method, a description of the prior period information that has been retroactively adjusted, and the effect of the change on the applicable financial statement line items. The Company elected to early adopt this ASU in the fourth quarter of 2015. The election requires retrospective application to all prior periods presented in the financial statements and represents a change in accounting principle. Adoption of the ASU resulted in the reclassification of debt issuance costs from deferred financing costs in other assets to a reduction in the carrying amount of the related debt liability within the Company’s consolidated balance sheets. See Note 1, Basis of presentation and summary of significant accounting policies . In September 2015, the FASB issued Accounting Standards Update No. 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 also requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 is effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. ASU 2015-16 should be applied prospectively to adjustments to provisional amounts that occur after its effective date with earlier application permitted for financial statements that have not been issued. The Company does not believe that this standard update will have a material impact on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. ASU 2016-02 is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. generally accepted accounting principles. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	24. SUBSEQUENT EVENTS In preparing the consolidated financial statements, the Company has evaluated events and transactions occurring after December 31, 2015 for recognition or disclosure purposes. Based on this evaluation, from January 1, 2016 through the date of this report, which represents the date the consolidated financial statements were available to be issued, no material events have been identified other than the following: Sale of Vessels As of December 31, 2015, as described above in Note 5, Assets held for sale , the Company classified the Gener8 Consul as held for sale. On February 17, 2016, the sale was finalized and the Company received $17.5 million in cash and paid $0.5 million of related commission. Vessel Deliveries Gener8 Apollo On January 5, 2016, Gener8 Apollo LLC, a wholly-owned subsidiary of the Company, took delivery of the Gener8 Apollo , a 2016-built VLCC newbuilding. Upon delivery, the Gener8 Apollo entered into the VL8 Pool pursuant to a pool agreement dated October 22, 2015. As of December 31, 2015, the Company borrowed approximately $60.8 million (of which $9.0 million of cash received in January 2016 and $51.8 million, was sent directly to the shipyard and classified as prepaid expenses and other current assets and Other assets, respectively, in the consolidated balance sheet as of December 31, 2015) under the Korean Export Credit Facility to fund the delivery of the Gener8 Apollo . At the time of the delivery, the Company has made all shipyard installment payments and there is no outstanding payable balance. Gener8 Supreme On January 6, 2016, Gener8 Supreme LLC, a wholly-owned subsidiary of the Company, took delivery of the Gener8 Supreme , 2016-built VLCC newbuilding. Upon delivery, the Gener8 Supreme entered into the VL8 Pool pursuant to a pool agreement dated October 22, 2015. On January 6, 2016, the Company borrowed approximately $62.6 million under the Sinosure Credit Facility to fund the delivery of the Gener8 Supreme . The Company has made all shipyard installment payments and there is no outstanding payable balance as of January 6, 2016. Gener8 Ares On January 22, 2016, Gener8 Ares LLC, a wholly-owned subsidiary of the Company, took delivery of the Gener8 Ares , 2016-built VLCC newbuilding. Upon delivery, the Gener8 Ares entered into the VL8 Pool pursuant to a pool agreement dated December 18, 2016. On January 22, 2016, the Company borrowed approximately $61.1 million under the Korean Export Credit Facility to fund the delivery of the Gener8 Ares . The Company has made all shipyard installment payments and there is no outstanding payable balance as of January 22, 2016. Gener8 Hera On February 24, 2016, Gener8 Hera LLC, a wholly-owned subsidiary of the Company, took delivery of the Gener8 Hera , 2016-built VLCC newbuilding. Upon delivery, the Gener8 Hera entered into the VL8 Pool pursuant to a pool agreement dated December 18, 2015. On February 24, 2016, the Company borrowed approximately $60.5 million under the Korean Export Credit Facility to fund the delivery of the Gener8 Hera . The Company has made all shipyard installment payments and there is no outstanding payable balance as of February 24, 2016.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
QUARTERLY FINANCIAL DATA (UNAUDITED)
QUARTERLY FINANCIAL DATA (UNAUDITED)	25. Quarterly Financial Data (Unaudited) (In thousands except per share amounts) 2015 Quarter ended March 31 June 30 September 30 December 31 Voyage revenues $ $ $ $ Operating income Net income Income per common share Basic $ $ $ $ Diluted $ $ $ $ Weighted Average Shares Outstanding - basic (1) Common shares — Class A — — — Class B — — — Weighted Average Shares Outstanding - diluted (1) Common shares — Class A — — — Class B — — — 2014 Quarter ended March 31 June 30 September 30 December 31 Voyage revenues $ $ $ $ Operating income (loss) Net income (loss) Income (loss) per common share Basic $ $ $ $ Diluted $ $ $ $ Weighted Average Shares Outstanding - basic Class A Class B Weighted Average Shares Outstanding - diluted Class A Class B (1) On May 7, 2015, in connection with the filing of our Third Amended and Restated Articles of Incorporation, all of our Class A shares and Class B shares were converted on a one -to- one basis to a single class of common stock. At the closing of the 2015 merger on May 7, 2015, we issued 31,233,170 shares of our common stock into a trust account for the benefit of Navig8 Crude’s former shareholder.

BASIS OF PRESENTATION AND SUM34

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION	BASIS OF PRESENTATION —The financial statements of the Company have been prepared on the accrual basis of accounting and presented in United States Dollars (“USD” or “$”) which is the functional currency of the Company. A summary of the significant accounting policies followed in the preparation of the accompanying financial statements, which conform to Generally Accepted Accounting Principles (“GAAP”) in the United States of America, is presented below.
PRIOR PERIOD RECLASSIFICATION	PRIOR PERIOD RECLASSIFICATION — During the fourth quarter of 2015, the Company elected to adopt Accounting Standards Codification Update No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The election requires retrospective application to all prior periods presented in the financial statements and represents a change in accounting principle. The adoption of ASU 2015-03 resulted in the reclassification of debt issuance costs from deferred financing costs in other assets to a reduction to the carrying amount of the related debt liability within the Company’s consolidated balance sheets. The following table summarizes the change in presentation related to the adoption of ASU 2015-03: December 31, 2014 December 31, 2014 (dollars in thousands) (As previously reported) (After adoption) NONCURRENT ASSETS: Deferred financing costs, net $ $ — NONCURRENT LIABILITIES: Long-term debt (1) $ $ Less unamortized discount and debt financing costs — Long-term debt less unamortized discount and debt financing costs $ $ (1) 2014 loan balance noted as previously reported was presented net of $6.3 million of discount on the Senior Notes.
PRINCIPLES OF CONSOLIDATION	PRINCIPLES OF CONSOLIDATION —The accompanying consolidated financial statements include the accounts of Gener8 Maritime Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation
CASH AND CASH EQUIVALENTS	Cash and cash equivalents — The Company considers highly liquid investments such as money market funds and certificates of deposit with an original maturity of three months or less to be cash equivalents.
ALLOWANCE FOR DOUBTFUL ACCOUNTS	Cash and cash equivalents — The Company considers highly liquid investments such as money market funds and certificates of deposit with an original maturity of three months or less to be cash equivalents. Allowance for doubtful accounts —The Company provides a reserve for freight and demurrage revenues based upon historical collection trends. The Company provides a general reserve based on aging of receivables, in addition to specific reserves on certain long-aged or doubtful receivables.
REVENUE AND EXPENSE RECOGNITION	REVENUE AND EXPENSE RECOGNITION —Revenue and expense recognition policies for spot market voyage charters, time charters and pool revenues are as follows: SPOT MARKET VOYAGE CHARTERS. Spot market voyage revenues are recognized on a pro rata basis based on the relative transit time in each period. The period over which voyage revenues are recognized commences at the time the vessel departs from its last discharge port and ends at the time the discharge of cargo at the next discharge port is completed. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. The Company does not recognize revenue when a vessel is off hire. Estimated losses on voyages are provided for in full at the time such losses become evident. Voyage expenses primarily include only those specific costs which are borne by the Company in connection with voyage charters which would otherwise have been borne by the charterer under time charter agreements. These expenses principally consist of fuel, canal and port charges which are generally recognized as incurred. Demurrage income represents payments by the charterer to the vessel owner when loading and discharging time exceed the stipulated time in the spot market voyage charter. Demurrage income is measured in accordance with the provisions of the respective charter agreements and the circumstances under which demurrage claims arise and is recognized on a pro rata basis over the length of the voyage to which it pertains. Direct vessel operating expenses are recognized when incurred. At December 31, 2015 and December 31, 2014, the Company has a reserve of approximately $5,761 and $2,100 , respectively, against its due from charterers balance associated with voyage revenues, including freight and demurrage revenues. TIME CHARTERS. Revenue from time charters is recognized on a straight ‑line basis over the term of the respective time charter agreement. Direct vessel operating expenses are recognized when incurred. Time charter agreements require, among others, that the vessels meet specified speed and bunker consumption standards. The Company believes that there may be unasserted claims relating to its time charters of $527 and $1,455 as of December 31, 2015 and December 31, 2014, respectively, for which the Company has reduced its amounts due from charterers to the extent that there are amounts due from charterers with asserted or unasserted claims or as an accrued expense to the extent the claims exceed amounts due from such charterers. POOL REVENUES. Pool revenue is determined in accordance with the terms specified within each pool agreement. In particular, the pool manager aggregates the revenues and expenses of all of the pool participants and distributes the net earnings to participants based on the following allocation key: · The pool points (vessel attributes such as cargo carrying capacity, fuel consumption and construction characteristics are taken into consideration); and · The number of days the vessel participated in the pool in the period. Vessels are chartered into the pool and receive net time charter revenue in accordance with the pool agreement. The time charter revenue is variable depending upon the net result of the pool and the pool points and trading days for each vessel. The pool has the right to enter into voyage and time charters with external parties for which it receives freight and related revenue. It also incurs voyage costs such as bunkers, port costs and commissions. At the end of each period, the pool aggregates the revenue and expenses for all the vessels in the pool and distributes net revenue to the participants based on the results of the pool and the allocation key. The Company recognizes net pool revenue on a monthly basis, when the vessel has participated in a pool during the period and the amount of pool revenue for the month can be estimated reliably.
CHARTERHIRE EXPENSE	CHARTERHIRE EXPENSE —Charterhire expense is the amount the Company pays the vessel owner for time chartered-in vessel. The amount is usually for a fixed period of time at charter rates that are generally fixed, but may contain a variable component based on inflation, interest rates, profit sharing, or current market rates. The vessel’s owner is responsible for crewing and other vessel operating costs. Charterhire expense is recognized ratably over the charterhire period.
VESSELS, NET	VESSELS, NET —Vessels, net is stated at cost, which was adjusted to fair value pursuant to fresh-start reporting when applicable, less accumulated depreciation. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from date of initial delivery from the shipyard. If regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life would be adjusted, if necessary, at the date such regulations are adopted. Depreciation is based on cost, which was adjusted to fair value pursuant to fresh-start reporting when applicable, less the estimated residual scrap value. Depreciation expense of vessel assets for the years ended December 31, 2015, 2014 and 2013 totaled $41,621 , $42,419 and $44,096 , respectively. Undepreciated cost of any asset component being replaced is written off as a component of Loss on disposal of vessels and vessel equipment. Expenditures for routine maintenance and repairs are expensed as incurred. Vessel equipment is depreciated over the shorter of 5 years or the remaining life of the vessel. Effective January 1, 2015, the Company increased the estimated residual scrap value of the vessels from $265 /LWT (light weight ton) to $325 /LWT prospectively based on the 15 ‑year average scrap value of steel. The change in the estimated residual scrap value will result in a decrease in depreciation expense over the remaining lives of the vessel assets. During the year ended December 31, 2015, the effect of the increase in the estimated residual scrap value was to decrease depreciation expense and to increase net income by approximately $2,802 , and to increase net income per basic and diluted common share by $0.05 .
VESSELS UNDER CONSTRUCTION	VESSELS UNDER CONSTRUCTION — Vessels under construction represents the cost of acquiring contracts to build vessels, installments paid to shipyards, certain other payments made to third parties and interest costs incurred during the construction of vessels (until the vessel is substantially complete and ready for its intended use). During the years ended December 31, 2015 and 2014, the Company capitalized interest expense associated with vessels under construction of $35.2 million and $9.0 million, respectively.
OTHER FIXED ASSETS, NET	OTHER FIXED ASSETS, NET. Other fixed assets, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the following estimated useful lives: DESCRIPTION USEFUL LIVES Furniture and fixtures 10 years Vessel and computer equipment 5 years
REPLACEMENTS, RENEWALS AND BETTERMENTS	REPLACEMENTS, RENEWALS AND BETTERMENTS. The Company capitalizes and depreciates the costs of significant replacements, renewals and betterments to its vessels over the shorter of the vessel’s remaining useful life or the life of the renewal or betterment. The amount capitalized is based on management’s judgment as to expenditures that extend a vessel’s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are written off as a component of direct vessel operating expense during the period incurred. Expenditures for routine maintenance and repairs are expensed as incurred.
GOODWILL	GOODWILL — T he Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350-20-35, Intangibles— Goodwill and Other . This statement requires that goodwill and intangible assets with indefinite lives be tested for impairment at least annually or when there is a triggering event and written down with a charge to operations when the carrying amount of the reporting unit that includes goodwill exceeds the estimated fair value of the reporting unit. If the carrying value of the goodwill exceeds the reporting unit’s implied goodwill, such excess must be written off. Goodwill as of December 31, 2015 and 2014 was $26.3 million and $27.1 million, respectively . It was determined that there was no goodwill impairment during the year ended December 31, 2015. As of December 31, 2015, we transferred $0.8 million of goodwill, related to Gener8 Consul , to assets held for sale for the anticipated sale. During the year ended December 31, 2014, the Company recorded $2.1 million of goodwill impairment as a result of the annual assessment. Goodwill of $1.2 million (related to one vessel sold in July 2014) and $1.1 million (relating to one vessel sold in October 2013 and another sold in February 2014), respectively, was written off during the years ended December 31, 2014 and 2013.
IMPAIRMENT OF LONG-LIVED ASSETS	IMPAIRMENT OF LONG ‑LIVED ASSETS —The Company follows FASB ASC 360 ‑10 ‑05, Accounting for the Impairment or Disposal of Long ‑Lived Assets , which requires impairment losses to be recorded on long ‑lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the asset’s carrying amount. In the evaluation of the future benefits of long ‑lived assets, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long ‑lived assets. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value. The Company estimates fair value primarily through the use of third party valuations performed on an individual vessel basis. Various factors, including the use of trailing 10 ‑year industry average for each vessel class to forecast future charter rates and vessel operating costs, are included in this analysis. It was determined that there was no indicator of impairment for any vessel for 2015 and 2014. During 2013, the Company recorded $2.0 million of impairment loss related to one vessel sold in February 2014.
DEFERRED DRYDOCK COSTS, NET	DEFERRED DRYDOCK COSTS, NET —Approximately every thirty to sixty months, the Company’s vessels are required to be dry ‑docked for major repairs and maintenance, which cannot be performed while the vessels are operating. The Company defers costs associated with the drydocks as they occur and amortizes these costs on a straight ‑line basis over the estimated period between drydocks. Amortization of drydock costs is included in depreciation and amortization in the consolidated statements of operations. For the years ended December 31, 2015, 2014 and 2013, amortization was $5,113 , $2,773 and $1,107 , respectively. Accumulated amortization as of December 31, 2015 and 2014 was $8,787 (net of $364 write-off to assets held for sale related to Gener8 Consul) and $4,038 , respectively. The Company only includes in deferred drydock costs those direct costs that are incurred as part of the drydock to meet regulatory requirements, or that are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydock or not, are expensed as incurred.
DEFERRED FINANCING COSTS, NET	DEFERRED FINANCING COSTS, NET —Deferred financing costs include bank fees and legal expenses associated with securing new loan facilities. These costs are amortized based upon the effective interest rate method over the life of the related debt, which is included in interest expense. Amortization for the years ended December 31, 2015 2014, and 2013 was $3,294 , $737 and $201 , respectively. During the year ended December 31, 2015, the Company adopted ASU 2015-03, which resulted in the reclassification of debt issuance costs from deferred financing costs in other assets to a reduction in the carrying amount of the related debt liability within the Company’s consolidated balance sheets .
ACCOUNTING ESTIMATES	ACCOUNTING ESTIMATES —The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
WARRANTS	WARRANTS —The Company calculates the fair value of warrants utilizing a valuation model to which Monte Carlo simulations and the Black-Scholes option pricing model are applied. The model projects future share prices based on a risk-neutral framework. The parameters used include inception date, share price, subscription price, lifetime, expected volatility (estimated based on historical share prices of similar listed companies) and expected dividends. The amount of share-based compensation recognized during a period is based on the fair value of the award at the time of issuance.
SHARE-BASED COMPENSATION – STOCK OPTIONS	SHARE-BASED COMPENSATION – STOCK OPTIONS —The Company calculates the fair value of stock options utilizing the Black-Scholes option pricing model. The parameters used include grant date, share price, exercise price, risk-free interest rate, expected option life, expected volatility (estimated based on historical share prices of similar listed companies) and expected dividends. The amount of share-based compensation recognized during a period is based on the fair value of the award at the time of issuance over the vesting period of the option.
INTEREST EXPENSE, NET	INTEREST EXPENSE, NET —The Company follows the provisions of FASB ASC 835-20-30, Capitalization of Interest , to capitalize interest cost as part of the historical cost of acquiring certain assets. The amount of interest cost to be capitalized for qualifying assets is intended to be that portion of the interest cost incurred during the assets’ acquisition periods that theoretically could have been avoided (for example, by avoiding additional borrowings or by using the funds expended for the assets to repay existing borrowings) if expenditures for the assets had not been made. The notion of interest on borrowings as an avoidable cost does not require that the practicability of repaying individual borrowings be considered. The amount capitalized in an accounting period is determined by applying the capitalization rate to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period are based on the rates applicable to borrowings outstanding during the period. If an entity’s financing plans associate a specific new borrowing with a qualifying asset, the entity may use the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset that does not exceed the amount of that borrowing. If average accumulated expenditures for the asset exceed the amounts of specific new borrowings associated with the asset, the capitalization rate to be applied to such excess is a weighted average of the rates applicable to other borrowings of the entity.
NET INCOME (LOSS) PER SHARE	NET INCOME (LOSS) PER SHARE— Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised using the treasury stock method.
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS— With the exception of the Company’s Senior Notes, the estimated fair values of the Company’s financial instruments approximate their individual carrying amounts as of December 31, 2015 and 2014 due to the short-term or variable-rate nature of the respective borrowings.
CONCENTRATION OF CREDIT RISK	CONCENTRATION OF CREDIT RISK —Financial instruments that potentially subject the Company to concentrations of credit risk are amounts due from charterers. During the year ended December 31, 2015, the Company placed the majority of its vessels in the Navig8 Group commercial vessel pools (for further details, see Note 20, related party transactions ). As a result, a significant portion of the Company’s shipping revenue were derived from these pools during this period. With respect to accounts receivable, the Company limits its credit risk by performing ongoing credit evaluations and, when deemed necessary, requires letters of credit, guarantees or collateral. During the year ended December 31, 2015, the Company earned approximately 34.8% from Navig8 Group pools. During the years ended December 31, 2014 and 2013, the Company earned 15.2% and 12.2% , respectively, of its revenues from one customer. The Company maintains substantially all of its cash and cash equivalents with two financial institutions. None of the Company’s cash balances are covered by insurance in the event of default by these financial institutions.
FOREIGN CURRENCY TRANSACTIONS	FOREIGN CURRENCY TRANSACTIONS —Gains and losses on transactions denominated in foreign currencies are recorded within the consolidated statements of operations as components of general and administrative expenses or other expense depending on the nature of the transactions to which they relate.
TAXES	TAXES —The Company is incorporated in the Republic of the Marshall Islands. Pursuant to the income tax laws of the Marshall Islands, the Company is not subject to Marshall Islands income tax. Additionally, pursuant to the U.S. Internal Revenue Code of 1986, as amended (the “Code”), the Company is exempt from U.S. income tax on its income attributable to voyages that do not begin or end in the U.S. The Company is generally not subject to state and local income taxation. Pursuant to various tax treaties, the Company’s shipping operations are not subject to foreign income taxes. As a result of change in ownership of the Company, effective May 17, 2012, the Company no longer qualified for an exemption pursuant to Section 883 of the Code, making the Company subject to U.S. federal tax on its shipping income that is derived from voyages that begin or end in the U.S., retroactive to the beginning of 2012. As a result of the Company’s Initial Public Offering (“IPO”), the Company in 2015 was again exempt from U.S. federal tax on all of its shipping income (including income attributable to voyages that begin or end in the U.S.). D uring 2014 and 2013, the Company recorded gross transportation tax of $1.2 million and $1.1 million, respectively, as a component of voyage expenses.
RECENT ACCOUNTING PRONOUNCEMENTS	In May 2014, the FASB issued Accounting Standards Update No. 2014 ‑09, Revenue from Contracts with Customers, or “ASU 2014 ‑09,” which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014 ‑09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative ‑effect adjustment as of the date of adoption. The Company is evaluating the potential impact of this standard update on its consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update No. 2015 ‑02, Amendments to the Consolidation Analysis, which focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. This new standard simplifies consolidation accounting by reducing the number of consolidation models and providing incremental benefits to stakeholders. In addition, the new standard places more emphasis on risk of loss when determining a controlling financial interest, reduces the frequency of the application of related ‑party guidance when determining a controlling financial interest in a variable interest entity (a “VIE”), and changes consolidation conclusion for public and private companies in several industries that typically make use of limited partnerships or VIEs. This standard will be effective for annual reporting periods beginning after December 15, 2015 for public companies. Early adoption is permitted, including adoption in an interim period. The Company believes that this standard update will have no impact on its consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). The objective of ASU 2015-03 is to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 is effective for public business entities in annual and interim periods beginning after December 15, 2015. Early adoption is permitted. ASU 2015-03 provides for retroactive application, and upon transition, applicable disclosures for a change in an accounting principle would be provided, including the transition method, a description of the prior period information that has been retroactively adjusted, and the effect of the change on the applicable financial statement line items. The Company elected to early adopt this ASU in the fourth quarter of 2015. The election requires retrospective application to all prior periods presented in the financial statements and represents a change in accounting principle. Adoption of the ASU resulted in the reclassification of debt issuance costs from deferred financing costs in other assets to a reduction in the carrying amount of the related debt liability within the Company’s consolidated balance sheets. See Note 1, Basis of presentation and summary of significant accounting policies . In September 2015, the FASB issued Accounting Standards Update No. 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 also requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 is effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. ASU 2015-16 should be applied prospectively to adjustments to provisional amounts that occur after its effective date with earlier application permitted for financial statements that have not been issued. The Company does not believe that this standard update will have a material impact on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. ASU 2016-02 is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. generally accepted accounting principles. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures.

BASIS OF PRESENTATION AND SUM35

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of change in presentation related to the adoption of ASU 2015-03	December 31, 2014 December 31, 2014 (dollars in thousands) (As previously reported) (After adoption) NONCURRENT ASSETS: Deferred financing costs, net $ $ — NONCURRENT LIABILITIES: Long-term debt (1) $ $ Less unamortized discount and debt financing costs — Long-term debt less unamortized discount and debt financing costs $ $ (1) 2014 loan balance noted as previously reported was presented net of $6.3 million of discount on the Senior Notes.
Schedule of estimated useful lives	DESCRIPTION USEFUL LIVES Furniture and fixtures 10 years Vessel and computer equipment 5 years

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill.
Goodwill	Goodwill Accumulated impairment losses Net Amounts in thousands Balance as of January 1, 2014 $ $ (89,026) $ Write-off related to sale of vessels Impairment loss — (2,099) Balance as of December 31, 2014 Transfer to assets held for sale — Balance as of December 31, 2015 $ $ $

INCOME (LOSS) PER COMMON SHARE

INCOME (LOSS) PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2015
INCOME (LOSS) PER COMMON SHARE
Schedule of reconciliation of basic to diluted income (loss) per common share	The reconciliation of basic to diluted income (loss) per common share was as follows (in thousands, except per share amounts): For the Years Ended December 31, 2015 2014 2013 New Common Stock Class A Class B Class A Class B Basic net income (loss) per share: Numerator: Allocation of net income (loss) applicable to common stock $ $ $ $ $ Denominator: Weighted-average shares outstanding, basic Basic net income (loss) per share $ $ $ $ $ Diluted net income (loss) per share: Numerator: Allocation of net income (loss) applicable to common stock $ $ $ $ $ Reallocation of net loss as a result of assumed conversion of Class B to Class A shares — — — Allocation of net income (loss) applicable to common stock $ $ $ $ $ Denominator: Weighted-average shares outstanding used in basic computation Add: Assumed conversion of Class B to Class A shares — — — Restricted stock units — — — — Weighted-average shares outstanding, diluted Diluted net income (loss) per share: $ $ $ $ $

2015 MERGER (Tables)

2015 MERGER (Tables)	12 Months Ended
	Dec. 31, 2015
Navig8
2015 MERGER
Schedule of assets acquired and the liabilities assumed from Navig8 Crude were recorded at cost	Cash and cash equivalents $ Due from Navig8 pools, net Prepaid expenses and other current assets Vessels under construction Other assets (noncurrent) Accounts payable and accrued expenses

VESSELS UNDER CONSTRUCTION (Tab

VESSELS UNDER CONSTRUCTION (Tables)	12 Months Ended
	Dec. 31, 2015
VESSELS UNDER CONSTRUCTION
Schedule of vessels under construction	Vessels under construction consist of the following (dollars in thousands): December 31, December 31, 2015 2014 2014 Acquired VLCC Newbuildings: SPV Stock Purchase $ $ Installment payments Accrued milestones and supervision payments — Drawing approval and site supervision fee Others (initial agent fee, etc.) 2015 Acquired VLCC Newbuildings: Vessels — Acquisition-related costs — Installment payments — Accrued milestones and supervision payments — Others — Fair value of 2015 Warrant Agreement assumed (Note 21) — Fair value of 2015 Stock Options assumed (Note 21) — Capitalized interest expense Vessel deliveries — Total $ $

PREPAID EXPENSES AND OTHER CU40

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2015
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Schedule of prepaid expenses and other current assets	Prepaid expenses and other current assets consist of the following (dollars in thousands): December 31, December 31, 2015 2014 Bunkers and lubricants $ $ Escrow deposit - final installment for Gener8 Apollo - Insurance claims receivable Prepaid insurance Other Total $ $

OTHER FIXED ASSETS (Tables)

OTHER FIXED ASSETS (Tables)	12 Months Ended
	Dec. 31, 2015
OTHER FIXED ASSETS
Schedule of other fixed assets	Other fixed assets consist of the following (dollars in thousands): December 31, December 31, 2015 2014 Other fixed assets: Furniture, fixtures and equipment $ $ Vessel equipment Computer equipment Other Total cost Less: accumulated depreciation Total $ $

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2015
OTHER ASSETS.
Schedule of other assets	Other assets consist of the following (dollars in thousands): December 31, December 31, 2015 2014 Escrow deposits $ $ Working capital for 2011 VLCC pool Long-term due from charterers Fresh start lease asset Insurance claims Total $ $

ACCOUNTS PAYABLE AND ACCRUED 43

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2015
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consist of the following (dollars in thousands): December 31, December 31, 2015 2014 Accounts payable $ $ Accrued milestone and supervision payments — Accrued operating expenses Accrued administrative expenses Accrued interest Total $ $

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2015
LONG-TERM DEBT.
Schedule of long-term debt	Long ‑term debt consists of the following (dollars in thousands): December 31, December 31, 2015 2014 $508M Credit Facility $ — $ $273M Credit Facility — Refinancing Facility — Korean Export Credit Facility — Senior Notes Sinosure Credit Facility — Total Less: current portion of long-term debt — Less: unamortized discount and debt issuance cost Long-term debt less unamortized discount and debt issuance cost $ $

FAIR VALUE OF FINANCIAL INSTR45

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of estimated fair values of financial instruments	The estimated fair values of the Company’s financial instruments are as follows (dollars in thousands): December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair Value Value Value Value Cash and cash equivalents $ $ $ $ Restricted cash Long-term debt, including current portion, excluding discount
Schedule of valuation of financial instruments on a nonrecurring basis	The following table summarizes the valuation of assets measured on a nonrecurring basis (dollars in thousands): December 31, 2015 December 31, 2014 Significant Significant Other Significant Other Significant Observable Unobservable Observable Unobservable Inputs Inputs Inputs Inputs Total (Level 2) (Level 3) Total (Level 2) (Level 3) Assets held for sale $ $ $ — $ — $ — $ —

CLOSING OF PORTUGAL OFFICE (Tab

CLOSING OF PORTUGAL OFFICE (Tables)	12 Months Ended
	Dec. 31, 2015
CLOSING OF PORTUGAL OFFICE.
Schedule of costs incurred included in Accounts payable and accrued expenses	Closing of Portugal Office Balance as of January 1, 2015 $ Expenses accrued Amount paid Foreign currency revaluation Balance as of December 31, 2015 $ —

STOCK-BASED COMPENSATION AND 47

STOCK-BASED COMPENSATION AND WARRANTS (Tables)	12 Months Ended
	Dec. 31, 2015
STOCK-BASED COMPENSATION AND WARRANTS
Summary of stock options Activity	Weighted Average Weighted Number of Exercise Average Options Price Fair Value (‘000) Outstanding, January 1, 2013 $ $ Granted — Exercised — Forfeited Outstanding, December 31, 2013 $ $ Granted — Exercised — Forfeited — Outstanding, December 31, 2014 $ $ Granted — Exercised — Forfeited $ $ Outstanding, December 31, 2015 —
Summary of Stock Option Outstanding	Options Outstanding, Options Exercisable, December 31, 2014 December 31, 2014 Weighted Weighted Average Weighted Number of Average Remaining Number of Average Exercise Price Options Exercise Price Contractual Life Options Exercise Price (‘000) $38.26 $ — —
Schedule of warrants	Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual fair Warrants Price Life (Years) value (‘000) Outstanding, January 1, 2015 — n/a n/a n/a Granted $ $ Exercised — Forfeited — Outstanding, December 31, 2015 $ $

QUARTERLY FINANCIAL DATA (UNA48

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
QUARTERLY FINANCIAL DATA (UNAUDITED)
Schedule of quarterly financial data	(In thousands except per share amounts) 2015 Quarter ended March 31 June 30 September 30 December 31 Voyage revenues $ $ $ $ Operating income Net income Income per common share Basic $ $ $ $ Diluted $ $ $ $ Weighted Average Shares Outstanding - basic (1) Common shares — Class A — — — Class B — — — Weighted Average Shares Outstanding - diluted (1) Common shares — Class A — — — Class B — — — 2014 Quarter ended March 31 June 30 September 30 December 31 Voyage revenues $ $ $ $ Operating income (loss) Net income (loss) Income (loss) per common share Basic $ $ $ $ Diluted $ $ $ $ Weighted Average Shares Outstanding - basic Class A Class B Weighted Average Shares Outstanding - diluted Class A Class B (1) On May 7, 2015, in connection with the filing of our Third Amended and Restated Articles of Incorporation, all of our Class A shares and Class B shares were converted on a one -to- one basis to a single class of common stock.

BASIS OF PRESENTATION AND SUM49

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NATURE OF BUSINESS (Details)	12 Months Ended
	Dec. 31, 2015segmentitem
NATURE OF BUSINESS
Number of vessels	28
Number of reporting segments | segment	1
Minimum
NATURE OF BUSINESS
Period of time for which vessels are placed under time charter basis	1 year
Maximum
NATURE OF BUSINESS
Period of time for which vessels are placed under time charter basis	3 years
VLCCs
NATURE OF BUSINESS
Number of vessels including those remained on time charter	11
New building construction	18
Number of vessels that remained on charter	2
Number of time charters entered into pool	8
Suezmax
NATURE OF BUSINESS
Number of vessels	11
Number of time charters entered into pool	11
Aframax
NATURE OF BUSINESS
Number of vessels	4
Number of time charters entered into pool	4
Panamax
NATURE OF BUSINESS
Number of vessels including those remained on time charter	2
Number of vessels	2
Handymax
NATURE OF BUSINESS
Number of vessels including those remained on time charter	1

BASIS OF PRESENTATION AND SUM50

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
NONCURRENT LIABILITIES:
Long term debt	$ 821,687	$ 797,164
Less unamortized discount and debt financing cost	(48,964)	(8,134)
Long-term debt less unamortized discount and debt financing cost	$ 772,723	789,030
Previously Reported
NONCURRENT ASSETS:
Deferred financing costs, net		1,805
NONCURRENT LIABILITIES:
Long term debt		790,835
Long-term debt less unamortized discount and debt financing cost		790,835
Debt discount on Senior Notes		6,300
Accounting Standards Update 2015-03 | Adjustments for New Accounting Principle, Early Adoption
NONCURRENT LIABILITIES:
Long term debt		797,164
Less unamortized discount and debt financing cost		(8,134)
Long-term debt less unamortized discount and debt financing cost		$ 789,030

BASIS OF PRESENTATION AND SUM51

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ADDITIONAL INFORMATION (Details)	Jan. 01, 2015$ / item	Dec. 31, 2014USD ($)$ / item	Jul. 31, 2014item	Feb. 28, 2014item	Oct. 31, 2013item	Jul. 31, 2014item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
SPOT MARKET VOYAGE CHARTERS
Reserve against due from charterers		$ 2,100,000					$ 5,761,000	$ 2,100,000
TIME CHARTERS
Accrual for unasserted claims relating to time charters		$ 1,455,000					$ 527,000	1,455,000
VESSELS, NET
Estimated useful life of vessels							25 years
Depreciation expense							$ 41,621,000	42,419,000	$ 44,096,000
Estimated scrap value (in dollars per lightweight ton) | $ / item	325	265
Average period of scrap value of steel							15 years
Decrease in depreciation expense							$ 2,802,000
Increase to net income per basic and diluted common share as a result of decrease in depreciation							0.05
VESSELS UNDER CONSTRUCTION
Capitalized interest costs							35,200,000	9,000,000
GOODWILL
Goodwill		$ 27,131,000					26,291,000	27,131,000	30,479,000
Goodwill impairment							0	2,099,000
Transfer to assets held for sale							$ 840,000
Write-off related to sale of vessels								1,249,000	1,068,000
Number of vessels sold | item			1	1	1	2
IMPAIRMENT OF LONG-LIVED ASSETS
Industry average trailing period considered for forecasting future charter rates and vessel operating costs							10 years
Impairment of vessel assets							$ 520,000		$ 2,048,000
Vessels under construction.
VESSELS UNDER CONSTRUCTION
Capitalized interest costs							$ 35,200,000	$ 9,000,000
Furniture, fixtures and equipment
OTHER FIXED ASSETS
Useful life							P10Y
Vessel Equipment | Maximum
OTHER FIXED ASSETS
Useful life							P5Y
Computer Equipment
OTHER FIXED ASSETS
Useful life							P5Y

BASIS OF PRESENTATION AND SUM52

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - DEFERRED COSTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
DEFERRED DRYDOCKING, NET
Deferred drydock, amortization	$ 5,113	$ 2,773	$ 1,107
Deferred drydock, accumulated amortization	8,787	4,038
Write-off of assets held for sale	364
DEFERRED FINANCING COSTS, NET
Deferred financing costs, amortization	$ 3,294	$ 737	$ 201
Minimum
DEFERRED DRYDOCKING, NET
Dry-docking period	30 months
Maximum
DEFERRED DRYDOCKING, NET
Dry-docking period	60 months

BASIS OF PRESENTATION AND SUM53

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONCENTRATION OF CREDIT RISK AND OTHER (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
TAXES
Gross transportation tax		$ 1,200	$ 1,100
Concentration of Credit Risk | Cash Concentration
Concentration Risk
Number of financial institutions with whom the entity maintains substantially all of its cash | item	2
Cash, insured amount	$ 0
Customer one | Concentration of Credit Risk | Revenues
Concentration Risk
Percentage of revenue		15.20%	12.20%
Navig 8 Group Pools | Concentration of Credit Risk | Revenues
Concentration Risk
Percentage of revenue	34.80%

COMMON STOCK (Details)

COMMON STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 03, 2015	Jul. 17, 2015	Jun. 30, 2015	Jun. 24, 2015	May. 07, 2015	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Common stock
Cash deposited with paying agent for the benefit of Navig8 shareholders								$ 1,187
Cash remaining in the trust account						$ 157,535	$ 157,535	$ 157,535	$ 147,303	$ 97,707	$ 28,921
Issuance of shares pursuant to purchase commitment (in shares)								483,970
Cost of shares issued to committed parties								$ 6,040
Issuance of common stock (in shares)								15,000,000
Gross proceeds from issuance of common stock								$ 236,351	197,743	198,000
Issuance cost								$ 6,543	$ 1,621	$ 3,908
Issuance of common stock for vested 2015 restricted stock units (in shares)								574,546
RSU's
Common stock
Granted (in shares)				1,663,660
Vesting percentage				20.00%
Period after December 3, 2015, shares to be issued for first two vesting increments				3 days
Issuance of common stock for vested 2015 restricted stock units (in shares)	574,546
Shares forfeited								44,919
Shares remaining to be issued in future years						953,279	953,279	953,279
Navig8
Common stock
Shares deposited with merger exchange					31,233,170
Cash deposited with paying agent for the benefit of Navig8 shareholders					$ 4,500
Percentage of shares of acquiree not permitted to receive shares as consideration					1.00%
Additional shares issues as part of merger consideration						232,819
Cash returned from trust account as former shareholders received shares as consideration						$ 3,300
Former shareholders that received consideration in shares (as a percent)						99.00%
Cash issued from paying agent, previously deposited for the benefit of former Navig8 shareholders							$ 1,200
Shares issued relating to merger transactions							31,465,989
Cash remaining in the trust account						$ 29	$ 29	$ 29
IPO
Common stock
Issuance of common stock (in shares)			15,000,000
Share price			$ 14
Gross proceeds from IPO			$ 210,000
Net proceeds from issuance of common stock			$ 196,350
Over-Allotment Option
Common stock
Issuance of common stock (in shares)		1,882,223
Share price		$ 14
Gross proceeds from issuance of common stock		$ 26,351
Net proceeds from issuance of common stock		$ 24,638

GOODWILL (Details)

GOODWILL (Details) $ in Thousands	1 Months Ended			10 Months Ended	12 Months Ended
	Jul. 31, 2014item	Feb. 28, 2014item	Oct. 31, 2013item	Jul. 31, 2014item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Goodwill Gross
Balance at the beginning of the year					$ 118,256	$ 119,505
Write-off related to sale of vessels						(1,249)	$ (1,068)
Transfer to assets held for sale					(840)
Balance at the end of the year					117,416	118,256	119,505
Goodwill, Impaired, Accumulated Impairment Loss
Balance at the beginning of the year					(91,125)	(89,026)
Impairment loss					0	(2,099)
Balance at the end of the year					(91,125)	(91,125)	(89,026)
Goodwill Net
Goodwill, Beginning Balance					27,131	30,479
Write-off related to sale of vessels						(1,249)	(1,068)
Impairment loss					0	(2,099)
Transfer to assets held for sale					(840)
Goodwill, Ending Balance					26,291	27,131	$ 30,479
Number of vessels sold | item	1	1	1	2
Suezmax
Goodwill Gross
Write-off related to sale of vessels						(1,249)
Goodwill Net
Write-off related to sale of vessels						$ (1,249)
Number of vessels sold | item	1
MR tanker Gener8 Consul
Goodwill Gross
Transfer to assets held for sale					(800)
Goodwill Net
Transfer to assets held for sale					$ (800)

INCOME (LOSS) PER COMMON SHAR56

INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Allocation of net income (loss) applicable to common stock	$ 45,521	$ 33,228	$ 19,901	$ 30,919	$ (6,979)	$ (14,282)	$ (33,284)	$ 7,461	$ 129,569	$ (47,084)	$ (101,073)
Denominator:
Weighted-average shares outstanding, basic	82,280	81,758	52,919
Basic net income (loss) per share (in dollars per share)	$ 0.55	$ 0.41	$ 0.38	$ 0.93	$ (0.21)	$ (0.43)	$ (1.05)	$ 0.32	$ 2.06	$ (1.54)	$ (8.64)
Numerator:
Allocation of net income (loss) applicable to common stock	$ 45,521	$ 33,228	$ 19,901	$ 30,919	$ (6,979)	$ (14,282)	$ (33,284)	$ 7,461	$ 129,569	$ (47,084)	$ (101,073)
Denominator:
Weighted-average shares outstanding used in basic computation	82,280	81,758	52,919
Weighted-average shares outstanding, diluted	82,778	82,479	52,940
Diluted net income (loss) per share (in dollars per share):	$ 0.55	$ 0.40	$ 0.38	$ 0.93	$ (0.21)	$ (0.43)	$ (1.05)	$ 0.32	$ 2.05	$ (1.54)	$ (8.64)
New common stock
Numerator:
Allocation of net income (loss) applicable to common stock									$ 129,569
Denominator:
Weighted-average shares outstanding, basic									62,779
Basic net income (loss) per share (in dollars per share)									$ 2.06
Numerator:
Allocation of net income (loss) applicable to common stock									$ 129,569
Allocation of net income (loss) applicable to common stock									$ 129,569
Denominator:
Weighted-average shares outstanding used in basic computation									62,779
Restricted Stock Units									334
Weighted-average shares outstanding, diluted									63,113
Diluted net income (loss) per share (in dollars per share):									$ 2.05
Class A common stock
Numerator:
Allocation of net income (loss) applicable to common stock										$ (17,402)	$ (97,148)
Denominator:
Weighted-average shares outstanding, basic				11,270	11,270	11,270	11,270	11,270		11,270	11,238
Basic net income (loss) per share (in dollars per share)										$ (1.54)	$ (8.64)
Numerator:
Allocation of net income (loss) applicable to common stock										$ (17,402)	$ (97,148)
Reallocation of net loss as a result of conversion of Class B to Class A shares										(29,682)	(5,091)
Allocation of net income (loss) applicable to common stock										$ (47,084)	$ (102,239)
Denominator:
Weighted-average shares outstanding used in basic computation				11,270	11,270	11,270	11,270	11,270		11,270	11,238
Assumed conversion of Class B to Class A shares										19,223	589
Weighted-average shares outstanding, diluted				33,273	33,273	33,273	31,694	23,448		30,493	11,827
Diluted net income (loss) per share (in dollars per share):										$ (1.54)	$ (8.64)
Class B common stock
Numerator:
Allocation of net income (loss) applicable to common stock										$ (29,682)	$ (5,091)
Denominator:
Weighted-average shares outstanding, basic				22,003	22,003	22,003	20,423	12,178		19,223	589
Basic net income (loss) per share (in dollars per share)										$ (1.54)	$ (8.64)
Numerator:
Allocation of net income (loss) applicable to common stock										$ (29,682)	$ (5,091)
Allocation of net income (loss) applicable to common stock										$ (29,682)	$ (5,091)
Denominator:
Weighted-average shares outstanding used in basic computation				22,003	22,003	22,003	20,423	12,178		19,223	589
Weighted-average shares outstanding, diluted				22,003	22,003	22,003	20,423	12,178		19,223	589
Diluted net income (loss) per share (in dollars per share):										$ (1.54)	$ (8.64)

INCOME (LOSS) PER COMMON SHAR57

INCOME (LOSS) PER COMMON SHARE - Additional Information (Details)	May. 07, 2015	Dec. 31, 2015shares	Dec. 31, 2014shares
Class A common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common Stock Conversion Into Single Class Ratio	1
Class A common stock | Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of potentially dilutive securities that were determined to be anti-dilutive due to realization of net loss (in shares)		343,662	343,662
Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common Stock Conversion Into Single Class Ratio	1
New common stock | Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of potentially dilutive securities that were determined to be anti-dilutive due to realization of net loss (in shares)		13,420
New common stock | Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of potentially dilutive securities that were determined to be anti-dilutive due to realization of net loss (in shares)		1,431,520

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - MR tanker Gener8 Consul - Subsequent events. $ in Millions	Feb. 17, 2016USD ($)
Assets Held-for-Sale
Gross proceeds from sale of asset held for sale	$ 17.5
Net proceeds from sale of asset held for sale	17
Sales commission	$ 0.5

2015 MERGER (Details)

2015 MERGER (Details) $ / shares in Units, $ in Thousands	May. 07, 2015USD ($)item$ / sharesshares	Jul. 09, 2014	Dec. 31, 2015USD ($)
2015 MERGER
Cash deposited with paying agent for the benefit of Navig8 shareholders			$ 1,187
Value of shares owned by shareholders prior to merger	$ 34,900
Shares owned by shareholders prior to merger (as a percent)	52.55%
Navig8
2015 MERGER
Number of employees | item	0
Number Of Time Charters | item	2
Length of time charter in months		6 months
Value of shares owned by shareholders prior to merger	$ 31,500
Shares owned by shareholders prior to merger (as a percent)	47.45%
Navig8
2015 MERGER
Number of shares to be issued as consideration per share of Navig8 | shares	0.8947
Share price used to calculate cash consideration | $ / shares	$ 14.348
Cash and cash equivalents	$ 28,874
Due from Navig8 pools, net	1,877
Prepaid expenses and other current assets	2,435
Vessels under construction	435,417
Other assets (noncurrent)	3,037
Accounts payable and accrued expenses	$ (5,859)
Shares deposited with merger exchange for the benefit of Navig8 shareholders | shares	31,233,170
Cash deposited with paying agent for the benefit of Navig8 shareholders	$ 4,500
Period following the anniversary of the closing of the merger, subject to indemnification obligation	24 months
Maximum payable for certain indemnification obligation	$ 75,000
Deductible applied under certain indemnification obligation	$ 5,000
Navig8 | VLCCs
2015 MERGER
Number of vessels under construction | item	14
Number Of Time Charters | item	1

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Non-cash investing and financing activities
Escrow deposits		$ 51,915	$ 2,212
Capitalized interest		35,200	9,000
Accrued capitalized interest		$ 15,000
Issuance of common stock related to 2015 Acquired VLCC Newbuildings (in shares)		31,465,989
Common stock issued under equity purchase agreement		483,970
Commitment premium paid		$ 6,000
Credit Facility Drawdown | Gener8 Apollo
Non-cash investing and financing activities
Recorded debt excluded from financing activities		60,900
Accounts payable and accrued expenses.
Non-cash investing and financing activities
Capital Expenditures Incurred but Not yet Paid		0	26
Milestone and supervision payments not yet paid		106,000
Accrued capitalized interest		1,000
Long - term debt
Non-cash investing and financing activities
Accrued capitalized interest		14,000	$ 2,300
Prepaid Expenses and Other Current Assets | Gener8 Apollo | Subsequent events.
Non-cash investing and financing activities
Proceeds from issuance of debt	$ 9,000
Other Assets | Gener8 Apollo
Non-cash investing and financing activities
Escrow deposits		$ 51,900

DELIVERY OF VESSEL (Details)

DELIVERY OF VESSEL (Details) - USD ($) $ in Thousands	Oct. 28, 2015	Oct. 23, 2015	Sep. 11, 2015	Dec. 31, 2015	Dec. 31, 2014
DELIVERY OF VESSELS
Accounts payable and accrued expenses				$ 133,248	$ 52,770
Gener8 Strength | Gener8 Strength LLC
DELIVERY OF VESSELS
Accounts payable and accrued expenses				0
Gener8 Athena | Gener8 Athena LLC
DELIVERY OF VESSELS
Accounts payable and accrued expenses				0
Gener8 Neptune | Gener 8 Neptune LLC
DELIVERY OF VESSELS
Accounts payable and accrued expenses				$ 0
Citibank Facility | Gener8 Strength | Gener8 Maritime Sub VII
DELIVERY OF VESSELS
Borrowings under term loan facilities		$ 60,200
Korean Export Credit Facility | Gener8 Athena | Gener8 Athena LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities	$ 62,900
Korean Export Credit Facility | Gener8 Neptune | Gener 8 Neptune LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities			$ 62,900

DISPOSAL OF VESSELS AND VESSE62

DISPOSAL OF VESSELS AND VESSEL EQUIPMENT (Details) $ in Thousands	1 Months Ended			10 Months Ended	12 Months Ended
	Jul. 31, 2014USD ($)item	Feb. 28, 2014item	Oct. 31, 2013item	Jul. 31, 2014USD ($)item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
DISPOSAL OF VESSELS AND VESSEL EQUIPMENT
Loss on disposal of vessel and vessel equipment					$ 805	$ 8,729	$ 2,452
Loss on disposal of vessel equipment						1,800
Loss on sale of vessels	$ 6,300					$ 6,900
Number of Vessels | item	1	1	1	2
Life of vessel	16 years
The remaining balance of drydock cost that were not amortized.	$ 2,500			$ 2,500
Write off of undepreciated vessel equipment	$ 100

VESSELS UNDER CONSTRUCTION (Det

VESSELS UNDER CONSTRUCTION (Details) $ in Thousands	May. 07, 2015USD ($)item	Mar. 31, 2014USD ($)item	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)
Vessels under construction
Fair value of 2015 Warrant Agreement assumed			$ 3,381
Vessel delivery			(1,086,877)	$ (814,528)
Total			911,017	257,581
2014 VLCC Newbuildings
Vessels under construction
SPV Stock Purchase			162,683	162,683
Installment payments			283,220	85,030
Accrued milestones and supervision payments			18,895
Others			2,687	90
Drawing approval and site supervision fee			4,039	820
2014 VLCC Newbuildings | Crude Oil Tanker | Capital additions
Vessels under construction
Total commitment due in 2016			289,100
2015 VLCC Newbuildings
Vessels under construction
Fair value upon acquisition			435,417
Acquisition costs			10,295
Installment payments			183,738
Accrued milestones and supervision payments			87,150
Others			3,110
Fair value of 2015 Warrant Agreement assumed			3,381
Fair value of 2015 Stock Options assumed			39
Total estimated commitment			803,000
Total commitment due in 2016			707,200
Total commitment due in 2017			95,800
2015 VLCC Newbuildings | Navig8
Vessels under construction
Number of tankers in new building contract | item	14
Vessels under construction.
Vessels under construction
Capitalized interest expense			44,130	8,958
Vessel delivery			(327,767)
Total			911,017	$ 257,581
Vessels under construction. | Navig8
Vessels under construction
Professional fees capitalized			$ 10,300
Navig8 | 2015 VLCC Newbuildings
Vessels under construction
Fair value of 2015 Warrant Agreement assumed	$ 3,400
Gener8 Maritime Subsidiary V Inc. | Scorpio Shipbuilding SPVs
Vessels under construction
Number of SPVs acquired | item		7
Purchase price		$ 162,700
DSME Shipbuilding SPVs | Scorpio Shipbuilding SPVs | 2014 Acquired DSME Shipbuilding Contracts
Vessels under construction
Per annum interest rate on late payments			6.00%
DSME Shipbuilding SPVs | 2014 VLCC Newbuildings
Vessels under construction
Number of vessels delivered | item			2

PREPAID EXPENSES AND OTHER CU64

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Bunkers and lubricants	$ 5,746	$ 24,285
Escrow deposit - final installment for Gener8 Apollo	9,011
Insurance claims receivable	5,185	1,156
Prepaid insurance	2,965	1,904
Other	8,990	5,347
Total	31,897	32,692
Insurance claims receivable included in Other assets (non-current)	$ 789	$ 4,696

OTHER FIXED ASSETS (Details)

OTHER FIXED ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
FIXED ASSETS
Depreciation and amortization	$ 47,572	$ 46,118	$ 45,903
Other fixed assets
FIXED ASSETS
Total cost	7,284	4,918
Less: accumulated depreciation and amortization	(2,620)	(1,933)
Total	4,664	2,985
Depreciation and amortization	800	900	$ 700
Furniture, fixtures and equipment | Other fixed assets
FIXED ASSETS
Total cost	1,059	1,154
Vessel Equipment | Other fixed assets
FIXED ASSETS
Total cost	5,488	3,381
Computer Equipment | Other fixed assets
FIXED ASSETS
Total cost	649	312
Other | Other fixed assets
FIXED ASSETS
Total cost	$ 88	$ 71
Leasehold Improvements | Other fixed assets | Maximum
FIXED ASSETS
Useful life	10 years

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
OTHER ASSETS
Escrow deposits	$ 51,915	$ 2,212
Working capital for 2011 VLCC pool	1,900	1,900
Long-term due from charterers	1,546	1,546
Fresh start lease asset	1,319	1,518
Insurance claims	789	4,696
Total	$ 57,469	$ 11,872

ACCOUNTS PAYABLE AND ACCRUED 67

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable	$ 4,143	$ 33,747
Accrued milestones and supervision payments	105,895
Accrued operating expenses	20,608	15,707
Accrued administrative expenses	691	3,240
Accrued interest	1,911	76
Total	$ 133,248	$ 52,770

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) $ in Thousands	Dec. 30, 2015USD ($)	Dec. 01, 2015USD ($)item	Oct. 21, 2015USD ($)	Sep. 07, 2015item	Sep. 03, 2015USD ($)item	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Long-term debt
Remaining borrowing capacity						$ 1,029,900
Long-term debt						957,054	$ 797,164
Less: current portion of long-term debt						(135,367)
Less unamortized discount and debt financing cost						(48,964)	(8,134)
Long-term debt less unamortized discount and debt financing cost						772,723	789,030
Repayment of long term debt						746,747	21,371	$ 116,140
Interest expense incurred						51,200	38,800	34,600
Capitalized interest costs						35,200	9,000
Future maturities
2,016						135,400
2,017						124,500
2,018						91,800
2,019						91,800
2,020						343,600
Thereafter						144,800
Future commitments						1,092,100
Senior Secured Credit Facility
Long-term debt
Interest expense excluding amortization of deferred financing charges						19,300	28,300	33,200
$508M Credit Facility | Senior Secured Credit Facility
Long-term debt
Maximum borrowing capacity						508,000
Long-term debt							414,680
$273M Credit Facility | Senior Secured Credit Facility
Long-term debt
Maximum borrowing capacity						273,000
Long-term debt							241,581
Refinancing Facility
Long-term debt
Maximum borrowing capacity					$ 581,000
Long-term debt						551,950
Additional accrual rate if failure to pay any amount due					2.00%
Dividend cap as a percentage of consolidated net income					50.00%
Aggregate principal amount of other indebtedness undergoing change of control that triggers a change of control to debt facility					$ 20,000
Interest expense incurred						7,600
Refinancing Facility | LIBOR
Long-term debt
Margin on variable interest rate					3.75%
Korean Export Credit Facility
Long-term debt
Maximum borrowing capacity					$ 963,700
Remaining borrowing capacity						770,000
Long-term debt						185,389
Additional accrual rate if failure to pay any amount due					2.00%
Dividend cap as a percentage of consolidated net income					50.00%
Interest expense incurred						3,600
Korean Export Credit Facility | Commercial Tranche
Long-term debt
Maximum borrowing capacity					$ 282,000
Loan maturity					60 months
Korean Export Credit Facility | KEXIM Guaranteed Tranche
Long-term debt
Maximum borrowing capacity					$ 139,700
Korean Export Credit Facility | KEXIM Funded Tranche
Long-term debt
Maximum borrowing capacity					197,400
Korean Export Credit Facility | K-Sure Tranche
Long-term debt
Maximum borrowing capacity					$ 344,600
Korean Export Credit Facility | Excluding Commercial Tranche
Long-term debt
Loan maturity					144 months
Korean Export Credit Facility | VLCCs
Long-term debt
Number of vessels under construction | item					15
Korean Export Credit Facility | VLCCs | Final Contract Price
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value					65.00%
Korean Export Credit Facility | VLCCs | Maximum Contract Price
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value					65.00%
Korean Export Credit Facility | VLCCs | Fair Market Value
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value					60.00%
Korean Export Credit Facility | LIBOR | Commercial Tranche
Long-term debt
Margin on variable interest rate					2.75%
Korean Export Credit Facility | LIBOR | KEXIM Guaranteed Tranche
Long-term debt
Margin on variable interest rate					1.50%
Korean Export Credit Facility | LIBOR | KEXIM Funded Tranche
Long-term debt
Margin on variable interest rate					2.60%
Korean Export Credit Facility | LIBOR | K-Sure Tranche
Long-term debt
Margin on variable interest rate					1.70%
Senior Notes
Long-term debt
Long-term debt						156,829	140,903
Debt discount on Senior Notes						5,700	6,300
Interest expense incurred						$ 16,500	$ 9,600	$ 0
Interest rate (as a percent)						10.00%
Senior Notes | Additional senior notes
Long-term debt
Interest rate (as a percent)						11.00%
Sinosure Credit Facility
Long-term debt
Long-term debt						$ 62,886
Gener8 Maritime Sub II | Refinancing Facility
Long-term debt
Number of vessel owning subsidiaries | item					25
Number of payment installments | item					20
Frequency of payment installments					quarterly
Gener8 Maritime Sub II | Refinancing Facility | VLCCs
Long-term debt
Number of pledged vessels | item						7
Gener8 Maritime Sub II | Refinancing Facility | Suezmax
Long-term debt
Number of pledged vessels | item						11
Gener8 Maritime Sub II | Refinancing Facility | Aframax
Long-term debt
Number of pledged vessels | item						4
Gener8 Maritime Sub II | Refinancing Facility | Panamax
Long-term debt
Number of pledged vessels | item						2
Gener8 Maritime Sub II | Refinancing Facility | Handymax
Long-term debt
Number of pledged vessels | item						1
Gener8 Maritime Sub VIII | Korean Export Credit Facility
Long-term debt
Number of vessel owning subsidiaries | item					15
Gener8 Maritime Sub VIII | Korean Export Credit Facility | Gener8 Neptune
Long-term debt
Borrowings under term loan facilities						$ 185,400
Gener8 Maritime Sub VIII | Korean Export Credit Facility | Commercial Tranche
Long-term debt
Number of payment installments | item					20
Frequency of payment installments					quarterly
Balloon payment to loan ratio					66.67%
Gener8 Maritime Sub VIII | Korean Export Credit Facility | Excluding Commercial Tranche
Long-term debt
Number of payment installments | item					48
Gener8 Maritime Sub VIII | Korean Export Credit Facility | VLCCs | DSME
Long-term debt
Number of vessels under construction | item				5
Gener8 Maritime Sub VIII | Korean Export Credit Facility | VLCCs | Gener8 Maritime Subsidiary Inc.
Long-term debt
Number of vessels to be delivered under contract | item				8
Gener8 Maritime Subsidiary Inc. | Korean Export Credit Facility | Korean shipyards
Long-term debt
Number of shipbuilding contracts | item				8
Gener8 Maritime Sub VII | Citibank Facility
Long-term debt
Maximum borrowing capacity			$ 60,200
Period To Satisfy Conditions To Extend Debt Term			1 year
Repayment of long term debt	$ 60,700
Interest expense incurred	$ 500					$ 800
Gener8 Maritime Sub VII | Sinosure Credit Facility
Long-term debt
Additional accrual rate if failure to pay any amount due		2.00%
Number of vessel owning subsidiaries | item		4
Number of payment installments | item		3
Frequency of payment installments		quarterly
Aggregate principal amount of other indebtedness undergoing change of control that triggers a change of control to debt facility		$ 259,600
Loan maturity		144 months
Percentage of balloon payment to loan		20.00%
Percentage of each installment amount of loan		1.66%
Remaining number of buildings to be funded | item		2
Gener8 Maritime Sub VII | Sinosure Credit Facility | VLCCs | Final Contract Price
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value		67.50%
Gener8 Maritime Sub VII | Sinosure Credit Facility | VLCCs | Maximum Contract Price
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value		67.50%
Gener8 Maritime Sub VII | Sinosure Credit Facility | VLCCs | Fair Market Value
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value		65.00%
Gener8 Maritime Sub VII | Sinosure Credit Facility | LIBOR
Long-term debt
Margin on variable interest rate		2.00%

FAIR VALUE OF FINANCIAL INSTR69

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Carrying Value
Estimated fair values of financial instruments
Cash and cash equivalents	$ 157,535	$ 147,303
Restricted Cash	1,425	660
Long-term debt, including current portion, excluding discount	957,054	797,164
Fair Value
Estimated fair values of financial instruments
Cash and cash equivalents	157,535	147,303
Restricted Cash	1,425	660
Long-term debt, including current portion, excluding discount	$ 906,639	$ 776,350

FAIR VALUE OF FINANCIAL INSTR70

FAIR VALUE OF FINANCIAL INSTRUMENTS - Nonrecurring (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands	Dec. 31, 2015USD ($)
Valuation of financial instruments
Assets held for sale	$ 16,999
Significant Other Observable Inputs (Level 2)
Valuation of financial instruments
Assets held for sale	$ 16,999

VESSEL POOL ARRANGEMENTS (Detai

VESSEL POOL ARRANGEMENTS (Details)	May. 07, 2015item	May. 31, 2013item	Jul. 31, 2011USD ($)item	Dec. 31, 2015USD ($)item	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2012USD ($)	Jun. 30, 2011USD ($)item	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)item	Dec. 31, 2013USD ($)
VLCC POOL Arrangements
Working capital for 2011 VLCC pool				$ 1,900,000				$ 1,900,000						$ 1,900,000	$ 1,900,000
Receivables from pool				13,611,000				50,007,000						13,611,000	50,007,000
Shipping Revenues				$ 102,760,000	$ 89,291,000	$ 116,480,000	$ 121,402,000	92,829,000	$ 92,973,000	$ 83,325,000	$ 123,282,000			$ 429,933,000	392,409,000	$ 356,669,000
Navig8
VLCC POOL Arrangements
Number of time charters entered into pool | item	2
Ownership percentage in outstanding common shares (as a percent)				4.00%										4.00%
2011 VLCC Pool
VLCC POOL Arrangements
Working capital reserve fund required to be maintained by each vessel												$ 2,500,000	$ 2,000,000
Period to accumulate working capital reserve													8 months
Amount withheld from distributions of revenue earned per month													$ 250,000
2011 VLCC Pool | Two vessels entered into time charters
VLCC POOL Arrangements
Number of time charters entered into pool | item			2
Floor rate per day of time charter (in dollars)			$ 15,000
Profit share for daily rates above $30,000 (as a percent)			50.00%
Minimum floor rate for 50 percent profit share (in dollars)			$ 30,000
Number of vessels in which the VLCC Pool Operator maintains working capital reserve | item			2
2011 VLCC Pool | Five vessels directly admitted into pool
VLCC POOL Arrangements
Number of vessels directly admitted to pool | item													5
Working capital for 2011 VLCC pool				$ 1,900,000				1,900,000						$ 1,900,000	1,900,000
Number of time charters left the pool in which the Company continues to own and operation | item		5
2011 VLCC Pool | Five vessels directly admitted into pool | Other Assets
VLCC POOL Arrangements
Receivables from pool				$ 3,446,000				$ 3,446,000						$ 3,446,000	$ 3,446,000
Unique Tankers Pool
VLCC POOL Arrangements
Number of time charters entered into pool | item															17
Number of time charters remaining in pool | item				0										0
Unique Agency Fee														$ 2,169,000	$ 2,733,000
Shipping Revenues														$ 186,711,000	$ 291,028,000	$ 228,517,000

LEASE COMMITMENTS (Details)

LEASE COMMITMENTS (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2004
Letter of credit
Letter of credit
Outstanding letter of credit		$ 1,400	$ 700
Cash held as security		1,400	700
Lease agreement entered in 2004
Lease Commitments
Lease term					15 years
Extended lease term	5 years
Rent expense		2,000	1,800	$ 1,800
Future minimum rental payments
2,016		1,500
2,017		1,500
2,018		1,500
2,019		1,500
2,020		1,700
Thereafter		$ 10,400
Lease agreement entered in 2004 | Period after September 30, 2005 until September 30, 2010
Lease Commitments
Monthly rental payment			110
Lease agreement entered in 2004 | Period after September 30, 2010 until September 30, 2015
Lease Commitments
Monthly rental payment			119
Lease agreement entered in 2004 | Period after September 30, 2015 until September 30, 2020
Lease Commitments
Monthly rental payment			128
Lease agreement entered in 2004 | Period Commencing October 2020
Lease Commitments
Monthly rental payment	$ 182
Lease agreement entered in 2004 | Period during May 18, 2012 to September 30, 2020
Lease Commitments
Monthly straight-line rental expense			$ 161

CLOSING OF PORTUGAL OFFICE (Det

CLOSING OF PORTUGAL OFFICE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Changes in exit costs
Expenses accrued	$ 507	$ 5,123
Closing of Portugal Office
Closing and exit costs
Estimated one-time charges, including severance	5,600
Severance costs	4,700
Changes in exit costs
Balance at beginning of the period	1,127
Expenses accrued	507	5,100
Amount paid	(1,520)
Foreign currency revaluation	(114)
Balance at end of the period	$ 0	$ 1,127

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	May. 06, 2015director	Dec. 17, 2013USD ($)	Dec. 31, 2014USD ($)item	Dec. 31, 2015USD ($)directoritem	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Related party transactions
Revenue from related party				$ 149,642,000
Voyage expenses				95,306,000	$ 239,906,000	$ 259,982,000
Working capital at Navig8 pools				$ 26,000,000
Navig8
Related party transactions
Beneficial owner shareholding (as a percent)				4.00%
VL8 Pool Inc | VL8 Pool
Related party transactions
Revenue from related party				$ 75,900,000
Due from related parties				17,300,000
Daily pool administration fee				325
Operating capital to be provided into the vessel pool				1,500,000
V8 Pool Inc. | V8 Pool
Related party transactions
Revenue from related party				21,300,000
Due from related parties				5,300,000
Daily pool administration fee				250
Operating capital to be provided into the vessel pool				750,000
V8 Pool Inc. | Suez8 Pool
Related party transactions
Daily pool administration fee				325
Operating capital to be provided into the vessel pool				1,000,000
VL8 Pool Inc. and V8 Pool, Inc. | VL8 Suez8 and V8 Pools
Related party transactions
Working capital at Navig8 pools				26,000,000
Navig8 Shipmanagement Pte Ltd. | Supervision agreements
Related party transactions
Supervision fee per vessel				500,000
Supervision fees incurred				1,000,000
Due to related parties				4,200,000
Navig8 Asia | Corporate administration agreement | Navig8
Related party transactions
Corporate administration fees per vessel per day		$ 250
Corporate administration fees				800,000
Due to related parties				100,000
P C Georgiopoulos & Company LLC | Office expenses
Related party transactions
Due from related parties			$ 14,000	7,000	14,000
Amount of expense incurred on behalf of related parties				7,000	11,000	6,000
Father of Peter C. Georgiopoulos | Fees for legal services
Related party transactions
Amount of expense incurred on behalf of related parties				0	81,000	27,000
Due to related parties			0	0	0
Genco | Business, travel, and entertainment costs
Related party transactions
Due from related parties			53,000	8,000	53,000
Amount of expense incurred on behalf of related parties				111,000	102,000	133,000
Genco | Internal audit services
Related party transactions
Amount of expense incurred on behalf of related parties				0	84,000	140,000
Due to related parties			12,000	0	12,000
Aegean | Bunker and lubricating oil purchases
Related party transactions
Bunkers and lubricating oils purchased				8,200,000	17,100,000	11,800,000
Due to related parties			600,000	800,000	600,000
Aegean | Rent and other expenses
Related party transactions
Due from related parties			5,000	4,000	5,000
Amount of expense incurred on behalf of related parties				200,000	200,000	30,000,000
Aegean | Chartered voyage
Related party transactions
Due from related parties			$ 300,000	$ 0	300,000
Number of voyages chartered | item			1	0
Chemical | Rent and other expenses
Related party transactions
Due from related parties			$ 0	$ 0	0
Amount of expense incurred on behalf of related parties				60,000	45,000	0
Oaktree Principal Bunker Holdings, Ltd. | Bunker Supply Contracts
Related party transactions
Related party transaction amount						20,364,000
Amount of expense incurred on behalf of related parties				1,000,000	3,400,000	1,200,000
Due to related parties			14,300,000	$ 0	14,300,000
Oaktree Capital Management, L.P.
Related party transactions
Number of board members associated or employed with related party | director	3			1
Integr8 Fuels Inc. | Bunker purchases
Related party transactions
Bunker purchases				$ 6,500,000	8,600,000	$ 0
Due to related parties			$ 0	0	$ 0
Nave Quasar | VL8 Pool Inc | VL8 Pool
Related party transactions
Due from related parties				1,800,000
Nave Quasar | VL8 Pool Inc | VL8 Pool | Navig8
Related party transactions
Gross daily rate				26,000
Threshold gross daily rate				$ 30,000
Revenue share above daily threshold (as a percent)				50.00%
Amount of expense incurred on behalf of related parties				$ 11,300,000
Nave Quasar | 2016 | VL8 Pool Inc | VL8 Pool
Related party transactions
Due to related parties				$ 1,800,000
VLCC vessels | VL8 Pool Inc | VL8 Pool
Related party transactions
Number of vessels directly admitted to pool | item				8
VLCC vessels | Nave Quasar | VL8 Pool Inc | VL8 Pool
Related party transactions
Number of vessels directly admitted to pool | item				1
Aframax | V8 Pool Inc. | V8 Pool
Related party transactions
Number of vessels directly admitted to pool | item				4
Suezmax Vessels | V8 Pool Inc. | Suez8 Pool
Related party transactions
Number of vessels directly admitted to pool | item				11
Revenue from related party				$ 52,400,000
Due from related parties				$ 15,500,000

STOCK-BASED COMPENSATION AND 75

STOCK-BASED COMPENSATION AND WARRANTS (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 24, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Number of options
Outstanding at the beginning of period			343,662	515,493
Forfeited (in shares)				(171,831)
Outstanding at the end of period				343,662
Weighted Average Exercise Price
Outstanding at the beginning of period			$ 38.26	$ 38.26
Outstanding at the end of period				38.26
Weighted Average Fair Value
Outstanding at the beginning of period			$ 18.22	18.22
Outstanding at the end of period				$ 18.22
Stock options
Options Outstanding
Weighted Average Remaining Contractual Life			7 years 4 months 24 days
Number of options
Outstanding at the beginning of period		343,662
Forfeited (in shares)		(343,662)
Outstanding at the end of period			343,662
Weighted Average Exercise Price
Outstanding at the beginning of period		$ 38.26
Forfeited (in dollars per share)		38.26
Outstanding at the end of period			$ 38.26
Weighted Average Fair Value
Outstanding at the beginning of period		18.22
Forfeited (in dollars per share)		$ 18.22
Outstanding at the end of period			$ 18.22
Stock options | General and administrative expense.
Stock-Based Compensation
Amortization of the fair value of stock options / Compensation expense		$ 1.2	$ 1.2	$ 1.4
RSU's
Stock-Based Compensation
Amortization of the fair value of stock options / Compensation expense		11.9
Future amortization of the unamortized stock-based compensation balance, 2016		5.7
Future amortization of the unamortized stock-based compensation balance, 2017		2.8
Future amortization of the unamortized stock-based compensation balance, 2018		$ 1.1
Restricted stock units
Granted (in shares)	1,663,660
Vesting percentage	20.00%
Share Price	$ 14
Shares forfeited		44,919
Shares remaining to be issued in future years		953,279
Period after December 3, 2015, shares to be issued for first two vesting increments	3 days
Incremental compensation cost	$ 22

STOCK-BASED COMPENSATION AND 76

STOCK-BASED COMPENSATION AND WARRANTS - Warrants and Other (Details) $ / shares in Units, $ in Thousands	May. 07, 2015USD ($)$ / shares$ / itemshares	May. 06, 2015item$ / sharesshares	May. 17, 2012$ / shares$ / itemshares	May. 12, 2012USD ($)	Dec. 31, 2015USD ($)tranche$ / sharesshares	Dec. 31, 2015USD ($)shares	May. 06, 2015$ / sharesshares
Warrant agreement
Warrants outstanding | shares					1,600,000	1,600,000
Exercise price of warrants (in dollars per warrant) | $ / item			42.50
Number of shares called by warrants | shares			309,296
Number of shares issued for warrants | shares			1,431,520
Fair value per warrant | $ / shares			$ 15.95
Warrants expected term			5 years
Warrants expected volatility				55.00%
Warrants risk free interest rate				0.74%
Warrants dividend percentage rate				0.00%
Aggregate fair value of warrants granted | $				$ 4,900		$ 3,381
Fair value of 2015 Warrant Agreement assumed | $					$ 3,381
Warrants Outstanding
Granted (in warrants) | shares					1,600,000
Warrants outstanding | shares					1,600,000
Weighted average exercise price of warrants granted (in dollars per warrant) | $ / shares					$ 11.18
Weighted average exercise price of outstanding warrants at the end of the period | $ / shares					$ 11.18
Weighted average remaining contractual life of warrants granted					10 months 24 days
Weighted average remaining contractual life of outstanding warrants					3 months
2015 Navig8 warrantholder
Warrant agreement
Exercise price of warrants (in dollars per warrant) | $ / item	10
Number of shares called by warrants | shares	0.8947
Exercise price of warrants (in dollars per share) | $ / shares	$ 11.18
Number of tranches that warrants will vest | tranche					5
Consecutive trading day period that common stock trading threshold must be met for vesting of warrants					10 days
Minimum cumulative trading volume of common stock for vesting of warrants | $					$ 2,000
2015 Navig8 warrantholder | Warrant vesting threshold one
Warrant agreement
Trading threshold of common stock for vesting of warrants | $ / shares					$ 15.09
2015 Navig8 warrantholder | Warrant vesting threshold two
Warrant agreement
Trading threshold of common stock for vesting of warrants | $ / shares					16.21
2015 Navig8 warrantholder | Warrant vesting threshold three
Warrant agreement
Trading threshold of common stock for vesting of warrants | $ / shares					17.32
2015 Navig8 warrantholder | Warrant vesting threshold four
Warrant agreement
Trading threshold of common stock for vesting of warrants | $ / shares					18.44
2015 Navig8 warrantholder | Warrant vesting threshold five
Warrant agreement
Trading threshold of common stock for vesting of warrants | $ / shares					$ 19.56
Navig8 | Stock options
Warrants Outstanding
Multiplier for converting number of shares issuable under Nagiv8 plan	0.8947
Denominator for converting exercise price of outstanding awards issued under Navig8 plan	0.8947
Number of shares per option after modification | shares	13,420
Exercise Price | $ / shares	$ 15.088
Fair value of stock option | $	$ 39
2015 VLCC Newbuildings
Warrant agreement
Fair value of 2015 Warrant Agreement assumed | $					$ 3,381
Navig8
Warrant agreement
Number of shares called by warrants | shares							1,600,000
Navig8 | Stock options
Warrants Outstanding
Number of stock options modified | item		1
Number of shares per option prior to modification | shares		15,000
Exercise Price | $ / shares		$ 13.50
Navig8 | 2015 Navig8 warrantholder
Warrant agreement
Warrants outstanding | shares	1,600,000	1,600,000					1,600,000
Exercise price of warrants (in dollars per share) | $ / shares							$ 10
Warrants Outstanding
Warrants outstanding | shares	1,600,000
Warrants outstanding | shares		1,600,000
Navig8 | 2015 VLCC Newbuildings
Warrant agreement
Fair value of 2015 Warrant Agreement assumed | $	$ 3,400

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Jul. 07, 2014USD ($)	Mar. 07, 2014USD ($)	Aug. 02, 2013USD ($)item	Oct. 31, 2015USD ($)	Apr. 30, 2013USD ($)	Oct. 31, 2010USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Apr. 22, 2013USD ($)
Commitments and Contingencies
Security provided by entity pursuant to the escrow agreement							$ 9,011
Working capital reserve fund for each vessel							1,900	$ 1,900
Receivables from pool							13,611	50,007
2011 VLCC Pool Dispute
Commitments and Contingencies
Vessel owning subsidiaries in the pool | item			5
Working capital reserve fund for each vessel			$ 1,900
Receivables from pool							$ 3,400	$ 3,400
Atlas Charter Dispute | GMR Atlas LLC
Commitments and Contingencies
Security provided by entity pursuant to the escrow agreement									$ 3,500
Amount of damages sought		$ 4,000
Genmar Progress
Commitments and Contingencies
Settlement amount				$ 2,800		$ 6,300
Genmar Progress | Alleged injury to Natural resources
Commitments and Contingencies
Amount of damages sought	$ 7,900				$ 4,900
Genmar Progress | Loss of beach use
Commitments and Contingencies
Amount of damages sought	900
Genmar Progress | Injury to Mangroves, Sea Grass and Coral
Commitments and Contingencies
Amount of damages sought	5,000
Genmar Progress | Monitoring and Oversight
Commitments and Contingencies
Amount of damages sought	$ 2,000
Contingency for monitoring and oversight (as a percent)	35.00%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Feb. 24, 2016	Feb. 17, 2016	Jan. 22, 2016	Jan. 06, 2016	Jan. 31, 2016	Dec. 31, 2015	Jan. 05, 2016	Dec. 31, 2014
Subsequent events
Escrow deposits						$ 51,915		$ 2,212
Accounts payable and accrued expenses						133,248		$ 52,770
Gener8 Apollo | Other Assets
Subsequent events
Escrow deposits						51,900
Gener8 Apollo | Credit Facility Drawdown
Subsequent events
Recorded debt excluded from financing activities						60,900
Gener8 Apollo LLC | Gener8 Apollo | Korean Export Credit Facility | 2015 VLCC Newbuildings | Other Assets
Subsequent events
Proceeds from issuance of debt						51,800
Gener8 Apollo LLC | Gener8 Apollo | Korean Export Credit Facility | 2015 VLCC Newbuildings | Credit Facility Drawdown
Subsequent events
Recorded debt excluded from financing activities						$ 60,800
Subsequent events. | MR tanker Gener8 Consul
Subsequent events
Proceeds from Sale of Property, Plant, and Equipment		$ 17,500
Sales commission		$ 500
Subsequent events. | Gener8 Apollo | Prepaid Expenses and Other Current Assets
Subsequent events
Proceeds from issuance of debt					$ 9,000
Subsequent events. | Gener8 Apollo LLC | Gener8 Apollo | Korean Export Credit Facility | 2015 VLCC Newbuildings
Subsequent events
Accounts payable and accrued expenses							$ 0
Subsequent events. | Gener8 Apollo LLC | Gener8 Apollo | Korean Export Credit Facility | 2015 VLCC Newbuildings | Prepaid Expenses and Other Current Assets
Subsequent events
Proceeds from issuance of debt					$ 9,000
Subsequent events. | Gener8 Supreme LLC | Gener8 Supreme | Sinosure Credit Facility | 2016 VLCC Newbuildings
Subsequent events
Proceeds from issuance of debt				$ 62,600
Accounts payable and accrued expenses				$ 0
Subsequent events. | Gener8 Ares LLC | Gener8 Ares | Korean Export Credit Facility | 2016 VLCC Newbuildings
Subsequent events
Proceeds from issuance of debt			$ 61,100
Accounts payable and accrued expenses			$ 0
Subsequent events. | Gener8 Hera LLC | Gener8 Hera | Korean Export Credit Facility | 2016 VLCC Newbuildings
Subsequent events
Proceeds from issuance of debt	$ 60,500
Accounts payable and accrued expenses	$ 0

QUARTERLY FINANCIAL DATA (UNA79

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) $ / shares in Units, $ in Thousands	May. 07, 2015shares	Dec. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares	Mar. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares
Voyage revenues | $		$ 102,760	$ 89,291	$ 116,480	$ 121,402	$ 92,829	$ 92,973	$ 83,325	$ 123,282	$ 429,933	$ 392,409	$ 356,669
Operating income (loss) | $		50,408	33,490	29,436	38,665	573	(6,598)	(26,209)	14,792	151,999	(17,442)	(66,895)
Net income (loss) | $		$ 45,521	$ 33,228	$ 19,901	$ 30,919	$ (6,979)	$ (14,282)	$ (33,284)	$ 7,461	$ 129,569	$ (47,084)	$ (101,073)
Income (loss) per common share
Basic (in dollars per share) | $ / shares		$ 0.55	$ 0.41	$ 0.38	$ 0.93	$ (0.21)	$ (0.43)	$ (1.05)	$ 0.32	$ 2.06	$ (1.54)	$ (8.64)
Diluted (in dollars per share) | $ / shares		$ 0.55	$ 0.40	$ 0.38	$ 0.93	$ (0.21)	$ (0.43)	$ (1.05)	$ 0.32	$ 2.05	$ (1.54)	$ (8.64)
Weighted average shares outstanding - basic
Weighted-average shares outstanding, basic		82,280,000	81,758,000	52,919,000
Weighted average shares outstanding - diluted
Weighted-average shares outstanding, diluted		82,778,000	82,479,000	52,940,000
Navig8
Weighted average shares outstanding - diluted
Shares deposited with merger exchange	31,233,170
Class A common stock
Net income (loss) | $											$ (17,402)	$ (97,148)
Income (loss) per common share
Basic (in dollars per share) | $ / shares											$ (1.54)	$ (8.64)
Diluted (in dollars per share) | $ / shares											$ (1.54)	$ (8.64)
Weighted average shares outstanding - basic
Weighted-average shares outstanding, basic					11,270,000	11,270,000	11,270,000	11,270,000	11,270,000		11,270,000	11,238,000
Weighted average shares outstanding - diluted
Weighted-average shares outstanding, diluted					33,273,000	33,273,000	33,273,000	31,694,000	23,448,000		30,493,000	11,827,000
Number of shares of common stock converted to single class of shares	1
Class B common stock
Net income (loss) | $											$ (29,682)	$ (5,091)
Income (loss) per common share
Basic (in dollars per share) | $ / shares											$ (1.54)	$ (8.64)
Diluted (in dollars per share) | $ / shares											$ (1.54)	$ (8.64)
Weighted average shares outstanding - basic
Weighted-average shares outstanding, basic					22,003,000	22,003,000	22,003,000	20,423,000	12,178,000		19,223,000	589,000
Weighted average shares outstanding - diluted
Weighted-average shares outstanding, diluted					22,003,000	22,003,000	22,003,000	20,423,000	12,178,000		19,223,000	589,000
Number of shares of common stock converted to single class of shares	1