Euronav MI II (GNRT) 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 14, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	Gener8 Maritime, Inc.
Entity Central Index Key	1,443,799
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		82,681,711
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 100,046	$ 157,535
Due from charterers, net	3,033	13,611
Due from Navig8 pools, net	35,220	38,086
Assets held for sale		16,999
Prepaid expenses and other current assets	24,092	31,897
Total current assets	162,391	258,128
NONCURRENT ASSETS:
Vessels, net of accumulated depreciation of $187,876 and $147,129, respectively	2,278,750	1,086,877
Vessels under construction	340,289	911,017
Other fixed assets, net	4,652	4,664
Deferred drydock costs, net	16,410	17,875
Working capital at Navig8 pools	31,950	26,000
Restricted cash	1,456	1,425
Goodwill		26,291
Other noncurrent assets	5,178	57,469
Total noncurrent assets	2,678,685	2,131,618
TOTAL ASSETS	2,841,076	2,389,746
CURRENT LIABILITIES:
Accounts payable and accrued expenses	40,800	133,248
Long-term debt, current portion	171,983	135,367
Derivative financial instrument	4,046
Total current liabilities	216,829	268,615
NONCURRENT LIABILITIES:
Long term debt	1,275,748	821,687
Less: unamortized discount and debt issuance cost	(61,219)	(48,964)
Long-term debt less unamortized discount and debt financing costs	1,214,529	772,723
Other noncurrent liabilities	843	647
Derivative financial instrument	3,353
Total noncurrent liabilities	1,218,725	773,370
TOTAL LIABILITIES	1,435,554	1,041,985
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock, $0.01 par value per share; authorized 225,000,000 shares; issued and outstanding 82,681,711 shares at September 30, 2016 and 82,679,922 shares at December 31, 2015	827	827
Paid-in capital	1,514,013	1,509,688
Accumulated deficit	(101,919)	(163,421)
Accumulated other comprehensive (loss)/ income	(7,399)	667
Total shareholders' equity	1,405,522	1,347,761
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,841,076	$ 2,389,746

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
CONDENSED CONSOLIDATED BALANCE SHEETS
Vessels, accumulated depreciation (in dollars)	$ 187,876	$ 147,129
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	225,000,000	225,000,000
Common stock, issued shares	82,681,711	82,679,922
Common stock, outstanding shares	82,681,711	82,679,922

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
VOYAGE REVENUES:
Navig8 pools revenues	$ 65,529	$ 56,001	$ 270,960	$ 60,213
Time charter revenues		6,932	9,278	21,648
Spot charter revenues	6,730	26,358	22,023	245,312
Total voyage revenues	72,259	89,291	302,261	327,173
OPERATING EXPENSES:
Voyage expenses	3,159	10,527	9,710	93,203
Direct vessel operating expenses	26,980	20,539	77,041	62,583
Navig8 charterhire expenses	19	4,688	3,240	7,287
General and administrative	7,128	8,200	22,240	28,144
Depreciation and amortization	23,118	11,600	60,622	33,610
Goodwill impairment	26,291		26,291
Loss on disposal of vessels, net	10,756	101	10,177	248
Closing of Portugal office		146		507
Total operating expenses	97,451	55,801	209,321	225,582
OPERATING (LOSS) / INCOME	(25,192)	33,490	92,940	101,591
OTHER EXPENSES:
Interest expense, net	(13,699)	(193)	(31,355)	(11,133)
Other financing costs	(2)		(8)	(6,040)
Other (expense) income, net	1,542	(69)	(75)	(370)
Total other expenses	(12,159)	(262)	(31,438)	(17,543)
NET (LOSS) / INCOME	$ (37,351)	$ 33,228	$ 61,502	$ 84,048
(LOSS) / INCOME PER COMMON SHARE:
Basic (in dollars per share)	$ (0.45)	$ 0.41	$ 0.74	$ 1.50
Diluted (in dollars per share)	$ (0.45)	$ 0.40	$ 0.74	$ 1.49

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) / INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) / INCOME
Net (loss) / income	$ (37,351)	$ 33,228	$ 61,502	$ 84,048
Other comprehensive (loss) / income
Amount recognized in other comprehensive loss on derivative	5,207		(8,901)
Amount recognized in net income / (loss) on derivative	1,342		1,502
Foreign subsidiaries loss on liquidation			(730)
Foreign currency translation adjustments		39	63	329
Comprehensive (loss) / income	$ (30,802)	$ 33,267	$ 53,436	$ 84,377

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Common Stock.	Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income / (Loss)	Total
Balance at Dec. 31, 2015	$ 827	$ 1,509,688	$ (163,421)	$ 667	$ 1,347,761
Increase (Decrease) in Shareholders' Equity
Net income			61,502		61,502
Issuance of common stock		26			26
Amount recognized in other comprehensive loss on derivative				(8,901)	(8,901)
Amount recognized in net income / (loss) on derivative				1,502	1,502
Foreign subsidiaries loss on liquidation				(730)	(730)
Foreign currency translation adjustments				63	63
Stock-based compensation		4,299			4,299
Balance at Sep. 30, 2016	$ 827	$ 1,514,013	$ (101,919)	$ (7,399)	$ 1,405,522

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 61,502	$ 84,048
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Loss on disposal of vessels, net	10,177	248
Goodwill impairment	26,291
Payment-in-kind interest expense	13,729	3,883
Depreciation and amortization	60,622	33,610
Amortization of fair value of related-party chartered-in vessel	427	1,593
Amortization of deferred financing costs	7,879	946
Write-off of commitment premium shares		6,040
Stock-based compensation expense	4,299	11,647
Provision for bad debts	(2,689)	3,116
Changes in assets and liabilities:
Decrease in due from charterers	13,267	24,389
Decrease (increase) in due from Navig8 pools	2,866	(19,494)
Decrease in prepaid expenses and other current and noncurrent assets	59,606	21,682
Increase in working capital at Navig8 pools	(5,950)	(22,000)
Decrease in accounts payable and other current and noncurrent liabilities	(5,680)	(29,683)
Deferred drydock costs incurred	(9,228)	(7,577)
Net cash provided by operating activities	237,118	112,448
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for vessels under construction	(800,688)	(187,929)
Payment of professional fees for 2015 merger		(10,295)
Payment of capitalized interest	(15,456)	(13,794)
Proceeds from sale of vessels	72,505
Cash at Navig8 Crude upon merger		28,875
Deposit of cash merger consideration		(1,187)
Restricted cash		(764)
Purchase of vessel improvements and other fixed assets	(7,808)	(2,763)
Net cash used in investing activities	(751,447)	(187,857)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facilities and senior notes	636,216	643,920
Repayments of credit facilities	(158,665)	(656,261)
Proceeds from issuance of common stock	26	236,351
Payment of underwriters' commission		(15,363)
Payment of common stock issuance costs		(6,470)
Deferred financing costs paid	(20,737)	(29,802)
Net cash provided by financing activities	456,840	172,375
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		329
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(57,489)	97,295
CASH AND CASH EQUIVALENTS, beginning of period	157,535	147,303
CASH AND CASH EQUIVALENTS, end of period	100,046	244,598
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION -
Cash paid during the period for interest, net of capitalized interest	$ 19,993	$ 6,456

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2016
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”) provide international transportation services of seaborne crude oil and petroleum products. The Company’s owned fleet at September 30, 2016 consisted of 37 tankers in operation (20 Very Large Crude Carriers (“VLCCs”), 11 Suezmax tankers, four Aframax tankers, two Panamax tankers), and six newbuilding VLCCs under construction. The Company operates its business in one business segment, which is the transportation of international seaborne crude oil and petroleum products. 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 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. The Company followed the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations . Pursuant to this, the Company accounted for the 2015 merger as an asset acquisition. For more details see Note 6, 2015 MERGER , in our 2015 Annual Report on Form 10-K. The Company’s vessels are primarily available for employment in commercial pools, or for charter on a spot voyage or time charter basis. 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. The Company employs all of its VLCC, Suezmax and Aframax vessels in Navig8 Group commercial crude tanker pools including the VL8 Pool, the Suez8 Pool and the V8 Pool. In 2015, the Company’s VLCC, Suezmax, Aframax and newbuilding owning subsidiaries entered into pool agreements with the pool managers 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 September 30, 2016. See Note 14, Related Party Transactions , for a description of the pool arrangements with these related parties. BASIS OF PRESENTATION —The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of financial position and operating results, have been included in the financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s financial statements for the year ended December 31, 2015, which provides a more complete understanding of our accounting policies. The results of operations for the current and prior periods are not necessarily indicative of the operating results for the full year. 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 unaudited interim financial statements, which conform to accounting principles generally accepted in the United States of America, were included in our 2015 Annual Report on Form 10-K. Except for the following new policies presented below, all accounting policies remained unchanged. INTEREST RATE RISK MANAGEMENT —The Company is exposed to interest rate risk through its variable rate credit facilities. The Company uses interest rate swaps, under which the Company pays a fixed rate in exchange for receiving a variable rate, to achieve a fixed rate of interest on the hedged portion of its debt in order to increase the ability of the Company to forecast interest expense. The objective of these swaps is to help to protect the Company against changes in borrowing rates on the current credit facilities and any replacement floating rate LIBOR credit facility. Upon execution of the swaps, the Company designated the hedges as cash flow hedges of benchmark interest rate risk under FASB ASC 815, Derivatives and Hedging , and the Company has established effectiveness testing and measurement processes. Changes in the fair value of the interest rate swaps are recorded as assets or liabilities, and effective gains/losses are captured in a component of accumulated other comprehensive income (“OCI”) until reclassified to interest expense when the hedged variable rate interest expenses are incurred. The Company elected to classify settlement payments as operating activities within the statement of cash flow. See Note 11, Financial Instruments , additional disclosures on the Company’s interest rate swaps. GOODWILL —We follow the provisions of FASB 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. Change in vessel values between November 30, 2015, the Company’s last annual impairment test date, and September 30, 2016, indicated circumstances changed that would more likely than not reduce the fair value of each reporting unit below its carrying amount. At September 30, 2016 and in accordance with ASC 350-20-35, the Company considered the continued decline in the fair value of the Company’s fleet independent valuations to be an indicator for goodwill impairment testing at the interim period. Accordingly, at September 30, 2016, goodwill was tested for potential impairment. As a result of the goodwill impairment test performed, it was determined that the carrying value for each reporting unit was higher than its fair value and therefore goodwill was fully impaired, which resulted in a write-off at September 30, 2016 of $23.3 million. Additionally, during both the three and nine months ended September 30, 2016, the Company recorded a $3.0 million goodwill write-off associated with the sale of the Genmar Victory and Genmar Vision , which were sold in August 2016. RECENT ACCOUNTING PRONOUNCEMENTS —In April 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-10— Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing . ASU No. 2016-10 suggests guidance for stakeholders on identifying performance obligations and licenses in customer contracts. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . 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 and related disclosure. In March 2016, the FASB issued ASU 2016-09— Compensation-Stock Compensation (Topic 718) . This update affects all entities that issue share-based payment awards to their employees, and involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liability and classification on the statement of cash flows. An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. The Company is currently evaluating the effect of adoption on its consolidated financial statements and related disclosure. In February 2016, the FASB issued ASU 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. 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 its financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13- Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The amendments in this ASU require the measurement of all expected credit losses for financial assets, which include trade receivables, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance in this ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15, 2018. The Company is currently evaluating this ASU and any potential impacts the adoption of this ASU will have on our consolidated financial statements revised guidance for the accounting and reporting of financial instruments. In August 2016, the FASB issued ASU 2016-15- Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively from the earliest date practicable if retrospective application would be impracticable. The Company is currently evaluating the effect that adopting this standard will have on its consolidated financial statements and related disclosures.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2016
CASH FLOW INFORMATION
CASH FLOW INFORMATION	2. CASH FLOW INFORMATION The Company excluded from cash flows from investing and financing activities in the condensed consolidated statements of cash flows items included in accounts payable and accrued expenses for accrued milestone and supervision payments of $9.6 million and $106.0 million for the period ended September 30, 2016 and December 31, 2015, respectively. Capitalized interest amounted to $24.3 million for the nine months ended September 30, 2016, of which $8.8 million has not been paid out as of September 30, 2016 (which is included in long‑term debt in the condensed consolidated balance sheet). Capitalized interest amounted to $23.9 million for the nine months ended September 30, 2015.

INCOME _ (LOSS) PER COMMON SHAR

INCOME / (LOSS) PER COMMON SHARE	9 Months Ended
	Sep. 30, 2016
INCOME / (LOSS) PER COMMON SHARE
INCOME / (LOSS) PER COMMON SHARE	3. 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 period. The computation of diluted earnings / (loss) 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): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net (loss) / income per share: Numerator: Net (Loss) / Income $ $ $ $ Denominator: Weighted-average shares outstanding - basic Add: Restricted stock units — — Weighted-average shares outstanding - diluted Basic net (loss) / income per share $ $ $ $ Diluted net (loss) / income 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. As a result of the conversion in 2015, and since both Class A Common Stock and Class B Common Stock had equal rights to earnings and losses, the 2016 and 2015 presentations of net income per share combine Class A Common Stock, Class B Common Stock and new common stock. Options to purchase 343,662 shares of Class A Common Stock were excluded from the above calculation for the three and nine months ended September 30, 2015, because the impact is anti-dilutive. Options to purchase 309,296 shares of common stock were excluded from the above calculation for the three and nine months ended September 30, 2015 and 2016, because the impact is anti-dilutive. Warrants to purchase 1,431,520 shares (1,600,000 warrants converted at 0.8947 shares) of common stock were excluded from the above calculation for the three and nine months ended September 30, 2015, because the warrant agreement expired on March 31, 2016. Options to purchase 13,420 shares of common stock were also excluded from the above calculation for the three and nine months ended September 30, 2016, because certain market conditions have not been met. Additionally, on June 24, 2015, in connection with the pricing of the Company’s IPO, the Company granted members of management restricted stock units (“RSUs”) of the Company’s common stock pursuant to the Company’s amended 2012 Equity Incentive Plan. The remaining RSUs will generally vest in tranches on 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. On September 9, 2016 (“Grant Date”), in accordance with the Company’s amended 2012 Equity Incentive Plan, the Company granted certain non-employee directors RSUs. The RSUs will generally vest on the earlier of (a) the date of the Company’s next annual meeting of shareholders and (b) the first anniversary of the Grant Date, subject to the director’s continued service with the Company through the applicable vesting date. The RSUs granted in June 2015 and September 2016 were excluded in determining the diluted net income / (loss) per share for the three and nine months ended September 30, 2016, because the impact is anti-dilutive.

DELIVERY AND DISPOSAL OF VESSEL

DELIVERY AND DISPOSAL OF VESSELS	9 Months Ended
	Sep. 30, 2016
DELIVERY AND DISPOSAL OF VESSELS.
DELIVERY AND DISPOSAL OF VESSELS	4. DELIVERY AND DISPOSAL OF VESSELS Delivery of Vessels During the nine months ended September 30, 2016, the Company took delivery of the following 2016-built VLCC newbuildings. Upon delivery, all of these vessels entered into the VL8 Pool. The Company has made all shipyard installment payments, and there is no outstanding payable balance in respect of each vessel. Borrowings to Vessel Name Date of Delivery Fund Vessel's Delivery (1) Credit Facility (Dollars in thousands) Gener8 Apollo January 5, 2016 $ 59,600 Korean Export Credit Facility Gener8 Supreme January 6, 2016 62,563 Amended Sinosure Credit Facility Gener8 Ares January 22, 2016 61,128 Korean Export Credit Facility Gener8 Hera February 24, 2016 60,511 Korean Export Credit Facility Gener8 Success March 22, 2016 59,881 Amended Sinosure Credit Facility Gener8 Nautilus April 20, 2016 59,739 Korean Export Credit Facility Gener8 Andriotis May 12, 2016 60,450 Amended Sinosure Credit Facility Gener8 Constantine June 27, 2016 57,423 Korean Export Credit Facility Gener8 Chiotis August 18, 2016 54,600 Amended Sinosure Credit Facility Gener8 Macedon August 30, 2016 53,101 Korean Export Credit Facility Gener8 Perseus September 9, 2016 53,410 Korean Export Credit Facility Gener8 Oceanus September 12, 2016 53,410 Korean Export Credit Facility (1) Amounts reflect the borrowings incurred under the Korean Export Credit Facility or the Amended Sinosure Credit Facility to fund the delivery of the indicated newbuilding. For more information see Note 10, LONG-TERM DEBT . Disposal of Vessels On December 30, 2015, the Company entered into an agreement to sell the 2004-built Handymax tanker Gener8 Consul for $17.5 million, gross proceeds. As of December 31, 2015, the Gener8 Consul was classified as held for sale. On February 17, 2016, the sale was completed. On July 22, 2016 the Company entered into an agreement for the sale of the 2001-built VLCC tanker Genmar Vision for $28.0 million, gross proceeds. On August 5, 2016 the sale was finalized and the Company recorded a net loss of approximately $3.2 million, which is included in Loss on vessel disposal, net on the condensed consolidated statement of operations. The Company used the net proceeds to repay approximately $19.4 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. On August 8, 2016 the Company entered into an agreement for the sale of the 2001-built VLCC tanker Genmar Victory for $29.0 million, gross proceeds. On August 25, 2016 the sale was finalized and the Company recorded a net loss of $7.3 million, which is included in Loss on vessel disposal, net on the condensed consolidated statement of operations. The Company used the net proceeds to repay $19.4 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 2016
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	5. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following (dollars in thousands): September 30, December 31, 2016 2015 Bunkers and lubricants $ $ Escrow deposit - final installment for Gener8 Apollo — Insurance claims receivable Prepaid insurance Other Total $ $ The escrow deposit amount represents the loan proceeds due to the Company upon delivery of the Gener8 Apollo , which were received upon delivery of the vessel in January 2016. Insurance claims receivable consists 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 September 30, 2016 and December 31, 2015, the portion of insurance claims receivable not expected to be collected within one year of $0.5 million and $0.8 million, respectively, is included in Other assets (non-current) on the condensed consolidated balance sheets. Other primarily represents advances to our third‑party technical managers.

VESSELS UNDER CONSTRUCTION

VESSELS UNDER CONSTRUCTION	9 Months Ended
	Sep. 30, 2016
VESSELS UNDER CONSTRUCTION
VESSELS UNDER CONSTRUCTION	6. 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). Vessels under construction consist of the following (dollars in thousands): Nine Months Ended December 31, 2015 September 30, 2016 Activities September 30, 2016 2014 Acquired VLCC Newbuildings: Vessels / SPV Stock Purchase $ $ — $ Installment and supervision payments Accrued milestones and supervision payments — Others 2015 Acquired VLCC Newbuildings: Vessels — Acquisition-related costs — Installment and supervision payments Accrued milestones and supervision payments Others Fair value of 2015 Warrant Agreement assumed — Fair value of 2015 Stock Options assumed — Capitalized interest Vessel deliveries Total $ $ $ In March 2014, the Company During the three months ended September 30, 2016 and in accordance with its newbuilding contract, the Company took delivery of Gener8 Oceanus , the last of the 2014 Acquired VLCC Newbuildings to be delivered. See Note 4, DELIVERY AND DISPOSAL OF VESSELS , for deliveries during the nine months ended September 30, 2016. During the three months ended September 30, 2016 and in accordance with their newbuilding contracts, three of the 2015 Acquired VLCC Newbuildings were delivered to the Company. See Note 4, DELIVERY AND DISPOSAL OF VESSELS , for deliveries during the nine months ended September 30, 2016. As of September 30, 2016, six additional 2015 Acquired VLCC Newbuildings are scheduled to be delivered during the remaining period of 2016 and early 2017.

GOODWILL

GOODWILL	9 Months Ended
	Sep. 30, 2016
Goodwill.
GOODWILL	7. GOODWILL Goodwill Accumulated impairment losses Net Amounts in thousands Balance as of December 31, 2015 $ $ $ Write-off related to sale of vessels — Impairment loss — Balance as of September 30, 2016 $ $ $ — 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. Change in vessel values between November 30, 2015, the Company’s last annual impairment test date, and September 30, 2016, indicated circumstances changed that would more likely than not reduce the fair value of each reporting unit below its carrying amount. At September 30, 2016 and in accordance with ASC 350-20-35, the Company considered the continued decline in the fair value of the Company’s fleet independent valuations to be an indicators for goodwill impairment testing as of September 30, 2016. Accordingly, at September 30, 2016, goodwill was tested for potential impairment. As a result of the goodwill impairment test performed, it was determined that the carrying value for each reporting unit was higher than its fair value and therefore goodwill was fully impaired, which resulted in a write-off at September 30, 2016 of $23.3 million. Additionally, during both the three and nine months ended September 30, 2016, the Company recorded a $3.0 million goodwill write-off associated with the sales of Genmar Victory and Genmar Vision , which were sold in August 2016.

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS	9 Months Ended
	Sep. 30, 2016
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS	8. OTHER NON-CURRENT ASSETS Other non-current assets consist of the following (dollars in thousands): September 30, December 31, 2016 2015 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 represented the final installment payments for Gener8 Apollo . Subsequent to the delivery of Gener8 Apollo in January 2016, the related amount was transferred to vessels.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	9 Months Ended
	Sep. 30, 2016
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following (dollars in thousands): September 30, December 31, 2016 2015 Accounts payable $ $ Accrued milestone and supervision payments Accrued operating expenses Accrued administrative expenses Accrued interest Total $ $ Accrued milestones and supervision payments represent the amounts due for construction milestone and supervision installment payments under the contracts for the Acquired VLCC newbuildings. During the nine months ended September 30, 2016, the Company paid $96.3 million of milestone and supervision installments that was accrued as of December 31, 2015.

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2016
LONG-TERM DEBT.
LONG-TERM DEBT	10. LONG‑TERM DEBT Long‑term debt consists of the following (dollars in thousands): September 30, December 31, 2016 2015 Refinancing Facility $ $ Korean Export Credit Facility Senior Notes Amended Sinosure Credit Facility Total Less: current portion of long-term debt Less: unamortized discount and debt financing costs Long-term debt less unamortized discount and debt issuance cost $ $ Unamortized discount and debt financing cost include an unamortized discount related to the Company’s Senior Notes and deferred financing costs comprised of bank fees and legal expenses associated with securing new loan facilities. These deferred financing costs are amortized based upon the effective interest rate method over the life of the related debt, which is included in interest expense. As of September 30, 2016, the Company has an aggregate amount of up to approximately $385.0 million of available borrowings under the Korean Export Credit Facility and the Amended Sinosure Credit Facility (subject to borrowing limits and other conditions set forth in the applicable senior secured credit facilities) for the purpose of financing future deliveries of VLCC newbuilding vessels with remaining installment payments of $307.4 million, of which $211.6 million and $95.8 million are due in the remaining period of 2016 and 2017, respectively. On June 29, 2016, the Company amended the Sinosure Credit Facility for the purpose of financing the delivery of two VLCC newbuilding vessels, the Gener8 Chiotis and the Gener8 Miltiades . The Sinosure Credit Facility, as amended by the Amending Deed (the “Amended Sinosure Facility”), provides for term loans up to the aggregate amount of approximately $385.2 million (subject to borrowing limits and other conditions set forth in the Amended Sinosure Credit Facility). All other terms of the Amended Sinosure Credit Facility remain substantially similar in all material respects to those in the Sinosure Credit Facility prior to giving effect to the Amending Deed. See “Amended Sinosure Credit Facility” below for further information regarding the Amended Sinosure Credit Facility. On May 2, 2016, the Company entered into interest rate swap transactions, which are intended to be cash flow hedges that effectively fix the interest rates for the Refinancing Facility, the Korean Export Credit Facility and the Sinosure Credit Facility. The interest rate swap transactions were each confirmed under an ISDA Master Agreement, as published by the International Swaps and Derivatives Associations, Inc. (“ISDA”), including the Schedule thereto and related documentation containing customary representations, warranties and covenants. The Company may modify or terminate any of the foregoing interest rate swap transactions in accordance with their terms or enter into additional swap transactions in the future from time to time. Notwithstanding the terms of the interest rate swap transactions, the Company remains ultimately obligated for all amounts due and payable under the credit facilities in accordance with the terms thereof. See Note 11, Financial InstrumentS , for more details. Refinancing Facility On September 3, 2015, the Company entered into a term loan facility (the “Refinancing Facility”) to refinance its former senior secured credit facilities. The Refinancing Facility provides for term loans up to the aggregate approximate amount of $581.0 million, which have been fully drawn. 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. See Note 11, FINANCIAL INSTRUMENTS , for the Company’s interest rate risk management program related to the credit facility. The Company is obligated to repay the Refinancing Facility in 20 consecutive quarterly installments which commenced on September 3, 2015. The Company is also required to prepay the Refinancing Facility upon the occurrence of certain events, such as the sale of a vessel held as collateral or total loss of a vessel. 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 in respect of 15 of the Acquired VLCC Newbuildings being built at Korean shipyards. As of September 30, 2016, the Korean Export Credit Facility funded the delivery of 10 of these newbuildings. 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 $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”). Borrowings under each term loan will be available to be incurred at or around the time of delivery of each VLCC newbuilding funded by 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. The Company’s ability to utilize these funds is subject to the actual delivery of the vessel and other borrowing conditions. Each loan will mature, in respect of the Commercial Tranche, on the date falling 60 months from the date of borrowing of that loan and, in respect of the other tranches, on the date falling 144 months from the date of borrowing of that loan. 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, interest shall accrue at a rate 2.00% higher than the interest rate that would otherwise have been applied to such amount. See Note 11, FINANCIAL INSTRUMENTS , for the Company’s interest rate risk management program related to the credit facility. The Company is obligated to repay the Commercial Tranche of each loan in 20 equal consecutive quarterly installments (excluding a final balloon payment equal to 2/3 of the applicable loan) of such loan and is obligated to repay the other tranches of each loan in 48 equal consecutive quarterly installments. The Company is also required to prepay the 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 of the Company. On October 20, 2016, the Company amended the Korean Export Credit Facility to modify the change of control provision in this credit facility to conform to the Amended Sinosure Credit Facility. Pursuant to this amendment, a change of control will occur if, at any time, none of (i) Peter Georgiopoulos, (ii) Gary Brocklesby or (iii) Nicolas Busch serves as a member of the Company’s board of directors. Amended Sinosure Credit Facility On December 1, 2015, the Company entered into a term loan facility (the “Sinosure Credit Facility”) to fund a portion of the installment payments due under shipbuilding contracts in respect of three VLCC newbuildings which are being built at Chinese shipyards and to refinance a credit facility. The Sinosure Credit Facility provided term loans up to the aggregate approximate amount of $259.6 million. On June 29, 2016, the Company amended the Sinosure Credit Facility (the “Amended Sinosure Credit Facility”) to, among other things, include (i) Gener8 Chiotis LLC and Gener8 Miltiades LLC as owner guarantors under the Sinosure Credit Facility and (ii) two additional term loan tranches having an aggregate amount of up to approximately $125.7 million, for purposes of financing deliveries of an additional two VLCC newbuilding vessels, the Gener8 Chiotis and the Gener8 Miltiades . As of September 30, 2016, the Amended Sinosure Credit Facility funded the delivery of four VLCC newbuildings and refinanced a credit facility. The Amended Sinosure Credit Facility provides for term loans up to the aggregate amount of approximately $385.2 million (subject to borrowing limits and other conditions set forth in the Amended Sinosure Credit Facility). Borrowings under each term loan will be available to be incurred at or around the time of delivery of each newbuilding funded by the Amended Sinosure Credit Facility 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. The Company’s ability to utilize these funds is subject to the actual delivery of the vessel and other borrowing conditions. Each loan will mature on the date falling 144 months from the date of borrowing of that loan. The Amended 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 loan, interest shall accrue at a rate 2.00% higher than the interest rate that would otherwise have been applied to such amount. See Note 11, FINANCIAL INSTRUMENTS , for the Company’s interest rate risk management program related to the credit facility. The Company is obligated to repay each loan under the Amended Sinosure Credit Facility in equal consecutive quarterly installments (excluding a final balloon payment equal to 20% of the applicable loan), each in an amount equal to 1 2/3% of such loan, on each of March 21, June 21, September 21 and December 21 until the loan’s maturity date. On the respective maturity date, the Company is obligated to repay the remaining amount that is outstanding under each loan. The Company is also required to prepay the 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 Export-Import Bank of China and one other lender, upon a change of control of the Company. 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 unsecured notes due 2020 (the “Senior Notes”). On May 13, 2014, the Company issued the Senior Notes in the aggregate principal amount of $131.6 million for proceeds of approximately $125 million (before fees and expenses), after giving effect to the original issue discount provided for in the Note and Guarantee Agreement. As of September 30, 2016 and December 31, 2015, the discount on the Senior Notes was $5.1 million and $5.7 million, respectively, which the Company amortizes as additional interest expense until March 28, 2020. 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. Interest Expense, net Interest expense, net consists of the following (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Refinancing Facility (1) $ $ $ $ Korean Export Credit Facility (1) Senior Notes Amended Sinosure Credit Facility (1) — — Fully repaid credit facilities — — Amortization of deferred financing costs Capitalized interest Commitment fees Interest income Interest expense, net $ $ $ $ (1) Amounts include interest rate swaps settlements. Financial Covenants Under the Refinancing Facility, the Korean Export Credit Facility and the Amended Sinosure Credit Facility, the Company is required to comply with various collateral maintenance and financial covenants, including with respect to its maximum leverage ratio, minimum cash balance and an interest expense coverage ratio covenant. The lenders also require 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); 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. As of September 30, 2016, the Company was in compliance with all such covenants that were in effect on such date. The Refinancing Facility, the Korean Export Credit Facility and the Amended Sinosure Credit Facility also contain certain restrictions on payments of dividends and prepayments of the indebtedness under the Note and Guarantee Agreement. The Refinancing Facility, the Korean Export Credit Facility and the Amended Sinosure Credit Facility permit the Company to pay dividends and make prepayments under the Note and Guarantee Agreement so long as the Company satisfies certain conditions under these facilities’ 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 respective 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 respective 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. Under the Note and Guarantee Agreement, the Company is permitted to make dividend payments if, after giving effect to the dividends, the ratio of the Company’s secured indebtedness minus its cash to the Company’s aggregate fair market value of all of its vessels is less than 60%, and the Company satisfies certain conditions under the Note and Guarantee Agreement’s cumulative consolidated net income and net cash proceeds tests. In addition, in order to make dividend payments under the Note and Guarantee Agreement, the Company must have irrevocably elected to pay interest on the Senior Notes in cash rather than additional Senior Notes.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2016
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	11. financial instruments Interest Rate Risk Management On May 2, 2016, certain of the Company’s wholly-owned subsidiaries entered into six pay-fixed, receive-variable interest rate swap agreements having amortizing notional amounts to hedge a portion of the London Interbank Offered Rate (“LIBOR”) floating rate interest expense on the Company’s credit facilities as discussed in Note 10, LONG TERM DEBT . Under each interest rate swap transaction, a subsidiary of the Company makes a fixed payment each period in an amount equal to the fixed interest rate for such transaction multiplied by the relevant notional amount for that monthly period in exchange for a payment from the respective swap counterparty in an amount equal to a variable interest rate based on the applicable LIBOR rate for that period multiplied by the same notional amount. The applicable period, LIBOR rate and notional amounts are identified in the table below. Two of the swaps effectively fix the interest rate on approximately 50% of the aggregate variable interest rate borrowings expected to be outstanding under the Refinancing Facility through September 3, 2020,and three of the swaps effectively fix the interest rate on approximately 80% of the aggregate variable interest rate borrowings expected to be outstanding under the Korean Export Credit Facility through September 30, 2020, and thereafter on approximately 5% of those variable interest rate borrowings through February 20, 2029. The remaining swap effectively fixes the interest rate on approximately 100% of the aggregate variable interest rate borrowings expected to be outstanding under the Sinosure Credit Facility through March 21, 2022, and thereafter on approximately 5% of those variable interest rate borrowings through May 6, 2028 (excluding the incremental increase in available borrowings pursuant to the June 2016 amendment to the Sinosure Credit Facility). When a swap automatically terminates, the Company may elect to replace the swap to hedge the remaining borrowings outstanding under the applicable credit facility as of the swap termination date. Under certain limited circumstances, the relevant subsidiary of the Company has the right to transfer the related interest rate swap(s) to a qualifying third party, which would have the effect of terminating the subsidiary’s obligations under those interest rate swaps and/or to cause the novation of the related interest rate swap(s) to a third party derivatives dealer. The Company’s objective is to limit the variability of cash flows associated with changes in LIBOR interest rate payments due on its credit facilities by using the interest rate swaps to offset the future variable rate interest payments made by the Company. The Company elected to apply hedge accounting and designated the swaps as cash flow hedges. The Company uses regression analysis to test if the swaps are expected to be highly effective (defined as the swaps’ offsetting at least 80% and not more than 125% of the hedged interest payments) on both a prospective and retrospective basis. The effective portion of the changes in fair value of the swap agreements, including adjustments for non-performance risk, which are designated and qualify as cash flow hedges, are classified in accumulated other comprehensive loss. These amounts are reclassified to interest expense when the hedged interest payments are incurred. Amounts in accumulated other comprehensive loss expected to be reclassified into interest expense in the next 12 months are $4.1 million. The ineffective portion, if any, of the change in fair value of the Company’s interest rate swap agreements is required to be recognized in earnings. During the three months ended September 30, 2016, the Company’s interest rate swap agreements were highly effective; hedge ineffectiveness of $1.5 million, which was recognized in earnings (included in Other expense, net in the consolidated statement of operation) during the second quarter, was reversed due to increases in interest rates. At September 30, 2016, the Company was a party to the following interest rate swaps, which are intended to be cash flow hedges that effectively fix the interest rates for a portion of the Refinancing Facility, the Korean Export Credit Facility and the Sinosure Credit Facility (dollars in thousands) : September 30, 2016 Notional Effective Maturity Fair Value Fixed Floating Hedged Credit Facility Amount Date Date (2) Hierarchy Interest Rate Interest Rate Refinancing Facility $ 5/31/2016 9/3/2020 Level 2 1 mo. LIBOR Refinancing Facility 5/31/2016 9/3/2020 Level 2 1 mo. LIBOR Korean Export Credit Facility (1) 6/30/2016 9/30/2020 Level 2 3 mo. LIBOR Korean Export Credit Facility (1) 6/30/2016 9/30/2020 Level 2 3 mo. LIBOR Korean Export Credit Facility (1) 6/30/2016 9/30/2020 Level 2 3 mo. LIBOR Sinosure Credit Facility 6/21/2016 3/21/2022 Level 2 3 mo. LIBOR (1) The initial aggregate notional amount of $333.9 million under the three interest rate swaps is scheduled to increase up to a maximum aggregate notional amount of $680.8 million in order to effectively fix the interest rate on the target percentage of expected borrowings, since the loans under the Korean Export Credit Facility were not fully drawn as of the effective date of the interest rate swap transaction. (2) As described above, after this date, these swaps effectively fix the interest rate on approximately 5% of the aggregate variable interest rate borrowings of the applicable credit facility through February 20, 2029 in the case of the Korean Export Credit Facility and May 6, 2028 in the case of the Sinosure Credit Facility. The tables below provide quantitative information about the impact of derivatives on the Company’s balance sheet and statement of operations (dollars in thousands): September 30, 2016 December 31, 2015 Balance Sheet Fair Value of Derivatives Fair Value of Derivatives Location Asset Liability Asset Liability Derivatives designated as hedging instruments Interest rate swap contracts - current Current liabilities $ — $ $ — $ — Interest rate swap contracts - non-current Non-current liabilities Total derivatives designated as hedging instruments $ — $ $ — $ — Offsetting of Derivative Liabilities Gross Amounts Not Offset Gross Gross Net Amounts in the Balance Sheet Amounts of Amounts of Liabilities Cash Recognized Offset in the presented in the Financial Collateral Liabilities Balance Sheet Balance Sheet Instruments Pledged Net Amount Counterparty 1 $ $ — $ $ — $ — $ Counterparty 2 — — — Counterparty 3 — — — Total $ $ — $ $ — $ — $ The following table provides the effect of derivatives on the statements of operations for the year-to-date period ended September 30, 2016 (dollars in thousands): Location of Gain or (Loss) Reclassified Location of Gain Three Months Ended Nine Months Ended Derivatives in Cash Flow from AOCI to (Loss) Recognized September 30, September 30, Hedging Relationships Income on Derivatives 2016 2015 2016 2015 Interest rate swap contracts (Effective Portion) Amount of Loss (gain) Recognized in OCI on Derivatives Interest Expense, net $ $ — $ $ — Amount of Loss Reclassified from AOCI into income on Derivatives Interest Expense, net — — Interest rate swap contracts (Ineffective Portion) Amount of Gain Recognized in Income on Derivatives Other expense, net $ — $ — —

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	12. FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair values of the Company’s financial instruments are as follows (dollars in thousands): September 30, 2016 December 31, 2015 Carrying Fair Carrying Fair Value Value Value Value Cash and cash equivalents $ $ $ $ Restricted cash Long-term debt, including current portion, excluding discount Fair value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses a fair value hierarchy which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. There are three levels of inputs used to measure fair value with Level 1 having the highest priority and Level 3 having the lowest: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity. Level 3 assets or liabilities are those whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques with significant unobservable inputs, as well as assets or liabilities for which the determination of fair value requires significant judgment or estimation. The Company uses the following methods and assumptions in estimating fair values for its financial instruments: Cash and cash equivalents: The carrying amounts reported in the balance sheet approximate fair value due to the short-term maturity or variable rates of these instruments. Restricted cash: The carrying amounts of the Company’s other financial instruments at September 30, 2016 and December 31, 2015 approximate fair value and are considered to be Level 1 items. Long-term debt, including current portion, excluding discount: The carrying amount of the variable rate borrowings under the Refinancing Facility, Korean Export Credit Facility and Amended Sinosure Credit Facility as of September 30, 2016 and December 31, 2015 approximates the fair value estimated based on current market rates and the Company’s credit spreads. The fair value of the Senior Notes, included in the table above as a component of long-term debt, was based on the income approach using observable Level 2 market expectations at measurement date and standard valuation techniques to convert future amounts to a single present amount. Level 2 inputs include futures contracts on LIBOR, LIBOR cash and swap rates and the Company’s credit spreads. The Company’s credit spread is estimated as the spread over LIBOR which varies from 1.5% to 1.75%. Derivatives: The Company has elected to use the income approach to value the interest rate swap derivatives using observable Level 2 market expectations at measurement date and standard valuation techniques to convert future amounts to a single present amount (discounted) reflecting current market expectations about those future amounts. Level 2 inputs for the derivative valuations are limited to quoted prices for similar assets or liabilities in active markets (specifically futures contracts) and inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR cash and swap rates, implied volatility for floors, basis swap adjustments and credit risk at commonly quoted intervals). Mid-market pricing is used as a practical expedient for fair value measurements. The credit effect on the derivative's fair value is calculated by applying a continuously compounded discount factor based on credit default swap rates of the counterparty when the swap is in an asset position pre-credit and based on the spread over LIBOR of 2% when the swap is in a liability position pre-credit. On December 30, 2015, the Company entered into an agreement to sell the 2004-built Handymax tanker Gener8 Consul . As of December 31, 2015, the Gener8 Consul was classified as held for sale. On February 17, 2016, the sale was completed. The following table summarizes the valuation of assets measured on a nonrecurring basis (dollars in thousands): September 30, 2016 December 31, 2015 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 $ — $ — $ — $ $ $ — Goodwill — — — — The following table summarizes the valuation of liabilities measured on a recurring basis (dollars in thousands): September 30, 2016 December 31, 2015 Significant Significant Other Significant Other Significant Observable Unobservable Observable Unobservable Inputs Inputs Inputs Inputs Total (Level 2) (Level 3) Total (Level 2) (Level 3) Interest rate swaps $ $ $ — $ — $ — $ —

LEASE COMMITMENTS

LEASE COMMITMENTS	9 Months Ended
	Sep. 30, 2016
LEASE COMMITMENTS
LEASE COMMITMENTS	13. LEASE COMMITMENTS 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 $0.2 million per month. During the three months ended September 30, 2016 and 2015, the Company recorded expense associated with this lease of $0.5 million and $0.5 million, respectively. During the nine months ended September 30, 2016 and 2015, the Company recorded expense associated with this lease of $1.5 million and $1.4 million, respectively. After the lease amendment, future minimum rental payments on this lease for the next five years are as follows: 2016— $0.4 million (from October 1, 2016 to December 31, 2016), 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 September 30, 2016 and December 31, 2015, the Company had an outstanding letter of credit of $1.4 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 as of September 30, 2016 and December 31, 2015.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2016
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	14. RELATED PARTY TRANSACTIONS The following are related party transactions not disclosed elsewhere in these financial statements. Navig8 Group consists of Navig8 Limited, the beneficial owner of over 4% of the Company’s outstanding common shares, and all of its subsidiaries. These subsidiaries include Navig8 Shipmanagement Pte Ltd., Navig8 Asia Pte Ltd, VL8 Management Inc., Navig8 Inc., VL8 Pool Inc. (the VL8 pool manager), V8 Management, Inc., V8 Pool Inc. (the V8 pool and Suez8 pool manager) and Integr8 Fuels Inc. Nicolas Busch, a member of the Company’s Board of Directors, is a director and beneficial owner of Navig8 Limited. In 2015, the Company’s relevant newbuilding and vessel owning subsidiaries entered into pool agreements with VL8 Pool, Inc. for the Company’s existing and newbuilding VLCC vessels, (other than the Genmar Victory and Genmar Vision ) and with V8 Pool Inc. for the Company’s Suezmax and Aframax vessels, in each case for VL8 Pool, Inc. and V8 Pool Inc. to act as pool managers (“Pool Managers”). The Pool Managers act as the time charterer of the pool vessels and will enter the pool vessels into employment contracts such as voyage charters. The Pool Managers allocate the revenue of applicable pool vessels between all the pool participants based on pool results and a pre-determined allocation method. Pursuant to each pool agreement, the Company is required to pay an administration fee of $325.00 per day per VLCC vessel in the VL8 Pool and per Suezmax vessel in the V8 Pool, and $250.00 per day per Aframax vessel in the V8 Pool. VL8 Pool As of September 30, 2016, twenty of the Company’s owned VLCC vessels have entered into the VL8 pool. During the three and nine months ended September 30, 2016, the Company earned net pool distributions of $42.6 million and $167.6 million, respectively, from the VL8 Pool. As of September 30, 2015, six of the Company’s VLCC vessels had entered into the VL8 pool. During the three and nine months ended September 30, 2015, the Company earned net pool distributions of $29.4 million and $32.7 million, respectively, from the VL8 Pool. These amounts are included in Navig8 pool revenues on the condensed consolidated statement of operations. As of September 30, 2016 and December 31, 2015, a balance of $17.6 million and $17.3 million, respectively, is unpaid and is included in Due from Navig8 pools on the condensed consolidated balance sheet. From the closing of the 2015 merger until March 2016, the Nave Quasar was chartered-in from Navig8 Inc., a subsidiary of Navig8 Limited, at a gross daily rate of $26 thousand, and the pool earnings were subject to a 50% profit share with Navig8 Inc. for earnings above $30 thousand per day. For the three and nine months ended September 30, 2016, the related expense amounted to $19 thousand and $3.2 million, respectively. For the three and nine months ended September 30, 2015, the related expense amounted to $4.7 million and $7.3 million, respectively, and is included in Navig8 charterhire expenses on the condensed consolidated statement of operations. In March 2016, the Company re-delivered the Nave Quasar to the owner. Suez8 Pool As of September 30, 2016, eleven of the Company’s Suezmax vessels have entered into the Suez8 Pool. During the three and nine months ended September 30, 2016, the Company earned net pool distributions of $18.4 million and $82.3 million, respectively, from the Suez8 Pool, in respect of the Company’s Suezmax vessels. As of September 30, 2015, ten of the Company’s Suezmax vessels had entered into the Suez8 Pool. During each of the three and nine months ended September 30, 2015, the Company earned net pool distributions of $17.8 million from the Suez8 Pool, in respect of the Company’s Suezmax vessels. These amounts are included in Navig8 pool revenues on the condensed consolidated statement of operations. As of September 30, 2016 and December 31, 2015, a balance of $14.4 million and $15.5 million, respectively, is unpaid and is included in Due from Navig8 pools on the condensed consolidated balance sheet. V8 Pool As of September 30, 2016, four of the Company’s Aframax vessels have entered into the V8 Pool. During the three and nine months ended September 30, 2016, the Company received net pool distributions from the V8 Pool of $4.6 million and $21.1 million, respectively, in respect of the Company’s Aframax vessels. As of September 30, 2015, four of the Company’s Aframax vessels had entered into the V8 Pool. During the three and nine months ended September 30, 2015, the Company received net pool distributions from the V8 Pool of $8.8 million and $9.7 million, respectively, in respect of the Company’s Aframax vessels. These amounts are included in Navig8 pool revenues on the condensed consolidated statement of operations. As of September 30, 2016 and December 31, 2015, a balance of $3.2 million and $5.3 million, respectively, is unpaid and is included in Due from Navig8 pools on the condensed consolidated balance sheet. Working Capital at Navig8 Pools The Company is required to provide working capital to each of VL8 Pool Inc. and V8 Pool Inc. upon delivery of each vessel into the applicable Navig8 pool. During the first quarter of 2016, Navig8 Group revised the working capital requirements of the Navig8 pools whereby participants provide working capital of $1.0 million (from $1.5 million), $0.8 million (from $1.0 million) and $0.7 million (from $0.8 million) to VL8 Pool Inc. in respect of the VL8 pool, V8 Pool Inc. in respect of the Suez8 Pool and V8 Pool Inc. in respect of the V8 Pool, respectively, for each applicable vessel delivered into the pool. As of September 30, 2016 and 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 $32.0 million and $26.0 million, respectively, and is included in Working capital at Navig8 pools on the condensed consolidated balance sheet as noncurrent assets. Navig8 Supervision Agreement The Company has 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. During the three and nine months ended September 30, 2016, the Company recorded supervision fees of $0.9 million and $2.6 million, respectively. These amounts are included in Vessels under construction on the condensed consolidated balance sheet as noncurrent assets. As of September 30, 2016, $1.6 million remained outstanding. Corporate Administration Agreement On December 17, 2013, Navig8 Crude, which merged into a subsidiary of 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 three and nine months ended September 30, 2016, the Navig8 Limited subsidiary billed the Company a total of $0.3 million and $0.9 million, respectively, for corporate administration fees, which amounts were included in general and administrative expenses on the condensed consolidated statements of operations. During the three months ended September 30, 2015 and the period from May 8, 2015 to September 30, 2015, Navig8 Crude billed a total of $0.3 million and $0.5 million, respectively, for corporate administration fees. A payable balance of $0.1 million remained outstanding as of September 30, 2016. Other Related Party Transactions The Company provided office space to Peter C. Georgiopoulos, the Chairman of the Company’s Board and Chief Executive Officer and Mr. Georgiopoulos incurred rent and other office expenses, during the three months ended September 30, 2016 and 2015, totaling $1 thousand and $2 thousand, respectively, and during the nine months ended September 30, 2016 and 2015, totaling $4 thousand and $5 thousand, respectively. As of September 30, 2016 and December 31, 2015, a balance due from Mr. Georgiopoulos of $1 thousand and $7 thousand, respectively, remains outstanding. The Company incurred certain business, travel, and entertainment costs totaling $26 thousand, during each of the three months ended September 30, 2016 and 2015, and totaling $73 thousand and $76 thousand during the nine months ended September 30, 2016 and 2015, respectively, on behalf of Genco Shipping & Trading Limited (“Genco”), an owner and operator of dry bulk vessels. As of September 30, 2016, Mr. Georgiopoulos was chairman of Genco’s board of directors. As of September 30, 2016 and December 31, 2015, a balance due from Genco of $18 thousand and $8 thousand, respectively, remains outstanding. On October 13, 2016, Mr. Georgiopoulos resigned as chairman of the board of directors and a director of Genco. Aegean Marine Petroleum Network, Inc. (“Aegean”) supplied bunkers and lubricating oils to the Company’s vessels aggregating $1.8 million and $2.7 million, during the three months ended September 30, 2016 and 2015, respectively, and aggregating $3.7 million and $6.9 million during the nine months ended September 30, 2016 and 2015, respectively. As of September 30, 2016 and December 31, 2015, a balance of $1.0 million and $0.8 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. In addition, the Company provided office space to Aegean and Aegean incurred rent and other expenses in its New York office during the three months ended September 30, 2016 and 2015, for $50 thousand and $52 thousand, respectively and during the nine months ended September 30, 2016 and 2015 for $0.2 million in each period. As of September 30, 2016 and December 31, 2015, a balance of $0 and $4 thousand, respectively, remains outstanding. The Company provided office space and other office expenses to Chemical Transportation Group, Inc. (“Chemical”), an owner and operator of chemical vessels for $15 thousand, during each of the three months ended September 30, 2016 and 2015, and $47 thousand and $45 thousand for the nine months ended September 30, 2016 and 2015, respectively. Mr. Georgiopoulos is chairman of Chemical’s board of directors. As of September 30, 2016 and December 31, 2015, there was no outstanding balance. Amounts due from the related parties described above as of September 30, 2016 and December 31, 2015 are included in Prepaid expenses and other current assets on the condensed consolidated balance sheets (except as otherwise indicated above); amounts due to the related parties described above as of September 30, 2016 and December 31, 2015 are included in Accounts payable and accrued expenses on the condensed consolidated balance sheets (except as otherwise indicated above).

STOCK-BASED COMPENSATION AND WA

STOCK-BASED COMPENSATION AND WARRANTS	9 Months Ended
	Sep. 30, 2016
STOCK-BASED COMPENSATION AND WARRANTS
STOCK-BASED COMPENSATION AND WARRANTS	15. 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 the unamortized balance was expensed immediately. For the three and nine months ended September 30, 2016, amortization of the fair value of these stock options was $0. For the three and nine months ended September 30, 2015, amortization of the fair value of these stock options was $0 million and $1.2 million, respectively, which is included in the Company’s condensed consolidated statements of operations as a component of general and administrative expense. 2016 Restricted Stock Units On September 9, 2016 (“Grant Date”), in accordance with the Company’s amended 2012 Equity Incentive Plan, the Company granted certain non-employee directors 28,752 RSUs. The RSUs, which were valued at $6.26 per share, will generally vest on the earlier of (a) the date of the Company’s next annual meeting of shareholders and (b) the first anniversary of the Grant Date, subject to continued service with the Company through the applicable vesting date. The RSUs were excluded in determining the diluted net income per share for the three and nine months ended September 30, 2016, because the impact is anti-dilutive. See Note 3, INCOME / (LOSS) PER COMMON SHARE . 2015 Restricted Stock Units On June 24, 2015, in connection with the pricing of the Company’s IPO, the Company granted members of management 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 unvested RSUs were excluded in determining the diluted net income per share for the three and nine months ended September 30, 2016 (see Note 3, INCOME / (LOSS) PER COMMON SHARE ). 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 September 30, 2016, 44,919 RSUs have been forfeited and 953,279 shares remain 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 $21.9 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 the three and nine months ended September 30, 2016, compensation expense was $1.4 million and $4.2 million, respectively. For the three and nine months ended September 30, 2015, compensation expense was $1.5 million and $10.4 million, respectively, in connection with the RSUs is included in the Company’s condensed consolidated statements of operations as a component of general and administrative expense. 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. Under the 2015 Navig8 warrant agreement, 1,600,000 warrants that had, prior to the Navig8 merger, provided Navig8 Limited the right to purchase 1,600,000 shares of Navig8 Crude common stock at $10 per share, were converted in connection with the 2015 merger into warrants entitling Navig8 Limited 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 Navig8 warrant agreement expired on March 31, 2016. 2015 Stock Options In connection with the 2015 merger, the Company agreed to convert each outstanding option to acquire Navig8 Crude 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 Crude 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. Immediately prior to the consummation of the 2015 merger, there was one option to purchase 15,000 shares of Navig8 common stock 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. The Company also agreed to treat the option agreement as exercisable through July 8, 2017. The fair value of the stock option was calculated by using the Black-Scholes option pricing model. As this stock option was assumed by the Company in conjunction with the 2015 merger, the fair value of this stock option at the date of the 2015 merger of $39.0 thousand was included as part of vessel acquisition costs within Vessels-under-construction as of September 30, 2016.

COMMON STOCK

COMMON STOCK	9 Months Ended
	Sep. 30, 2016
COMMON STOCK
COMMON STOCK	16. 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 September 30, 2016, all of these shares and 234,608 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 September 30, 2016, $1.2 million in cash and 31,467,778 shares were issued to former shareholders of Navig8 Crude as merger consideration. As of September 30, 2016, $3.0 thousand 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 $210.0 million. After underwriting commissions, the Company received net proceeds of $196.4 million. 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 $26.4 million and net proceeds of $24.6 million after underwriting commissions and other registration expenses. Additionally, the Company incurred $6.5 million of issuance costs.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2016
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	17. 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. 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 (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 $2.75 million plus interest, which was approved by the federal court in Puerto Rico. The court order for the approval was entered on September 22, 2016. The settlement was reported to the vessel’s protection & indemnity underwriters, who are expected to fund the settlement, which including accrued interest totals $2.75 million. 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 London 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. 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 London arbitration. An arbitration hearing is scheduled for December 2016. As of September 30, 2016 and December 31, 2015, an amount due from the 2011 VLCC Pool and the Atlas charter dispute of $3.4 million was included in Other assets (noncurrent).

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2016
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS In preparing the condensed consolidated financial statements, the Company has evaluated events and transactions occurring after September 30, 2016 for recognition or disclosure purposes. Based on this evaluation, from September 30, 2016 through the date the condensed consolidated financial statements were available to be issued, no material events have been identified other than the following: Vessel Delivery Gener8 Miltiades On October 25, 2016, the Company took delivery of the Gener8 Miltiades , a 2016-built VLCC newbuilding. Upon delivery, the Gener8 Miltiades entered into the VL8 Pool. As of October 25, 2016, the Company borrowed approximately $53.3 million under the Amended Sinosure Credit Facility to fund the delivery of the Gener8 Miltiades . The Company has made all shipyard installment payments and there is no outstanding payable balance in respect of the Gener8 Miltiades . Gener8 Noble On November 7, 2016, the Company took delivery of the Gener8 Noble , a 2016-built VLCC newbuilding. Upon delivery, the Gener8 Noble entered into the VL8 Pool. As of November 7, 2016, the Company borrowed approximately $52.5 million under the Korean Export Credit Facility to fund the delivery of the Gener8 Noble . The Company has made all shipyard installment payments and there is no outstanding payable balance in respect of the Gener8 Noble .

BASIS OF PRESENTATION AND SUM26

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2016
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION	BASIS OF PRESENTATION —The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of financial position and operating results, have been included in the financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s financial statements for the year ended December 31, 2015, which provides a more complete understanding of our accounting policies. The results of operations for the current and prior periods are not necessarily indicative of the operating results for the full year. 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 unaudited interim financial statements, which conform to accounting principles generally accepted in the United States of America, were included in our 2015 Annual Report on Form 10-K. Except for the following new policies presented below, all accounting policies remained unchanged.
INTEREST RATE RISK MANAGEMENT	INTEREST RATE RISK MANAGEMENT —The Company is exposed to interest rate risk through its variable rate credit facilities. The Company uses interest rate swaps, under which the Company pays a fixed rate in exchange for receiving a variable rate, to achieve a fixed rate of interest on the hedged portion of its debt in order to increase the ability of the Company to forecast interest expense. The objective of these swaps is to help to protect the Company against changes in borrowing rates on the current credit facilities and any replacement floating rate LIBOR credit facility. Upon execution of the swaps, the Company designated the hedges as cash flow hedges of benchmark interest rate risk under FASB ASC 815, Derivatives and Hedging , and the Company has established effectiveness testing and measurement processes. Changes in the fair value of the interest rate swaps are recorded as assets or liabilities, and effective gains/losses are captured in a component of accumulated other comprehensive income (“OCI”) until reclassified to interest expense when the hedged variable rate interest expenses are incurred. The Company elected to classify settlement payments as operating activities within the statement of cash flow. See Note 11, Financial Instruments , additional disclosures on the Company’s interest rate swaps.
GOODWILL	GOODWILL —We follow the provisions of FASB 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. Change in vessel values between November 30, 2015, the Company’s last annual impairment test date, and September 30, 2016, indicated circumstances changed that would more likely than not reduce the fair value of each reporting unit below its carrying amount. At September 30, 2016 and in accordance with ASC 350-20-35, the Company considered the continued decline in the fair value of the Company’s fleet independent valuations to be an indicator for goodwill impairment testing at the interim period. Accordingly, at September 30, 2016, goodwill was tested for potential impairment. As a result of the goodwill impairment test performed, it was determined that the carrying value for each reporting unit was higher than its fair value and therefore goodwill was fully impaired, which resulted in a write-off at September 30, 2016 of $23.3 million. Additionally, during both the three and nine months ended September 30, 2016, the Company recorded a $3.0 million goodwill write-off associated with the sale of the Genmar Victory and Genmar Vision , which were sold in August 2016.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS —In April 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-10— Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing . ASU No. 2016-10 suggests guidance for stakeholders on identifying performance obligations and licenses in customer contracts. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . 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 and related disclosure. In March 2016, the FASB issued ASU 2016-09— Compensation-Stock Compensation (Topic 718) . This update affects all entities that issue share-based payment awards to their employees, and involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liability and classification on the statement of cash flows. An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. The Company is currently evaluating the effect of adoption on its consolidated financial statements and related disclosure. In February 2016, the FASB issued ASU 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. 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 its financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13- Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The amendments in this ASU require the measurement of all expected credit losses for financial assets, which include trade receivables, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance in this ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15, 2018. The Company is currently evaluating this ASU and any potential impacts the adoption of this ASU will have on our consolidated financial statements revised guidance for the accounting and reporting of financial instruments. In August 2016, the FASB issued ASU 2016-15- Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively from the earliest date practicable if retrospective application would be impracticable. The Company is currently evaluating the effect that adopting this standard will have on its consolidated financial statements and related disclosures

INCOME _ (LOSS) PER COMMON SH27

INCOME / (LOSS) PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2016
INCOME / (LOSS) PER COMMON SHARE
Schedule of reconciliation of basic to diluted income per common share	The reconciliation of basic to diluted income / (loss) per common share was as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net (loss) / income per share: Numerator: Net (Loss) / Income $ $ $ $ Denominator: Weighted-average shares outstanding - basic Add: Restricted stock units — — Weighted-average shares outstanding - diluted Basic net (loss) / income per share $ $ $ $ Diluted net (loss) / income per share $ $ $ $

DELIVERY AND DISPOSAL OF VESS28

DELIVERY AND DISPOSAL OF VESSELS (Table)	9 Months Ended
	Sep. 30, 2016
DELIVERY AND DISPOSAL OF VESSELS.
Schedule of delivery of vessels	Borrowings to Vessel Name Date of Delivery Fund Vessel's Delivery (1) Credit Facility (Dollars in thousands) Gener8 Apollo January 5, 2016 $ 59,600 Korean Export Credit Facility Gener8 Supreme January 6, 2016 62,563 Amended Sinosure Credit Facility Gener8 Ares January 22, 2016 61,128 Korean Export Credit Facility Gener8 Hera February 24, 2016 60,511 Korean Export Credit Facility Gener8 Success March 22, 2016 59,881 Amended Sinosure Credit Facility Gener8 Nautilus April 20, 2016 59,739 Korean Export Credit Facility Gener8 Andriotis May 12, 2016 60,450 Amended Sinosure Credit Facility Gener8 Constantine June 27, 2016 57,423 Korean Export Credit Facility Gener8 Chiotis August 18, 2016 54,600 Amended Sinosure Credit Facility Gener8 Macedon August 30, 2016 53,101 Korean Export Credit Facility Gener8 Perseus September 9, 2016 53,410 Korean Export Credit Facility Gener8 Oceanus September 12, 2016 53,410 Korean Export Credit Facility (1) Amounts reflect the borrowings incurred under the Korean Export Credit Facility or the Amended Sinosure Credit Facility to fund the delivery of the indicated newbuilding. For more information see Note 10, LONG-TERM DEBT .

PREPAID EXPENSES AND OTHER CU29

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2016
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): September 30, December 31, 2016 2015 Bunkers and lubricants $ $ Escrow deposit - final installment for Gener8 Apollo — Insurance claims receivable Prepaid insurance Other Total $ $

VESSELS UNDER CONSTRUCTION (Tab

VESSELS UNDER CONSTRUCTION (Tables)	9 Months Ended
	Sep. 30, 2016
VESSELS UNDER CONSTRUCTION
Schedule of vessels under construction	Vessels under construction consist of the following (dollars in thousands): Nine Months Ended December 31, 2015 September 30, 2016 Activities September 30, 2016 2014 Acquired VLCC Newbuildings: Vessels / SPV Stock Purchase $ $ — $ Installment and supervision payments Accrued milestones and supervision payments — Others 2015 Acquired VLCC Newbuildings: Vessels — Acquisition-related costs — Installment and supervision payments Accrued milestones and supervision payments Others Fair value of 2015 Warrant Agreement assumed — Fair value of 2015 Stock Options assumed — Capitalized interest Vessel deliveries Total $ $ $

GOODWILL (Tables)

GOODWILL (Tables)	9 Months Ended
	Sep. 30, 2016
Goodwill.
Schedule of goodwill	Goodwill Accumulated impairment losses Net Amounts in thousands Balance as of December 31, 2015 $ $ $ Write-off related to sale of vessels — Impairment loss — Balance as of September 30, 2016 $ $ $ —

OTHER NON-CURRENT ASSETS (Table

OTHER NON-CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2016
OTHER NON-CURRENT ASSETS
Schedule of Other non-current assets	Other non-current assets consist of the following (dollars in thousands): September 30, December 31, 2016 2015 Escrow deposits $ $ Working capital for 2011 VLCC pool Long-term due from charterers Fresh start lease asset Insurance claims Total $ $

ACCOUNTS PAYABLE AND ACCRUED 33

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2016
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consist of the following (dollars in thousands): September 30, December 31, 2016 2015 Accounts payable $ $ Accrued milestone and supervision payments Accrued operating expenses Accrued administrative expenses Accrued interest Total $ $

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2016
LONG-TERM DEBT.
Schedule of long-term debt	Long‑term debt consists of the following (dollars in thousands): September 30, December 31, 2016 2015 Refinancing Facility $ $ Korean Export Credit Facility Senior Notes Amended Sinosure Credit Facility Total Less: current portion of long-term debt Less: unamortized discount and debt financing costs Long-term debt less unamortized discount and debt issuance cost $ $
Schedule of Interest expense, net	Interest expense, net consists of the following (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Refinancing Facility (1) $ $ $ $ Korean Export Credit Facility (1) Senior Notes Amended Sinosure Credit Facility (1) — — Fully repaid credit facilities — — Amortization of deferred financing costs Capitalized interest Commitment fees Interest income Interest expense, net $ $ $ $ (1) Amounts include interest rate swaps settlements.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
FINANCIAL INSTRUMENTS
Schedule of derivative instruments	At September 30, 2016, the Company was a party to the following interest rate swaps, which are intended to be cash flow hedges that effectively fix the interest rates for a portion of the Refinancing Facility, the Korean Export Credit Facility and the Sinosure Credit Facility (dollars in thousands) : September 30, 2016 Notional Effective Maturity Fair Value Fixed Floating Hedged Credit Facility Amount Date Date (2) Hierarchy Interest Rate Interest Rate Refinancing Facility $ 5/31/2016 9/3/2020 Level 2 1 mo. LIBOR Refinancing Facility 5/31/2016 9/3/2020 Level 2 1 mo. LIBOR Korean Export Credit Facility (1) 6/30/2016 9/30/2020 Level 2 3 mo. LIBOR Korean Export Credit Facility (1) 6/30/2016 9/30/2020 Level 2 3 mo. LIBOR Korean Export Credit Facility (1) 6/30/2016 9/30/2020 Level 2 3 mo. LIBOR Sinosure Credit Facility 6/21/2016 3/21/2022 Level 2 3 mo. LIBOR (1) The initial aggregate notional amount of $333.9 million under the three interest rate swaps is scheduled to increase up to a maximum aggregate notional amount of $680.8 million in order to effectively fix the interest rate on the target percentage of expected borrowings, since the loans under the Korean Export Credit Facility were not fully drawn as of the effective date of the interest rate swap transaction. (2) As described above, after this date, these swaps effectively fix the interest rate on approximately 5% of the aggregate variable interest rate borrowings of the applicable credit facility through February 20, 2029 in the case of the Korean Export Credit Facility and May 6, 2028 in the case of the Sinosure Credit Facility.
Schedule of quantitative information about the impact of derivatives on the Company’s balance sheet and statement of operations	The tables below provide quantitative information about the impact of derivatives on the Company’s balance sheet and statement of operations (dollars in thousands): September 30, 2016 December 31, 2015 Balance Sheet Fair Value of Derivatives Fair Value of Derivatives Location Asset Liability Asset Liability Derivatives designated as hedging instruments Interest rate swap contracts - current Current liabilities $ — $ $ — $ — Interest rate swap contracts - non-current Non-current liabilities Total derivatives designated as hedging instruments $ — $ $ — $ —
Schedule of offsetting of derivative liabilities	Offsetting of Derivative Liabilities Gross Amounts Not Offset Gross Gross Net Amounts in the Balance Sheet Amounts of Amounts of Liabilities Cash Recognized Offset in the presented in the Financial Collateral Liabilities Balance Sheet Balance Sheet Instruments Pledged Net Amount Counterparty 1 $ $ — $ $ — $ — $ Counterparty 2 — — — Counterparty 3 — — — Total $ $ — $ $ — $ — $
Schedule of effect of derivatives on the statements of operations	The following table provides the effect of derivatives on the statements of operations for the year-to-date period ended September 30, 2016 (dollars in thousands): Location of Gain or (Loss) Reclassified Location of Gain Three Months Ended Nine Months Ended Derivatives in Cash Flow from AOCI to (Loss) Recognized September 30, September 30, Hedging Relationships Income on Derivatives 2016 2015 2016 2015 Interest rate swap contracts (Effective Portion) Amount of Loss (gain) Recognized in OCI on Derivatives Interest Expense, net $ $ — $ $ — Amount of Loss Reclassified from AOCI into income on Derivatives Interest Expense, net — — Interest rate swap contracts (Ineffective Portion) Amount of Gain Recognized in Income on Derivatives Other expense, net $ — $ — —

FAIR VALUE OF FINANCIAL INSTR36

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
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): September 30, 2016 December 31, 2015 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): September 30, 2016 December 31, 2015 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 $ — $ — $ — $ $ $ — Goodwill — — — —
Schedule of valuation of liabilities measured on a recurring basis	The following table summarizes the valuation of liabilities measured on a recurring basis (dollars in thousands): September 30, 2016 December 31, 2015 Significant Significant Other Significant Other Significant Observable Unobservable Observable Unobservable Inputs Inputs Inputs Inputs Total (Level 2) (Level 3) Total (Level 2) (Level 3) Interest rate swaps $ $ $ — $ — $ — $ —

BASIS OF PRESENTATION AND SUM37

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NATURE OF BUSINESS (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)segmentbuildingitem
NATURE OF BUSINESS
Number of vessels		37
Number of operating segments | segment		1
Goodwill impairment and write off | $	$ 23,300	$ 23,297
Goodwill write-off for sales of vessels | $		$ 2,994
VLCCs
NATURE OF BUSINESS
Number of vessels		20
New building construction | building		6
Suezmax
NATURE OF BUSINESS
Number of vessels		11
Aframax
NATURE OF BUSINESS
Number of vessels		4
Panamax
NATURE OF BUSINESS
Number of vessels		2
Genmar Victory and Genmar Vision
NATURE OF BUSINESS
Goodwill write off | $	$ 3,000	$ 3,000
Navig8 Limited
NATURE OF BUSINESS
Ownership percentage in outstanding common shares (as a percent)	4.00%	4.00%

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Non-cash investing and financing activities
Capitalized interest	$ 6,680	$ 12,458	$ 24,290	$ 23,929
Accounts payable and accrued expenses.
Non-cash investing and financing activities
Milestone and supervision payments not yet paid	$ 9,600				$ 106,000
Long - term debt
Non-cash investing and financing activities
Accrued capitalized interest			$ 8,800

INCOME _ (LOSS) PER COMMON SH39

INCOME / (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator:
Net (loss) / income	$ (37,351)	$ 33,228	$ 61,502	$ 84,048
Denominator:
Weighted-average shares outstanding, basic	82,682	81,758	82,681	56,207
Restricted Stock Units		722		241
Weighted-average shares outstanding, diluted	82,682	82,480	82,681	56,448
Basic net (loss) / income per share (in dollars per share):	$ (0.45)	$ 0.41	$ 0.74	$ 1.50
Diluted net (loss) / income per share (in dollars per share):	$ (0.45)	$ 0.40	$ 0.74	$ 1.49

INCOME _ (LOSS) PER COMMON SH40

INCOME / (LOSS) PER COMMON SHARE - Additional Information (Details)	May 07, 2015	Sep. 30, 2016shares	Sep. 30, 2015shares	Sep. 30, 2016shares	Sep. 30, 2015shares
Antidilutive securities excluded from computation of earnings per share
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			1,600,000		1,600,000
Number of shares per each warrant			0.8947		0.8947
Class A common stock
Antidilutive securities excluded from computation of earnings per share
Common Stock Conversion Into Single Class Ratio	1
Class A common stock | Stock options
Antidilutive securities excluded from computation of earnings per share
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
Common Stock Conversion Into Single Class Ratio	1
New common stock | Stock options
Antidilutive securities excluded from computation of earnings per share
Number of potentially dilutive securities that were determined to be anti-dilutive due to realization of net loss (in shares)		309,296	309,296	309,296	309,296
Number of potentially dilutive securities excluded from EPS calculation as certain market conditions have not been met (in shares)		13,420		13,420
New common stock | Warrant
Antidilutive securities excluded from computation of earnings per share
Number of potentially dilutive securities excluded from EPS calculation as certain market conditions have not been met (in shares)		1,431,520		1,431,520

DELIVERY AND DISPOSAL OF VESS41

DELIVERY AND DISPOSAL OF VESSELS (Details) - USD ($) $ in Thousands	Aug. 08, 2016	Jul. 22, 2016	Feb. 17, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
DELIVERY OF VESSELS
Proceeds from sale of vessels						$ 72,505
Accounts payable and accrued expenses				$ 40,800		40,800		$ 133,248
Loss on disposal of vessels, net				10,756	$ 101	10,177	$ 248
Gener8 Consul
DELIVERY OF VESSELS
Proceeds from sale of held-for-sale vessel			$ 17,500
Korean Export Credit Facility | Gener8 Apollo | Gener8 Apollo LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities						59,600
Korean Export Credit Facility | Gener8 Ares | Gener8 Ares LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities						61,128
Korean Export Credit Facility | Gener8 Hera | Gener8 Hera LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities						60,511
Korean Export Credit Facility | Gener8 Nautilus | Gener8 Nautilus LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities						59,739
Korean Export Credit Facility | Gener8 Constantine | Gener8 Constantine LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities						57,423
Korean Export Credit Facility | Gener8 Macedon | Gener8 Macedon LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities						53,101
Korean Export Credit Facility | Gener8 Perseus | Gener8 Perseus LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities						53,410
Korean Export Credit Facility | Gener8 Oceanus | Gener8 Oceanus LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities						53,410
Amended Sinosure Credit Facility | Gener8 Supreme | Gener8 Supreme LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities						62,563
Amended Sinosure Credit Facility | Gener8 Success | Gener8 Success LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities						59,881
Amended Sinosure Credit Facility | Gener8 Andriotis | Gener8 Andriotis LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities						60,450
Amended Sinosure Credit Facility | Gener8 Chiotis | Gener8 Chiotis LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities						54,600
Refinancing Facility | Genmar Vision
DELIVERY OF VESSELS
Proceeds from sale of vessels		$ 28,000
Loss on disposal of vessels, net		3,200
Repayments of debt		$ 19,400
Refinancing Facility | Genmar Victory
DELIVERY OF VESSELS
Proceeds from sale of vessels	$ 29,000
Loss on disposal of vessels, net	7,300
Repayments of debt	$ 19,400
2016 Acquired VLCC Newbuildings
DELIVERY OF VESSELS
Accounts payable and accrued expenses				$ 0		$ 0

PREPAID EXPENSES AND OTHER CU42

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Bunkers and lubricants	$ 6,957	$ 5,746
Escrow deposit - final installment for Gener8 Apollo		9,011
Insurance claims receivable	5,229	5,185
Prepaid insurance	2,902	2,965
Other	9,004	8,990
Total	24,092	31,897
Insurance claims receivable included in Other assets (non-current)	$ 479	$ 789

VESSELS UNDER CONSTRUCTION (Det

VESSELS UNDER CONSTRUCTION (Details) $ in Thousands	May 07, 2015item	Mar. 31, 2014item	Sep. 30, 2016USD ($)item	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)item	Sep. 30, 2015USD ($)
Vessels under construction
Interest Costs Capitalized			$ 6,680	$ 12,458	$ 24,290	$ 23,929
Total, beginning					911,017
Total, end			340,289		340,289
Acquired VLCC Newbuildings
Vessels under construction
Capitalized interest expense, beginning					44,130
Interest Costs Capitalized					24,289
Capitalized interest expense, end			68,419		68,419
Vessel delivery, beginning					(327,767)
Vessels delivery increase					(1,300,349)
Vessel delivery, end			(1,628,116)		(1,628,116)
Total, beginning					911,017
Total vessels under construction decrease					(570,728)
Total, end			340,289		340,289
2014 Acquired VLCC Newbuildings
Vessels under construction
Vessels/SPV Stock Purchase, beginning					162,683
Vessels/SPV Stock Purchase, end			162,683		162,683
Installment and supervision payments, beginning					287,259
Installment and supervision payments increase					292,559
Installment payments, end			579,818		579,818
Accrued milestones and supervision payments, end					18,895
Accrued milestones and supervision payments decrease					(18,895)
Others, beginning					2,687
Others increase					2,527
Others, end			5,214		5,214
2014 Acquired VLCC Newbuildings | Scorpio Tankers Inc
Vessels under construction
Number of tankers in new building contract | item		7
2015 Acquired VLCC Newbuildings
Vessels under construction
Vessels/SPV Stock Purchase, beginning					435,417
Vessels/SPV Stock Purchase, end			435,417		435,417
Acquisition-related costs, beginning					10,295
Acquisition-related costs, end			10,295		10,295
Installment and supervision payments, beginning					183,738
Installment and supervision payments increase					498,151
Installment payments, end			681,889		681,889
Accrued milestones and supervision payments, end					87,150
Accrued milestones and supervision payments decrease					(77,570)
Accrued milestones and supervision payments, beginning			9,580		9,580
Others, beginning					3,110
Others increase					8,560
Others, end			11,670		11,670
Fair value of 2015 Warrant Agreement assumed, beginning					3,381
Fair value of 2015 Warrant Agreement assumed, end			3,381		3,381
Fair value of stock option, beginning					39
Fair value of stock option, end			$ 39		$ 39
Number of vessels delivered | item			3
Number of vessels remaining to be delivered | item					6
2015 Acquired VLCC Newbuildings | Crude Oil Tanker | Navig8 Crude Tankers Inc
Vessels under construction
Number of tankers in new building contract | item	14

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Goodwill Gross
Balance at the beginning of the year		$ 117,416
Write-off related to sale of vessels		(2,994)
Balance at the end of the year	$ 114,422	114,422
Goodwill, Impaired, Accumulated Impairment Loss
Balance at the beginning of the year		(91,125)
Impairment loss	(23,300)	(23,297)
Balance at the end of the year	(114,422)	(114,422)
Goodwill Net
Balance at the beginning		26,291
Write-off related to sale of vessels		(2,994)
Impairment loss	(23,300)	(23,297)
Genmar Victory and Genmar Vision
Goodwill Gross
Write-off related to sale of vessels	(3,000)	(3,000)
Goodwill Net
Write-off related to sale of vessels	$ (3,000)	$ (3,000)

OTHER NON-CURRENT ASSETS (Detai

OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Other non-current assets
Escrow deposits	$ 36	$ 51,915
Working capital for 2011 VLCC pool	1,900	1,900
Long-term due from charterers	1,546	1,546
Fresh start lease asset	1,217	1,319
Insurance claims	479	789
Total	$ 5,178	$ 57,469

ACCOUNTS PAYABLE AND ACCRUED 46

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable	$ 8,762	$ 4,143
Accrued milestones and supervision payments	9,580	105,895
Accrued operating expenses	18,616	20,608
Accrued administrative expenses	3,481	691
Accrued interest	361	1,911
Total	40,800	$ 133,248
Milestone and supervision installments payments during the period	$ 96,300

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) $ in Thousands	Jun. 29, 2016USD ($)trancheitem	Dec. 01, 2015USD ($)item	Sep. 03, 2015USD ($)item	May 13, 2014USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)item	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Long-term debt
Long-term debt					$ 1,447,731		$ 1,447,731		$ 957,054
Less: current portion of long-term debt					(171,983)		(171,983)		(135,367)
Less: unamortized discount and debt issuance cost					(61,219)		(61,219)		(48,964)
Long-term debt less unamortized discount and debt financing costs					1,214,529		1,214,529		772,723
Interest expense, net
Amortization of deferred financing costs					(2,945)	$ (546)	(8,081)	$ (1,059)
Capitalized interest					6,680	12,458	24,290	23,929
Commitment fees					(1,235)	(808)	(4,547)	(808)
Interest income					11	16	64	67
Interest expense, net					(13,699)	(193)	(31,355)	(11,133)
Refinancing Facility | Term Loan
Long-term debt
Long-term debt					$ 419,978		$ 419,978		551,950
Maximum borrowing capacity			$ 581,000
Additional accrual rate if failure to pay any amount due			2.00%
Number of payment installments | item			20
Frequency of payment installments			quarterly
Dividend cap as a percentage of consolidated net income					50.00%		50.00%
Interest expense, net
Interest expense excluding amortization of deferred financing costs					$ (5,355)	(1,587)	$ (16,680)	(1,587)
Refinancing Facility | LIBOR | Term Loan
Long-term debt
Margin on variable interest rate			3.75%
Korean Export Credit Facility | Term Loan
Long-term debt
Long-term debt					$ 565,650		$ 565,650		185,389
Maximum borrowing capacity			$ 963,700
Additional accrual rate if failure to pay any amount due			2.00%
Dividend cap as a percentage of consolidated net income					50.00%		50.00%
Interest expense, net
Interest expense excluding amortization of deferred financing costs					$ (3,802)	(204)	$ (7,984)	(204)
Korean Export Credit Facility | Commercial Tranche | Term Loan
Long-term debt
Maximum borrowing capacity			$ 282,000
Number of payment installments | item			20
Frequency of payment installments			quarterly
Loan maturity			60 months
Balloon payment to loan ratio			66.67%
Korean Export Credit Facility | KEXIM Guaranteed Tranche | Term Loan
Long-term debt
Maximum borrowing capacity			$ 139,700
Korean Export Credit Facility | KEXIM Funded Tranche | Term Loan
Long-term debt
Maximum borrowing capacity			197,400
Korean Export Credit Facility | K-Sure Tranche | Term Loan
Long-term debt
Maximum borrowing capacity			$ 344,600
Korean Export Credit Facility | Excluding Commercial Tranche | Term Loan
Long-term debt
Number of payment installments | item			48
Loan maturity			144 months
Korean Export Credit Facility | VLCCs | Term Loan
Long-term debt
Newbuilding Vessels | item			15
Korean Export Credit Facility | VLCCs | Final Contract Price | Term Loan
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 | Term Loan
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 | Term Loan
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value			60.00%
Korean Export Credit Facility | LIBOR | Commercial Tranche | Term Loan
Long-term debt
Margin on variable interest rate			2.75%
Korean Export Credit Facility | LIBOR | KEXIM Guaranteed Tranche | Term Loan
Long-term debt
Margin on variable interest rate			1.50%
Korean Export Credit Facility | LIBOR | KEXIM Funded Tranche | Term Loan
Long-term debt
Margin on variable interest rate			2.60%
Korean Export Credit Facility | LIBOR | K-Sure Tranche | Term Loan
Long-term debt
Margin on variable interest rate			1.70%
Senior Notes
Long-term debt
Long-term debt					169,955		169,955		156,829
Aggregate principal amount				$ 131,600
Proceeds (before fees and expenses), after original issue of discount				$ 125,000
Debt discount on Senior Notes					$ 5,100		$ 5,100		5,700
Interest rate if interest is paid in cash for remainder of debt term (as a percent)					10.00%		10.00%
Interest expense, net
Interest expense excluding amortization of deferred financing costs					$ (4,744)	(4,223)	$ (13,729)	(12,180)
Senior Notes | Additional senior notes
Long-term debt
Interest rate (as a percent)					11.00%		11.00%
Amended Sinosure Credit Facility | Term Loan
Long-term debt
Long-term debt					$ 292,148		$ 292,148		$ 62,886
Maximum borrowing capacity	$ 385,200				$ 385,200		$ 385,200
Additional accrual rate if failure to pay any amount due		2.00%
Frequency of payment installments		quarterly
Dividend cap as a percentage of consolidated net income					50.00%		50.00%
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%
Interest expense, net
Interest expense excluding amortization of deferred financing costs					$ (2,309)		$ (4,688)
Amended Sinosure Credit Facility | VLCCs | Term Loan
Long-term debt
Newbuilding Vessels | item		3
Number of vessels to be delivered under contract | item							4
Amended Sinosure Credit Facility | VLCCs | Gener8 Chiotis And Gener8 Miltiades | Term Loan
Long-term debt
Maximum borrowing capacity	$ 125,700
Number of Term loan tranches | tranche	2
Number of vessels to be delivered under contract | item	2
Amended Sinosure Credit Facility | VLCCs | Final Contract Price | Term Loan
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value		67.50%
Amended Sinosure Credit Facility | VLCCs | Maximum Contract Price | Term Loan
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value		67.50%
Amended Sinosure Credit Facility | VLCCs | Fair Market Value | Term Loan
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value		65.00%
Amended Sinosure Credit Facility | LIBOR | Term Loan
Long-term debt
Margin on variable interest rate		2.00%
Korean Export Credit Facility and Amended Sinosure Credit Facility | VLCCs | Term Loan
Long-term debt
Maximum borrowing capacity					385,000		$ 385,000
Future maturities
Remaining installment payments					307,400		307,400
Remainder of 2016 installment					211,600		211,600
2017 installment					$ 95,800		$ 95,800
Fully repaid credit facilities
Interest expense, net
Interest expense excluding amortization of deferred financing costs						$ (5,299)		$ (19,291)
Note and Guarantee Agreement
Long-term debt
Threshold ratio under debt agreement for entity to make dividends (as a percent)					60.00%		60.00%

FINANCIAL INSTRUMENTS - Interes

FINANCIAL INSTRUMENTS - Interest Rate Risk Management (Details) - Interest rate swap $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)item	Sep. 30, 2016USD ($)item	May 02, 2016item
Interest Rate Swap Agreements
Number of interest rate swap agreements | item			6
Cash flow hedges
Interest Rate Swap Agreements
Amounts in accumulated other comprehensive loss expected to be reclassified into interest expense in the coming 12 months		$ 4,100
Cash flow hedges | Minimum
Interest Rate Swap Agreements
Swap offsetting percentage of hedged interest payments	80.00%	80.00%
Cash flow hedges | Maximum
Interest Rate Swap Agreements
Hedge effectiveness (as a percent)	125.00%	125.00%
Cash flow hedges | Other Expense
Interest Rate Swap Agreements
Hedge ineffectiveness recognized in earnings	$ 1,500
Refinancing Facility
Interest Rate Swap Agreements
Number of interest rate swap agreements | item	2	2
Percentage of fixed interest rate on aggregate variable interest rate borrowings	50.00%	50.00%
Refinancing Facility One | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount	$ 182,610	$ 182,610
Derivative, Fixed Interest Rate	0.99%	0.99%
Refinancing Facility Two | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount	$ 45,653	$ 45,653
Derivative, Fixed Interest Rate	1.0075%	1.0075%
Korean Export Credit Facility
Interest Rate Swap Agreements
Number of interest rate swap agreements | item	3	3
Percentage of fixed interest rate on aggregate variable interest rate borrowings	80.00%	80.00%
Percentage of fixed interest rate on aggregate variable interest rate borrowings, thereafter	5.00%	5.00%
Korean Export Credit Facility | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount	$ 333,900	$ 333,900
Maximum aggregate notional amount	680,800	680,800
Korean Export Credit Facility One | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount	$ 412,282	$ 412,282
Derivative, Fixed Interest Rate	1.297%	1.297%
Korean Export Credit Facility Two | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount	$ 77,303	$ 77,303
Derivative, Fixed Interest Rate	1.337%	1.337%
Korean Export Credit Facility Three | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount	$ 25,768	$ 25,768
Derivative, Fixed Interest Rate	1.3075%	1.3075%
Sinosure Credit Facility
Interest Rate Swap Agreements
Percentage of fixed interest rate on aggregate variable interest rate borrowings	100.00%	100.00%
Percentage of fixed interest rate on aggregate variable interest rate borrowings, thereafter	5.00%	5.00%
Sinosure Credit Facility | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount	$ 237,548	$ 237,548
Derivative, Fixed Interest Rate	1.41%	1.41%

FINANCIAL INSTRUMENTS - Quantit

FINANCIAL INSTRUMENTS - Quantitative Information (Details) $ in Thousands	Sep. 30, 2016USD ($)
Financial Instruments
Fair value of derivative liability	$ 7,399
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap
Financial Instruments
Fair value of derivative liability	7,399
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap | Current Liabilities
Financial Instruments
Fair value of derivative liability	4,046
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap | Non-Current Liabilities
Financial Instruments
Fair value of derivative liability	$ 3,353

FINANCIAL INSTRUMENTS - Offsett

FINANCIAL INSTRUMENTS - Offsetting Derivative Liabilities (Details) $ in Thousands	Sep. 30, 2016USD ($)
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	$ 7,399
Net amounts of liabilities presented in the balance sheet	7,399
Net amount	7,399
Interest rate swap | Counterparty 1
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	6,255
Net amounts of liabilities presented in the balance sheet	6,255
Net amount	6,255
Interest rate swap | Counterparty 2
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	387
Net amounts of liabilities presented in the balance sheet	387
Net amount	387
Interest rate swap | Counterparty 3
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	757
Net amounts of liabilities presented in the balance sheet	757
Net amount	$ 757

FINANCIAL INSTRUMENTS - Effect

FINANCIAL INSTRUMENTS - Effect Of Derivatives (Details) - Derivatives designated as hedging instruments - Cash flow hedges - Interest rate swap - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Interest Expense, net
Interest rate swap contracts (Effective Portion)
Amount of Loss (gain) Recognized in OCI on Derivatives	$ (5,207)	$ 8,901
Amount of Loss Reclassified from AOCI into income on Derivatives	1,342	$ 1,502
Other (Expense) Income, net
Interest rate swap contracts (Ineffective Portion)
Amount of Gain Recognized in Income on Derivatives	$ (1,560)

FAIR VALUE OF FINANCIAL INSTR52

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Carrying Value
Estimated fair values of financial instruments
Cash and cash equivalents	$ 100,046	$ 157,535
Restricted Cash	1,456	1,425
Long-term debt, including current portion, excluding discount	1,447,731	957,054
Fair Value
Estimated fair values of financial instruments
Cash and cash equivalents	100,046	157,535
Restricted Cash	1,456	1,425
Long-term debt, including current portion, excluding discount	$ 1,422,256	$ 906,639

FAIR VALUE OF FINANCIAL INSTR53

FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring and Nonrecurring (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Valuation of financial instruments
Goodwill	$ 26,291
Derivative Liability	$ 7,399
LIBOR | Minimum
Valuation of financial instruments
Derivative, Basis Spread on Variable Rate	1.50%
LIBOR | Maximum
Valuation of financial instruments
Derivative, Basis Spread on Variable Rate	1.75%
Interest rate swap | LIBOR
Valuation of financial instruments
Derivative, Basis Spread on Variable Rate	2.00%
Significant Other Observable Inputs (Level 2)
Valuation of financial instruments
Goodwill	$ 26,291
Fair Value, Measurements, Nonrecurring
Valuation of financial instruments
Assets held for sale		$ 16,999
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2)
Valuation of financial instruments
Assets held for sale		$ 16,999
Fair Value, Measurements, Recurring | Interest rate swap
Valuation of financial instruments
Derivative Liability	7,399
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swap
Valuation of financial instruments
Derivative Liability	$ 7,399

LEASE COMMITMENTS (Details)

LEASE COMMITMENTS (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Letter of credit
Letter of credit
Outstanding letter of credit		$ 1.4		$ 1.4		$ 1.4
Cash held as security		1.4		1.4		$ 1.4
Lease agreement entered in 2004
Lease Commitments
Rent expense		0.5	$ 0.5	1.5	$ 1.4
Future minimum rental payments
Remainder of 2016		0.4		0.4
2,017		1.5		1.5
2,018		1.5		1.5
2,019		1.5		1.5
2,020		1.7		1.7
Thereafter		$ 10.4		$ 10.4
Lease agreement entered in 2004 | Period Commencing October 2020
Lease Commitments
Extended lease term	5 years
Monthly rental payment	$ 0.2

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	Dec. 17, 2013USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)item	Sep. 30, 2015USD ($)item	Sep. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Related party transactions
Revenue from related party		$ 65,529,000	$ 56,001,000		$ 270,960,000	$ 60,213,000
Working capital at Navig8 pools		$ 31,950,000			$ 31,950,000		$ 31,950,000		$ 26,000,000
Navig8 Limited
Related party transactions
Ownership percentage in outstanding common shares (as a percent)		4.00%			4.00%		4.00%
VL8 Pool Inc. | VL8 Pool
Related party transactions
Revenue from related party		$ 42,600,000	29,400,000		$ 167,600,000	32,700,000
Due from related parties		17,600,000			17,600,000		$ 17,600,000		17,300,000
Previous operating capital to be provided into the vessel pool								$ 1,500,000
Revised operating capital to be provided to related party								1,000,000
V8 Pool Inc. | V8 Pool
Related party transactions
Revenue from related party		4,600,000	8,800,000		21,100,000	9,700,000
Due from related parties		3,200,000			3,200,000		3,200,000		5,300,000
Previous operating capital to be provided into the vessel pool								800,000
Revised operating capital to be provided to related party								700,000
V8 Pool Inc. | Suez8 Pool
Related party transactions
Revenue from related party		18,400,000	17,800,000		82,300,000	17,800,000
Due from related parties		14,400,000			14,400,000		14,400,000		15,500,000
Previous operating capital to be provided into the vessel pool								1,000,000
Revised operating capital to be provided to related party								$ 800,000
VL8 Pool Inc. and V8 Pool, Inc. | VL8, Suez8 and V8 Pools
Related party transactions
Working capital at Navig8 pools		32,000,000			32,000,000		32,000,000		26,000,000
Navig8 Shipmanagement Pte Ltd. | Supervision agreements
Related party transactions
Supervision fee per vessel					500,000
Supervision fees incurred		900,000			2,600,000
Due to related parties		1,600,000			1,600,000		1,600,000
Navig8 Limited | Corporate administration agreement | Navig8 Crude Tankers Inc
Related party transactions
Corporate administration fees per vessel per day	$ 250
Corporate administration fees		300,000	300,000	$ 500,000	900,000
Due to related parties		100,000			100,000		100,000
Mr. Georgiopoulos | Office expenses
Related party transactions
Due from related parties		1,000			1,000		1,000		7,000
Amount of expense incurred on behalf of related parties		1,000	2,000		4,000	5,000
Genco | Business, travel, and entertainment costs
Related party transactions
Due from related parties		18,000			18,000		18,000		8,000
Amount of expense incurred on behalf of related parties		26,000	26,000		73,000	76,000
Aegean | Bunker and lubricating oil purchases
Related party transactions
Bunkers and lubricating oils purchased		1,800,000	2,700,000		3,700,000	6,900,000
Due to related parties		1,000,000			1,000,000		1,000,000		800,000
Aegean | Rent and other expenses
Related party transactions
Due from related parties		0			0		0		4,000
Amount of expense incurred on behalf of related parties		50,000	52,000		200,000	200,000
Chemical | Office expenses
Related party transactions
Due from related parties		0			0		0		$ 0
Amount of expense incurred on behalf of related parties		15,000	15,000		47,000	45,000
Nave Quasar | VL8 Pool Inc. | VL8 Pool | Navig8 Inc.
Related party transactions
Gross daily rate							$ 26,000
Revenue share above daily threshold (as a percent)							50.00%
Threshold gross daily rate							$ 30,000
Amount of expense incurred on behalf of related parties		$ 19,000	$ 4,700,000		$ 3,200,000	$ 7,300,000
VLCC vessels | VL8 Pool Inc. | VL8 Pool
Related party transactions
Number of vessels directly admitted to pool | item					20	6
Daily pool administration fee					$ 325
Aframax | V8 Pool Inc. | V8 Pool
Related party transactions
Number of vessels directly admitted to pool | item					4	4
Daily pool administration fee					$ 250
Suezmax Vessels | V8 Pool Inc. | Suez8 Pool
Related party transactions
Number of vessels directly admitted to pool | item					11	10
Daily pool administration fee					$ 325

STOCK-BASED COMPENSATION AND 56

STOCK-BASED COMPENSATION AND WARRANTS - Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 09, 2016	Dec. 03, 2015	Jun. 24, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
RSU's
Restricted stock units
Granted (in shares)			1,663,660
Vesting percentage			20.00%
Share price (in dollars per share)			$ 14
Issuance of common stock for vested 2015 restricted stock units (in shares)		574,546
Forfeited (in shares)						44,919
Shares remaining to be issued in future years (in shares)				953,279		953,279
Incremental compensation cost			$ 21.9
RSU's | Share-based Compensation Award, Tranche One
Restricted stock units
Period for shares vested expected to be issued		3 days
RSU's | Share-based Compensation Award, Tranche Two
Restricted stock units
Period for shares vested expected to be issued		3 days
RSU's | General and administrative expense.
Stock-Based Compensation
Amortization of the fair value of stock options / Compensation expense				$ 1.4	$ 1.5	$ 4.2	$ 10.4
2012 Equity Incentive Plan | Stock options
Stock-Based Compensation
Options cancelled (in shares)			343,662
2012 Equity Incentive Plan | Stock options | General and administrative expense.
Stock-Based Compensation
Amortization of the fair value of stock options / Compensation expense				$ 0	$ 0	$ 0	$ 1.2
2012 Equity Incentive Plan | Non Employee Director | RSU's
Restricted stock units
Granted (in shares)	28,752
Share price (in dollars per share)	$ 6.26

STOCK-BASED COMPENSATION AND 57

STOCK-BASED COMPENSATION AND WARRANTS - Warrants and Other (Details)	May 07, 2015USD ($)$ / shares$ / itemshares	May 06, 2015item$ / sharesshares	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015shares
Warrant agreement
Number of shares called by warrants					1,600,000
2015 Navig8 warrantholder
Warrant agreement
Number of shares called by warrants	0.8947
Exercise price of warrants (in dollars per share) | $ / shares	$ 11.18
Exercise price of warrants (in dollars per warrant) | $ / item	10
Navig8 Crude Tankers Inc | 2015 Navig8 warrantholder
Warrant agreement
Warrants outstanding		1,600,000
2015 Acquired VLCC Newbuildings
Warrants Outstanding
Fair value of stock option | $			$ 39,000	$ 39,000
Navig8 Crude Tankers Inc
Warrant agreement
Number of shares called by warrants	1,600,000
Navig8 Crude Tankers Inc | 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 stock options modified | item		1
Number of shares per option prior to modification		15,000
Number of shares per option after modification	13,420
Exercise Price | $ / shares	$ 15.088	$ 13.50
Navig8 Crude Tankers Inc | 2015 Navig8 warrantholder
Warrant agreement
Exercise price of warrants (in dollars per share) | $ / shares		$ 10
Navig8 Crude Tankers Inc | 2015 Acquired VLCC Newbuildings | Stock options
Warrants Outstanding
Fair value of stock option | $	$ 39,000

COMMON STOCK (Details)

COMMON STOCK (Details) - USD ($)	Jul. 17, 2015	Jun. 30, 2015	May 07, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Common stock
Cash deposited with paying agent for the benefit of Navig8 shareholders					$ 1,187,000
Cash remaining in the trust account				$ 100,046,000	244,598,000	$ 100,046,000	$ 157,535,000	$ 147,303,000
Gross proceeds from issuance of common stock				26,000	236,351,000
Issuance cost					$ 6,470,000
Navig8 Crude Tankers Inc
Common stock
Shares deposited with merger exchange (in shares)			31,233,170
Cash deposited with paying agent for the benefit of Navig8 shareholders			$ 4,500,000
Percentage of shares of acquiree not permitted to receive shares as consideration			1.00%
Additional shares issues as part of merger consideration (in shares)						234,608
Cash returned from trust account as former shareholders received shares as consideration						$ 3,300,000
Former shareholders that received consideration in shares (as a percent)						99.00%
Cash issued relating to merger transactions						$ 1,200,000
Shares issued relating to merger transactions (in shares)						31,467,778
Cash remaining in the trust account				$ 3,000		$ 3,000
IPO
Common stock
Issuance of common stock (in shares)		15,000,000
Share price (in dollars per share)		$ 14
Gross proceeds from IPO		$ 210,000,000
Net proceeds from issuance of common stock		$ 196,400,000
Over-Allotment Option
Common stock
Issuance of common stock (in shares)	1,882,223
Share price (in dollars per share)	$ 14
Gross proceeds from issuance of common stock	$ 26,400,000
Net proceeds from issuance of common stock	24,600,000
Issuance cost	$ 6,500,000

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 ($)	Oct. 31, 2010USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)	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
2011 VLCC Pool and Atlas Charter Disputes | Other Assets
Commitments and Contingencies
Amount due from VLCC Pool and Atlas dispute							3,400	$ 3,400
2011 VLCC Pool Dispute
Commitments and Contingencies
Vessel owning subsidiaries in the pool | item			5
Working capital reserve fund for each vessel			$ 1,900
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				$ 2,750		$ 6,300
Accrued interest							$ 2,750
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	Nov. 07, 2016	Oct. 25, 2016	Sep. 30, 2016	Dec. 31, 2015
Subsequent events
Accounts payable and accrued expenses			$ 40,800	$ 133,248
Subsequent events. | Gener8 Miltiades
Subsequent events
Accounts payable and accrued expenses		$ 0
Subsequent events. | Gener8 Miltiades | Amended Sinosure Credit Facility
Subsequent events
Borrowings under term loan facilities		$ 53,300
Subsequent events. | Gener8 Noble
Subsequent events
Accounts payable and accrued expenses	$ 0
Subsequent events. | Gener8 Noble | Korean Export Credit Facility
Subsequent events
Borrowings under term loan facilities	$ 52,500