Euronav MI II (GNRT) 10-K 13 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Mar. 10, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	Gener8 Maritime, Inc.
Entity Central Index Key	1,443,799
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 282.8
Entity Common Stock, Shares Outstanding		82,960,194
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 94,681	$ 157,535
Due from charterers, net	2,048	13,611
Due from Navig8 pools, net	60,750	38,086
Assets held for sale	30,195	16,999
Prepaid expenses and other current assets	27,611	31,897
Total current assets	215,285	258,128
NONCURRENT ASSETS:
Vessels, net of accumulated depreciation of $197,521 and $147,129, respectively	2,523,710	1,086,877
Vessels under construction	177,133	911,017
Other fixed assets, net	4,430	4,664
Deferred drydock costs, net	12,714	17,875
Working capital at Navig8 pools	33,100	26,000
Restricted cash	1,457	1,425
Goodwill	0	26,291
Derivative financial instruments	19,585
Other noncurrent assets	5,255	57,469
Total noncurrent assets	2,777,384	2,131,618
TOTAL ASSETS	2,992,669	2,389,746
CURRENT LIABILITIES:
Accounts payable and accrued expenses	33,991	133,248
Long-term debt, current portion	181,023	135,367
Derivative financial instrument	1,552
Total current liabilities	216,566	268,615
NONCURRENT LIABILITIES:
Long term debt	1,400,928	821,687
Less: unamortized discount and debt financing cost	(63,146)	(48,964)
Long-term debt less unamortized discount and debt financing costs	1,337,782	772,723
Other noncurrent liabilities	910	647
Total noncurrent liabilities	1,338,692	773,370
TOTAL LIABILITIES	1,555,258	1,041,985
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock, $0.01 par value per share; authorized 225,000,000 shares; issued and outstanding 82,960,194 shares at December 31, 2016 and 82,679,922 shares at December 31, 2015	830	827
Preferred stock, $0.01 par value per share; authorized 5,000,000 shares; issued and outstanding 0 shares at December 31, 2016 and 2015
Paid-in capital	1,515,362	1,509,688
Accumulated deficit	(96,115)	(163,421)
Accumulated other comprehensive income / (loss)	17,334	667
Total shareholders' equity	1,437,411	1,347,761
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,992,669	$ 2,389,746

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED BALANCE SHEETS
Vessels, accumulated depreciation (in dollars)	$ 197,521	$ 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	82,960,194	82,679,922
Common stock, outstanding shares	82,960,194	82,679,922
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred stock, outstanding shares	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
VOYAGE REVENUES:
Navig8 pools revenues	$ 368,889	$ 149,642
Time charter revenues	9,278	28,707	$ 10,894
Spot charter revenues	26,455	251,584	381,515
Total voyage revenues	404,622	429,933	392,409
OPERATING EXPENSES:
Voyage expenses	12,490	95,306	239,906
Direct vessel operating expenses	107,308	85,521	84,209
Navig8 charterhire expenses	3,059	11,324
General and administrative	27,844	36,379	22,418
Depreciation and amortization	87,191	47,572	46,118
Goodwill impairment	23,297	0	2,099
Goodwill write-off for sales of vessels	2,994		1,249
Loss on impairment of vessels held for sale		520
Loss on disposal of vessels, net	24,169	805	8,729
Closing of Portugal office		507	5,123
Total operating expenses	288,352	277,934	409,851
OPERATING INCOME / (LOSS)	116,270	151,999	(17,442)
OTHER EXPENSES:
Interest expense, net	(49,627)	(15,982)	(29,849)
Other financing costs	(7)	(6,044)
Other income (expense), net	670	(404)	207
Total other expenses	(48,964)	(22,430)	(29,642)
NET INCOME / (LOSS)	$ 67,306	$ 129,569	$ (47,084)
INCOME / (LOSS) PER COMMON SHARE:
Basic (in dollars per share)	$ 0.81	$ 2.06	$ (1.54)
Diluted (in dollars per share)	$ 0.81	$ 2.05	$ (1.54)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income / (loss)	$ 67,306	$ 129,569	$ (47,084)
Other comprehensive (loss) / income
Amount recognized in other comprehensive loss on derivative	14,642
Amount recognized in net income / (loss) on derivative	2,692
Gain on liquidation of foreign subsidiaries included in net income	(730)
Foreign currency translation adjustments	63	338	190
Comprehensive income / (loss)	$ 83,973	$ 129,907	$ (46,894)

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock.Class B common stock	Common Stock.	Paid-In CapitalClass B common stock	Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income / (Loss)	Class B common stock	Total
Balance at Dec. 31, 2013		$ 226		$ 611,231	$ (245,906)	$ 139		$ 365,690
Increase (Decrease) in Shareholders' Equity
Net income / (loss)					(47,084)		$ (29,682)	(47,084)
Foreign currency translation adjustments						190		190
Stock-based compensation				1,215				1,215
Issuance of 10,688,828 shares of Class B common stock	$ 107		$ 197,031				$ 197,138
Balance at Dec. 31, 2014		333		809,477	(292,990)	329		517,149
Increase (Decrease) in Shareholders' Equity
Net income / (loss)					129,569			129,569
Issuance of common stock		150		189,657				189,807
Foreign currency translation adjustments						338		338
Stock-based compensation				12,243				12,243
Issuance of 2015 warrants				3,381				3,381
Issuance of 31,465,989 shares of common stock to acquire 2015 Acquired VLCC Newbuildings		314		464,282				464,596
Issuance of 483,970 shares of common stock for share purchase commitment		5		6,035				6,040
Issuance of 574,546 and 278,483 shares of common stock for vested 2015 and 2016 restricted stock units		6		(6)
Issuance of 1,882,223 shares of common stock for exercise of over-allotment option		19		24,619				24,638
Balance at Dec. 31, 2015		827		1,509,688	(163,421)	667		1,347,761
Increase (Decrease) in Shareholders' Equity
Net income / (loss)					67,306			67,306
Issuance of common stock				26				26
Amount recognized in other comprehensive loss on derivative						14,642		14,642
Amount recognized in net income / (loss) on derivative						2,692		2,692
Gain on liquidation of foreign subsidiaries included in net income						(730)		(730)
Foreign currency translation adjustments						63		63
Stock-based compensation				5,651				5,651
Issuance of 574,546 and 278,483 shares of common stock for vested 2015 and 2016 restricted stock units		3		(3)
Balance at Dec. 31, 2016		$ 830		$ 1,515,362	$ (96,115)	$ 17,334		$ 1,437,411

CONSOLIDATED STATEMENT OF SHAR7

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Common stock shares issued to acquire VLCC vessels (in shares)		31,465,989
Issuance of shares pursuant to purchase commitment (in shares)		483,970
Issuance of common stock (in shares)		15,000,000
Issuance of common stock for vested 2015 and 2016 restricted stock units (in shares)	278,483	574,546
Issuance of common stock for exercise of over-allotment option (in shares)		1,882,223
Class B common stock
Issuance of common stock (in shares)			10,688,828

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income / (loss)	$ 67,306	$ 129,569	$ (47,084)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Loss on disposal of vessels, net	24,169	805	8,729
Goodwill impairment	23,297	0	2,099
Goodwill write-off for sales of vessels	2,994		1,249
Loss on impairment of vessel held for sale		520
Payment-in-kind interest expense	17,776	5,220	7,354
Depreciation and amortization	87,191	47,572	46,118
Amortization of fair value of related-party chartered-in vessel	427	2,610
Amortization of deferred financing costs and senior notes	11,792	3,294	737
Write-off of commitment premium shares		6,040
Net unrealized gain on derivative financial instrument	(699)
Stock-based compensation expense	5,651	12,243	1,215
Provision for bad debts	(3,814)	3,764	1,990
Changes in assets and liabilities:
Decrease (increase) in due from charterers	15,377	32,633	(6,388)
Increase in due from Navig8 pools	(22,664)	(36,209)
Decrease in prepaid expenses and other current and noncurrent assets	53,094	18,880	10,960
Increase in working capital at Navig8 pools	(7,100)	(26,000)
Decrease in accounts payable and other current and noncurrent liabilities	(5,779)	(35,731)	(25,989)
Deferred drydock costs incurred	(10,086)	(9,321)	(12,787)
Net cash provided by (used in) operating activities	258,932	155,889	(11,797)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for vessels under construction	(963,675)	(389,958)	(248,623)
Payment of professional fees for 2015 merger		(10,295)
Payment of capitalized interest	(16,881)	(20,016)	(6,629)
Proceeds from sale of vessels	86,897		22,703
Cash at Navig8 Crude upon merger		28,876
Deposit of cash merger consideration		(1,187)
Restricted cash		(765)
Purchase of vessel improvements and other fixed assets	(9,300)	(5,513)	(5,470)
Net cash used in investing activities	(902,959)	(398,858)	(238,019)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facilities and senior notes	794,175	829,892	125,020
Repayments of credit facilities	(187,054)	(746,747)	(21,371)
Proceeds from issuance of common stock	26	236,351	197,743
Payment of underwriters' commission		(15,363)
Payment of common stock issuance costs		(6,543)	(1,621)
Deferred financing costs paid	(25,974)	(44,727)	(354)
Net cash provided by financing activities	581,173	252,863	299,417
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		338	(5)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(62,854)	10,232	49,596
CASH AND CASH EQUIVALENTS, beginning of period	157,535	147,303	97,707
CASH AND CASH EQUIVALENTS, end of period	94,681	157,535	147,303
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION -
Cash paid during the period for interest, net of capitalized interest	$ 30,418	$ 9,240	$ 22,157

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 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,” “We” or “Our”) provides international transportation services of seaborne crude oil and petroleum products. The Company’s owned fleet at December 31, 2016 consisted of 42 tankers, 23 Very Large Crude Carriers (“VLCCs”), 10 Suezmax tankers, 4 Aframax tankers and 2 Panamax tankers and 3 newbuilding VLCCs under construction. The Company operates its business in one reportable segment, which is the transportation of international seaborne crude oil and petroleum products. On June 30, 2015, the Company completed its Initial Public Offering (“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 $6.5 million of issuance costs. On May 7, 2015, the Company consummated a merger (“2015 merger”) pursuant to an agreement between Gener8 Maritime Acquisition, Inc., a wholly owned subsidiary of the Company, Navig8 Crude Tankers, Inc. and the equity holders’ representatives named therein. As a result of the merger, Gener8 Maritime Subsidiary Inc. (formerly known as Navig8 Crude Tankers, Inc.) became a wholly owned subsidiary of the Company, and the Company’s name was changed from General Maritime Corporation to Gener8 Maritime, Inc. The Company followed the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations. Pursuant to this, the Company accounted for the 2015 merger as an asset acquisition. The Company’s vessels are primarily available for employment in commercial pools, or for charter on a spot voyage or time charter basis. The Company is party to certain commercial pooling arrangements. Commercial pools are designed to provide for effective chartering and commercial management of similar vessels that are combined into a single fleet to improve customer service, increase vessel utilization and capture cost efficiencies. The Company employs all of its VLCC, Suezmax and Aframax vessels in Navig8 Group commercial crude tanker pools including the VL8 Pool, the Suez8 Pool and the V8 Pool, respectively. In 2015, the Company’s VLCC, Suezmax, Aframax and newbuilding owning subsidiaries entered into pool agreements with the pool managers VL8 Pool Inc. and V8 Pool Inc., subsidiaries of Navig8 Limited. BASIS OF PRESENTATION —The financial statements of the Company have been prepared on the accrual basis of accounting and presented in United States Dollars (“USD” or “$”) which is the functional currency of the Company. A summary of the significant accounting policies followed in the preparation of the accompanying financial statements, which conform to Generally Accepted Accounting Principles (“GAAP”) in the United States of America, is presented below. PRINCIPLES OF CONSOLIDATION —The accompanying consolidated financial statements include the accounts of Gener8 Maritime Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Cash and cash equivalents — The Company considers highly liquid investments such as money market funds and certificates of deposit with an original maturity of three months or less to be cash equivalents. Allowance for doubtful accounts —The Company provides a reserve for freight and demurrage revenues based upon historical collection trends. The Company provides a general reserve based on aging of receivables, in addition to specific reserves on certain long-aged or doubtful receivables. REVENUE AND EXPENSE RECOGNITION —Revenue and expense recognition policies for spot market voyage charters, time charters and pool revenues are as follows: SPOT MARKET VOYAGE CHARTERS. Spot market voyage revenues are recognized on a pro rata basis based on the relative transit time in each period. The period over which voyage revenues are recognized commences at the time the vessel departs from its last discharge port and ends at the time the discharge of cargo at the next discharge port is completed. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. The Company does not recognize revenue when a vessel is off hire. Estimated losses on voyages are provided for in full at the time such losses become evident. Voyage expenses primarily include only those specific costs which are borne by the Company in connection with voyage charters which would otherwise have been borne by the charterer under time charter agreements. These expenses principally consist of fuel, canal and port charges which are generally recognized as incurred. Demurrage income represents payments by the charterer to the vessel owner when loading and discharging time exceed the stipulated time in the spot market voyage charter. Demurrage income is measured in accordance with the provisions of the respective charter agreements and the circumstances under which demurrage claims arise and is recognized on a pro rata basis over the length of the voyage to which it pertains. Direct vessel operating expenses are recognized when incurred. At December 31, 2016 and December 31, 2015, the Company has a reserve of approximately $1.9 million and $5.8 million, respectively, against its due from charterers balance associated with voyage revenues, including freight and demurrage revenues. TIME CHARTERS. Revenue from time charters is recognized on a straight‑line basis over the term of the respective time charter agreement. Direct vessel operating expenses are recognized when incurred. Time charter agreements require, among others, that the vessels meet specified speed and bunker consumption standards. The Company believes that there may be unasserted claims relating to its time charters of $0.4 million and $0.5 million as of December 31, 2016 and December 31, 2015, respectively, for which the Company has reduced its amounts due from charterers to the extent that there are amounts due from charterers with asserted or unasserted claims or as an accrued expense to the extent the claims exceed amounts due from such charterers. POOL REVENUES. Pool revenue is determined in accordance with the terms specified within each pool agreement. In particular, the pool manager aggregates the revenues and expenses of all of the pool participants and distributes the net earnings to participants based on the following allocation key: · The pool points (vessel attributes such as cargo carrying capacity, fuel consumption and construction characteristics are taken into consideration); and · The number of days the vessel participated in the pool in the period. Vessels are chartered into the pool and receive net time charter revenue in accordance with the pool agreement. The time charter revenue is variable depending upon the net result of the pool and the pool points and trading days for each vessel. The pool has the right to enter into voyage and time charters with external parties for which it receives freight and related revenue. It also incurs voyage costs such as bunkers, port costs and commissions. At the end of each period, the pool aggregates the revenue and expenses for all the vessels in the pool and distributes net revenue to the participants based on the results of the pool and the allocation key. The Company recognizes net pool revenue on a monthly basis, when the vessel has participated in a pool during the period and the amount of pool revenue for the month can be estimated reliably. CHARTERHIRE EXPENSE —Charterhire expense is the amount the Company pays the vessel owner for time chartered-in vessel. The amount is usually for a fixed period of time at charter rates that are generally fixed, but may contain a variable component based on inflation, interest rates, profit sharing, or current market rates. The vessel’s owner is responsible for crewing and other vessel operating costs. Charterhire expense is recognized ratably over the charterhire period. VESSELS, NET —Vessels, net is stated at cost, which was adjusted to fair value pursuant to fresh-start reporting when applicable, less accumulated depreciation. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from date of initial delivery from the shipyard. If regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life would be adjusted, if necessary, at the date such regulations are adopted. Depreciation is based on cost, which was adjusted to fair value pursuant to fresh-start reporting when applicable, less the estimated residual scrap value. The Company estimates residual value of its vessels to be $325/LWT (light weight ton). Depreciation expense of vessel assets for the years ended December 31, 2016, 2015 and 2014 totaled $79.1 million, $41.6 million and $42.4 million, respectively. Undepreciated cost of any asset component being replaced is written off as a component of Loss on disposal of vessels and vessel equipment. Expenditures for routine maintenance and repairs are expensed as incurred. Vessel equipment is depreciated over the shorter of 5 years or the remaining life of the vessel. Effective January 1, 2015, the Company increased the estimated residual scrap value of the vessels from $265/LWT (light weight ton) to $325/LWT prospectively based on the 15‑year average scrap value of steel. The change in the estimated residual scrap value will result in a decrease in depreciation expense over the remaining lives of the vessel assets. During the year ended December 31, 2015, the effect of the increase in the estimated residual scrap value was to decrease depreciation expense and to increase net income by approximately $2.8 million, and to increase net income per basic and diluted common share by $0.05. VESSELS UNDER CONSTRUCTION — Vessels under construction represents the cost of acquiring contracts to build vessels, installments paid to shipyards, certain other payments made to third parties and interest costs incurred during the construction of vessels (until the vessel is substantially complete and ready for its intended use). During the years ended December 31, 2016, 2015 and 2014, the Company capitalized interest expense associated with vessels under construction of $27.6 million, $35.2 million and $9.0 million, respectively. OTHER FIXED ASSETS, NET — Other fixed assets, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the following estimated useful lives: DESCRIPTION USEFUL LIVES Furniture and fixtures 10 years Vessel and computer equipment 5 years REPLACEMENTS, RENEWALS AND BETTERMENTS — The Company capitalizes and depreciates the costs of significant replacements, renewals and betterments to its vessels over the shorter of the vessel’s remaining useful life or the life of the renewal or betterment. The amount capitalized is based on management’s judgment as to expenditures that extend a vessel’s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are written off as a component of direct vessel operating expense during the period incurred. Expenditures for routine maintenance and repairs are expensed as incurred. GOODWILL —The Company follows 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. Goodwill as of December 31, 2016 and 2015 was $0 and $26.3 million, respectively. Change in vessel values during the interim period between December 31, 2015 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. During the third quarter of 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 during the third quarter of 2016, 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 goodwill impairment of $23.3 million. Additionally, during the year ended December 31, 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. During the year ended December 31, 2015, it was determined that there was no goodwill impairment. As of December 31, 2015, the Company transferred $0.8 million of goodwill, related to Gener8 Consul , to assets held for sale for the anticipated sale, which was finalized in February 2016. IMPAIRMENT OF LONG‑LIVED ASSETS —The Company follows FASB ASC 360‑10, Accounting for the Impairment or Disposal of Long‑Lived Assets , which requires impairment losses to be recorded on long‑lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the asset’s carrying amount. In the evaluation of the future benefits of long‑lived assets, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long‑lived assets. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value. The Company estimates fair value primarily through the use of third party valuations performed on an individual vessel basis. Various factors, including the use of trailing 10‑year industry average for each vessel class to forecast future charter rates and vessel operating costs, are included in this analysis. As of December 31, 2016, and in accordance with ASC 360-10, the Company obtained third-party independent valuations to compare to the Company’s carrying value for its long-lived assets and determine if indicators of impairment for any vessel exist for the year ended December 31, 2016. Based on the analysis performed, it was determined that the carrying value of the Company’s fleet was higher than the independent third-party valuations of the Company’s fleet. Therefore, it was determined that indicators exist for potential long-lived assets impairment for the year ended December 31, 2016. In accordance with ASC 360-10 and based on the indicator analysis mentioned above, the Company prepared an analysis which estimated the future undiscounted cash flows for each vessel at December 31, 2016. Based on this analysis, which included consideration of the Company’s long-term intentions relative to its vessels, including its assessment of whether the Company would drydock and continue to operate its older vessels, it was determined that there was no impairment loss in 2016. It was determined that there were no impairment indicators for the year ended December 31, 2015 and 2014. During 2015 and 2014, the Company did not perform such analysis to estimate the future undiscounted cash flows for each vessel due to the upward trend in vessel values and shipping rates and lack of indicators for vessel impairment during the period. DEFERRED DRYDOCK COSTS, NET —Approximately every thirty to sixty months, the Company’s vessels are required to be dry‑docked for major repairs and maintenance, which cannot be performed while the vessels are operating. The Company defers costs associated with the drydocks as they occur and amortizes these costs on a straight‑line basis over the estimated period between drydocks. Amortization of drydock costs is included in depreciation and amortization in the consolidated statements of operations. For the years ended December 31, 2016, 2015 and 2014, amortization was $7.2 million, $5.1 million and $2.8 million, respectively. Accumulated amortization as of December 31, 2016 and 2015 was $13.9 million (net of $1.0 million write-off to assets held for sale related to the Gener8 Ulysses ) and $8.8 million (net of $0.4 million write-off to assets held for sale related to the Gener8 Consul ), respectively. The Company only includes in deferred drydock costs those direct costs that are incurred as part of the drydock to meet regulatory requirements, or that are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydock or not, are expensed as incurred. DEFERRED FINANCING COSTS, NET —Deferred financing costs include bank fees and legal expenses associated with securing new loan facilities. These costs are amortized based upon the effective interest rate method over the life of the related debt, which is included in interest expense. Amortization for the years ended December 31, 2016 2015, and 2014 was $11.3 million, $3.3 million and $0.7 million, respectively. During the year ended December 31, 2015, the Company adopted Accounting Standards Update (“ASU”) 2015-03, which resulted in the reclassification of debt issuance costs from deferred financing costs in other assets to a reduction in the carrying amount of the related debt liability within the Company’s consolidated balance sheets. ACCOUNTING ESTIMATES —The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. WARRANTS —The Company calculates the fair value of warrants utilizing a valuation model to which Monte Carlo simulations and the Black-Scholes option pricing model are applied. The model projects future share prices based on a risk-neutral framework. The parameters used include inception date, share price, subscription price, lifetime, expected volatility (estimated based on historical share prices of similar listed companies) and expected dividends. The amount of share-based compensation recognized during a period is based on the fair value of the award at the time of issuance. SHARE-BASED COMPENSATION – STOCK OPTIONS —The Company calculates the fair value of stock options utilizing the Black-Scholes option pricing model. The parameters used include grant date, share price, exercise price, risk-free interest rate, expected option life, expected volatility (estimated based on historical share prices of similar listed companies) and expected dividends. The amount of share-based compensation recognized during a period is based on the fair value of the award at the time of issuance over the vesting period of the option. INTEREST EXPENSE, NET —The Company follows the provisions of FASB ASC 835-20-30, Capitalization of Interest , to capitalize interest cost as part of the historical cost of acquiring certain assets. The amount of interest cost to be capitalized for qualifying assets is intended to be that portion of the interest cost incurred during the assets’ acquisition periods that theoretically could have been avoided (for example, by avoiding additional borrowings or by using the funds expended for the assets to repay existing borrowings) if expenditures for the assets had not been made. The notion of interest on borrowings as an avoidable cost does not require that the practicability of repaying individual borrowings be considered. The amount capitalized in an accounting period is determined by applying the capitalization rate to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period are based on the rates applicable to borrowings outstanding during the period. If an entity’s financing plans associate a specific new borrowing with a qualifying asset, the entity may use the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset that does not exceed the amount of that borrowing. If average accumulated expenditures for the asset exceed the amounts of specific new borrowings associated with the asset, the capitalization rate to be applied to such excess is a weighted average of the rates applicable to other borrowings of the entity. 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 ineffective portion, if any, of the change in fair value of the Company’s interest rate swap agreement is required to be recognized in earnings. The Company elected to classify settlement payments as operating activities within the statement of cash flow. See Note 9, Financial Instruments , additional disclosures on the Company’s interest rate swaps. NET INCOME (LOSS) PER SHARE— Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised using the treasury stock method. FAIR VALUE OF FINANCIAL INSTRUMENTS— With the exception of the Company’s Senior Notes, the estimated fair values of the Company’s financial instruments approximate their individual carrying amounts as of December 31, 2016 and 2015 due to the short-term or variable-rate nature of the respective borrowings. CONCENTRATION OF CREDIT RISK —Financial instruments that potentially subject the Company to concentrations of credit risk are amounts due from charterers. During the year ended December 31, 2016, the Company placed the majority of its vessels in the Navig8 Group commercial vessel pools (for further details, see Note 18, related party transactions ). As a result, a significant portion of the Company’s shipping revenue were derived from these pools during this period. With respect to accounts receivable from spot voyage charters, the Company limits its credit risk by performing ongoing credit evaluations and, when deemed necessary, requires letters of credit, guarantees or collateral. During the year ended December 31, 2016 and 2015, the Company earned approximately 91.2% and 34.8%, respectively from Navig8 Group pools. During the years ended December 31, 2014, the Company earned 15.2%, of its revenues from one customer. The Company maintains substantially all of its cash and cash equivalents with one financial institution. None of the Company’s cash balances are covered by insurance in the event of default by our financial institution. FOREIGN CURRENCY TRANSACTIONS —Gains and losses on transactions denominated in foreign currencies are recorded within the consolidated statements of operations as components of other expense, net in the consolidated statements of operations. TAXES —The Company is incorporated in the Republic of the Marshall Islands. Pursuant to the income tax laws of the Marshall Islands, the Company is not subject to Marshall Islands income tax. Additionally, pursuant to the U.S. Internal Revenue Code of 1986, as amended (the “Code”), the Company is exempt from U.S. income tax on its income attributable to voyages that do not begin or end in the U.S. The Company is generally not subject to state and local income taxation. Pursuant to various tax treaties, the Company’s shipping operations are not subject to foreign income taxes. As a result of change in ownership of the Company, effective May 17, 2012, the Company no longer qualified for an exemption pursuant to Section 883 of the Code, making the Company subject to U.S. federal tax on its shipping income that is derived from voyages that begin or end in the U.S., retroactive to the beginning of 2012. As a result of the Company’s IPO, the Company in 2015 was again exempt from U.S. federal tax on all of its shipping income (including income attributable to voyages that begin or end in the U.S.). During 2014, the Company recorded gross transportation tax of $1.2 million, as a component of voyage expenses.

COMMON STOCK

COMMON STOCK	12 Months Ended
	Dec. 31, 2016
COMMON STOCK
COMMON STOCK	2. COMMON STOCK At the closing of the 2015 merger, the Company deposited into an account maintained by the 2015 merger exchange and paying agent, in trust for the benefit of Navig8 Crude’s former shareholders, 31,233,170 shares of the Company’s common stock and $4.5 million in cash. The number of shares and amount of cash deposited into such account was calculated based on an assumption that the former holders of 1% or less of Navig8 Crude’s shares would not be permitted under the 2015 merger agreement to receive shares of the Company as consideration and would receive cash instead. During the period from May 8, 2015 (post-merger) to December 31, 2015, all of these shares and 232,819 additional shares were issued to former shareholders of Navig8 Crude as merger consideration and $3.3 million of cash was returned to the Company from the trust account since the former holders of more than 99.0% of Navig8 Crude’s shares received shares of the Company as consideration. Additionally, during the year ended December 31, 2016, 1,789 shares were issued to former shareholders of Navig8 Crude. As of December 31, 2016, $1.2 million in cash and 31,467,778 shares were issued to former shareholders of Navig8 Crude as merger consideration. As of December 31, 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 during the year ended December 31, 2015.

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2016
Goodwill.
GOODWILL	3. GOODWILL Goodwill Accumulated impairment losses Net Amounts in thousands Balance as of December 31, 2014 $ $ $ Transfer to assets held for sale — Balance as of December 31, 2015 $ $ $ Write-off related to sale of vessels — Impairment loss — Balance as of December 31, 2016 $ $ $ — FASB ASC 350-20-35, Intangibles—Goodwill and Other , bases the accounting for goodwill on the units of the combined entity into which an acquired entity is integrated (those units are referred to as reporting units). A reporting unit is an operating segment as defined in FASB ASC 280, Disclosures about Segments of an Enterprise and Related Information , or one level below an operating segment. The Company’s current operations are principally managed on a vessel class basis. Each of the Company’s vessel classes serve the same type of customer, have similar operation and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. The Company has identified the reporting unit to be at the vessel class level. The reporting structure is aligned to the internal management reporting presented to the chief operating decision maker. FASB ASC 350-20-35 provides guidance for impairment testing of goodwill, which is not amortized. Other than goodwill, the Company does not have any other intangible assets that are not amortized. Goodwill is tested for impairment using a two-step process that begins with an estimation of the fair value of the Company’s reporting units. The first step is a screen for potential impairment and the second step measures the amount of impairment, if any. The first step involves a comparison of the estimated fair value of a reporting unit with its carrying amount. If the estimated fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is considered unimpaired. Conversely, if the carrying amount of the reporting unit exceeds its estimated fair value, the second step is performed to measure the amount of impairment, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined by allocating the estimated fair value of the reporting unit to the estimated fair value of its existing assets and liabilities in a manner similar to a purchase price allocation. The unallocated portion of the estimated fair value of the reporting unit is the implied fair value of goodwill. If the implied fair value of goodwill is less than the carrying amount, an impairment loss, equivalent to the difference, is recorded as a reduction of goodwill and a charge to operating expense. During the year ended December 31, 2016, change in vessel values during the interim period between December 31, 2015 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. 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 the year ended December 31, 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. During the year ended December 31, 2015, it was determined that the fair value for each reporting unit was higher than the carrying value and therefore no goodwill impairment was recorded during the year ended December 31, 2015. Additionally, during the year ended December 31, 2015, the Company transferred $0.8 million of goodwill, related to the Gener8 Consul , to Assets held for sale in the consolidated balance sheet. See Note 5, Assets held for sale . During the year ended December 31, 2014, the Company recorded a goodwill impairment charge of $2.1 million to goodwill. Additionally, goodwill associated with one Suezmax vessel, which was sold in July 2014, of $1.2 million was written-off during the year ended December 31, 2014.

INCOME (LOSS) PER COMMON SHARE

INCOME (LOSS) PER COMMON SHARE	12 Months Ended
	Dec. 31, 2016
INCOME (LOSS) PER COMMON SHARE
INCOME (LOSS) PER COMMON SHARE	4. INCOME (LOSS) PER COMMON SHARE The computation of basic income (loss) per share is based on the weighted-average number of common shares outstanding during the year. The computation of diluted earnings per share assumes the exercise of all dilutive stock options using the treasury stock method and the lapsing of restrictions on unvested restricted stock awards, for which the assumed proceeds upon lapsing the restrictions are deemed to be the amount of compensation cost attributable to future services and not yet recognized using the treasury stock method, to the extent dilutive. The reconciliation of basic to diluted income (loss) per common share was as follows (in thousands, except per share amounts): For the Years Ended December 31, 2016 2015 2014 Class A Class B Basic net income / (loss) per share: Numerator: Net Income / (Loss) $ $ $ $ Denominator: Weighted-average shares outstanding, basic Basic net income / (loss) per share $ $ $ $ Diluted net income / (loss) per share: Numerator: Net Income / (Loss) $ $ $ $ Reallocation of net loss as a result of assumed conversion of Class B to Class A shares, diluted — — — Net Income / (Loss), diluted Denominator: Weighted-average shares outstanding, basic Add: Restricted stock units — — — Assumed conversion of Class B to Class A shares — — — Weighted-average shares outstanding, diluted Diluted net income / (loss) per share $ $ $ $ On May 7, 2015, all shares of Class A Common Stock and Class B Common Stock were converted on a one-to-one basis to a single class of common stock. Options to purchase 343,662 shares of Class A Common Stock were excluded from the above calculation for the years ended December 31, 2016, 2015 and 2014, because the impact is anti-dilutive. Options to purchase 309,296 shares of common stock were excluded from the above calculation for the years ended December 31, 2016, 2015 and 2014, because the impact is anti-dilutive. Warrants to purchase 1,431,520 shares (1,600,000 warrants converted at 0.8947 shares) of new common stock and options to purchase 13,420 shares of new common stock were excluded from the above calculation for the years ended December 31, 2016 and 2015, because certain market conditions have not been met. As a result of the conversion in 2015, and that both Class A Common Stock and Class B Common Stock had equal rights to earnings and losses, the 2015 presentation of net income per share combines Class A Common Stock, Class B Common Stock and new common stock. 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, 2017 and December 1, 2018, subject for each increment to employment with the Company through the applicable vesting date for such increment. On December 7, 2016, the Company issued 278,483 shares in settlement of RSUs that had vested on December 1, 2016. Since June 24, 2015 and as of December 31, 2015, 44,919 RSUs were forfeited and 953,279 shares are remaining to be issued in future years, following the vesting date for each increment. As of December 31, 2016, 44,919 RSUs were forfeited and 635,518 shares are remaining to be issued in future years, following the vesting date for each increment. On September 9, 2016, 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 RSU’s grant date, subject to 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 year ended December 31, 2016, because the impact is anti-dilutive.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	12 Months Ended
	Dec. 31, 2016
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE	5. ASSETS HELD FOR SALE As of December 31, 2016, the Company classified the Gener8 Ulysses as Current assets - held for sale, in the consolidated balance sheet, as all the criteria of ASC subtopic 360-10, Property, Plant, and Equipment (“ASC 360-10”) have been met and the transaction was qualified as assets held for sale. This vessel was written down to its fair value, less cost to sell, to $30.2 million in the consolidated balance sheet. As a result of the expected sale in 2017, the Company recorded a loss of $6.9 million as Loss on disposal of vessels, net, in the 2016 consolidated statement of operations. The Gener8 Ulysses vessel was subsequently sold during the first quarter of 2017. See Note 22, Subsequent events . On December 30 2015, the Company entered into an agreement to sell the 2004-built MR tanker the Gener8 Consul for $17.5 million, gross proceeds. The transaction closed in the first quarter of 2016, resulting in proceeds (net of selling expenses) of $17.0 million. As a result of the expected sale in 2016, the Company recorded a loss of $0.5 million as Loss on impairment of vessels held for sale, in the 2015 consolidated statement of operations.

2015 MERGER

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

CASH FLOW INFORMATION

CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2016
CASH FLOW INFORMATION
CASH FLOW INFORMATION	7. CASH FLOW INFORMATION The Company excluded from cash flows from investing and financing activities in the consolidated statements of cash flows items included in accounts payable and accrued expenses for accrued but unpaid milestone and supervision payments of $4.9 million and $106.0 million as of December 31, 2016 and 2015, respectively. Capitalized interest amounted to $27.6 million for the year ended December 31, 2016, out of which, $10.7 million has not been paid out as of December 31, 2016 ($0.5 million is included in Accounts payable and accrued expenses and $10.2 million, primarily representing paid-in-kind (“PIK”) interest, is included in Long‑term debt in the consolidated balance sheet). Capitalized interest amounted to $35.2 million for the year ended December 31, 2015, out of which, $15.0 million has not been paid out as of December 31, 2015 ($1.0 million is included in Accounts payable and accrued expenses and $14.0 million, primarily representing PIK interest, is included in Long‑term debt in the consolidated balance sheet). As of December 31, 2015, the Company also excluded from financing activities $60.9 million of recorded debt, related to the delivery of the Gener8 Apollo . Such debt was funded by the Company’s bank into an escrow account prior to December 31, 2015. As such, $9.0 million, which was transferred to the Company in January 2016, is recorded as a component of prepaid expenses and other current assets, and $51.9 million, which was funded to the shipyard in January 2016, is recorded as escrow deposits as a component of other assets. The Gener8 Apollo was delivered on January 6, 2016. Also excluded from investing and financing activities are the issuances of 31,465,989 shares of common stock related to the 2015 merger and 483,970 shares of common stock issued as a commitment premium paid to the commitment parties under the equity purchase agreement entered into in connection with the 2015 merger valued at $6.0 million. Such amount was expensed as Other financing costs in 2015 when the equity purchase commitment expired.

DELIVERY AND DISPOSAL OF VESSEL

DELIVERY AND DISPOSAL OF VESSELS	12 Months Ended
	Dec. 31, 2016
DELIVERY AND DISPOSAL OF VESSELS.
DELIVERY AND DISPOSAL OF VESSELS	8. DELIVERY AND DISPOSAL OF VESSELS Delivery of Vessels During the year ended December 31, 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 $ 60,819 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 Gener8 Miltiades October 25, 2016 53,300 Amended Sinosure Credit Facility Gener8 Noble November 7, 2016 52,484 Korean Export Credit Facility Gener8 Theseus November 28, 2016 52,175 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 14, LONG-TERM DEBT . Disposal of Vessels On December 5, 2016, the Company entered into an agreement for the sale of the 2000-built Suezmax tanker Gener8 Spyridon for $13.9 million in gross proceeds. On December 19, 2016 the sale was finalized and the Company recorded a net loss of $7.1 million, which is included in Loss on vessel disposal, net on the consolidated statement of operations. The Company used the net proceeds to repay $11.7 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 in 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 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. 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 in 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 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 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. The Company recorded a loss of $0.5 million as loss on impairment of vessels held for sale in the consolidated statement of operations during the year ended December 31, 2015. On June 24, 2014, the Company entered into an agreement to sell the 1999-built Suezmax tanker Genmar Hope for $15.0 million in gross proceeds. During the year ended December 31, 2014, the sale was finalized and the Company recorded a net loss of $6.3 million, which is included in Loss on vessel disposal, net on the consolidated statement of operations.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2016
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	9. 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 14, LONG TERM DEBT . As described below, In December 2016, the Company amended one of these two interest rate swap agreements and simultaneously terminated and re-entered into the other such swap agreement. 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, which have a mandatory termination date of September 30, 2020, 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, which has a mandatory termination date of March 21, 2022, effectively fixes the interest rate on approximately 100% of the aggregate variable interest rate borrowings expected to be outstanding under the Amended 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 income/loss. These amounts are reclassified to interest expense when the hedged interest payments are incurred. In December 2016, the principal and interest repayment dates under the Refinancing Facility were modified and the payment dates on the two related swap agreements were similarly modified. The revised swaps were dedesignated and were simultaneously redesignated with no interruption in hedge accounting. The effective gain on the swaps was recorded in accumulated other comprehensive income/loss and is reclassified to interest expense as the hedged interest expense is incurred. The ineffective portion of the gain was recorded in earnings. All future effective changes in fair value will continue to be recognized in other accumulated other comprehensive income/loss and all ineffective changes will continue to be recognized in earnings. Amounts in accumulated other comprehensive loss expected to be reclassified into earnings in the next 12 months are $2.1 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. As of December 31, 2016, the Company’s interest rate swap agreements were highly effective; during the year ended December 2016, hedge ineffectiveness of $0.7 million was recognized in earnings (included in Other income (expense), net in the consolidated statement of operation). At December 31, 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 Amended Sinosure Credit Facility (dollars in thousands): December 31, 2016 Notional Effective Maturity Fair Value Fixed Floating Hedged Credit Facility Amount Date Date (2) Hierarchy Interest Rate Interest Rate Refinancing Facility $ 12/22/2016 9/3/2020 Level 2 1 mo. LIBOR Refinancing Facility 12/30/2016 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): December 31, 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 - non-current Non-current assets $ $ — $ — $ — Interest rate swap contracts - current Current liabilities — — — Total derivatives designated as hedging instruments $ $ — $ — $ — Offsetting of Derivative Assets December 31, 2016 Gross Amounts Not Offset Gross Gross Net Amounts in the Balance Sheet Amounts of Amounts of Assets Cash Recognized Offset in the presented in the Financial Collateral Assets Balance Sheet Balance Sheet Instruments Pledged Net Amount Counterparty 1 $ $ $ $ $ — $ Counterparty 2 — Counterparty 3 — Total $ $ $ $ $ — $ Offsetting of Derivative Liabilities December 31, 2016 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 ended December 31, 2016 (dollars in thousands): Location of Gain or (Loss) Reclassified Location of Gain Derivatives in Cash Flow from AOCI to (Loss) Recognized Hedging Relationships Income on Derivatives 2016 2015 Interest rate swap contracts (Effective Portion) Amount of gain / (loss) recognized in OCI on derivatives Interest Expense, net $ $ — Amount of gain / (loss) reclassified from AOCI into income on derivatives Interest Expense, net — Interest rate swap contracts (Ineffective Portion) Amount of gain / (loss) recognized in income on derivatives Other expense, net $ —

VESSELS UNDER CONSTRUCTION

VESSELS UNDER CONSTRUCTION	12 Months Ended
	Dec. 31, 2016
VESSELS UNDER CONSTRUCTION
VESSELS UNDER CONSTRUCTION	10. 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): December 31, 2016 December 31, 2015 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 $ $ 2014 Acquired VLCC Newbuildings In March 2014, the Company million. During the year ended December 31, 2015 and 2016, and in accordance with the respective newbuilding contract, the Company took delivery of two and five of the 2014 Acquired VLCC Newbuildings, respectively. As of December 31, 2016, all of the 2014 Acquired VLCC Newbuildings were delivered to the Company. See Note 8, DELIVERY AND DISPOSAL OF VESSELS , for deliveries during the year. 2015 Acquired VLCC Newbuildings The Company Note 6, 2015 MERGER , for more details. During the year ended December 31, 2015 and 2016, and in accordance with their newbuilding contracts, one and ten of the 2015 Acquired VLCC Newbuildings were delivered to the Company, respectively. See Note 8, DELIVERY AND DISPOSAL OF VESSELS , for deliveries during the year ended December 31, 2016. As of December 31, 2016, the three remaining 2015 Acquired VLCC Newbuildings are scheduled to be delivered during 2017 with estimated commitments of $143.2 million and available borrowing of approximately $190.0 million. See Note 22, Subsequent events , for deliveries after December 31, 2016 and Note 14, LONG TERM DEBT .

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2016
PREPAID EXPENSES AND OTHER CURRENT ASSETS.
PREPAID EXPENSES AND OTHER CURRENT ASSETS	11. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following (dollars in thousands): December 31, December 31, 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 consist substantially of payments made by the Company for repairs of vessels that the Company expects, pursuant to the terms of the insurance agreements, to recover from the carrier within one year, net of deductibles which have been expensed. As of December 31, 2016 and December 31, 2015, the portion of insurance claims receivable not expected to be collected within one year of $0.6 million and $0.8 million, respectively, is included in Other noncurrent assets on the consolidated balance sheets. Other primarily represents $4.7 million of advances to our third‑party technical managers and the working capital due from Navig8 associated with the Gener8 Spyridon and Gener8 Ulysses, aggregated to $0.9 million and $1.0 million, respectively.

OTHER NONCURRENT ASSETS

OTHER NONCURRENT ASSETS	12 Months Ended
	Dec. 31, 2016
OTHER NONCURRENT ASSETS
OTHER NONCURRENT ASSETS	12. OTHER NONCURRENT ASSETS Other noncurrent assets consist of the following (dollars in thousands): December 31, December 31, 2016 2015 Escrow deposits $ $ Working capital for 2011 VLCC pool Long-term due from charters Fresh start lease asset Insurance claims Total $ $ As of December 31, 2015, escrow deposits primarily represented the final installment payments for the Gener8 Apollo . Subsequent to the delivery of the Gener8 Apollo in January 2016, the related amount was transferred to vessels. Working capital for 2011 VLCC pool and Long-term due from charters represent amounts due from the 2011 VLCC Pool and the Atlas charter disputes. See Note 16, Vessel Pool Arrangements for more details .

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2016
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	13. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following (dollars in thousands): December 31, 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 year ended December 31, 2016, the Company paid $101.1 million of milestone and supervision installments that was accrued as of December 31, 2015.

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2016
LONG-TERM DEBT.
LONG-TERM DEBT	14. LONG‑TERM DEBT Long‑term debt consists of the following (dollars in thousands): December 31, 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 costs 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. 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 . 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. In December 2016, the Company amended one of these two interest rate swap agreements and simultaneously terminated and re-entered into the other such swap agreement. 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 9, Financial InstrumentS , for more details. As of December 31, 2016, the Company has an aggregate amount of up to approximately $190.0 million of available borrowings under the Korean Export 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 $143.2 million are due in 2017. In connection with the sale of four vessels during the year ended December 31, 2016, the Company repaid $60.3 million of borrowings under the Refinancing Facility. Future principal repayment amounts of the Company’s outstanding debt for the next five years are as follows: 2017— $181.0 million, 2018— $142.7 million, 2019— $142.7 million, 2020—$280.6 million, 2021—$136.8 million and thereafter—$523.5 million. As of December 31, 2016 and 2015, the weighted average interest rate for the credit facilities are 4.47% and 5.47%, respectively. Refinancing Facility On September 3, 2015, the Company entered into a term loan facility, dated as of September 3, 2015 (the “Refinancing Facility”), by and among the Company’s wholly-owned subsidiary, Gener8 Maritime Sub II, the Company, as parent, the lenders party thereto, and Nordea Bank Finland, PLC, New York Branch as Facility Agent and Collateral Agent in order to refinance the $508M Credit Facility and the $273M Credit Facility. The Refinancing Facility provides for term loans up to the aggregate approximate amount of $581.0 million, which were fully drawn on September 8, 2015. The loans under the Refinancing Facility will mature on September 3, 2020. The Refinancing Facility bears interest at a rate per annum based on the London Interbank Offered Rate (“LIBOR”) plus a margin of 3.75% per annum. If there is a failure to pay any amount due on a loan under the Refinancing Facility and related credit documents, interest shall accrue at a rate 2.00% higher than the interest rate that would otherwise have been applied to such amount. The Refinancing Facility is secured on a first lien basis by a pledge of the Company’s interest in Gener8 Maritime Sub II, a pledge by Gener8 Maritime Sub II of its interests in the 21 vessel-owning subsidiaries it owns (the “Gener8 Maritime Sub II Vessel Owning Subsidiaries”) and a pledge by such Gener8 Maritime Sub II Vessel Owning Subsidiaries of substantially all their assets, and is guaranteed by the Company and the Gener8 Maritime Sub II Vessel Owning Subsidiaries. In addition, the Refinancing Facility is secured by a pledge of certain of the Company’s and Gener8 Maritime Sub II Vessel Owning Subsidiaries’ respective bank accounts. As of December 31, 2016, the Gener8 Maritime Sub II Vessel Owning Subsidiaries owned 5 VLCCs, 10 Suezmax vessels, 4 Aframax vessels and 2 Panamax vessels. Gener8 Maritime Sub II is obligated to repay the Refinancing Facility in 20 consecutive quarterly installments, which commenced on September 3, 2015. Gener8 Maritime Sub II is also required to prepay the Refinancing Facility upon the occurrence of certain events, such as a sale for vessels held as collateral or total loss of a vessel. The Company is required to comply with various collateral maintenance and financial covenants under the Refinancing Facility, including with respect to its maximum leverage ratio, minimum cash balance and an interest expense coverage ratio covenant. The Refinancing Facility also requires the Company to comply with a number of customary covenants, including covenants related to the delivery of quarterly and annual financial statements, budgets and annual projections; maintaining required insurances; compliance with laws (including environmental); compliance with ERISA; maintenance of flag and class of the collateral vessels; restrictions on consolidations, mergers or sales of assets; limitations on liens; limitations on issuance of certain equity interests; limitations on restricted payments; limitations on transactions with affiliates; and other customary covenants and related provisions. The Refinancing Facility also contains certain restrictions on payments of dividends and prepayments of the indebtedness outstanding under the Note and Guarantee Agreement (as defined below). The Refinancing Facility permits the Company to pay dividends and make prepayments under the Note and Guarantee Agreement so long as the Company satisfies certain conditions under the Refinancing Facility’s minimum cash balance and collateral maintenance tests subject to a cap of 50% of consolidated net income earned by the Company after the closing date of the Refinancing Facility. For purposes of calculating consolidated net income, consolidated net income will be adjusted, without duplication, by adding noncash interest expense and amortization of other fees and expenses; amounts attributable to impairment charges on intangible assets, including amortization or write-off of goodwill; non-cash management retention or incentive program payments; non-cash restricted stock compensation; and losses on minority interests or investments less gains on such minority interests or investments. The Company is also permitted to pay dividends in an amount not to exceed net cash proceeds received from its issuance of equity after the date of the Refinancing Facility. The Company may also make prepayments under the Note and Guarantee Agreement from the proceeds received from sale of assets so long as it satisfies certain conditions under its minimum cash balance and collateral maintenance tests. Further, the Company is allowed to refinance the Note and Guarantee Agreement subject to certain restrictions and pay the outstanding indebtedness under the Note and Guarantee Agreement on the maturity date of the Note and Guarantee Agreement. As of December 31, 2016, none of the Company’s net income and retained earnings was free of such restrictions. The Refinancing Facility includes customary events of default and remedies for credit facilities of this nature, including an event of default if a change of control occurs. In addition to other customary events, a change of control under the Refinancing Facility occurs if a change of control occurs under the governing document of any indebtedness with an aggregate principal amount of greater than $20 million, and, as a result, such indebtedness becomes due and payable prior to its stated maturity date. If the Company does not comply with its financial and other covenants under the Refinancing Facility, the lenders may, subject to customary cure rights, require the immediate payment of all amounts outstanding under the Refinancing Facility. On December 15, 2016, the Company entered into a First Amendment (the “Amendment”) to the Refinancing Facility. The Amendment revised the definition of “Payment Date” contained in the Refinancing Facility to be the 15th day of each April, July, October and January. If such date is not a business day, the Payment Date will be the business day immediately prior to such date. The term “Payment Date” is used in the Refinancing Facility with respect to amortization payments. Prior to entry into the Amendment, the Payment Date was defined as the last business day of each March, June, September and December. See Note 9, FINANCIAL INSTRUMENTS , for the Company’s interest rate risk management program related to the credit facility. Korean Export Credit Facility On September 3, 2015, the Company entered into a term loan facility (the “Korean Export Credit Facility”) to fund a portion of the remaining installment payments due under shipbuilding contracts for 15 VLCC newbuildings owned by the Company at that time. The borrower under the Korean Export Credit Facility is Gener8 Maritime Subsidiary VIII Inc. (“Gener8 Maritime Sub VIII”), the Company’s wholly owned subsidiary, and the Korean Export Credit Facility is guaranteed by the Company. The Korean Export Credit Facility provides for term loans up to the aggregate approximate amount of $963.7 million, which is comprised of a tranche of term loans to be made available by a syndicate of commercial lenders up to the aggregate approximate amount of $282.0 million (the “Commercial Tranche”), a tranche of term loans to be fully guaranteed by the Export-Import Bank of Korea (“KEXIM”) up to the aggregate approximate amount of up to $139.7 million (the “KEXIM Guaranteed Tranche”), a tranche of term loans to be made available by KEXIM up to the aggregate approximate amount of $197.4 million (the “KEXIM Funded Tranche”) and a tranche of term loans insured by Korea Trade Insurance Corporation (“K-Sure”) up to the aggregate approximate amount of $344.6 million (the “K-Sure Tranche”). As of December 31, 2016, approximately $190.0 million was available to borrow in aggregate under this facility to fund the remaining installment payments. At or around the time of delivery of each of the VLCC newbuildings, a loan will be available to be drawn under the Korean Export Credit Facility in an amount equal to the lowest of (i) 65% of the final contract price of such VLCC newbuilding, (ii) 65% of the maximum contract price of such VLCC newbuilding and (iii) 60% of the fair market value of such VLCC newbuilding tested at or around the time of delivery of such VLCC newbuilding. Each such loan is referred to herein as a “Korean Vessel Loan.” Each Korean Vessel Loan will be allocated pro rata to each lender of the Commercial Tranche, KEXIM Guaranteed Tranche, KEXIM Funded Tranche and K-Sure Tranche based on their respective commitments, other than the Korean Vessel Loans to fund the deliveries of the Gener8 Hector and the Gener8 Nestor , which will be fully funded by the lenders of the Commercial Tranche. Each Korean Vessel Loan will mature, in respect of the Commercial Tranche, on the date falling 60 months from the date of borrowing of that Korean Vessel Loan and, in respect of the other tranches, on the date falling 144 months from the date of borrowing of that Korean Vessel Loan. KEXIM and K-Sure have the option of requiring prepayment of their respective tranches if the Commercial Tranche is not, upon its termination date, fully refinanced or renewed by the commercial lenders. Upon exercise of such option, all outstanding amounts under the relevant tranche must be repaid upon the termination date of the Commercial Tranche. The Korean Export Credit Facility bears interest at a rate per annum based on LIBOR plus a margin of, in relation to the Commercial Tranche, 2.75% per annum, in relation to the KEXIM Guaranteed Tranche, 1.50% per annum, in relation to the KEXIM Funded Tranche, 2.60% per annum and in relation to the K-Sure Tranche, 1.70% per annum. If there is a failure to pay any amount due on a Korean Vessel 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 9, FINANCIAL INSTRUMENTS , for the Company’s interest rate risk management program related to the Korean Export Credit Facility. The Korean Export Credit Facility is secured on a first lien basis by a pledge of the Company’s interest in Gener8 Maritime Sub V, a pledge by Gener8 Maritime Sub V of its interests in Gener8 Maritime Sub VIII, a pledge by Gener8 Maritime Sub VIII of its interests in its 15 wholly-owned subsidiaries intended to own vessels or newbuildings (the “Gener8 Maritime Sub VIII Vessel Owning Subsidiaries”), and a pledge by such Gener8 Maritime Sub VIII Vessel Owning Subsidiaries of substantially all their assets, and is guaranteed by the Company, Gener8 Maritime Sub V and the Gener8 Maritime Sub VIII Vessel Owning Subsidiaries. In addition, the Korean Export Credit Facility is secured by a pledge of certain of the Company’s and Gener8 Maritime Sub VIII Vessel Owning Subsidiaries’ respective bank accounts. Gener8 Maritime Sub VIII is obligated to repay the Commercial Tranche of each Korean Vessel Loan in 20 equal consecutive quarterly installment (excluding a final balloon payment equal to 2/3 of the applicable Korean Vessel Loan) of such Korean Vessel Loan and is obligated to repay the other tranches of each Korean Vessel Loan in 48 equal consecutive installments. Gener8 Maritime Sub VIII is also required to prepay Korean Vessel Loans upon the occurrence of certain events, including a default under a shipbuilding contract, a sale or total loss of a vessel, and upon election by the majority lenders, upon a change of control. If, at any time, none of (i) Peter Georgiopoulos, (ii) Gary Brocklesby or (iii) Nicolas Busch serves as a member of our board of directors, a change of control would occur under the Korean Export Credit Facility. For example, since Mr. Brocklesby is not currently a member of the board of directors, a change of control would occur should Mr. Georgiopoulos and Mr. Busch both resign or be removed from the board, decline to stand for reelection or fail to be reelected to the board, die or otherwise cease to remain as the Company’s directors for any reason. In the event of a change of control under the Korean Export Credit Facility, the majority lenders may elect to declare all amounts outstanding under the Korean Vessel Loans to be immediately due and payable and, in the event of non-payment, proceed against the collateral securing such loans. The lenders may make this election at any time following the occurrence of a change of control. The Company is required to comply with various collateral maintenance and financial covenants under the Korean Export Credit Facility, which are described in more detail below under the heading “Financial Covenants.” If the Company does not comply with its financial and other covenants under the Korean Export Credit Facility, the lenders may, subject to various customary cure rights, require the immediate payment of all amounts outstanding under the Korean Export Credit Facility. 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 borrower under the Sinosure Credit Facility is Gener8 Maritime Subsidiary VII Inc. (“Gener8 Maritime Sub VII”), the Company’s wholly owned subsidiary, and the Sinosure Credit Facility is guaranteed by the Company. 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 December 31, 2016, the Amended Sinosure Credit Facility funded the delivery of five VLCC newbuildings and refinanced a credit facility. The Amended Sinosure Credit Facility provided for term loans up to the aggregate amount of approximately $385.2 million. Loans under the Amended Sinosure Credit Facility were drawn down at or around the time of delivery of each newbuilding funded by the Amended Sinosure Credit Facility. Each loan drawn under the Amended Sinosure Credit Facility is referred to as a “Sinosure Vessel Loan.” Each Sinosure Vessel Loan was allocated pro rata to each lender based on its commitments. The Company’s ability to utilize these funds is subject to the actual delivery of the vessel and other borrowing conditions. Each Sinosure Vessel Loan will mature on the date falling 144 months from the date of borrowing of that Sinosure Vessel 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 Sinosure Vessel Loan, interest shall accrue at a rate 2.00% higher than the interest rate that would otherwise have been applied to such amount. See Note 9, FINANCIAL INSTRUMENTS , for the Company’s interest rate risk management program related to the Amended Sinosure Credit Facility. The Amended Sinosure Credit Facility is secured on a first lien basis by a pledge of the Company’s interest in Gener8 Maritime Sub VII, a pledge by Gener8 Maritime Sub VII of its interests in its four wholly-owned subsidiaries owning or intended to own vessels or newbuildings (the “Gener8 Maritime Sub VII Vessel Owning Subsidiaries”) and a pledge by such Gener8 Maritime Sub VII Vessel Owning Subsidiaries of substantially all their assets, and is guaranteed by the Company and the Gener8 Maritime Sub VII Vessel Owning Subsidiaries. In addition, the Amended Sinosure Credit Facility is secured by a pledge of certain of the Company’s and Gener8 Maritime Sub VII Vessel Owning Subsidiaries’ respective bank accounts. Gener8 Maritime Sub VII is obligated to repay each Sinosure Vessel Loan in equal consecutive quarterly installments (excluding a final balloon payment equal to 20% of the applicable Sinosure Vessel Loan), each in an amount equal to 1 2/3% of such Sinosure Vessel Loan, on each of March 21, June 21, September 21 and December 21 until the Sinosure Vessel Loan’s maturity date. On the respective maturity date, Gener8 Maritime Sub VII is obligated to repay the remaining amount that is outstanding under each Sinosure Vessel Loan. Gener8 Maritime Sub VII 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. If, at any time, none of (i) Peter Georgiopoulos, (ii) Gary Brocklesby or (iii) Nicolas Busch serves as a member of our board of directors, a change of control would occur under the Amended Sinosure Credit Facility. For example, since Mr. Brocklesby is not currently a member of the board of directors, a change of control would occur should Mr. Georgiopoulos and Mr. Busch both resign or be removed from the board, decline to stand for reelection or fail to be reelected to the board, die or otherwise cease to remain as the Company’s directors for any reason. In the event of a change of control under the Amended Sinosure Credit Facility, the majority lenders may elect to declare all amounts outstanding under the Sinosure Vessel Loans to be immediately due and payable and, in the event of non-payment, proceed against the collateral securing such loans. The lenders may make this election at any time following the occurrence of a change of control. The Company is required to comply with various collateral maintenance and financial covenants under the Amended Sinosure Credit Facility, which are described in more detail below under the heading “Financial Covenants.” If the Company does not comply with its financial and other covenants under the Amended Sinosure Credit Facility, the lenders may, subject to various customary cure rights, require the immediate payment of all amounts outstanding under the Amended Sinosure Credit Facility. Senior Notes On March 28, 2014, the Company and Gener8 Maritime Sub V Inc. (“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 December 31, 2016 and 2015, the discount on the Senior Notes was $4.9 million and $5.7 million, respectively, which the Company amortizes as additional interest expense until March 28, 2020. On October 21, 2015, we entered into an amendment to the Note and Guarantee Agreement, dated as of October 21, 2015, by and among the parties to the Note and Guarantee Agreement, which allowed us to enter into the Citibank Facility. On December 2, 2015, the Company entered into an amendment to the Note and Guarantee Agreement, dated as of December 2, 2015, by and among the parties to the Note and Guarantee Agreement. This amendment permits the Company to repurchase outstanding equity interests held by employees, former employees, directors and former directors (i) pursuant to certain stock option grant agreements and equity incentive plans and (ii) in an amount equal to the value of any withholding taxes in connection with the vesting of equity interests granted to employees, former employees, directors or former directors. 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): For the Years Ended December 31, 2016 2015 2014 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. These facilities and the Note and Guarantee Agreement 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); compliance with ERISA; maintenance of flag and class of the collateral vessels; restrictions on consolidations, mergers or sales of assets; limitations on liens; limitations on issuance of certain equity interests; limitations on restricted payments; limitations on transactions with affiliates; and other customary covenants and related provisions. As of December 31, 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. The Note and Guarantee Agreement also requires the Company to comply with the performance of obligations under the terms of each mortgage, indenture, security agreement and other debt instrument by which the Company is bound. The Note and Guarantee Agreement allows for the incurrence of additional indebtedness or refinancing of existing indebtedness upon the reduction of the loan to value ratio set forth therein to or below certain thresholds. Guarantees The Company may issue debt securities in the future. All or substantially all of the subsidiaries of the Company may be guarantors of such debt. Any such guarantees are expected to be full, unconditional and joint and several. Each of the Company’s subsidiaries is 100% owned by the Company. In addition, the Company has no independent assets or operations outside of its ownership of the subsidiaries and any such subsidiaries of the Company other than the subsidiary guarantors are expected to be minor. Other than restrictions contained under applicable provisions of the corporate, limited liability company and similar laws of the jurisdictions of formation of the subsidiaries of the Company, no restrictions exist on the ability of the subsidiaries to transfer funds to the Company through dividends, distributions or otherwise.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	15. FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair values of the Company’s financial instruments are as follows (dollars in thousands): December 31, 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 December 31, 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 December 31, 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%. Goodwill: Nonrecurring fair value measurements include a goodwill impairment assessment completed during the interim period as determined based on the impairment test performed, which are Level 2 inputs. See Note 3, Goodwill . As of December 31, 2016, the Company classified the Gener8 Ulysses as Current assets – assets held for sale, in the consolidated balance sheet. The vessel was subsequently sold during the first quarter of 2017. See Note 22 , Subsequent events . 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, which was finalized in first quarter of 2016. 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. The fair value of a vessel held for sale during the year ended December 31, 2016 and 2015 was determined based on the selling price, net of estimated costs to sell, of such asset based on the contract of sale finalized within a short period of time of its classification as held for sale, and measured on a nonrecurring basis. The following table summarizes the valuation of assets measured on a nonrecurring basis (dollars in thousands): December 31, 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 $ $ $ — $ $ $ — The following table summarizes the valuation of assets / liabilities measured on a recurring basis (dollars in thousands): December 31, 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 - Assets $ $ $ — $ — $ — $ — Interest rate swaps - Liabilities — — — —

VESSEL POOL ARRANGEMENTS

VESSEL POOL ARRANGEMENTS	12 Months Ended
	Dec. 31, 2016
VESSEL POOL ARRANGEMENTS
VESSEL POOL ARRANGEMENTS	16. VESSEL POOL ARRANGEMENTS 2011 VLCC Pool During the second quarter of 2011, the Company agreed to enter five of its VLCCs into a commercial pool of VLCCs (the “2011 VLCC Pool”) managed by a third‑party company (“2011 VLCC Pool Operator”). Through March 31, 2012, the Genmar Vision , the Genmar Ulysses , the Genmar Zeus , the Genmar Hercules and the Genmar Victory were delivered into the 2011 VLCC Pool. The subsidiaries of the Company which own the Genmar Poseidon and the Genmar Atlas entered into time charters with a subsidiary company of the 2011 VLCC Pool Operator which in turn delivered those vessels into the 2011 VLCC Pool in July 2011. These two time charters were at market related rates, subject to a floor of $15,000 per day and a 50% profit share above $30,000 per day. The Genmar Atlas and the Genmar Poseidon time charters were terminated and the vessels were removed from the 2011 VLCC Pool in October 2012 and June 2013, respectively. As each vessel entered the 2011 VLCC Pool, the Company was required to fund a working capital reserve of $2,000 per vessel, which was increased to $2,500 per vessel during the fourth quarter of 2012. This reserve was being accumulated over an eight‑month period via $250 per month being withheld from distributions of revenues earned. The 2011 VLCC Pool Operator is responsible for the working capital reserve for the two vessels it charters. For the five vessels delivered directly into the 2011 VLCC Pool by December 31, 2012, there is a working capital reserve of $1,900 as of December 31, 2015 and December 31, 2014. All five of these vessels left the 2011 VLCC Pool by the end of May 2013, while the Company continues to own and operate these vessels. These five vessels have receivables from the 2011 VLCC Pool, including the working capital reserve, amounting to $3,446, which is recorded on the consolidated balance sheet as Other assets, as of December 31, 2015 and December 31, 2014 for undistributed earnings and bunkers onboard the vessels when they entered into the 2011 VLCC Pool and certain other advances made by the Company on behalf of the vessels in the 2011 VLCC Pool. See Note 20, Commitments and Contingencies , for a discussion regarding a dispute on balances due from the 2011 VLCC Pool. Unique Tankers Pool On November 29, 2012, Unique Tankers LLC, a wholly‑owned subsidiary of the Company (“Unique Tankers”), entered into an Agency Agreement (the “Unique Agency Agreement”) with Unipec UK Company Limited (“Unipec”) for purposes of establishing and operating a pool of tanker vessels (the “Unique Pool”) to be employed in the worldwide carriage or storage of crude oil, fuel oil or other products. Pursuant to the Unique Agency Agreement, Unique Tankers is jointly managed by Gener8 Maritime Management LLC, a wholly‑owned subsidiary of the Company (“GMM”), and Unipec through a pool committee (the “Unique Pool Committee”). Unique Tankers chartered in tanker vessels (“Unique Pool Vessels”) under time charters providing vessel owners with a charter hire based on the earnings of all of the vessels entered in the Unique Tankers pool and pool weightings assigned to the vessels pursuant to pool participation agreements entered into with vessel owners. In turn, Unique Tankers deployed Unique Pool Vessels as agent of the vessel owners/disponent owners to its customers. Subject to the direction of the Unique Pool Committee, GMM act as Unique Pool manager, providing administrative services to Unique Tankers. GMM also oversees, monitors and assists with, as requested, commercial management of the Unique Pool Vessels. GMM is entitled to receive a fixed fee per day for each Unique Pool Vessel for such services. All such fees have been eliminated in consolidation. For the years ended December 31, 2015 and 2014, all of the vessels in the Unique Pool were owned by the Company. Pursuant to the Unique Agency Agreement, Unipec acted as the exclusive commercial manager of the Unique Pool Vessels, and as compensation received a certain percentage of the gross voyage revenues obtained by each Unique Pool Vessel (the “Unique Agency Fee”). For the years ended December 31, 2015 and 2014, the Unique Agency Fee amounted to $2.2 million and $2.7 million, respectively. The Unique Agency Fee is included in Voyage Expenses on the consolidated statements of operations. As of December 31, 2014, seventeen of the Company’s vessels were chartered into the Unique Pool. For the years ended December 31, 2016, 2015 and 2014, voyage revenue associated with the Unique Pool amounted to $0, $0.2 million and $0.3 million, respectively. Voyage revenue associated with the Unique Pool is included in the consolidated statements of operations as a component of Spot charter revenues. On May 7, 2015, the Company delivered to Unipec a notice of termination under certain of its pool-related agreements between Unipec and Unique Tankers, including the Unique Agency Agreement. As of December 31, 2016 and 2015, none of the Company’s vessels were deployed in the Unique Pool. Navig8 Pools The Company employs all of its VLCC, Suezmax and Aframax vessels in Navig8 Group commercial crude tanker pools including the VL8 Pool, the Suez8 Pool and the V8 Pool. In June 2015, certain of the Company’s VLCC, Suezmax, Aframax and newbuilding owning subsidiaries entered into pool agreements with VL8 Pool Inc. and V8 Pool Inc., subsidiaries of Navig8 Limited, the beneficial owner of over 4% of the Company’s outstanding common shares as of December 31, 2015 and 2016.

LEASE COMMITMENTS

LEASE COMMITMENTS	12 Months Ended
	Dec. 31, 2016
LEASE COMMITMENTS
LEASE COMMITMENTS	17. LEASE COMMITMENTS In 2004, the Company entered into a 15‑year lease for office space in New York, New York. The monthly rental is as follows: Free rent from December 1, 2004 to September 30, 2005, $110 per month from October 1, 2005 to September 30, 2010, $119 per month from October 1, 2010 to September 30, 2015, and $128 per month from October 1, 2015 to September 30, 2020. The monthly straight‑line rental expense is $161, including amortization of the lease asset recorded on May 17, 2012 associated with fresh-start accounting, for the period from May 18, 2012 to September 30, 2020. During the years ended December 31, 2016, 2015 and 2014, the Company recorded expense associated with this lease of $1.9 million, $2.0 million and $1.8 million, respectively. In July 2015, the Company amended its office lease to, among other things, extend the lease term for an additional five year period commencing on October 1, 2020 at a rate of $182 per month. After the lease amendment, future minimum rental payments on this lease for the next five years are as follows: 2017— $1.5 million, 2018— $1.5 million, 2019— $1.5 million, 2020—$1.7 million, 2021—$2.2 million and thereafter—$8.2 million. On June 30, 2015, the Company increased its letter of credit and related cash collateral in anticipation of the extension of its office lease. As of December 31, 2016 and December 31, 2015, the Company had an outstanding letter of credit of $1.4 million in both periods, as required under the terms of its office lease. This letter of credit is secured by cash placed in a restricted account amounting to $1.5 million as of December 31, 2016 and December 31, 2015.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2016
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	18. 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 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. Navig8 Pools As of December 31, 2016, 23 of the Company’s VLCC vessels have entered into the VL8 pool, ten of the Company’s Suezmax vessels have entered into the Suez8 pool and 4 of the Company’s Aframax vessels have entered into the V8 pool. As of December 31, 2015, 11 of the Company’s VLCC vessels had entered into the VL8 pool, 11 of the Company’s Suezmax vessels have entered into the Suez8 pool and 4 of the Company’s Aframax vessels have entered into the V8 pool. During the years ended December 31, 2016, 2015 and 2014, the Company earned net pool distributions of $368.9 million (which is comprised of $239.0 million from VL8 pool, $103.5 million from Suez8 pool and $26.4 million from V8 pool), $149.6 million (which is comprised of $75.9 million from VL8 pool, $52.4 million from Suez8 pool and $21.3 million from V8 pool) and $0, respectively, from Navig8 pools. These amounts are included in Navig8 pool revenues on the consolidated statement of operations. As of December 31, 2016 and 2015, a balance of $60.7 million ($40.9 million from VL8 pool, $16.1 million from Suez8 pool and $3.7 million from V8 pool) and $38.1 million ($17.3 million from VL8 pool, $15.5 million from Suez8 pool and $5.3 million from V8 pool), respectively, is unpaid and is included in Due from Navig8 pools on the 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 years ended December 31, 2016, 2015 and 2014, the related expense amounted to $3.1 million, $11.3 million and $0, respectively, and is included in Navig8 charterhire expenses on the consolidated statement of operations. In March 2016, the Company re-delivered the Nave Quasar to the owner. 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), $0.9 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 December 31, 2016 and 2015, the working capital associated with the Company’s owned vessels entered into the VL8 Pool, Suez8 Pool, and V8 Pool aggregated to $33.1 million and $26.0 million, respectively, and is included in Working capital at Navig8 pools on the consolidated balance sheet as noncurrent assets. Additionally, as of December 31, 2016, the working capital associated with the Gener8 Spyridon and Gener8 Ulysses, two recently sold vessels, aggregated to $0.9 million and $1.0 million, respectively, and is included in prepaid expenses and other current assets on the consolidated balance sheet. See Note 8, Delivery and disposal of vessels and Note 22, Subsequent events . 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 years ended December 31, 2016 and 2015, the Company recorded supervision fees of $2.9 million and $1.0 million, respectively. These amounts are included in Vessels under construction on the consolidated balance sheet as noncurrent assets. As of December 31, 2016 and 2015, $1.3 million and $4.2 million, respectively, remained outstanding. Corporate Administration Agreement On December 17, 2013, Navig8 Crude, which merged with the Company on May 7, 2015, entered into a corporate administration agreement with a subsidiary of Navig8 Limited, whereby the Navig8 Limited subsidiary agreed to provide certain administrative services for Navig8 Crude. In accordance with the corporate administration agreement, Navig8 Crude agreed to pay the Navig8 Limited subsidiary a fee of $250.00 per vessel or newbuilding owned by Navig8 Crude per day. During the year ended December 31, 2016 and 2015, Navig8 billed the Company a total of $1.3 million and $0.8 million, respectively, for corporate administration fees. A payable balance of $0.1 million remained outstanding as of December 31, 2016 and 2015. Other Related Party Transactions During the years ended December 31, 2016, 2015 and 2014, the Company incurred office expenses totaling approximately $7 thousand, $7 thousand and $11 thousand, respectively, on behalf of Peter C. Georgiopoulos, the Chairman of the Company’s Board and Chief Executive Officer. As of December 31, 2016 and 2015, a balance due from Mr. Georgiopoulos of approximately $4 thousand and $7 thousand, respectively, remains outstanding. The Company incurred certain business, travel, and entertainment costs totaling $0.1 million, during each of the years ended December 31, 2016, 2015 and 2014, on behalf of Genco Shipping & Trading Limited (“Genco”), an owner and operator of dry bulk vessels. During such periods, Mr. Georgiopoulos was chairman of Genco’s board of directors. As of December 31, 2016 and 2015, a balance due from Genco of $0 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. During the year ended December 31, 2014, Genco made available certain of its employees who performed internal audit services for us for which we were invoiced $84 thousand based on actual time spent by the employees. No such services were provided during the years ended December 31, 2016 and 2015. As of December 31, 2016 and 2015, no balance remains outstanding. Aegean Marine Petroleum Network, Inc. (“Aegean”) supplied bunkers and lubricating oils to the Company’s vessels aggregating $5.2 million, $8.2 million and $17.1 million, during the years ended December 31, 2016, 2015 and 2014, respectively. As of December 31, 2016 and 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. As of December 31, 2016 and 2015, no balance remains outstanding. In addition, the Company provided office space to Aegean and Aegean incurred rent and other expenses in its New York office during the years ended December 31, 2016, 2015 and 2014, of $0.2 million in each period. As of December 31, 2016 and 2015, a balance of $0 and $4 thousand, respectively, remains outstanding. The Company provided office space to Chemical Transportation Group, Inc. (“Chemical”), an owner and operator of chemical vessels for $72 thousand, $60 thousand and $45 thousand during the years ended December 31, 2016, 2015 and 2014, respectively. Mr. Georgiopoulos is chairman of Chemical’s board of directors. Balances of $0.1 thousand and $0 were outstanding as of December 31, 2016 and 2015, respectively. During 2013, the Company assigned certain payments associated with bunker supply contracts with third‑party vendors amounting to $20 thousand, to Oaktree Principal Bunker Holdings Ltd., which is managed by Oaktree Capital Management, L.P. One board member of the Company is employed by Oaktree Capital Management, L.P. Prior to the consummation of the 2015 merger on May 7, 2015, three members of the Board were associated with or employed by Oaktree Capital Management, L.P. The fees incurred to Oaktree Principal Bunker Holdings Ltd. for this assignment amounted to $0, $1.0 million and $3.4 million, for the years ended December 31, 2016, 2015 and 2014, respectively, and this amount is included in Voyage expenses on the consolidated statement of operations. As of December 31, 2016 and 2015, there was no balance due to Oaktree Principal Bunker Holdings Ltd. The Company purchased bunkers from Integr8 Fuels Inc., a subsidiary of Navig8 Limited, amounting to $0, $6.5 million and $8.6 million, for the years ended December 31, 2016, 2015 and 2014, respectively. As of December 31, 2016 and 2015, there was no balance due to Integr8 Fuels Inc. Amounts due from the related parties described above as of December 31, 2016 and 2015 are included in Prepaid expenses and other current assets on the consolidated balance sheets (except as otherwise indicated above); amounts due to the related parties described above as of December 31, 2016 and 2015 are included in Accounts payable and accrued expenses on the consolidated balance sheets (except as otherwise indicated above).

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	12 Months Ended
	Dec. 31, 2016
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	19. STOCK‑BASED COMPENSATION 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 Incentive Plan were surrendered and cancelled on June 24, 2015, and unamortized balance was expensed immediately. For the years ended December 31, 2016, 2015 and 2014, amortization of the fair value of these stock options was $0, $1.2 million and $1.2 million, respectively, which is included in the Company’s consolidated statements of operations as a component of general and administrative expense. See Note 22, Subsequent events , for recent stock option grants under the 2012 Equity Incentive Plan. Weighted Average Weighted Number of Exercise Average Options Price Fair Value (‘000) Outstanding, December 31, 2013 $ $ Granted — Exercised — Forfeited — Outstanding, December 31, 2014 $ $ Granted — Exercised — Forfeited $ $ Outstanding, December 31, 2015 — Granted — Exercised — Forfeited — Outstanding, December 31, 2016 — — — 2016 Restricted Stock Units On September 9, 2016, 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 RSU’s grant date, subject to continued service with the Company through the applicable vesting date. 2015 Restricted Stock Units On June 24, 2015, in connection with the pricing of the Company’s IPO, the Company granted members of management restricted stock units (“RSUs”) on 1,663,660 shares of the Company’s common stock pursuant to the Company’s amended 2012 Equity Incentive Plan. The RSUs, which were valued at the IPO price of $14.00 per share, vest ratably in 20% increments or tranches on June 24, 2015, June 30, 2015, December 1, 2016, December 1, 2017 and December 1, 2018, subject for each increment to employment with the Company through the applicable vesting date for such increment. The shares for the first two vesting increments were issued within three business days after December 3, 2015 and the shares for the remaining vesting increments are expected to be issued within a similar short period of time following the vesting date for each of such increments. The RSUs were included in determining the diluted net income per share for the year ended December 31, 2015. The RSUs were not included, prior to issuance, in determining the basic net income per share for fiscal 2015 since there are certain circumstances, although remote, in which certain shares would not be issued. On December 3, 2015, the Company issued 574,546 shares in settlement of RSUs that had vested on June 24, 2015 and June 30, 2015. On December 7, 2016, the Company issued 278,483 shares in settlement of RSUs that had vested on December 1, 2016. Since June 24, 2015 and as of December 31, 2015, 44,919 RSUs were forfeited and 953,279 shares are remaining to be issued in future years, following the vesting date for each increment. As of December 31, 2016, 44,919 RSUs were forfeited and 635,518 shares are remaining to be issued in future years, following the vesting date for each increment. Upon vesting of the RSU’s, the Company withheld shares of common stock for certain employees in an amount sufficient to cover the minimum statutory tax withholding obligations and issued shares of its common stock for the remaining amount. The total fair value of the RSUs that vested during the years ended December 31, 2016 and 2015 was $1.2 million and $5.4 million, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the closing stock price on the vesting date. Stock options under the 2012 Equity Incentive Plan had been cancelled in connection with the granting of the RSUs. The incremental compensation cost of these RSUs on their grant date of $22.0 million was calculated to be the excess of the fair value of the RSUs over the fair value of the cancelled stock options immediately prior to cancellation and will be amortized over the vesting period using a graded amortization schedule. For the years ended December 31, 2016 and 2015, compensation expense of $5.8 million and $11.9 million, respectively, in connection with the RSUs is included in the Company’s consolidated statements of operations as a component of general and administrative expense. Future amortization for the following years are: 2017— $2.8 million and 2018— $1.1 million, over a weighted average remaining period of 2 years. The following table summarizes certain information of the RSUs unvested and vested as of December 31, 2016: Weighted- Weighted Average Average Remaining Number of Exercise Contractual RSU's Price Term (years) (‘000) Outstanding, December 31, 2014 — $ — Granted Vested Forfeited Outstanding, December 31, 2015 Granted — Vested Forfeited — Outstanding, December 31, 2016 — 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 warrants under 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 December 31, 2015.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2016
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	20. COMMITMENTS AND CONTINGENCIES From time to time the Company has been, and expects to continue to be, subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. See Note 17, Lease commitments, for lease commitments and Note 10, VesselS under construction, for vessel purchase commitments. GENMAR PROGRESS In August 2007, an oil sheen was discovered and reported by shipboard personnel in the vicinity of the Genmar Progress, in Guayanilla Bay, Puerto Rico. Subsequently, the U.S. Coast Guard formally designated the Genmar Progress as a source of the pollution incident. In October 2010, the United States, GMR Progress, LLC, and General Maritime Management (Portugal) L.d.A. executed a Joint Stipulation and Settlement Agreement. Pursuant to the terms of this agreement, the United States agreed to accept $6.3 million in full satisfaction of oil spill response costs of the Coast Guard and certain natural damage assessment costs incurred through the date of settlement. The settlement had been paid in full by the vessel’s protection & indemnity underwriters. In April 2013, the Natural Resource Trustees for the United States and the Commonwealth of Puerto Rico (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 agreed settlement has been paid by the insurer and the lawsuit has been dismissed. 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 and it cannot be reasonably estimated at this time. 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 took place in December 2016 and the arbitrator’s final award is currently awaited and the outcome cannot be reasonably estimated at this time. As of December 31, 2016 and 2015, an amount due from the 2011 VLCC Pool and the Atlas charter dispute of $3.4 million was included in Other assets (noncurrent).

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2016
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	21. RECENT ACCOUNTING PRONOUNCEMENTS In August 2016, the FASB issued Accounting Standards Update (“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. 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 April 2016, the FASB issued 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 does not anticipate any material 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	22. SUBSEQUENT EVENTS In preparing the consolidated financial statements, the Company has evaluated events and transactions occurring after December 31, 2016 for recognition or disclosure purposes. Based on this evaluation, from January 1, 2017 through the date of this report, which represents the date the consolidated financial statements were available to be issued, no material events have been identified other than the following: Sale of Vessels As of December 31, 2016, as described above in Note 5, Assets held for sale , the Company classified the Gener8 Ulysses as held for sale in the consolidated balance sheet. On February 1, 2017, the sale was finalized and the Company received $30.5 million in cash and paid $0.3 million of commissions related to its sale. The Company used the net proceeds to repay $20.0 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. In connection with the sale, this vessel was written down to its fair value, less the costs associated with its sale, to $30.2 million in the consolidated balance sheet. As a result of the sale of this vessel in 2017, the Company recorded a loss of $6.9 million as Loss on disposal of vessels, net, in the 2016 consolidated statement of operations. Vessel Deliveries Gener8 Hector On January 6, 2017, the Company took delivery of the Gener8 Hector , a 2017-built VLCC newbuilding. Upon delivery, the Gener8 Hector entered into the VL8 Pool. As of January 6, 2017, the Company borrowed approximately $49.5 million under the Korean Export Credit Facility to fund the delivery of the Gener8 Hector . The Company has made all shipyard installment payments and there is no outstanding payable balance in respect of the Gener8 Hector . Gener8 Ethos On March 9, 2017, the Company took delivery of the Gener8 Ethos , a 2017-built VLCC newbuilding. Upon delivery, the Gener8 Ethos entered into the VL8 Pool. As of March 9, 2017, the Company borrowed approximately $50.6 million under the Korean Export Credit Facility to fund the delivery of the Gener8 Ethos . The Company has made all shipyard installment payments and there is no outstanding payable balance in respect of the Gener8 Ethos . Stock Options under 2012 Equity Incentive Plan On January 5, 2017, Peter C. Georgiopoulos, Chief Executive Officer and Chairman of the Board of the Company and Leonard J. Vrondissis, Executive Vice President, Secretary and Chief Financial Officer of the Company were each granted awards of stock options pursuant to the Company’s amended 2012 Equity Incentive Plan. Mr. Georgiopoulos received stock options to purchase 500,000 shares of common stock. Mr. Vrondissis received stock options to purchase 25,000 shares of common stock. The stock options are exercisable at an exercise price of $4.69 per share of common stock. The exercise price is equal to the closing trading price of the Company’s common stock on the New York Stock Exchange on January 5, 2017. The stock options were fully vested upon grant, have a 7-year term, subject to earlier termination upon the occurrence of certain events related to termination of employment, and are subject to the provisions of stock option grant agreements. During the first quarter of 2017, the Company valued the options using “Black Scholes Model” and recorded approximately $1.0 million of related compensation expense.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2016
QUARTERLY FINANCIAL DATA (UNAUDITED)
QUARTERLY FINANCIAL DATA (UNAUDITED)	23. Quarterly Financial Data (Unaudited) (In thousands except per share amounts) 2016 Quarter ended March 31 June 30 September 30 December 31 Voyage revenues $ $ $ $ Operating income / (loss) Net income (loss) Income (loss) per common share Basic $ $ $ $ Diluted $ $ $ $ Weighted Average Shares Outstanding - basic Weighted Average Shares Outstanding - diluted 2015 Quarter ended March 31 June 30 September 30 December 31 Voyage revenues $ $ $ $ Operating income Net income Income per common share Basic $ $ $ $ Diluted $ $ $ $ Weighted Average Shares Outstanding - basic (1) Common shares — Class A — — — Class B — — — Weighted Average Shares Outstanding - diluted (1) Common shares — Class A — — — Class B — — — (1) On May 7, 2015, in connection with the filing of our Third Amended and Restated Articles of Incorporation, all of our Class A shares and Class B shares were converted on a one-to-one basis to a single class of common stock.

BASIS OF PRESENTATION AND SUM32

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION	BASIS OF PRESENTATION —The financial statements of the Company have been prepared on the accrual basis of accounting and presented in United States Dollars (“USD” or “$”) which is the functional currency of the Company. A summary of the significant accounting policies followed in the preparation of the accompanying financial statements, which conform to Generally Accepted Accounting Principles (“GAAP”) in the United States of America, is presented below.
PRINCIPLES OF CONSOLIDATION	PRINCIPLES OF CONSOLIDATION —The accompanying consolidated financial statements include the accounts of Gener8 Maritime Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
CASH AND CASH EQUIVALENTS	Cash and cash equivalents — The Company considers highly liquid investments such as money market funds and certificates of deposit with an original maturity of three months or less to be cash equivalents.
ALLOWANCE FOR DOUBTFUL ACCOUNTS	Allowance for doubtful accounts —The Company provides a reserve for freight and demurrage revenues based upon historical collection trends. The Company provides a general reserve based on aging of receivables, in addition to specific reserves on certain long-aged or doubtful receivables.
REVENUE AND EXPENSE RECOGNITION	REVENUE AND EXPENSE RECOGNITION —Revenue and expense recognition policies for spot market voyage charters, time charters and pool revenues are as follows: SPOT MARKET VOYAGE CHARTERS. Spot market voyage revenues are recognized on a pro rata basis based on the relative transit time in each period. The period over which voyage revenues are recognized commences at the time the vessel departs from its last discharge port and ends at the time the discharge of cargo at the next discharge port is completed. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. The Company does not recognize revenue when a vessel is off hire. Estimated losses on voyages are provided for in full at the time such losses become evident. Voyage expenses primarily include only those specific costs which are borne by the Company in connection with voyage charters which would otherwise have been borne by the charterer under time charter agreements. These expenses principally consist of fuel, canal and port charges which are generally recognized as incurred. Demurrage income represents payments by the charterer to the vessel owner when loading and discharging time exceed the stipulated time in the spot market voyage charter. Demurrage income is measured in accordance with the provisions of the respective charter agreements and the circumstances under which demurrage claims arise and is recognized on a pro rata basis over the length of the voyage to which it pertains. Direct vessel operating expenses are recognized when incurred. At December 31, 2016 and December 31, 2015, the Company has a reserve of approximately $1.9 million and $5.8 million, respectively, against its due from charterers balance associated with voyage revenues, including freight and demurrage revenues. TIME CHARTERS. Revenue from time charters is recognized on a straight‑line basis over the term of the respective time charter agreement. Direct vessel operating expenses are recognized when incurred. Time charter agreements require, among others, that the vessels meet specified speed and bunker consumption standards. The Company believes that there may be unasserted claims relating to its time charters of $0.4 million and $0.5 million as of December 31, 2016 and December 31, 2015, respectively, for which the Company has reduced its amounts due from charterers to the extent that there are amounts due from charterers with asserted or unasserted claims or as an accrued expense to the extent the claims exceed amounts due from such charterers. POOL REVENUES. Pool revenue is determined in accordance with the terms specified within each pool agreement. In particular, the pool manager aggregates the revenues and expenses of all of the pool participants and distributes the net earnings to participants based on the following allocation key: · The pool points (vessel attributes such as cargo carrying capacity, fuel consumption and construction characteristics are taken into consideration); and · The number of days the vessel participated in the pool in the period. Vessels are chartered into the pool and receive net time charter revenue in accordance with the pool agreement. The time charter revenue is variable depending upon the net result of the pool and the pool points and trading days for each vessel. The pool has the right to enter into voyage and time charters with external parties for which it receives freight and related revenue. It also incurs voyage costs such as bunkers, port costs and commissions. At the end of each period, the pool aggregates the revenue and expenses for all the vessels in the pool and distributes net revenue to the participants based on the results of the pool and the allocation key. The Company recognizes net pool revenue on a monthly basis, when the vessel has participated in a pool during the period and the amount of pool revenue for the month can be estimated reliably.
CHARTERHIRE EXPENSE	CHARTERHIRE EXPENSE —Charterhire expense is the amount the Company pays the vessel owner for time chartered-in vessel. The amount is usually for a fixed period of time at charter rates that are generally fixed, but may contain a variable component based on inflation, interest rates, profit sharing, or current market rates. The vessel’s owner is responsible for crewing and other vessel operating costs. Charterhire expense is recognized ratably over the charterhire period.
VESSELS, NET	VESSELS, NET —Vessels, net is stated at cost, which was adjusted to fair value pursuant to fresh-start reporting when applicable, less accumulated depreciation. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from date of initial delivery from the shipyard. If regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life would be adjusted, if necessary, at the date such regulations are adopted. Depreciation is based on cost, which was adjusted to fair value pursuant to fresh-start reporting when applicable, less the estimated residual scrap value. The Company estimates residual value of its vessels to be $325/LWT (light weight ton). Depreciation expense of vessel assets for the years ended December 31, 2016, 2015 and 2014 totaled $79.1 million, $41.6 million and $42.4 million, respectively. Undepreciated cost of any asset component being replaced is written off as a component of Loss on disposal of vessels and vessel equipment. Expenditures for routine maintenance and repairs are expensed as incurred. Vessel equipment is depreciated over the shorter of 5 years or the remaining life of the vessel. Effective January 1, 2015, the Company increased the estimated residual scrap value of the vessels from $265/LWT (light weight ton) to $325/LWT prospectively based on the 15‑year average scrap value of steel. The change in the estimated residual scrap value will result in a decrease in depreciation expense over the remaining lives of the vessel assets. During the year ended December 31, 2015, the effect of the increase in the estimated residual scrap value was to decrease depreciation expense and to increase net income by approximately $2.8 million, and to increase net income per basic and diluted common share by $0.05.
VESSELS UNDER CONSTRUCTION	VESSELS UNDER CONSTRUCTION — Vessels under construction represents the cost of acquiring contracts to build vessels, installments paid to shipyards, certain other payments made to third parties and interest costs incurred during the construction of vessels (until the vessel is substantially complete and ready for its intended use). During the years ended December 31, 2016, 2015 and 2014, the Company capitalized interest expense associated with vessels under construction of $27.6 million, $35.2 million and $9.0 million, respectively.
REPLACEMENTS, RENEWALS AND BETTERMENTS	REPLACEMENTS, RENEWALS AND BETTERMENTS — The Company capitalizes and depreciates the costs of significant replacements, renewals and betterments to its vessels over the shorter of the vessel’s remaining useful life or the life of the renewal or betterment. The amount capitalized is based on management’s judgment as to expenditures that extend a vessel’s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are written off as a component of direct vessel operating expense during the period incurred. Expenditures for routine maintenance and repairs are expensed as incurred.
GOODWILL	GOODWILL —The Company follows 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. Goodwill as of December 31, 2016 and 2015 was $0 and $26.3 million, respectively. Change in vessel values during the interim period between December 31, 2015 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. During the third quarter of 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 during the third quarter of 2016, 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 goodwill impairment of $23.3 million. Additionally, during the year ended December 31, 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. During the year ended December 31, 2015, it was determined that there was no goodwill impairment. As of December 31, 2015, the Company transferred $0.8 million of goodwill, related to Gener8 Consul , to assets held for sale for the anticipated sale, which was finalized in February 2016.
IMPAIRMENT OF LONG-LIVED ASSETS	IMPAIRMENT OF LONG‑LIVED ASSETS —The Company follows FASB ASC 360‑10, Accounting for the Impairment or Disposal of Long‑Lived Assets , which requires impairment losses to be recorded on long‑lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the asset’s carrying amount. In the evaluation of the future benefits of long‑lived assets, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long‑lived assets. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value. The Company estimates fair value primarily through the use of third party valuations performed on an individual vessel basis. Various factors, including the use of trailing 10‑year industry average for each vessel class to forecast future charter rates and vessel operating costs, are included in this analysis. As of December 31, 2016, and in accordance with ASC 360-10, the Company obtained third-party independent valuations to compare to the Company’s carrying value for its long-lived assets and determine if indicators of impairment for any vessel exist for the year ended December 31, 2016. Based on the analysis performed, it was determined that the carrying value of the Company’s fleet was higher than the independent third-party valuations of the Company’s fleet. Therefore, it was determined that indicators exist for potential long-lived assets impairment for the year ended December 31, 2016. In accordance with ASC 360-10 and based on the indicator analysis mentioned above, the Company prepared an analysis which estimated the future undiscounted cash flows for each vessel at December 31, 2016. Based on this analysis, which included consideration of the Company’s long-term intentions relative to its vessels, including its assessment of whether the Company would drydock and continue to operate its older vessels, it was determined that there was no impairment loss in 2016. It was determined that there were no impairment indicators for the year ended December 31, 2015 and 2014. During 2015 and 2014, the Company did not perform such analysis to estimate the future undiscounted cash flows for each vessel due to the upward trend in vessel values and shipping rates and lack of indicators for vessel impairment during the period.
DEFERRED DRYDOCK COSTS, NET	DEFERRED DRYDOCK COSTS, NET —Approximately every thirty to sixty months, the Company’s vessels are required to be dry‑docked for major repairs and maintenance, which cannot be performed while the vessels are operating. The Company defers costs associated with the drydocks as they occur and amortizes these costs on a straight‑line basis over the estimated period between drydocks. Amortization of drydock costs is included in depreciation and amortization in the consolidated statements of operations. For the years ended December 31, 2016, 2015 and 2014, amortization was $7.2 million, $5.1 million and $2.8 million, respectively. Accumulated amortization as of December 31, 2016 and 2015 was $13.9 million (net of $1.0 million write-off to assets held for sale related to the Gener8 Ulysses ) and $8.8 million (net of $0.4 million write-off to assets held for sale related to the Gener8 Consul ), respectively. The Company only includes in deferred drydock costs those direct costs that are incurred as part of the drydock to meet regulatory requirements, or that are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydock or not, are expensed as incurred.
DEFERRED FINANCING COSTS, NET	DEFERRED FINANCING COSTS, NET —Deferred financing costs include bank fees and legal expenses associated with securing new loan facilities. These costs are amortized based upon the effective interest rate method over the life of the related debt, which is included in interest expense. Amortization for the years ended December 31, 2016 2015, and 2014 was $11.3 million, $3.3 million and $0.7 million, respectively. During the year ended December 31, 2015, the Company adopted Accounting Standards Update (“ASU”) 2015-03, which resulted in the reclassification of debt issuance costs from deferred financing costs in other assets to a reduction in the carrying amount of the related debt liability within the Company’s consolidated balance sheets.
ACCOUNTING ESTIMATES	ACCOUNTING ESTIMATES —The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
WARRANTS	WARRANTS —The Company calculates the fair value of warrants utilizing a valuation model to which Monte Carlo simulations and the Black-Scholes option pricing model are applied. The model projects future share prices based on a risk-neutral framework. The parameters used include inception date, share price, subscription price, lifetime, expected volatility (estimated based on historical share prices of similar listed companies) and expected dividends. The amount of share-based compensation recognized during a period is based on the fair value of the award at the time of issuance.
SHARE-BASED COMPENSATION – STOCK OPTIONS	SHARE-BASED COMPENSATION – STOCK OPTIONS —The Company calculates the fair value of stock options utilizing the Black-Scholes option pricing model. The parameters used include grant date, share price, exercise price, risk-free interest rate, expected option life, expected volatility (estimated based on historical share prices of similar listed companies) and expected dividends. The amount of share-based compensation recognized during a period is based on the fair value of the award at the time of issuance over the vesting period of the option.
INTEREST EXPENSE, NET	INTEREST EXPENSE, NET —The Company follows the provisions of FASB ASC 835-20-30, Capitalization of Interest , to capitalize interest cost as part of the historical cost of acquiring certain assets. The amount of interest cost to be capitalized for qualifying assets is intended to be that portion of the interest cost incurred during the assets’ acquisition periods that theoretically could have been avoided (for example, by avoiding additional borrowings or by using the funds expended for the assets to repay existing borrowings) if expenditures for the assets had not been made. The notion of interest on borrowings as an avoidable cost does not require that the practicability of repaying individual borrowings be considered. The amount capitalized in an accounting period is determined by applying the capitalization rate to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period are based on the rates applicable to borrowings outstanding during the period. If an entity’s financing plans associate a specific new borrowing with a qualifying asset, the entity may use the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset that does not exceed the amount of that borrowing. If average accumulated expenditures for the asset exceed the amounts of specific new borrowings associated with the asset, the capitalization rate to be applied to such excess is a weighted average of the rates applicable to other borrowings of the entity.
NET INCOME (LOSS) PER SHARE	NET INCOME (LOSS) PER SHARE— Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised using the treasury stock method.
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS— With the exception of the Company’s Senior Notes, the estimated fair values of the Company’s financial instruments approximate their individual carrying amounts as of December 31, 2016 and 2015 due to the short-term or variable-rate nature of the respective borrowings.
CONCENTRATION OF CREDIT RISK	CONCENTRATION OF CREDIT RISK —Financial instruments that potentially subject the Company to concentrations of credit risk are amounts due from charterers. During the year ended December 31, 2016, the Company placed the majority of its vessels in the Navig8 Group commercial vessel pools (for further details, see Note 18, related party transactions ). As a result, a significant portion of the Company’s shipping revenue were derived from these pools during this period. With respect to accounts receivable from spot voyage charters, the Company limits its credit risk by performing ongoing credit evaluations and, when deemed necessary, requires letters of credit, guarantees or collateral. During the year ended December 31, 2016 and 2015, the Company earned approximately 91.2% and 34.8%, respectively from Navig8 Group pools. During the years ended December 31, 2014, the Company earned 15.2%, of its revenues from one customer. The Company maintains substantially all of its cash and cash equivalents with one financial institution. None of the Company’s cash balances are covered by insurance in the event of default by our financial institution.
FOREIGN CURRENCY TRANSACTIONS	FOREIGN CURRENCY TRANSACTIONS —Gains and losses on transactions denominated in foreign currencies are recorded within the consolidated statements of operations as components of other expense, net in the consolidated statements of operations.
TAXES	TAXES —The Company is incorporated in the Republic of the Marshall Islands. Pursuant to the income tax laws of the Marshall Islands, the Company is not subject to Marshall Islands income tax. Additionally, pursuant to the U.S. Internal Revenue Code of 1986, as amended (the “Code”), the Company is exempt from U.S. income tax on its income attributable to voyages that do not begin or end in the U.S. The Company is generally not subject to state and local income taxation. Pursuant to various tax treaties, the Company’s shipping operations are not subject to foreign income taxes. As a result of change in ownership of the Company, effective May 17, 2012, the Company no longer qualified for an exemption pursuant to Section 883 of the Code, making the Company subject to U.S. federal tax on its shipping income that is derived from voyages that begin or end in the U.S., retroactive to the beginning of 2012. As a result of the Company’s IPO, the Company in 2015 was again exempt from U.S. federal tax on all of its shipping income (including income attributable to voyages that begin or end in the U.S.). During 2014, the Company recorded gross transportation tax of $1.2 million, as a component of voyage expenses.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In August 2016, the FASB issued Accounting Standards Update (“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. 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 April 2016, the FASB issued 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 does not anticipate any material 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.

BASIS OF PRESENTATION AND SUM33

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2016
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated useful lives	DESCRIPTION USEFUL LIVES Furniture and fixtures 10 years Vessel and computer equipment 5 years

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2016
Goodwill.
Schedule of goodwill	Goodwill Accumulated impairment losses Net Amounts in thousands Balance as of December 31, 2014 $ $ $ Transfer to assets held for sale — Balance as of December 31, 2015 $ $ $ Write-off related to sale of vessels — Impairment loss — Balance as of December 31, 2016 $ $ $ —

INCOME (LOSS) PER COMMON SHARE

INCOME (LOSS) PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 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): For the Years Ended December 31, 2016 2015 2014 Class A Class B Basic net income / (loss) per share: Numerator: Net Income / (Loss) $ $ $ $ Denominator: Weighted-average shares outstanding, basic Basic net income / (loss) per share $ $ $ $ Diluted net income / (loss) per share: Numerator: Net Income / (Loss) $ $ $ $ Reallocation of net loss as a result of assumed conversion of Class B to Class A shares, diluted — — — Net Income / (Loss), diluted Denominator: Weighted-average shares outstanding, basic Add: Restricted stock units — — — Assumed conversion of Class B to Class A shares — — — Weighted-average shares outstanding, diluted Diluted net income / (loss) per share $ $ $ $

2015 MERGER (Tables)

2015 MERGER (Tables)	12 Months Ended
	Dec. 31, 2016
Navig8 Crude Tankers Inc
2015 MERGER
Schedule of assets acquired and the liabilities assumed from Navig8 Crude were recorded at cost	Cash and cash equivalents $ Due from Navig8 pools, net Prepaid expenses and other current assets Vessels under construction Other assets (noncurrent) Accounts payable and accrued expenses

DELIVERY AND DISPOSAL OF VESS37

DELIVERY AND DISPOSAL OF VESSELS (Table)	12 Months Ended
	Dec. 31, 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 $ 60,819 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 Gener8 Miltiades October 25, 2016 53,300 Amended Sinosure Credit Facility Gener8 Noble November 7, 2016 52,484 Korean Export Credit Facility Gener8 Theseus November 28, 2016 52,175 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 14, LONG-TERM DEBT .

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
FINANCIAL INSTRUMENTS
Schedule of derivative instruments	At December 31, 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 Amended Sinosure Credit Facility (dollars in thousands): December 31, 2016 Notional Effective Maturity Fair Value Fixed Floating Hedged Credit Facility Amount Date Date (2) Hierarchy Interest Rate Interest Rate Refinancing Facility $ 12/22/2016 9/3/2020 Level 2 1 mo. LIBOR Refinancing Facility 12/30/2016 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): December 31, 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 - non-current Non-current assets $ $ — $ — $ — Interest rate swap contracts - current Current liabilities — — — Total derivatives designated as hedging instruments $ $ — $ — $ —
Schedule of offsetting derivative assets and liabilities	Offsetting of Derivative Assets December 31, 2016 Gross Amounts Not Offset Gross Gross Net Amounts in the Balance Sheet Amounts of Amounts of Assets Cash Recognized Offset in the presented in the Financial Collateral Assets Balance Sheet Balance Sheet Instruments Pledged Net Amount Counterparty 1 $ $ $ $ $ — $ Counterparty 2 — Counterparty 3 — Total $ $ $ $ $ — $ Offsetting of Derivative Liabilities December 31, 2016 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 ended December 31, 2016 (dollars in thousands): Location of Gain or (Loss) Reclassified Location of Gain Derivatives in Cash Flow from AOCI to (Loss) Recognized Hedging Relationships Income on Derivatives 2016 2015 Interest rate swap contracts (Effective Portion) Amount of gain / (loss) recognized in OCI on derivatives Interest Expense, net $ $ — Amount of gain / (loss) reclassified from AOCI into income on derivatives Interest Expense, net — Interest rate swap contracts (Ineffective Portion) Amount of gain / (loss) recognized in income on derivatives Other expense, net $ —

VESSELS UNDER CONSTRUCTION (Tab

VESSELS UNDER CONSTRUCTION (Tables)	12 Months Ended
	Dec. 31, 2016
VESSELS UNDER CONSTRUCTION
Schedule of vessels under construction	Vessels under construction consist of the following (dollars in thousands): December 31, 2016 December 31, 2015 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 $ $

PREPAID EXPENSES AND OTHER CU40

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 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): December 31, December 31, 2016 2015 Bunkers and lubricants $ $ Escrow deposit - final installment for Gener8 Apollo — Insurance claims receivable Prepaid insurance Other Total $ $

OTHER NONCURRENT ASSETS (Tables

OTHER NONCURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2016
OTHER NONCURRENT ASSETS
Schedule of other noncurrent assets	Other noncurrent assets consist of the following (dollars in thousands): December 31, December 31, 2016 2015 Escrow deposits $ $ Working capital for 2011 VLCC pool Long-term due from charters Fresh start lease asset Insurance claims Total $ $

ACCOUNTS PAYABLE AND ACCRUED 42

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 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)	12 Months Ended
	Dec. 31, 2016
LONG-TERM DEBT.
Schedule of long-term debt	Long‑term debt consists of the following (dollars in thousands): December 31, 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): For the Years Ended December 31, 2016 2015 2014 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.

FAIR VALUE OF FINANCIAL INSTR44

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 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): December 31, 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 $ $ $ — $ $ $ —
Schedule of valuation of liabilities measured on a recurring basis	The following table summarizes the valuation of assets / liabilities measured on a recurring basis (dollars in thousands): December 31, 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 - Assets $ $ $ — $ — $ — $ — Interest rate swaps - Liabilities — — — —

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2016
STOCK-BASED COMPENSATION
Summary of stock options Activity	Weighted Average Weighted Number of Exercise Average Options Price Fair Value (‘000) Outstanding, December 31, 2013 $ $ Granted — Exercised — Forfeited — Outstanding, December 31, 2014 $ $ Granted — Exercised — Forfeited $ $ Outstanding, December 31, 2015 — Granted — Exercised — Forfeited — Outstanding, December 31, 2016 — — —
Summary of RSU Activity	The following table summarizes certain information of the RSUs unvested and vested as of December 31, 2016: Weighted- Weighted Average Average Remaining Number of Exercise Contractual RSU's Price Term (years) (‘000) Outstanding, December 31, 2014 — $ — Granted Vested Forfeited Outstanding, December 31, 2015 Granted — Vested Forfeited — Outstanding, December 31, 2016 —

QUARTERLY FINANCIAL DATA (UNA46

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2016
QUARTERLY FINANCIAL DATA (UNAUDITED)
Schedule of quarterly financial data	(In thousands except per share amounts) 2016 Quarter ended March 31 June 30 September 30 December 31 Voyage revenues $ $ $ $ Operating income / (loss) Net income (loss) Income (loss) per common share Basic $ $ $ $ Diluted $ $ $ $ Weighted Average Shares Outstanding - basic Weighted Average Shares Outstanding - diluted 2015 Quarter ended March 31 June 30 September 30 December 31 Voyage revenues $ $ $ $ Operating income Net income Income per common share Basic $ $ $ $ Diluted $ $ $ $ Weighted Average Shares Outstanding - basic (1) Common shares — Class A — — — Class B — — — Weighted Average Shares Outstanding - diluted (1) Common shares — Class A — — — Class B — — — (1) On May 7, 2015, in connection with the filing of our Third Amended and Restated Articles of Incorporation, all of our Class A shares and Class B shares were converted on a one-to-one basis to a single class of common stock.

BASIS OF PRESENTATION AND SUM47

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NATURE OF BUSINESS (Details) $ / shares in Units, $ in Thousands	Jul. 17, 2015USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Dec. 31, 2016USD ($)segmentitem	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)
NATURE OF BUSINESS
Number of vessels | item				42
Number of reporting segments | segment				1
Issuance of common stock (in shares) | shares					15,000,000
Gross proceeds from issuance of common stock | $				$ 26	$ 236,351	$ 197,743
Issuance cost | $					$ 6,543	$ 1,621
IPO
NATURE OF BUSINESS
Issuance of common stock (in shares) | shares		15,000,000	15,000,000
Share price (in dollars per share) | $ / shares		$ 14	$ 14
Gross proceeds from IPO | $		$ 210,000	$ 210,000
Net proceeds from issuance of common stock | $		$ 196,400	$ 196,400
Over-Allotment Option
NATURE OF BUSINESS
Issuance of common stock (in shares) | shares	1,882,223
Share price (in dollars per share) | $ / shares	$ 14
Gross proceeds from issuance of common stock | $	$ 26,400
Net proceeds from issuance of common stock | $	$ 24,600
VLCCs
NATURE OF BUSINESS
Number of vessels including those remained on time charter | item				23
New building construction | item				3
Suezmax
NATURE OF BUSINESS
Number of vessels | item				10
Aframax
NATURE OF BUSINESS
Number of vessels | item				4
Panamax
NATURE OF BUSINESS
Number of vessels | item				2

BASIS OF PRESENTATION AND SUM48

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ADDITIONAL INFORMATION (Details)	Jan. 01, 2015$ / T	Dec. 31, 2016USD ($)$ / T	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)$ / T
SPOT MARKET VOYAGE CHARTERS
Reserve against due from charterers		$ 1,900,000	$ 5,800,000
TIME CHARTERS
Accrual for unasserted claims relating to time charters		$ 400,000	500,000
VESSELS, NET
Estimated useful life of vessels		25 years
Estimated scrap value (in dollars per lightweight ton) | $ / T	325	325		265
Depreciation expense		$ 79,100,000	41,600,000	$ 42,400,000
Average period of scrap value of steel		15 years
Decrease in depreciation expense			2,800,000
Increase to net income per basic and diluted common share as a result of decrease in depreciation			0.05
VESSELS UNDER CONSTRUCTION
Capitalized interest costs		$ 27,602,000	35,170,000	8,958,000
GOODWILL
Goodwill		0	26,291,000	27,131,000
Goodwill impairment		23,297,000	0	2,099,000
Transfer to assets held for sale			840,000
Write-off related to sale of vessels		$ (2,994,000)		(1,249,000)
IMPAIRMENT OF LONG-LIVED ASSETS
Industry average trailing period considered for forecasting future charter rates and vessel operating costs		10 years
Impairment of vessel assets			520,000
Genmar Victory and Genmar Vision
GOODWILL
Write-off related to sale of vessels		$ (3,000,000)
MR tanker Gener8 Consul
GOODWILL
Transfer to assets held for sale			800,000
Vessels under construction.
VESSELS UNDER CONSTRUCTION
Capitalized interest costs		$ 27,600,000	$ 35,200,000	$ 9,000,000
Furniture, fixtures and equipment
OTHER FIXED ASSETS
Useful life		P10Y
Vessel Equipment
OTHER FIXED ASSETS
Useful life		P5Y
Vessel Equipment | Maximum
OTHER FIXED ASSETS
Useful life		P5Y
Computer Equipment
OTHER FIXED ASSETS
Useful life		P5Y

BASIS OF PRESENTATION AND SUM49

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - DEFERRED COSTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
DEFERRED DRYDOCKING, NET
Deferred drydock, amortization	$ 7,200	$ 5,100	$ 2,800
Deferred drydock, accumulated amortization	13,900	8,800
DEFERRED FINANCING COSTS, NET
Deferred financing costs, amortization	11,792	3,294	$ 737
Gener8 Consul
DEFERRED DRYDOCKING, NET
Write-off of assets held for sale		$ 400
Gener8 Ulysses
DEFERRED DRYDOCKING, NET
Write-off of assets held for sale	$ 1,000
Minimum
DEFERRED DRYDOCKING, NET
Dry-docking period	30 months
Maximum
DEFERRED DRYDOCKING, NET
Dry-docking period	60 months

BASIS OF PRESENTATION AND SUM50

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONCENTRATION OF CREDIT RISK AND OTHER (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015	Dec. 31, 2014USD ($)
TAXES
Gross transportation tax			$ 1,200
Concentration of Credit Risk | Cash Concentration
Concentration Risk
Number of financial institutions with whom the entity maintains substantially all of its cash | item	1
Cash, insured amount	$ 0
Customer one | Concentration of Credit Risk | Revenues
Concentration Risk
Percentage of revenue			15.20%
Navig 8 Group Pools | Concentration of Credit Risk | Revenues
Concentration Risk
Percentage of revenue	91.20%	34.80%

COMMON STOCK (Details)

COMMON STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 17, 2015	Jun. 30, 2015	May 07, 2015	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Common stock
Cash deposited with paying agent for the benefit of Navig8 shareholders							$ 1,187
Cash remaining in the trust account					$ 157,535	$ 94,681	$ 157,535	$ 147,303	$ 97,707
Issuance of common stock (in shares)							15,000,000
Proceeds from Issuance of Common Stock						$ 26	$ 236,351	197,743
Issuance cost							$ 6,543	$ 1,621
IPO
Common stock
Issuance of common stock (in shares)		15,000,000		15,000,000
Shares Issued, Price Per Share		$ 14		$ 14
Proceeds from Issuance Initial Public Offering		$ 210,000		$ 210,000
Proceeds From Issuance Of Common Stock Net Of Issuance Costs		$ 196,400		$ 196,400
Over-Allotment Option
Common stock
Issuance of common stock (in shares)	1,882,223
Shares Issued, Price Per Share	$ 14
Proceeds from Issuance of Common Stock	$ 26,400
Proceeds From Issuance Of Common Stock Net Of Issuance Costs	$ 24,600
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
Percentage of shares of acquiree not permitted to receive shares as consideration			1.00%
Additional shares issues as part of merger consideration (in shares)					232,819	1,789
Cash returned from trust account as former shareholders received shares as consideration					$ 3,300
Former shareholders that received consideration in shares (as a percent)					99.00%
Cash issued relating to merger transactions						$ 1,200
Shares issued relating to merger transactions (in shares)						31,467,778
Cash remaining in the trust account						$ 3

GOODWILL (Details)

GOODWILL (Details) $ in Thousands	Sep. 30, 2016USD ($)	Jul. 31, 2014item	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Goodwill Gross
Balance at the beginning of the year			$ 117,416	$ 118,256
Transfer to assets held for sale				(840)
Write-off related to sale of vessels			(2,994)		$ (1,249)
Balance at the end of the year			114,422	117,416	118,256
Goodwill, Impaired, Accumulated Impairment Loss
Balance at the beginning of the year			(91,125)	(91,125)
Impairment loss	$ (23,300)		(23,297)		(2,100)
Balance at the end of the year			(114,422)	(91,125)	(91,125)
Goodwill Net
Balance at the beginning			26,291	27,131
Transfer to assets held for sale				(840)
Write-off related to sale of vessels			(2,994)		(1,249)
Impairment loss	$ (23,300)		(23,297)		(2,100)
Balance at the end			0	26,291	27,131
MR tanker Gener8 Consul
Goodwill Gross
Transfer to assets held for sale				(800)
Goodwill Net
Transfer to assets held for sale				$ (800)
Suezmax
Goodwill Gross
Write-off related to sale of vessels					(1,200)
Goodwill Net
Write-off related to sale of vessels					$ (1,200)
Number of vessels sold | item		1
Genmar Victory and Genmar Vision
Goodwill Gross
Write-off related to sale of vessels			(3,000)
Goodwill Net
Write-off related to sale of vessels			$ (3,000)

INCOME (LOSS) PER COMMON SHAR53

INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net income / (loss)	$ 5,804	$ (37,351)	$ 37,995	$ 60,858	$ 45,521	$ 33,228	$ 19,901	$ 30,919	$ 67,306	$ 129,569	$ (47,084)
Denominator:
Weighted-average shares outstanding, basic	82,776	82,682	82,681	82,680	82,280	81,758	52,919		82,705	62,779
Basic net income / (loss) per share (in dollars per share):	$ 0.07	$ (0.45)	$ 0.46	$ 0.74	$ 0.55	$ 0.41	$ 0.38	$ 0.93	$ 0.81	$ 2.06	$ (1.54)
Numerator:
Net income / (loss)	$ 5,804	$ (37,351)	$ 37,995	$ 60,858	$ 45,521	$ 33,228	$ 19,901	$ 30,919	$ 67,306	$ 129,569	$ (47,084)
Net Income / (Loss), diluted									$ 67,306	$ 129,569
Denominator:
Weighted-average shares outstanding, basic	82,776	82,682	82,681	82,680	82,280	81,758	52,919		82,705	62,779
Add:
Restricted stock units										334
Weighted-average shares outstanding, diluted	82,776	82,682	82,681	82,680	82,778	82,480	52,940		82,705	63,113
Diluted net income / (loss) per share (in dollars per share):	$ 0.07	$ (0.45)	$ 0.46	$ 0.74	$ 0.55	$ 0.40	$ 0.38	$ 0.93	$ 0.81	$ 2.05	$ (1.54)
Class A common stock
Numerator:
Net income / (loss)											$ (17,402)
Denominator:
Weighted-average shares outstanding, basic								11,270			11,270
Basic net income / (loss) per share (in dollars per share):											$ (1.54)
Numerator:
Net income / (loss)											$ (17,402)
Reallocation of net loss as a result of assumed conversion of Class B to Class A shares, diluted											(29,682)
Net Income / (Loss), diluted											$ (47,084)
Denominator:
Weighted-average shares outstanding, basic								11,270			11,270
Add:
Assumed conversion of Class B to Class A shares											19,223
Weighted-average shares outstanding, diluted								33,273			30,493
Diluted net income / (loss) per share (in dollars per share):											$ (1.54)
Class B common stock
Numerator:
Net income / (loss)											$ (29,682)
Denominator:
Weighted-average shares outstanding, basic								22,003			19,223
Basic net income / (loss) per share (in dollars per share):											$ (1.54)
Numerator:
Net income / (loss)											$ (29,682)
Net Income / (Loss), diluted											$ (29,682)
Denominator:
Weighted-average shares outstanding, basic								22,003			19,223
Add:
Weighted-average shares outstanding, diluted								22,003			19,223
Diluted net income / (loss) per share (in dollars per share):											$ (1.54)

INCOME (LOSS) PER COMMON SHAR54

INCOME (LOSS) PER COMMON SHARE - Additional Information (Details)	Dec. 07, 2016shares	Sep. 09, 2016$ / sharesshares	Dec. 03, 2015shares	Jun. 24, 2015$ / sharesshares	May 07, 2015	Dec. 31, 2015shares	Dec. 31, 2016shares	Dec. 31, 2015shares	Dec. 31, 2014shares	Dec. 31, 2016shares
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	1,600,000		1,600,000
Number of shares per each warrant						0.8947	0.8947	0.8947		0.8947
Issuance of common stock for vested 2015 and 2016 restricted stock units (in shares)							278,483	574,546
RSU's
Antidilutive securities excluded from computation of earnings per share
Issuance of common stock for vested 2015 and 2016 restricted stock units (in shares)	278,483		574,546
Forfeited (in shares)						44,919		45,000		44,919
Shares remaining to be issued in future years (in shares)						953,279	635,518	953,279		635,518
Granted (in shares)				1,663,660				1,664,000
Share price (in dollars per share) | $ / shares				$ 14
RSU's | 2012 Equity Incentive Plan | Non Employee Director
Antidilutive securities excluded from computation of earnings per share
Granted (in shares)		28,752
Share price (in dollars per share) | $ / shares		$ 6.26
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
Number of potentially dilutive securities excluded from EPS calculation as certain market conditions have not been met (in shares)							13,420	13,420
Warrant
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)							1,431,520	1,431,520
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	343,662
Class B common stock
Antidilutive securities excluded from computation of earnings per share
Common Stock Conversion Into Single Class Ratio					1

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands	Dec. 30, 2015	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets Held-for-Sale
Assets held for sale			$ 30,195	$ 16,999
(Gain) / loss on disposal			(24,169)	$ (805)	$ (8,729)
Gener8 Ulysses | Held-for-sale
Assets Held-for-Sale
Assets held for sale			30,200
(Gain) / loss on disposal			6,900
MR tanker Gener8 Consul | Disposed of by Sale
Assets Held-for-Sale
(Gain) / loss on disposal			$ 500
Gross proceeds from sale of asset held for sale	$ 17,500
Net proceeds from sale of asset held for sale		$ 17,000

2015 MERGER (Details)

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

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Non-cash investing and financing activities
Capitalized interest		$ 27,602	$ 35,170	$ 8,958
Escrow Deposit Noncurrent		38	51,915
Accrued capitalized interest		10,700	$ 15,000
Issuance of common stock related to 2015 Acquired VLCC Newbuildings (in shares)			31,465,989
Common stock issued under equity purchase agreement			483,970
Commitment premium paid			$ 6,000
Accounts payable and accrued expenses.
Non-cash investing and financing activities
Milestone and supervision payments not yet paid		4,900	106,000
Accrued capitalized interest		500	1,000
Long - term debt
Non-cash investing and financing activities
Accrued capitalized interest		$ 10,200	14,000
Gener8 Apollo | Credit Facility Drawdown
Non-cash investing and financing activities
Amount borrowed			$ 60,900
Gener8 Apollo | Prepaid Expenses and Other Current Assets
Non-cash investing and financing activities
Borrowings under term loan facilities	$ 9,000
Gener8 Apollo | Other Assets
Non-cash investing and financing activities
Escrow Deposit Noncurrent	$ 51,900

DELIVERY AND DISPOSAL OF VESS58

DELIVERY AND DISPOSAL OF VESSELS (Details) - USD ($) $ in Thousands	Dec. 05, 2016	Aug. 08, 2016	Jul. 22, 2016	Dec. 30, 2015	Jun. 24, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
DELIVERY OF VESSELS
Proceeds from sale of vessels						$ 86,897		$ 22,703
Loss on disposal of vessels, net						24,169	$ 805	8,729
Korean Export Credit Facility | Gener8 Apollo | Gener8 Apollo LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities						60,819
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
Korean Export Credit Facility | Gener8 Noble | Gener8 Noble
DELIVERY OF VESSELS
Borrowings under term loan facilities						52,484
Korean Export Credit Facility | Gener8 Theseus | Gener8 Theseus
DELIVERY OF VESSELS
Borrowings under term loan facilities						52,175
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
Amended Sinosure Credit Facility | Gener8 Miltiades | Gener8 Miltiades
DELIVERY OF VESSELS
Borrowings under term loan facilities						$ 53,300
Refinancing Facility | Gener8 Spyridon
DELIVERY OF VESSELS
Proceeds from sale of vessels	$ 13,900
Loss on disposal of vessels, net	7,100
Repayments of debt	$ 11,700
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
Refinancing Facility | Gener8 Consul
DELIVERY OF VESSELS
Proceeds from sale of vessels				$ 17,500
Loss on impairment of vessels held for sale							$ 500
Refinancing Facility | Gener8 Hope
DELIVERY OF VESSELS
Proceeds from sale of vessels					$ 15,000
Loss on disposal of vessels, net								$ 6,300

FINANCIAL INSTRUMENTS - Interes

FINANCIAL INSTRUMENTS - Interest Rate Risk Management (Details) - Interest rate swap $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 22, 2016item	Dec. 15, 2016item	May 02, 2016item
Interest Rate Swap Agreements
Number of interest rate swap agreements | item		2	2	6
Cash flow hedges
Interest Rate Swap Agreements
Amounts in accumulated other comprehensive loss expected to be reclassified into earings in the coming 12 months	$ 2,100
Cash flow hedges | Minimum
Interest Rate Swap Agreements
Swap offsetting percentage of hedged interest payments	80.00%
Cash flow hedges | Maximum
Interest Rate Swap Agreements
Hedge effectiveness (as a percent)	125.00%
Cash flow hedges | Other Expense
Interest Rate Swap Agreements
Hedge ineffectiveness recognized in earnings	$ 700
Refinancing Facility
Interest Rate Swap Agreements
Number of interest rate swap agreements | item	2
Percentage of fixed interest rate on aggregate variable interest rate borrowings	50.00%
Refinancing Facility One | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount	$ 182,610
Derivative, Fixed Interest Rate	1.0051%
Refinancing Facility Two | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount	$ 45,653
Derivative, Fixed Interest Rate	1.0016%
Korean Export Credit Facility
Interest Rate Swap Agreements
Number of interest rate swap agreements | item	3
Percentage of fixed interest rate on aggregate variable interest rate borrowings	80.00%
Percentage of fixed interest rate on aggregate variable interest rate borrowings, thereafter	5.00%
Korean Export Credit Facility | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount	$ 333,900
Maximum aggregate notional amount	680,800
Korean Export Credit Facility One | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount	$ 479,773
Derivative, Fixed Interest Rate	1.297%
Korean Export Credit Facility Two | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount	$ 89,957
Derivative, Fixed Interest Rate	1.337%
Korean Export Credit Facility Three | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount	$ 29,986
Derivative, Fixed Interest Rate	1.3075%
Sinosure Credit Facility
Interest Rate Swap Agreements
Percentage of fixed interest rate on aggregate variable interest rate borrowings	100.00%
Percentage of fixed interest rate on aggregate variable interest rate borrowings, thereafter	5.00%
Sinosure Credit Facility | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount	$ 233,452
Derivative, Fixed Interest Rate	1.41%

FINANCIAL INSTRUMENTS - Quantit

FINANCIAL INSTRUMENTS - Quantitative Information (Details) $ in Thousands	Dec. 31, 2016USD ($)
Financial Instruments
Fair value of derivative asset	$ 1,552
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap
Financial Instruments
Fair value of derivative asset	18,033
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap | Non-current assets
Financial Instruments
Fair value of derivative asset	19,585
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap | Current Liabilities
Financial Instruments
Fair value of derivative liability	$ 1,552

FINANCIAL INSTRUMENTS - Offsett

FINANCIAL INSTRUMENTS - Offsetting Derivative Liabilities (Details) $ in Thousands	Dec. 31, 2016USD ($)
Offsetting of Derivative Assets
Gross Amounts of Recognized Assets	$ 18,033
Gross Amounts Offset in the Balance Sheet	1,552
Net amounts of assets presented in the balance sheet	19,585
Financial Instruments	(1,552)
Net Amount	18,033
Offsetting of Derivative Liabilities
Gross Amounts Offset in the Balance Sheet	(1,552)
Net amounts of liabilities presented in the balance sheet	(1,552)
Financial Instruments	1,552
Interest rate swap | Counterparty 1
Offsetting of Derivative Assets
Gross Amounts of Recognized Assets	15,577
Gross Amounts Offset in the Balance Sheet	1,314
Net amounts of assets presented in the balance sheet	16,891
Financial Instruments	(1,314)
Net Amount	15,577
Offsetting of Derivative Liabilities
Gross Amounts Offset in the Balance Sheet	(1,314)
Net amounts of liabilities presented in the balance sheet	(1,314)
Financial Instruments	1,314
Interest rate swap | Counterparty 2
Offsetting of Derivative Assets
Gross Amounts of Recognized Assets	975
Gross Amounts Offset in the Balance Sheet	80
Net amounts of assets presented in the balance sheet	1,055
Financial Instruments	(80)
Net Amount	975
Offsetting of Derivative Liabilities
Gross Amounts Offset in the Balance Sheet	(80)
Net amounts of liabilities presented in the balance sheet	(80)
Financial Instruments	80
Interest rate swap | Counterparty 3
Offsetting of Derivative Assets
Gross Amounts of Recognized Assets	1,481
Gross Amounts Offset in the Balance Sheet	158
Net amounts of assets presented in the balance sheet	1,639
Financial Instruments	(158)
Net Amount	1,481
Offsetting of Derivative Liabilities
Gross Amounts Offset in the Balance Sheet	(158)
Net amounts of liabilities presented in the balance sheet	(158)
Financial Instruments	$ 158

FINANCIAL INSTRUMENTS - Effect

FINANCIAL INSTRUMENTS - Effect Of Derivatives (Details) - Derivatives designated as hedging instruments - Cash flow hedges - Interest rate swap $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Interest Expense, net
Interest rate swap contracts (Effective Portion)
Amount of gain / (loss) recognized in OCI on derivatives	$ 14,642
Amount of gain / (loss) reclassified from AOCI into income on derivatives	(2,692)
Other Expense Income, net
Interest rate swap contracts (Ineffective Portion)
Amount of gain / (loss) recognized in income on derivatives	$ 696

VESSELS UNDER CONSTRUCTION (Det

VESSELS UNDER CONSTRUCTION (Details) $ in Thousands	May 07, 2015item	Mar. 31, 2014USD ($)item	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)item
Vessels under construction
Total			$ 177,133	$ 911,017
VLCCs | Term Loan | Korean Export Credit Facility and Amended Sinosure Credit Facility
Vessels under construction
Remaining borrowing capacity			143,200
Maximum borrowing capacity			190,000
Acquired VLCC Newbuildings
Vessels under construction
Capitalized interest expense			71,731	44,130
Vessel deliveries			(1,951,784)	(327,767)
Total			177,133	911,017
2014 Acquired VLCC Newbuildings
Vessels under construction
Vessels/SPV Stock Purchase			162,683	162,683
Installment and supervision payments			579,818	287,259
Accrued milestones and supervision payments				18,895
Others			$ 5,214	$ 2,687
Number of vessels delivered | item			5	2
2014 Acquired VLCC Newbuildings | Scorpio Tankers Inc
Vessels under construction
Number of tankers in new building contract | item		7
2014 Acquired VLCC Newbuildings | Scorpio Shipbuilding
Vessels under construction
Purchase price		$ 162,700
2015 Acquired VLCC Newbuildings
Vessels under construction
Vessels/SPV Stock Purchase			$ 435,417	$ 435,417
Acquisition-related costs			10,295	10,295
Installment and supervision payments			840,833	183,738
Accrued milestones and supervision payments			5,368	87,150
Others			14,138	3,110
Fair value of 2015 Warrant Agreement assumed			3,381	3,381
Fair value of 2015 Stock Options assumed			$ 39	$ 39
Number of vessels delivered | item			10	1
Number of vessels remaining to be delivered | item			3
2015 Acquired VLCC Newbuildings | Crude Oil Tanker | Navig8 Crude Tankers Inc
Vessels under construction
Number of tankers in new building contract | item	14

PREPAID EXPENSES AND OTHER CU64

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Bunkers and lubricants	$ 7,522	$ 5,746
Escrow deposit - final installment for Gener8 Apollo		9,011
Insurance claims receivable	5,047	5,185
Prepaid insurance	3,185	2,965
Other	11,857	8,990
Total	27,611	31,897
Insurance claims receivable included in Other assets (non-current)	588	789
Working capital at Navig8 pools	33,100	$ 26,000
Navig8 Limited
Advances to third party technical managers	4,700
Navig8 Limited | Gener8 Spyridon
Working capital at Navig8 pools	900
Navig8 Limited | Gener8 Ulysses
Working capital at Navig8 pools	$ 1,000

OTHER NONCURRENT ASSETS (Detail

OTHER NONCURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other noncurrent assets
Escrow deposits	$ 38	$ 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	1,183	1,319
Insurance claims	588	789
Total	$ 5,255	$ 57,469

ACCOUNTS PAYABLE AND ACCRUED 66

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable	$ 6,821	$ 4,143
Accrued milestones and supervision payments	5,368	105,895
Accrued operating expenses	16,990	20,608
Accrued administrative expenses	2,767	691
Accrued interest	2,045	1,911
Total	33,991	$ 133,248
Milestone and supervision installments payments during the period	$ 101,100

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) $ in Thousands	Jun. 29, 2016USD ($)trancheitem	Dec. 01, 2015USD ($)item	Sep. 03, 2015USD ($)item	May 13, 2014USD ($)	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 22, 2016item	Dec. 15, 2016item	May 02, 2016item
Long-term debt
Long-term debt					$ 1,581,951	$ 957,054
Less: current portion of long-term debt					(181,023)	(135,367)
Less: unamortized discount and debt financing cost					(63,146)	(48,964)
Long-term debt less unamortized discount and debt financing costs					1,337,782	$ 772,723
Future maturities
2,017					181,000
2,018					142,700
2,019					142,700
2,020					280,600
2,021					136,800
Thereafter					$ 523,500
Weighted average interest rate for the credit facilities (as percent)					4.47%	5.47%
Interest expense, net
Amortization of deferred financing costs					$ (11,295)	$ (3,434)	$ (908)
Capitalized interest					27,602	35,170	8,958
Commitment fees					(5,201)	(2,713)
Interest income					108	75	91
Interest expense, net					(49,627)	(15,982)	(29,849)
Commercial Tranche
Long-term debt
Loan maturity			60 months
$508M Credit Facility | Senior Secured Credit Facility
Long-term debt
Maximum borrowing capacity					508
$273M Credit Facility | Senior Secured Credit Facility
Long-term debt
Maximum borrowing capacity					273
Refinancing Facility
Long-term debt
Long-term debt					408,337	551,950
Maximum borrowing capacity					$ 581,000
Additional accrual rate if failure to pay any amount due			2.00%
Dividend cap as a percentage of consolidated net income			50.00%
Aggregate principal amount of other indebtedness undergoing change of control that triggers a change of control to debt facility			$ 20,000
Number of vessels sold | item					4
Borrowings under refinancing facility					$ 60,300
Refinancing Facility | Term Loan
Long-term debt
Dividend cap as a percentage of consolidated net income					50.00%
Interest expense, net
Interest expense excluding amortization of deferred financing costs					$ (21,561)	(7,564)
Refinancing Facility | LIBOR
Long-term debt
Margin on variable interest rate			3.75%
Korean Export Credit Facility
Long-term debt
Long-term debt					$ 658,568	185,389
Maximum borrowing capacity			$ 963,700
Remaining borrowing capacity			$ 190,000
Additional accrual rate if failure to pay any amount due			2.00%
Korean Export Credit Facility | Term Loan
Long-term debt
Dividend cap as a percentage of consolidated net income					50.00%
Interest expense, net
Interest expense excluding amortization of deferred financing costs					$ (13,224)	(922)
Korean Export Credit Facility | Commercial Tranche
Long-term debt
Maximum borrowing capacity			$ 282,000
Korean Export Credit Facility | KEXIM Guaranteed Tranche
Long-term debt
Maximum borrowing capacity			139,700
Korean Export Credit Facility | KEXIM Funded Tranche
Long-term debt
Maximum borrowing capacity			197,400
Korean Export Credit Facility | K-Sure Tranche
Long-term debt
Maximum borrowing capacity			$ 344,600
Korean Export Credit Facility | Excluding Commercial Tranche
Long-term debt
Loan maturity			144 months
Korean Export Credit Facility | VLCCs
Long-term debt
Newbuilding Vessels | item			15
Korean Export Credit Facility | VLCCs | Final Contract Price
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value			65.00%
Korean Export Credit Facility | VLCCs | Maximum Contract Price
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value			65.00%
Korean Export Credit Facility | VLCCs | Fair Market Value
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value			60.00%
Korean Export Credit Facility | LIBOR | Commercial Tranche
Long-term debt
Margin on variable interest rate			2.75%
Korean Export Credit Facility | LIBOR | KEXIM Guaranteed Tranche
Long-term debt
Margin on variable interest rate			1.50%
Korean Export Credit Facility | LIBOR | KEXIM Funded Tranche
Long-term debt
Margin on variable interest rate			2.60%
Korean Export Credit Facility | LIBOR | K-Sure Tranche
Long-term debt
Margin on variable interest rate			1.70%
Senior Notes
Long-term debt
Long-term debt					174,604	156,829
Aggregate principal amount				$ 131,600
Proceeds (before fees and expenses), after original issue of discount				125,000
Debt discount on Senior Notes					$ 4,900	5,700
Interest rate if interest is paid in cash for remainder of debt term (as a percent)					10.00%
non-convertible debt securities				$ 131,600
Senior Notes | Term Loan
Interest expense, net
Interest expense excluding amortization of deferred financing costs					$ (18,612)	(16,529)	(9,554)
Senior Notes | Additional senior notes
Long-term debt
Interest rate (as a percent)					11.00%
Amended Sinosure Credit Facility
Long-term debt
Long-term debt					$ 340,442	62,886
Amended Sinosure Credit Facility | Term Loan
Long-term debt
Maximum borrowing capacity					$ 385,200
Dividend cap as a percentage of consolidated net income					50.00%
Aggregate principal amount of other indebtedness undergoing change of control that triggers a change of control to debt facility		$ 259,600
Interest expense, net
Interest expense excluding amortization of deferred financing costs					$ (7,444)	(19)
Amended Sinosure Credit Facility | VLCCs | Term Loan
Long-term debt
Number of vessels to be delivered under contract | item					5
Newbuilding Vessels | item		3
Amended Sinosure Credit Facility | VLCCs | Gener8 Chiotis And Gener8 Miltiades | Term Loan
Long-term debt
Maximum borrowing capacity	$ 125,700
Number of vessels to be delivered under contract | item	2
Number of Term loan tranches | tranche	2
Number of vessel owning subsidiaries | item	2
Korean Export Credit Facility and Amended Sinosure Credit Facility | VLCCs | Term Loan
Long-term debt
Maximum borrowing capacity					$ 190,000
Remaining borrowing capacity					$ 143,200
Fully repaid credit facilities
Interest expense, net
Interest expense excluding amortization of deferred financing costs						$ (20,046)	$ (28,436)
Note and Guarantee Agreement
Long-term debt
Threshold ratio under debt agreement for entity to make dividends (as a percent)					60.00%
Gener8 Maritime Sub II | Refinancing Facility
Long-term debt
Number of payment installments | item			20
Frequency of payment installments			quarterly
Number of vessel owning subsidiaries | item			21
Gener8 Maritime Sub VIII | Korean Export Credit Facility | Commercial Tranche
Long-term debt
Number of payment installments | item			20
Frequency of payment installments			quarterly
Gener8 Maritime Sub VIII | Korean Export Credit Facility | Excluding Commercial Tranche
Long-term debt
Number of payment installments | item			48
Gener8 Maritime Sub VII | Amended Sinosure Credit Facility
Long-term debt
Additional accrual rate if failure to pay any amount due		2.00%
Loan maturity			144 months
Number of vessel owning subsidiaries | item		4
Percentage of balloon payment to loan		20.00%
Percentage of each installment amount of loan		1.66%
Gener8 Maritime Sub VII | Amended Sinosure Credit Facility | LIBOR
Long-term debt
Margin on variable interest rate		2.00%
Interest rate swap
Long-term debt
Derivative, Number of Instruments Held | item								2	2	6
Interest rate swap | Refinancing Facility
Long-term debt
Derivative, Number of Instruments Held | item					2
Interest rate swap | Korean Export Credit Facility
Long-term debt
Derivative, Number of Instruments Held | item					3

FAIR VALUE OF FINANCIAL INSTR68

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Carrying Value
Estimated fair values of financial instruments
Cash and cash equivalents	$ 94,681	$ 157,535
Restricted Cash	1,457	1,425
Long-term debt, including current portion, excluding discount	1,581,951	957,054
Fair Value
Estimated fair values of financial instruments
Cash and cash equivalents	94,681	157,535
Restricted Cash	1,457	1,425
Long-term debt, including current portion, excluding discount	$ 1,564,364	$ 906,639

FAIR VALUE OF FINANCIAL INSTR69

FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring and Nonrecurring (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Valuation of financial instruments
Derivative Asset	$ 19,585
Derivative Liability	$ 1,552
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%
Fair Value, Measurements, Nonrecurring
Valuation of financial instruments
Assets held for sale	$ 30,195	$ 16,999
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2)
Valuation of financial instruments
Assets held for sale	30,195	$ 16,999
Fair Value, Measurements, Recurring | Interest rate swap
Valuation of financial instruments
Derivative Asset	19,585
Derivative Liability	1,552
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swap
Valuation of financial instruments
Derivative Asset	19,585
Derivative Liability	$ 1,552

VESSEL POOL ARRANGEMENTS (Detai

VESSEL POOL ARRANGEMENTS (Details)	1 Months Ended		3 Months Ended										12 Months Ended
	May 31, 2013item	Jul. 31, 2011USD ($)item	Dec. 31, 2016USD ($)item	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2012USD ($)	Jun. 30, 2011USD ($)item	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)item
VLCC POOL Arrangements
Receivables from pool			$ 2,048,000				$ 13,611,000						$ 2,048,000	$ 13,611,000
Voyage revenues			102,361,000	$ 72,259,000	$ 105,958,000	$ 124,044,000	102,760,000	$ 89,291,000	$ 116,480,000	$ 121,402,000			404,622,000	429,933,000	$ 392,409,000
Working capital for 2011 VLCC pool			$ 1,900,000				1,900,000						$ 1,900,000	1,900,000
Navig8 Limited
VLCC POOL Arrangements
Ownership percentage in outstanding common shares (as a percent)			4.00%										4.00%
2011 VLCC Pool
VLCC POOL Arrangements
Working capital reserve fund required to be maintained by each vessel											$ 2,500,000	$ 2,000,000
Period to accumulate working capital reserve												8 months
Amount withheld from distributions of revenue earned per month												$ 250,000
2011 VLCC Pool | Two vessels entered into time charters
VLCC POOL Arrangements
Number of time charters entered into pool | item		2
Floor rate per day of time charter (in dollars)		$ 15,000
Profit share for daily rates above $30,000 (as a percent)		50.00%
Minimum floor rate for 50 percent profit share (in dollars)		$ 30,000
Number of vessels in which the VLCC Pool Operator maintains working capital reserve | item		2
2011 VLCC Pool | Five vessels directly admitted into pool
VLCC POOL Arrangements
Number of vessels directly admitted to pool | item												5
Working capital for 2011 VLCC pool							1,900,000							1,900,000	1,900,000
Number of time charters left the pool in which the Company continues to own and operation | item	5
2011 VLCC Pool | Five vessels directly admitted into pool | Other Assets
VLCC POOL Arrangements
Receivables from pool							$ 3,446,000							3,446,000	$ 3,446,000
Unique Tankers Pool
VLCC POOL Arrangements
Number of time charters entered into pool | item															17
Voyage revenues													$ 0	200,000	$ 300,000
Number of time charters remaining in pool | item			0										0
Unique Agency Fee														$ 2,200,000	$ 2,700,000

LEASE COMMITMENTS (Details)

LEASE COMMITMENTS (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2004
Letter of credit
Letter of credit
Cash held as security		$ 1,500	$ 1,500
Long-term Line of Credit		1,400	1,400
Lease agreement entered in 2004
Lease Commitments
Lease term					15 years
Extended lease term	5 years
Rent expense		1,900	$ 2,000	$ 1,800
Future minimum rental payments
2,017		1,500
2,018		1,500
2,019		1,500
2,020		1,700
2,021		2,200
Thereafter		8,200
Lease agreement entered in 2004 | Period after September 30, 2005 until September 30, 2010
Lease Commitments
Monthly rental payment		110
Lease agreement entered in 2004 | Period after September 30, 2010 until September 30, 2015
Lease Commitments
Monthly rental payment		119
Lease agreement entered in 2004 | Period after September 30, 2015 until September 30, 2020
Lease Commitments
Monthly rental payment		128
Lease agreement entered in 2004 | Period Commencing October 2020
Lease Commitments
Monthly rental payment	$ 182
Lease agreement entered in 2004 | Period during May 18, 2012 to September 30, 2020
Lease Commitments
Monthly straight-line rental expense		$ 161

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	May 06, 2015director	Dec. 17, 2013USD ($)	Dec. 31, 2016USD ($)directoritem	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2016USD ($)
Related party transactions
Revenue from related party			$ 368,889,000	$ 149,642,000
Working capital at Navig8 pools			$ 33,100,000	$ 26,000,000			$ 33,100,000
Navig8 Crude Tankers Inc
Related party transactions
Ownership percentage in outstanding common shares (as a percent)				4.00%
Navig8 Limited
Related party transactions
Ownership percentage in outstanding common shares (as a percent)			4.00%				4.00%
Navig8 Pool Inc
Related party transactions
Revenue from related party			$ 368,900,000	$ 149,600,000	$ 0
Due from related parties			60,700,000	38,100,000			$ 60,700,000
Navig8 Pool Inc | VL8 Pool
Related party transactions
Revenue from related party			239,000,000	75,900,000
Due from related parties			40,900,000	17,300,000			40,900,000
Navig8 Pool Inc | V8 Pool
Related party transactions
Revenue from related party			26,400,000	21,300,000
Due from related parties			3,700,000	5,300,000			3,700,000
Navig8 Pool Inc | Suez8 Pool
Related party transactions
Revenue from related party			103,500,000	52,400,000
Due from related parties			16,100,000	15,500,000			16,100,000
VL8 Pool Inc. | VL8 Pool
Related party transactions
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
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
Previous operating capital to be provided into the vessel pool								1,000,000
Revised operating capital to be provided to related party								$ 900,000
VL8 Pool Inc. and V8 Pool, Inc. | VL8, Suez8 and V8 Pools
Related party transactions
Working capital at Navig8 pools			33,100,000	26,000,000			33,100,000
Navig8 Shipmanagement Pte Ltd. | Supervision agreements
Related party transactions
Due from related parties				4,200,000
Supervision fee per vessel			500,000
Supervision fees incurred			2,900,000	1,000,000
Due to related parties			1,300,000				1,300,000
Navig8 Asia | Corporate administration agreement | Navig8 Crude Tankers Inc
Related party transactions
Corporate administration fees per vessel per day		$ 250
Corporate administration fees			1,300,000	800,000
Due to related parties			100,000				100,000
Peter C Georgiopoulos & Company LLC | Office expenses
Related party transactions
Due from related parties			4,000	7,000			4,000
Amount of expense incurred on behalf of related parties				7,000	11,000
Genco | Business, travel, and entertainment costs
Related party transactions
Due from related parties			0	8,000			0
Amount of expense incurred on behalf of related parties							100,000
Genco | Internal audit services
Related party transactions
Related party transaction amount					84,000
Due to related parties			0	0			0
Aegean | Bunker and lubricating oil purchases
Related party transactions
Bunkers and lubricating oils purchased			5,200,000	8,200,000	17,100,000
Due to related parties			1,000,000	800,000			1,000,000
Aegean | Rent and other expenses
Related party transactions
Due from related parties			0	4,000			0
Amount of expense incurred on behalf of related parties			200,000	200,000	200,000
Chemical | Rent and other expenses
Related party transactions
Amount of expense incurred on behalf of related parties			72,000	60,000	45,000
Due to related parties			100	0			100
Oaktree Principal Bunker Holdings, Ltd. | Bunker Supply Contracts
Related party transactions
Amount of expense incurred on behalf of related parties			0	1,000,000	3,400,000	$ 20,000
Due to related parties			$ 0	0			0
Oaktree Capital Management, L.P.
Related party transactions
Number of board members associated or employed with related party | director	3		1
Integr8 Fuels Inc. | Bunker purchases
Related party transactions
Bunker purchases			$ 0	6,500,000	8,600,000
Due to related parties			$ 0	0			0
Nave Quasar | Navig8 Pool Inc
Related party transactions
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			3,100,000	$ 11,300,000	$ 0
Nave Quasar | Navig8 Pool Inc | Navig8 Inc.
Related party transactions
Gross daily rate			26,000
Gener8 Ulysses
Related party transactions
Due to related parties			1,000,000				1,000,000
Gener8 Ulysses | Navig8 Limited
Related party transactions
Working capital at Navig8 pools			1,000,000				1,000,000
Gener8 Spyridon
Related party transactions
Due to related parties			900,000				900,000
Gener8 Spyridon | Navig8 Limited
Related party transactions
Working capital at Navig8 pools			$ 900,000				$ 900,000
Gener8 Spyridon and Gener8 Ulysses
Related party transactions
Number of Vessels Sold | item			2
VLCC vessels | VL8 Pool Inc. | VL8 Pool
Related party transactions
Number of vessels directly admitted to pool | item			23	11
Aframax | V8 Pool Inc. | V8 Pool
Related party transactions
Number of vessels directly admitted to pool | item			4	4
Daily pool administration fee			$ 250,000,000
Suezmax Vessels | V8 Pool Inc. | Suez8 Pool
Related party transactions
Number of vessels directly admitted to pool | item			10	11
Daily pool administration fee			$ 325,000,000

STOCK-BASED COMPENSATION Narrat

STOCK-BASED COMPENSATION Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 07, 2016	Sep. 09, 2016	Dec. 03, 2015	Jun. 24, 2015	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Restricted stock units
Issuance of common stock for vested 2015 and 2016 restricted stock units (in shares)						278,483	574,546
Stock options
Stock-Based Compensation
Options forfeited (in shares)							343,662,000
Stock options | General and administrative expense.
Stock-Based Compensation
Amortization of the fair value of stock options / Compensation expense						$ 0	$ 1.2	$ 1.2
Stock options | 2012 Equity Incentive Plan
Stock-Based Compensation
Options forfeited (in shares)				343,662
RSU's
Restricted stock units
Granted (in shares)				1,663,660			1,664,000
Share Price				$ 14
Vesting percentage				20.00%
Period for shares vested expected to be issued				3 days
Issuance of common stock for vested 2015 and 2016 restricted stock units (in shares)	278,483		574,546
Shares forfeited					44,919		45,000		44,919
Shares remaining to be issued in future years (in shares)					953,279	635,518	953,279		635,518
Total fair value						$ 1.2	$ 5.4
Incremental compensation cost				$ 22
Future amortization of the unamortized stock-based compensation balance, 2017						2.8			$ 2.8
Future amortization of the unamortized stock-based compensation balance, 2018						$ 1.1			$ 1.1
Weighted average remaining period						2 years
RSU's | General and administrative expense.
Stock-Based Compensation
Amortization of the fair value of stock options / Compensation expense						$ 5.8	$ 11.9
RSU's | 2012 Equity Incentive Plan | Non Employee Director
Restricted stock units
Granted (in shares)		28,752
Share Price		$ 6.26

STOCK-BASED COMPENSATION Activi

STOCK-BASED COMPENSATION Activity Tables (Details) - $ / shares	Jun. 24, 2015	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Stock options
Number of options
Outstanding at the beginning of period				343,662,000	343,662,000
Forfeited (in shares)				(343,662,000)
Outstanding at the end of period					343,662,000
Weighted Average Exercise Price
Outstanding at the beginning of period				$ 38.26	$ 38.26
Forfeited (in dollars per share)				38.26
Outstanding at the end of period					38.26
Weighted Average Fair Value
Outstanding at the beginning of period				18.22	18.22
Forfeited (in dollars per share)				$ 18.22
Outstanding at the end of period					$ 18.22
Stock options | 2012 Equity Incentive Plan
Number of options
Forfeited (in shares)	(343,662)
RSU's
Restricted stock units
Outstanding at the beginning of period			953,000
Granted (in shares)	1,663,660			1,664,000
Vested (in shares)			(318,000)	(666,000)
Forfeited (in shares)		(44,919)		(45,000)		(44,919)
Outstanding at the end of period		953,000	635,000	953,000		635,000
Weighted average exercise price:
Granted (in dollars per share)				$ 13.19
Vested (in dollars per share)			$ 3.90	$ 9.39
Weighted average remaining period			2 years

STOCK BASED COMPENSATION - Warr

STOCK BASED COMPENSATION - Warrants and Other (Details)	May 07, 2015USD ($)$ / sharesshares	May 06, 2015item$ / sharesshares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares
Warrant agreement
Number of shares called by warrants			1,600,000	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) | $ / shares	$ 10
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
Warrants outstanding		1,600,000
Exercise price of warrants (in dollars per share) | $ / shares		$ 10
2015 Acquired VLCC Newbuildings
Warrants Outstanding
Fair value of stock option | $			$ 39,000	$ 39,000
2015 Acquired VLCC Newbuildings | Navig8 Crude Tankers Inc | Stock options
Warrants Outstanding
Fair value of stock option | $	$ 39,000

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 ($)	Oct. 31, 2010USD ($)	Dec. 31, 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
Receivables from pool							2,048	13,611
2011 VLCC Pool Dispute
Commitments and Contingencies
Vessel owning subsidiaries in the pool | item			5
Working capital reserve fund for each vessel			$ 1,900
Receivables from pool							$ 3,400	$ 3,400
Atlas Charter Dispute | GMR Atlas LLC
Commitments and Contingencies
Security provided by entity pursuant to the escrow agreement									$ 3,500
Amount of damages sought		$ 4,000
Genmar Progress
Commitments and Contingencies
Settlement amount				$ 2,750		$ 6,300
Genmar Progress | Alleged injury to Natural resources
Commitments and Contingencies
Amount of damages sought	$ 7,900				$ 4,900
Genmar Progress | Loss of beach use
Commitments and Contingencies
Amount of damages sought	900
Genmar Progress | Injury to Mangroves, Sea Grass and Coral
Commitments and Contingencies
Amount of damages sought	5,000
Genmar Progress | Monitoring and Oversight
Commitments and Contingencies
Amount of damages sought	$ 2,000
Contingency for monitoring and oversight (as a percent)	35.00%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 09, 2017	Feb. 01, 2017	Jan. 06, 2017	Jan. 05, 2017	Jul. 22, 2016	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent events
Assets Held-for-sale, Not Part of Disposal Group, Current							$ 30,195	$ 16,999
Gain (Loss) on Disposition of Assets							(24,169)	(805)	$ (8,729)
Proceeds From Sale Of Vessels							86,897		22,703
Share-based Compensation							5,651	$ 12,243	$ 1,215
Refinancing Facility
Subsequent events
Repayments of Debt							$ 60,300
Genmar Vision | Refinancing Facility
Subsequent events
Gain (Loss) on Disposition of Assets					$ (3,200)
Proceeds From Sale Of Vessels					$ 28,000
Subsequent events.
Subsequent events
Assets Held-for-sale, Not Part of Disposal Group, Current		$ 30,200
Gain (Loss) on Disposition of Assets		6,900
Subsequent events. | MR tanker Gener8 Consul
Subsequent events
Proceeds from Sale of Property, Plant, and Equipment		30,500
Payments for Commissions		300
Subsequent events. | Gener8 Hector | Korean Export Credit Facility
Subsequent events
Borrowings under term loan facilities			$ 49,500
Shipyard installment payment outstanding			$ 0
Subsequent events. | Gener8 Ethos | Korean Export Credit Facility
Subsequent events
Borrowings under term loan facilities	$ 50,600
Shipyard installment payment outstanding	$ 0
Subsequent events. | Genmar Vision | Refinancing Facility
Subsequent events
Repayments of Debt		$ 20,000
Stock options
Subsequent events
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number									343,662,000	343,662,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price									$ 38.26	$ 38.26
Stock options | 2012 Equity Incentive Plan | Subsequent events.
Subsequent events
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price				$ 4.69
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				7 years
Share-based Compensation						$ 1,000
Stock options | 2012 Equity Incentive Plan | Subsequent events. | CEO and Chairman
Subsequent events
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number				500,000
Stock options | 2012 Equity Incentive Plan | Subsequent events. | Executive Vice President, Secretary and CFO
Subsequent events
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number				25,000

QUARTERLY FINANCIAL DATA (UNA78

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	May 07, 2015	Dec. 31, 2016USD ($)$ / sharesshares	Sep. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares	Mar. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares
Voyage revenues | $		$ 102,361	$ 72,259	$ 105,958	$ 124,044	$ 102,760	$ 89,291	$ 116,480	$ 121,402	$ 404,622	$ 429,933	$ 392,409
Operating income (loss) | $		23,330	(25,192)	49,948	68,184	50,408	33,490	29,436	38,665	116,270	151,999	(17,442)
Net income (loss) | $		$ 5,804	$ (37,351)	$ 37,995	$ 60,858	$ 45,521	$ 33,228	$ 19,901	$ 30,919	$ 67,306	$ 129,569	$ (47,084)
Income (loss) per common share
Basic (in dollars per share) | $ / shares		$ 0.07	$ (0.45)	$ 0.46	$ 0.74	$ 0.55	$ 0.41	$ 0.38	$ 0.93	$ 0.81	$ 2.06	$ (1.54)
Diluted (in dollars per share) | $ / shares		$ 0.07	$ (0.45)	$ 0.46	$ 0.74	$ 0.55	$ 0.40	$ 0.38	$ 0.93	$ 0.81	$ 2.05	$ (1.54)
Weighted average shares outstanding - basic
Weighted-average shares outstanding used in basic computation | shares		82,776	82,682	82,681	82,680	82,280	81,758	52,919		82,705	62,779
Weighted average shares outstanding - diluted
Weighted-average shares outstanding, diluted | shares		82,776	82,682	82,681	82,680	82,778	82,480	52,940		82,705	63,113
Class A common stock
Net income (loss) | $												$ (17,402)
Income (loss) per common share
Basic (in dollars per share) | $ / shares												$ (1.54)
Diluted (in dollars per share) | $ / shares												$ (1.54)
Weighted average shares outstanding - basic
Weighted-average shares outstanding used in basic computation | shares									11,270			11,270
Weighted average shares outstanding - diluted
Weighted-average shares outstanding, diluted | shares									33,273			30,493
Number of shares of common stock converted to single class of shares	1
Class B common stock
Net income (loss) | $												$ (29,682)
Income (loss) per common share
Basic (in dollars per share) | $ / shares												$ (1.54)
Diluted (in dollars per share) | $ / shares												$ (1.54)
Weighted average shares outstanding - basic
Weighted-average shares outstanding used in basic computation | shares									22,003			19,223
Weighted average shares outstanding - diluted
Weighted-average shares outstanding, diluted | shares									22,003			19,223
Number of shares of common stock converted to single class of shares	1