Euronav MI II (GNRT) 10-Q 7 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 04, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	Gener8 Maritime, Inc.
Entity Central Index Key	1,443,799
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		82,988,946
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 160,146	$ 94,681
Due from charterers, net	2,936	2,048
Due from Navig8 pools, net	39,729	60,750
Assets held for sale	170,290	30,195
Prepaid expenses and other current assets	30,127	27,611
Total current assets	403,228	215,285
NONCURRENT ASSETS:
Vessels, net of accumulated depreciation of $226,831 and $197,521, respectively	2,418,057	2,523,710
Vessels under construction	61,053	177,133
Other fixed assets, net	3,808	4,430
Deferred drydock costs, net	16,829	12,714
Working capital at Navig8 pools	30,300	33,100
Restricted cash	1,461	1,457
Derivative financial instruments - non-current	432	19,585
Other noncurrent assets	3,066	5,255
Total noncurrent assets	2,535,006	2,777,384
TOTAL ASSETS	2,938,234	2,992,669
CURRENT LIABILITIES:
Accounts payable and accrued expenses	32,873	33,991
Long-term debt, current portion	160,446	181,023
Derivative financial instruments - current	4,531	1,552
Total current liabilities	197,850	216,566
NONCURRENT LIABILITIES:
Long term debt	1,415,766	1,400,928
Less: unamortized discount and debt financing cost	(58,076)	(63,146)
Long-term debt less unamortized discount and debt financing costs	1,357,690	1,337,782
Other noncurrent liabilities	1,043	910
Derivative financial instruments	533
Total noncurrent liabilities	1,359,266	1,338,692
TOTAL LIABILITIES	1,557,116	1,555,258
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock, $0.01 par value per share; authorized 225,000,000 shares; issued and outstanding 82,988,946 shares at June 30, 2017 and 82,960,194 shares at December 31, 2016	830	830
Preferred stock, $0.01 par value per share; authorized 5,000,000 shares; issued and outstanding 0 shares at June 30, 2017 and December 31, 2016
Paid-in capital	1,518,197	1,515,362
Accumulated deficit	(151,796)	(96,115)
Accumulated other comprehensive income	13,887	17,334
Total shareholders' equity	1,381,118	1,437,411
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,938,234	$ 2,992,669

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
CONDENSED CONSOLIDATED BALANCE SHEETS
Vessels, accumulated depreciation (in dollars)	$ 226,831	$ 197,521
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	82,988,946	82,960,194
Common stock, outstanding shares	82,988,946	82,960,194
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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
VOYAGE REVENUES:
Navig8 pools revenues	$ 72,317	$ 92,400	$ 190,686	$ 205,431
Time charter revenues		2,047		9,278
Spot charter revenues	2,628	11,511	7,275	15,293
Total voyage revenues	74,945	105,958	197,961	230,002
OPERATING EXPENSES:
Voyage expenses	2,152	4,194	3,854	6,551
Direct vessel operating expenses	27,881	25,532	56,901	50,061
Navig8 charterhire expenses	(6)	(49)		3,221
General and administrative	9,626	7,024	18,052	15,112
Depreciation and amortization	26,780	20,023	54,474	37,504
Loss (gain) on disposal of vessels, net	67,860	(714)	77,703	(579)
Total operating expenses	134,293	56,010	210,984	111,870
OPERATING (LOSS) / INCOME	(59,348)	49,948	(13,023)	118,132
OTHER EXPENSES:
Interest expense, net	(20,447)	(10,361)	(40,498)	(17,656)
Other financing costs	(3)	(4)	(55)	(6)
Other income (expense), net	(2,747)	(1,588)	(2,105)	(1,617)
Total other expenses	(23,197)	(11,953)	(42,658)	(19,279)
NET (LOSS) / INCOME	$ (82,545)	$ 37,995	$ (55,681)	$ 98,853
(LOSS) / INCOME PER COMMON SHARE:
Basic (in dollars per share)	$ (0.99)	$ 0.46	$ (0.67)	$ 1.20
Diluted (in dollars per share)	$ (0.99)	$ 0.46	$ (0.67)	$ 1.20

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net (loss) / income	$ (82,545)	$ 37,995	$ (55,681)	$ 98,853
Other comprehensive income (loss):
Amount recognized in other comprehensive income (loss) on derivative	(4,552)	(13,948)	(4,356)	(13,948)
Amount recognized in net income (loss) on derivative	82		909
Foreign subsidiaries liquidation		(730)		(730)
Foreign currency translation adjustments				63
Comprehensive income (loss)	$ (87,015)	$ 23,317	$ (59,128)	$ 84,238

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Common Stock.	Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income / (Loss)	Total
Balance at Dec. 31, 2015	$ 827	$ 1,509,688	$ (163,421)	$ 667	$ 1,347,761
Increase (Decrease) in Shareholders' Equity
Net (loss) / income			98,853		98,853
Issuance of common stock		26			26
Amount recognized in other comprehensive income (loss) on derivative				(13,948)	(13,948)
Foreign subsidiaries liquidation				(730)	(730)
Foreign currency translation adjustments				63	63
Stock-based compensation		2,855			2,855
Balance at Jun. 30, 2016	827	1,512,569	(64,568)	(13,948)	1,434,880
Balance at Dec. 31, 2016	830	1,515,362	(96,115)	17,334	1,437,411
Increase (Decrease) in Shareholders' Equity
Net (loss) / income			(55,681)		(55,681)
Amount recognized in other comprehensive income (loss) on derivative				(4,356)	(4,356)
Amount recognized in net income (loss) on derivative				909	909
Stock-based compensation		2,835			2,835
Balance at Jun. 30, 2017	$ 830	$ 1,518,197	$ (151,796)	$ 13,887	$ 1,381,118

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) / income	$ (55,681)	$ 98,853
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Loss (gain) on disposal of vessels, net	77,703	(579)
Payment-in-kind interest expense	9,524	8,602
Depreciation and amortization	54,474	37,504
Amortization of fair value of related-party chartered-in vessel		427
Amortization of deferred financing costs and senior notes	6,841	4,866
Loss on litigation	400
Net unrealized loss on derivative financial instrument	19,219	1,559
Stock-based compensation expense	2,835	2,855
Provision for bad debts	1,288	(1,085)
Changes in assets and liabilities:
(Increase) decrease in due from charterers	(630)	7,756
Decrease (increase) in due from Navig8 pools	21,021	(5,994)
(Increase) decrease in prepaid expenses and other current and noncurrent assets	(2,628)	57,743
Decrease (increase) in working capital at Navig8 pools	2,800	(1,950)
Increase (decrease) in accounts payable and other current and noncurrent liabilities	2,861	(2,338)
Deferred drydock costs incurred	(8,270)	(6,591)
Net cash provided by operating activities	131,757	201,628
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for vessels under construction	(97,118)	(565,922)
Payment of capitalized interest	(1,120)	(11,349)
Proceeds from sale of vessels, net	53,335	16,925
Purchase of vessel improvements and other fixed assets	(4,695)	(5,089)
Net cash used in investing activities	(49,598)	(565,435)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facilities	100,131	421,695
Repayments of credit facilities	(115,394)	(80,955)
Proceeds from issuance of common stock		26
Deferred financing costs paid	(1,431)	(11,425)
Net cash (used in) provided by financing activities	(16,694)	329,341
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	65,465	(34,466)
CASH AND CASH EQUIVALENTS, beginning of period	94,681	157,535
CASH AND CASH EQUIVALENTS, end of period	160,146	123,069
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION -
Cash paid during the period for interest, net of capitalized interest	$ 20,152	$ 11,412

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2017
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF BUSINESS— Incorporated on August 1, 2008, under the Laws of Republic of the Marshall Islands, Gener8 Maritime, Inc. (formerly named General Maritime Corporation) and its wholly-owned subsidiaries (collectively, the “Company”) provide international transportation services of seaborne crude oil and petroleum products. The Company’s owned fleet at June 30, 2017 consisted of 39 tankers; 38 tankers in operation (24 Very Large Crude Carriers (“VLCCs”), nine Suezmax tankers, three Aframax tankers, two Panamax tankers), and one newbuilding VLCC under construction. The Company operates its business in one business segment, which is the transportation of international seaborne crude oil and petroleum products. 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. As of June 30, 2017, the Company employed all of its VLCC and Suezmax vessels and one Aframax vessel in Navig8 Group commercial crude tanker pools including the VL8 Pool, the Suez8 Pool and the V8 Pool. In 2015, the Company’s VLCC, Suezmax, Aframax and newbuilding owning subsidiaries entered into pool agreements with the pool managers VL8 Pool Inc. and V8 Pool Inc., subsidiaries of Navig8 Limited, the beneficial owner of over 4% of the Company’s outstanding common shares as of June 30, 2017. See Note 14, Related Party Transactions , for a description of the pool arrangements with these related parties. BASIS OF PRESENTATION —The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of financial position and operating results, have been included in the financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s financial statements for the year ended December 31, 2016, which provides a more complete understanding of our accounting policies. The results of operations for the current and prior periods are not necessarily indicative of the operating results for the full year. The financial statements of the Company have been prepared on the accrual basis of accounting and presented in United States Dollars (USD or $) which is the functional currency of the Company. A summary of the significant accounting policies followed in the preparation of the accompanying unaudited interim financial statements, which conform to accounting principles generally accepted in the United States of America, were included in our 2016 Annual Report on Form 10-K. RECENT ACCOUNTING PRONOUNCEMENTS — In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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 condensed consolidated financial statements and related disclosures. 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. During the first quarter of 2017, the Company adopted ASU 2016-09 with no material effect of the adoption on its condensed consolidated financial statements and related disclosure. 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 requirements of this standard include an increase in required disclosures. The Company intends to adopt the ASU’s for the interim periods after December 31, 2017, using the modified retrospective transition method applied to those contracts which were not completed as of that date. Upon adoption, the Company will recognize the cumulative effect of adopting this guidance as an adjustment to its opening balance of retained earnings. Prior periods will not be retrospectively adjusted. The Company is currently evaluating the impact of the adoption of the ASU’s to its condensed consolidated financial statements, including the presentation of revenues in its consolidated statements of operations. 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 condensed consolidated financial statements revised guidance for the accounting and reporting of financial instruments. In August 2016, the FASB issued ASU 2016-15-Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively from the earliest date practicable if retrospective application would be impracticable. The Company does not anticipate any material effect from adopting this standard on its condensed consolidated financial statements and related disclosures . In November 2016, the FASB issued ASU 2016-18- Statement of Cash Flows (Topic 230): Restricted Cash . The new guidance is intended to reduce diversity in practice by adding or clarifying guidance on classification and presentation of changes in restricted cash on the statement of cash flows. The new guidance should be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. As a result of this update, restricted cash will be included within cash and cash equivalents on the Company’s statements of consolidated cash flows. As of June 30, 2017 and December 31, 2016, the Company had an outstanding letter of credit of $1.4 million, respectively, as required under the terms of its office lease. This letter of credit is secured by cash placed in a restricted account amounting to $1.5 million as of June 30, 2017 and December 31, 2016. The Company does not anticipate any material effect from adopting this standard on its condensed consolidated financial statements and related disclosures.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2017
CASH FLOW INFORMATION
CASH FLOW INFORMATION	2. CASH FLOW INFORMATION The Company excluded from cash flows from investing and financing activities in the condensed consolidated statements of cash flows items included in accounts payable and accrued expenses for accrued milestone and supervision payments of $0 and $4.9 million as of June 30, 2017 and December 31, 2016, respectively. Capitalized interest amounted to $2.3 million for the six months ended June 30, 2017, of which $1.2 million has not been paid out as of June 30, 2017 (which is included in long‑term debt in the condensed consolidated balance sheet). Capitalized interest amounted to $17.6 million for the six months ended June 30, 2016.

(LOSS) _ INCOME PER COMMON SHAR

(LOSS) / INCOME PER COMMON SHARE	6 Months Ended
	Jun. 30, 2017
(LOSS) / INCOME PER COMMON SHARE
(LOSS) / INCOME PER COMMON SHARE	3. (LOSS) / INCOME PER COMMON SHARE The computation of basic income (loss) per share is based on the weighted-average number of common shares outstanding during the period. The computation of diluted net income (loss) per share assumes the exercise of all dilutive stock options using the treasury stock method and the lapsing of restrictions on unvested restricted stock awards, for which the assumed proceeds upon lapsing the restrictions are deemed to be the amount of compensation cost attributable to future services and not yet recognized using the treasury stock method, to the extent dilutive. The reconciliation of basic to diluted net income (loss) per common share was as follows (in thousands, except per share amounts): For the Three Months For the Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 Basic net (loss) / income per share: Numerator: Net (Loss) / Income $ (82,545) $ 37,995 $ (55,681) $ 98,853 Denominator: Weighted-average shares outstanding, basic 82,979 82,681 82,970 82,681 Basic net (loss) / income per share $ (0.99) $ 0.46 $ (0.67) $ 1.20 Diluted net (loss) / income per share: Numerator: Net (Loss) / Income $ (82,545) $ 37,995 $ (55,681) $ 98,853 Denominator: Weighted-average shares outstanding, basic 82,979 82,681 82,970 82,681 Add: Restricted stock units — — — — Stock options — — — — Weighted-average shares outstanding, diluted 82,979 82,681 82,970 82,681 Diluted net (loss) / income per share: $ (0.99) $ 0.46 $ (0.67) $ 1.20 Options to purchase 309,296 shares of common stock, which expired on May 7, 2017, were excluded from the above calculation for the three and six months ended June 30, 2017 and 2016, because the impact is anti-dilutive. Options to purchase 13,420 shares of common stock, which expired on July 8, 2017, were also excluded from the above calculation for the three and six months ended June 30, 2017 and 2016, because certain market conditions have not been met. 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. As of June 30, 2017, 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 were valued at $6.26 per share. On May 16, 2017, the RSUs vested and the Company issued 28,752 shares. On May 16, 2017, in accordance with the Company’s amended 2012 Equity Incentive Plan, the Company granted certain non-employee directors 44,856 RSUs. The RSUs, which were valued at $5.35 per share, will generally vest on the earlier of (a) the date of the Company’s next annual meeting of shareholders and (b) the date that is 30 days following the first anniversary of the grant date, subject to the director’s continued service with the Company through the applicable vesting date. For the three and six months ended June 30, 2017, weighted-average RSUs outstanding of 785,258 and 699,583, respectively, were excluded in determining the diluted net income (loss) per share, because the impact is anti-dilutive. For both the three and six months ended June 30, 2016, weighted-average RSUs outstanding of 1,044,196, were excluded in determining the diluted net income (loss) per share, because the impact is anti-dilutive. 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 granted were excluded in determining the diluted net income (loss) per share for the three and six months ended June 30, 2017, because the impact is anti-dilutive. See Note 15, Stock Based Compensation, for more details.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	6 Months Ended
	Jun. 30, 2017
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE	4. ASSETS HELD FOR SALE As of June 30, 2017, the Company classified the Gener8 Theseus , Gener8 Noble and Gener8 Elektra as Current assets - held for sale, in the condensed 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. These vessels were written down to their fair value, less cost to sell, of $80.0 million for each of the Gener8 Theseus and Gener8 Noble, and $10.3 million for the Gener8 Elektra on the condensed consolidated balance sheet. For the three months ended June 30, 2017, the Company recorded a loss of $56.8 million, as Loss on disposal of vessels, net, related to the expected sales of the Gener8 Theseus and Gener8 Noble . For the six months ended June 30, 2017, the Company recorded a loss of $61.7 million, as Loss on disposal of vessels, net, related to the expected sales of the Gener8 Theseus, Gener8 Noble and Gener8 Elektra, on the condensed consolidated statement of operations. The vessels are expected to be sold within one year. See Note 17, Subsequent Events for more updates on recent vessel sales. As of December 31, 2016, the Company classified the Gener8 Ulysses as Current assets - held for sale, in the condensed consolidated balance sheet, as all the criteria of 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, of $30.2 million on the condensed 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, on the condensed consolidated statement of operations for the year ended December 31, 2016. The Gener8 Ulysses vessel was sold during the first quarter of 2017.

DELIVERY AND DISPOSAL OF VESSEL

DELIVERY AND DISPOSAL OF VESSELS	6 Months Ended
	Jun. 30, 2017
DELIVERY AND DISPOSAL OF VESSELS.
DELIVERY AND DISPOSAL OF VESSELS	5. DELIVERY AND DISPOSAL OF VESSELS Delivery of Vessels During the six months ended June 30, 2017, the Company took delivery of the following 2017-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 Fund Vessel's Vessel Name Date of Delivery Delivery (1) Credit Facility (Dollars in thousands) Gener8 Hector January 6, 2017 $ 49,500 Korean Export Credit Facility Gener8 Ethos March 9, 2017 50,631 Korean Export Credit Facility (1) Amounts reflect the borrowings incurred under the Korean Export Credit Facility to fund the delivery of the indicated newbuilding. For more information see Note 10, LONG-TERM DEBT . Disposal of Vessels On May 25, 2017, the Company entered into an agreement for the sale of the 2002-built Suezmax tanker Gener8 Orion for $13.0 million in gross proceeds. On June 13, 2017, the sale was finalized and the Company recorded a net loss of $10.1 million, as Loss on vessel disposal of vessels, net, on the condensed consolidated statement of operations for the three and six months ended June 30, 2017. The Company used the net proceeds to repay $11.1 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. On April 3, 2017, the Company entered into an agreement for the sale of the 2002-built Aframax tanker Gener8 Daphne for $10.5 million in gross proceeds. On May 13, 2017, the sale was finalized and the Company recorded a net loss of $5.1 million, as Loss on disposal of vessels, net, on the condensed consolidated statement of operations for the six months ended June 30, 2017. The Company used the net proceeds to repay $8.1 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. On January 25, 2017, the Company entered into an agreement for the sale of the 2003-built VLCC tanker Gener8 Ulysses for $30.5 million in gross proceeds. As of December 31, 2016, the Company classified the Gener8 Ulysses as held for sale on the consolidated balance sheet. The Company recorded a loss of $6.9 million, as Loss on disposal of vessels, net, on the condensed consolidated statement of operations for the year ended December 31, 2016. On February 1, 2017, the sale was finalized and 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. 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, as Loss on disposal of vessels, net, on the condensed consolidated statement of operations for the year ended December 31, 2016. 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. 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. 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.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2017
PREPAID EXPENSES AND OTHER CURRENT ASSETS.
PREPAID EXPENSES AND OTHER CURRENT ASSETS	6. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following (dollars in thousands): June 30, December 31, 2017 2016 Bunkers and lubricants $ 8,497 $ Insurance claims receivable 5,033 Prepaid insurance 1,978 Other 14,619 Total $ 30,127 $ 27,611 Insurance claims receivable consists substantially of payments made by the Company for repairs of vessels that the Company expects, pursuant to the terms of the insurance agreements, to recover from the carrier within one year, net of deductibles which have been expensed. As of June 30, 2017 and December 31, 2016, the portion of insurance claims receivable not expected to be collected within one year of $0.1 million and $0.6 million, respectively, is included in Other noncurrent assets on the condensed consolidated balance sheets. As of June 30, 2017, Other includes $6.3 million of advances to our third‑party technical managers and $3.5 million of working capital due from Navig8. The working capital due from Navig8 is associated with the Gener8 Noble and Gener8 Theseus ($1.0 million for each vessel) related to their treatment as vessels held for sale (see Note 4 , Assets HELD for sale and Note 17, Subsequent Events for more updates on recent vessel sales), the Gener8 Orion ($0.9 million), related to its recent sale in May 2017 and the Gener8 Defiance, ($0.6 million), that is currently employed in the spot market. As of December 31, 2016, Other primarily represents $4.7 million of advances to our third‑party technical managers and $1.9 million of working capital due from Navig8. The working capital due from Navig8 is associated with the Gener8 Spyridon and Gener8 Ulysses ($0.9 million and $1.0 million, respectively), related to their treatment as vessels held for sale.

VESSELS UNDER CONSTRUCTION

VESSELS UNDER CONSTRUCTION	6 Months Ended
	Jun. 30, 2017
VESSELS UNDER CONSTRUCTION
VESSELS UNDER CONSTRUCTION	7. 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): June 30, 2017 Six Months Ended June 30, 2017 Activities December 31, 2016 2014 Acquired VLCC Newbuildings: Vessels / SPV Stock Purchase $ 162,683 $ — $ 162,683 Installment and supervision payments 579,818 — 579,818 Others 5,214 — 5,214 2015 Acquired VLCC Newbuildings: Vessels 435,417 — 435,417 Acquisition-related costs 10,295 — 10,295 Installment and supervision payments 936,544 95,711 840,833 Accrued milestones and supervision payments — (5,368) 5,368 Others 15,544 1,406 14,138 Fair value of 2015 Warrant Agreement assumed 3,381 — 3,381 Fair value of 2015 Stock Options assumed 39 — 39 Capitalized interest 73,982 2,251 71,731 Vessel deliveries (2,161,864) (210,080) (1,951,784) Total $ 61,053 $ (116,080) $ 177,133 In March 2014, the Company As of December 31, 2016, the Company took delivery of all the 2014 Acquired VLCC Newbuildings and took delivery of 11 out of 14 of the 2015 Acquired VLCC Newbuildings. During the six months ended June 30, 2017, two of the 2015 Acquired VLCC Newbuildings were delivered to the Company and the Company borrowed approximately $100.1 million under the Korean Export Credit Facility to fund these deliveries. See Note 5, DELIVERY AND DISPOSAL OF VESSELS , for deliveries during the six months ended June 30, 2017. See Note 10, LONG TERM DEBT, for additional and available borrowings.

OTHER NONCURRENT ASSETS

OTHER NONCURRENT ASSETS	6 Months Ended
	Jun. 30, 2017
OTHER NONCURRENT ASSETS
OTHER NONCURRENT ASSETS	8. OTHER NONCURRENT ASSETS Other noncurrent assets consist of the following (dollars in thousands): June 30, December 31, 2017 2016 Working capital for 2011 VLCC pool $ 1,900 $ 1,900 Fresh start lease asset 1,116 Insurance claims 50 Escrow deposits — Long-term due from charters — Total $ 3,066 $ 5,255 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. On May 9, 2017, the arbitration tribunal before which the dispute is being heard ruled that GMR Atlas LLC (a subsidiary of the Company) had been in breach of certain customer eligibility requirements as claimed by the Atlas claimant. Accordingly, during the three and six months ended June 30, 2017, the Company wrote-off $1.5 million related to the Atlas charter dispute and the amount is recorded in General and Administrative, in the statement of operations. See Note 16, commitments and contingencies for more details.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2017
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following (dollars in thousands): June 30, December 31, 2017 2016 Accounts payable $ 9,174 $ Accrued milestone and supervision payments — 5,368 Accrued operating expenses 14,159 Accrued administrative expenses 2,378 Accrued interest 7,162 Total $ 32,873 $ 33,991 Accrued milestones and supervision payments represent the amounts due for construction milestone and supervision installment payments under the contracts for the Acquired VLCC newbuildings. As of June 30, 2017, the Company paid $5.4 million of milestone and supervision installments that were accrued as of December 31, 2016.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2017
LONG-TERM DEBT.
LONG-TERM DEBT	10. LONG‑TERM DEBT Long‑term debt consists of the following (dollars in thousands): June 30, December 31, 2017 2016 Refinancing Facility $ $ 408,337 Korean Export Credit Facility 658,568 Senior Notes 174,604 Amended Sinosure Credit Facility 328,652 340,442 Total 1,576,212 1,581,951 Less: current portion of long-term debt (160,446) (181,023) Less: unamortized discount and debt financing costs (58,076) (63,146) Long-term debt less unamortized discount and debt issuance cost $ 1,357,690 $ 1,337,782 Unamortized discount and debt financing costs include an unamortized discount related to the Company’s Senior Notes and deferred financing costs comprised of insurance, 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 April 10, 2017, the Company modified the interest rate swaps agreements, initially entered into on May 2, 2016. The modifications included changes to the notional amounts and maturity dates of, and increases in the fixed rates payable under, the interest rate swap transactions. During the second quarter of 2017 and in connection with the modifications, the Company received payments totaling $18.2 million from the swap counterparties . See Note 11, Financial InstrumentS , for more details. During the three and six months ended June 30, 2017, the Company borrowed approximately $100.1 million under the Korean Export Credit Facility to fund the deliveries of Gener8 Hector and Gener8 Ethos . As of June 30, 2017, the Company has an aggregate amount of up to approximately $63.0 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 one future delivery of VLCC newbuilding vessel with remaining installment payments of $48.2 million are due in 2017. In connection with the sale of two vessels (the Gener8 Orion and Gener8 Daphne ) during the three months ended June 30, 2017, the Company repaid $11.1 million and $8.1 million, respectively, of borrowings under the Refinancing Facility. In connection with the sale of one vessel ( Gener8 Ulysses ) during the three months ended March 31, 2017, the Company repaid $20.0 million of borrowings under the Refinancing Facility. In connection with the sale of these vessels during the six months ended June 30, 2017, the Company repaid an aggregate of approximately $39.2 million of borrowings under the Refinancing Facility. As of June 30, 2017 and 2016, the weighted average interest rate for the credit facilities are 2.72% and 2.75%, respectively. Refinancing Facility On September 3, 2015, the Company entered into a term loan facility (the “Refinancing Facility”), by and among the Company’s wholly-owned subsidiary, Gener8 Maritime Subsidiary II Inc. (“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 provided 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 accrues 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 18 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 June 30, 2017, the Gener8 Maritime Sub II Vessel Owning Subsidiaries owned 4 VLCCs, 9 Suezmax vessels, 3 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 the sale of a vessel held as collateral or total loss of a vessel. See Note 11, 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 and vessel-owning subsidiaries owned by Gener8 Maritime Sub VIII. 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 June 30, 2017, up to approximately $63.0 million in aggregate was available (subject to borrowing limits and conditions) to borrow under this facility to fund the remaining installment payment for the one remaining vessel. 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.” The Korean Vessel Loan for the delivery of the Gener8 Nestor 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 on the final repayment date in respect of the Commercial Tranche. Repayment dates are each date that a repayment installment is required to be made, on March 31, June 30, September 30, and December 31 of the applicable year. The Company is obligated to repay the Commercial Tranche of each loan in 20 equal consecutive quarterly installments (excluding a final balloon payment equal to 2/3 of the applicable loan) of such loan and is obligated to repay the other tranches of each loan in 48 equal consecutive quarterly installments. The Company is also required to prepay the loans upon the occurrence of certain events, including a default under a shipbuilding contract, a sale or total loss of a vessel, and upon election by the majority lenders, upon a change of control of the Company. 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 accrues at a rate 2.00% higher than the interest rate that would otherwise have been applied to such amount. See Note 11, FINANCIAL INSTRUMENTS , for the Company’s interest rate risk management program related to the Korean Export Credit Facility. The Korean Export Credit Facility is secured on a first lien basis by a pledge of various assets, including, as of June 30, 2017, 14 VLCC vessels. On March 24, 2017, the Company amended the Korean Export Credit Facility to change the dates on which amortization payments are due to the 15th day of each of April, July, October and January. On June 1, 2017, the Company amended the Korean Export Credit Facility to extend the date by which the Company is permitted to borrow for the delivery of the Gener8 Nestor from June 29, 2017 to September 30, 2017. The amendment also provides that the Commercial Tranche must be repaid no later than June 30, 2022. 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 and vessel-owning subsidiaries owned by Gener8 Maritime Subsidiary VII. 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 June 30, 2017, 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. As of June 30, 2017, $328.7 million of borrowings were outstanding under the Amended Sinosure Credit Facility, and no further borrowings were available under this facility. Each loan under the Amended Sinosure Credit Facility is referred to herein as a “Sinosure Vessel Loan.” 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 accrues at a rate 2.00% higher than the interest rate that would otherwise have been applied to such amount. See Note 11, FINANCIAL INSTRUMENTS , for the Company’s interest rate risk management program related to the Amended Sinosure Credit Facility. The Amended Sinosure Credit Facility is secured on a first lien basis by a pledge of various assets, including, as of June 30, 2017, six VLCC vessels. The Company is obligated to repay each Sinosure Vessel Loan in equal consecutive quarterly installments (excluding a final balloon payment equal to 20% of the applicable loan), each in an amount equal to 1 2/3% of such loan, on each of March 21, June 21, September 21 and December 21 until the loan’s maturity date. On the respective maturity date, the Company is obligated to repay the remaining amount that is outstanding under each Sinosure Vessel Loan. The Company is also required to prepay the Sinosure Vessel Loans upon the occurrence of certain events, including a default under a shipbuilding contract, a sale or total loss of a vessel and, upon election by The Export-Import Bank of China and one other lender, upon a change of control of the Company. Senior Notes On March 28, 2014, the Company and Gener8 Maritime Sub V entered into a note and guarantee agreement (the “Note and Guarantee Agreement”), with affiliates of BlueMountain Capital Management, LLC, in respect of the Company’s issuance of senior unsecured notes due 2020 (the “Senior Notes”). On May 13, 2014, the Company issued the Senior Notes in the aggregate principal amount of $131.6 million for proceeds of approximately $125 million (before fees and expenses), after giving effect to the original issue discount provided for in the Note and Guarantee Agreement. As of June 30, 2017 and December 31, 2016, the discount on the Senior Notes was $4.4 million and $4.9 million, respectively, which the Company amortizes as additional interest expense until March 28, 2020. Interest on the Senior Notes accrues at the rate of 11.0% per annum in the form of additional Senior Notes and the balloon repayment is due 2020, except that if the Company at any time irrevocably elects to pay interest in cash for the remainder of the life of the Senior Notes, interest on the Senior Notes will thereafter accrue at the rate of 10.0% per annum. Interest Expense, net Interest expense, net consists of the following (amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Refinancing Facility (1) $ $ $ $ (11,325) Korean Export Credit Facility (1) (4,182) Senior Notes Amended Sinosure Credit Facility (1) (2) (2,379) Amortization of deferred financing costs and other Capitalized interest Commitment fees (3,312) Interest rate swap modification — — Interest income Interest expense, net $ (20,447) $ (10,361) $ (40,498) $ (17,656) (1) Amounts include interest rate swaps settlements. (2) Sinosure Credit Facility was amended on June 29, 2016. Financial Covenants Under the Refinancing Facility, the Korean Export Credit Facility and the Amended Sinosure Credit Facility, the Company is required to comply with various collateral maintenance and financial covenants, including with respect to its maximum leverage ratio, minimum cash balance and an interest expense coverage ratio covenant. The lenders also require the Company to comply with a number of customary covenants, including covenants related to the delivery of quarterly and annual financial statements, budgets and annual projections; maintaining required insurances; compliance with laws (including environmental); 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 June 30, 2017, 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. 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.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2017
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	11. FINANCIAL INSTRUMENTS Interest Rate Risk Management On May 2, 2016, certain of the Company’s wholly-owned subsidiaries entered into six pay-fixed, receive-variable interest rate swap transactions having amortizing notional amounts to hedge a portion of the London Interbank Offered Rate (“LIBOR”) floating rate interest expense on the Company’s credit facilities as discussed in Note 10, LONG TERM DEBT . Under each interest rate swap transaction, a subsidiary of the Company makes a fixed payment each period in an amount equal to the fixed interest rate for such transaction multiplied by the relevant notional amount for that monthly period in exchange for a payment from the respective swap counterparty in an amount equal to a variable interest rate based on the applicable LIBOR rate for that period multiplied by the same notional amount. In December 2016, the Company modified the two interest rate swap transactions hedging the Refinancing Facility to align the payment dates under those interest rate swap transactions to the principal and interest repayment dates under the Refinancing Facility. On April 10, 2017, the Company further modified those two interest rate swap transactions and additionally modified the remaining four interest rate swap transactions. These modifications included changes to the notional amounts and maturity dates of, and increases in the fixed rates payable under, the interest rate swap transactions. The applicable period, LIBOR rate and notional amounts for each interest rate swap transaction is identified in the table below. As modified, two of the swaps effectively fix the interest rate on approximately 35% of the aggregate variable interest rate borrowings expected to be outstanding under the Refinancing Facility through September 3, 2020, three of the swaps effectively fix the interest rate on approximately 74% of the aggregate variable interest rate borrowings expected to be outstanding under the Korean Export Credit Facility through September 30, 2020, and the remaining swap 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 (excluding the incremental increase in available borrowings pursuant to the June 2016 amendment to the Sinosure Credit Facility). 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 prior to the relevant termination date for that interest rate swap. Otherwise, upon the termination of an interest rate swap transaction on the relevant termination date, 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. The Company’s objective in entering into the interest rate swap transactions 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 has 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 exposure) on both a prospective and retrospective basis. The effective portion of the changes in fair value of the swaps, 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, in connection with the modification of the interest rate swap transactions hedging the Refinancing Facility, the revised swaps were dedesignated and the revised swaps 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. During the second quarter of 2017 and in connection with the modifications to the interest rate swap transactions on April 10, 2017 described above, the Company received payments totaling $18.2 million from the swap counterparties. Amounts in Accumulated other comprehensive loss expected to be reclassified into earnings in the next 12 months are $4.0 million. The ineffective portion, if any, of the change in fair value of the Company’s interest rate swap transactions is required to be recognized in earnings. As of June 30, 2017, the Company’s interest rate swap transactions were highly effective; during the three and six months ended June 30, 2017, hedge ineffectiveness of $2.8 million and $2.1 million, respectively, was recognized in earnings (included in Other income (expense), net on the consolidated statements of operation). During the three months ended June 30, 2016, the Company’s interest rate swap transactions were highly effective; hedge ineffectiveness of $1.6 million was recognized in earnings. At June 30, 2017, the Company was a party to the following interest rate swaps, which are designated as 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) : June 30, 2017 Notional Effective Maturity Fair Value Fixed Floating Hedged Credit Facility Amount Date Date Hierarchy Interest Rate Interest Rate Refinancing Facility $ 94,814 4/10/2017 9/3/2020 Level 2 1 mo. LIBOR Refinancing Facility 23,703 4/18/2017 9/3/2020 Level 2 1 mo. LIBOR Korean Export Credit Facility (1) 474,400 4/10/2017 9/30/2020 Level 2 3 mo. LIBOR Korean Export Credit Facility (1) 88,950 4/10/2017 9/30/2020 Level 2 3 mo. LIBOR Korean Export Credit Facility (1) 29,650 4/18/2017 9/30/2020 Level 2 3 mo. LIBOR Sinosure Credit Facility 328,652 4/10/2017 3/21/2022 Level 2 3 mo. LIBOR (1) The initial aggregate notional amount of $599.7 million under the three interest rate swaps will increase up to the maximum aggregate notional amount of $610.0 million in October 2017 in order to effectively fix the interest rate on the target percentage of expected borrowings. The swap notional will amortize down hereafter. The tables below provide quantitative information about the impact of derivatives on the Company’s balance sheet and statement of operations (dollars in thousands): June 30, 2017 December 31, 2016 Balance Sheet Fair Value of Derivatives Fair Value of Derivatives Location Asset Liability Asset Liability Derivatives designated as hedging instruments Interest rate swap contracts - current Current assets $ — $ — $ — $ — Interest rate swap contracts - non-current Non-current assets — 432 19,585 — Interest rate swap contracts - current Current liabilities — (4,531) (1,552) — Interest rate swap contracts - non-current Non-current liabilities — (533) — — Total derivatives designated as hedging instruments $ — $ (4,632) $ 18,033 $ — Offsetting of Derivative Assets June 30, 2017 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 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 $ 15,577 $ 1,314 $ 16,891 $ (1,314) $ — $ 15,577 Counterparty 2 975 80 1,055 (80) — 975 Counterparty 3 1,481 158 1,639 (158) — 1,481 Total $ 18,033 $ 1,552 $ 19,585 $ (1,552) $ — $ 18,033 Offsetting of Derivative Liabilities June 30, 2017 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 $ (4,165) $ — $ (4,165) $ — $ — $ (4,165) Counterparty 2 (104) — (104) — — (104) Counterparty 3 (363) — (363) — — (363) Total $ (4,632) $ — $ (4,632) $ — $ — $ (4,632) 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 $ — $ (1,314) $ (1,314) $ 1,314 $ — $ — Counterparty 2 — (80) (80) 80 — — Counterparty 3 — (158) (158) 158 — — Total $ — $ (1,552) $ (1,552) $ 1,552 $ — $ — The following table provides the effect of derivatives on the statements of operations (dollars in thousands): Location of Gain or (Loss) Reclassified Location of Gain Three Months Ended Six Months Ended Derivatives in Cash Flow from AOCI to (Loss) Recognized June 30, 2017 June 30, 2017 Hedging Relationships Income on Derivatives 2017 2016 2017 2016 Interest rate swap contracts (Effective Portion) Amount of gain / (loss) recognized in OCI on derivatives Interest Expense, net $ (4,552) $ 14,108 $ (4,356) $ 14,108 Amount of gain / (loss) reclassified from AOCI into income on derivatives Interest Expense, net (82) 160 (909) 160 Interest rate swap contracts (Ineffective Portion) Amount of gain / (loss) recognized in income on derivatives Other expense, net $ (2,771) 1,560 $ (2,088) 1,560

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2017
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	12. FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair values of the Company’s financial instruments are as follows (dollars in thousands): June 30, 2017 December 31, 2016 Carrying Fair Carrying Fair Value Value Value Value Cash and cash equivalents $ 160,146 $ 160,146 $ 94,681 $ 94,681 Restricted cash 1,461 1,461 1,457 1,457 Long-term debt, including current portion, excluding discount 1,576,212 1,564,254 1,581,951 1,564,364 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: The carrying amounts of the Company’s other financial instruments at June 30, 2017 and December 31, 2016 (principally Due from charterers, net, Due from Navig8 pools, net, Accounts payable and accrued expenses) approximate fair values because of the relatively short maturity of these 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 June 30, 2017 and December 31, 2016 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 June 30, 2017 and December 31, 2016 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 3.75%. Derivatives: The Company has elected to use the income approach to value the interest rate swap derivatives using observable Level 2 market expectations at measurement date and standard valuation techniques to convert future amounts to a single present amount (discounted) reflecting current market expectations about those future amounts. Level 2 inputs for the derivative valuations are limited to quoted prices for similar assets or liabilities in active markets (specifically futures contracts) and inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR cash and swap rates, implied volatility for floors, basis swap adjustments and credit risk at commonly quoted intervals). Mid-market pricing is used as a practical expedient for fair value measurements. The credit effect on the derivative's fair value is calculated by applying a continuously compounded discount factor based on credit default swap rates of the counterparty when the swap is in an asset position pre-credit and based on the spread over LIBOR of 2% when the swap is in a liability position pre-credit. Assets held for sale: As of June 30, 2017, the Company classified the Gener8 Theseus, Gener8 Noble and Gener8 Elektra as Current assets – assets held for sale, in the condensed consolidated balance sheet. These vessels are expected to be sold within one year. As of December 31, 2016, the Company classified the Gener8 Ulysses as Current assets – assets held for sale, in the condensed consolidated balance sheet. The vessel was subsequently sold during the first quarter of 2017. The fair value of a vessel held for sale for the periods ended June 30, 2017 and December 31, 2016 was determined based on the selling price, net of estimated costs to sell, of such asset based on the contract of sale finalized within a short period of time of its classification as held for sale, and measured on a nonrecurring basis. See Note 17, Subsequent Events for more updates on recent vessel sales. The following table summarizes the valuation of assets measured on a nonrecurring basis (dollars in thousands): June 30, 2017 December 31, 2016 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 $ 170,290 $ 170,290 $ — $ 30,195 $ 30,195 $ — The following table summarizes the valuation of liabilities measured on a recurring basis (dollars in thousands): June 30, 2017 December 31, 2016 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 $ 432 $ 432 $ — $ 19,585 $ 19,585 $ — Interest rate swaps - Liabilities 5,064 5,064 — 1,552 1,552 —

LEASE COMMITMENTS

LEASE COMMITMENTS	6 Months Ended
	Jun. 30, 2017
LEASE COMMITMENTS
LEASE COMMITMENTS	13. LEASE COMMITMENTS In July 2015, the Company amended its office lease to, among other things, extend the lease term for an additional five year period commencing on October 1, 2020, at a rate of $0.2 million per month. During the three months ended June 30, 2017 and 2016, the Company recorded expense associated with this lease of $0.5 million and $0.5 million, respectively. During the six months ended June 30, 2017 and 2016, the Company recorded expense associated with this lease of $1.0 million and $1.0 million, respectively. After the lease amendment, future minimum rental payments on this lease for the next five years are as follows: 2017— $0.8 million (from July 1, 2017 to December 31, 2017), 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 June 30, 2017 and December 31, 2016, the Company had an outstanding letter of credit of $1.4 million, respectively, as required under the terms of its office lease. This letter of credit is secured by cash placed in a restricted account amounting to $1.5 million as of June 30, 2017 and December 31, 2016.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2017
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	14. RELATED PARTY TRANSACTIONS The following are related party transactions not disclosed elsewhere in these financial statements. Navig8 Group consists of Navig8 Limited, the beneficial owner of over 4% of the Company’s outstanding common shares, and all of its subsidiaries. These subsidiaries include Navig8 Shipmanagement Pte Ltd., Navig8 Asia Pte Ltd, VL8 Management Inc., Navig8 Inc., VL8 Pool Inc. (the VL8 Pool manager), V8 Management, Inc., V8 Pool Inc. (the V8 Pool and Suez8 Pool manager) and Integr8 Fuels Inc. Nicolas Busch, a member of the Company’s Board of Directors, is a director and beneficial owner of Navig8 Limited. The Company’s relevant newbuilding and vessel owning subsidiaries have 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 Suez8 Pool, and $250.00 per day per Aframax vessel in the V8 Pool. In addition, for the vessels in the VL8 Pool and Suez8 Pool, VL8 Pool Inc. incurs a commercial management fee charged by a related party equal to 1.25% of all hire revenues, which is deducted from distribution to pool participants. For the vessels in the V8 Pool, V8 Pool Inc. incurs a commercial management fee charged by a related party equal to 2.0% of all hire revenues, which is deducted from distribution to pool participants. Navig8 Pools As of June 30, 2017, 24 of the Company’s VLCC vessels have entered into the VL8 Pool, nine of the Company’s Suezmax vessels have entered into the Suez8 Pool and one of the Company’s Aframax vessels have entered into the V8 Pool. During the three months ended June 30, 2017 and 2016, the Company earned net pool distributions of $72.3 million (which is comprised of $56.4 million from VL8 Pool, $13.0 million from Suez8 Pool and $2.9 million from V8 Pool) and $92.4 million (which is comprised of $58.6 million from VL8 Pool, $26.5 million from Suez8 Pool and $ 7.3 million from V8 Pool), respectively, from Navig8 pools. During the six months ended June 30, 2017 and 2016, the Company earned net pool distributions of $190.7 million (which is comprised of $147.0 million from VL8 Pool, $35.2 million from Suez8 Pool and $8.5 million from V8 Pool) and $205.4 million (which is comprised of $125.0 million from VL8 Pool, $63.9 million from Suez8 Pool and $16.5 million from V8 Pool), respectively, from Navig8 pools. These amounts are included in Navig8 pool revenues on the condensed consolidated statement of operations. As of June 30, 2017 and December 31, 2016, a balance of $39.7 million ($27.3 million from VL8 pool, $10.8 million from Suez8 pool and $1.6 million from V8 pool) and $60.7 million ($40.9 million from VL8 pool, $16.1 million from Suez8 pool and $3.7 million from V8 pool), respectively, is unpaid and is included in Due from Navig8 pools on the condensed consolidated balance sheet. From the closing of the 2015 merger until March 2016, the Nave Quasar was chartered-in from Navig8 Inc., a subsidiary of Navig8 Limited, at a gross daily rate of $26 thousand, and the pool earnings were subject to a 50% profit share with Navig8 Inc. for earnings above $30 thousand per day. Navig8 charterhire expenses during the six months ended June 30, 2017 included profit share adjustments related to the profit share plan for the Nave Quasar . Navig8 charterhire expenses for the three and six months ended June 30, 2016 were $49 thousand and $3.3 million, respectively, and is included in Navig8 charterhire expenses on the condensed consolidated statement of operations. In March 2016, the Company re-delivered the Nave Quasar to the owner. 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, $0.8 million and $0.7 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 June 30, 2017, the working capital associated with the Company’s owned vessels entered into the Navig8 pools totaled $30.3 million, and is included in Working capital at Navig8 pools on the condensed consolidated balance sheet as noncurrent assets. Additionally, as of June 30, 2017, the working capital associated with the Gener8 Noble and Gener8 Theseus ( two vessels classified as assets held for sale as of June 30, 2017), and the Gener8 Orion and Gener8 Defiance , was $1.0 million, $1.0 million, $0.9 million and $0.7 million, respectively, and is included in Prepaid expenses and other current assets on the condensed consolidated balance sheet. As of December 31, 2016, the working capital associated with the Company’s owned vessels entered into the Navig8 pools totaled $33.1 million, and is included in Working capital at Navig8 pools on the condensed consolidated balance sheet as noncurrent assets. Additionally, as of December 31, 2016, the working capital associated with the Gener8 Spyridon and Gener8 Ulysses, two vessels sold during the first quarter of 2017, was $0.9 million and $1.0 million, respectively, and was included in Prepaid expenses and other current assets on the condensed consolidated balance sheet. Navig8 Supervision Agreement The Company has supervision agreements with Navig8 Shipmanagement Pte Ltd., or “Navig8 Shipmanagement,” a subsidiary of Navig8 Limited, with regards to the 2015 Acquired VLCC Newbuildings whereby Navig8 Shipmanagement agrees to provide advice and supervision services for the construction of the newbuilding vessels. These services also include project management, plan approval, supervising construction, fabrication and commissioning and vessel delivery services. As per the supervision agreements, Gener8 Subsidiary agrees to pay Navig8 Shipmanagement a total fee of $0.5 million per vessel. During the three months ended June 30, 2017 and 2016, the Company recorded supervision fees of $0 million and $0.9 million, respectively. During the six months ended June 30, 2017 and 2016, the Company recorded supervision fees of $0.5 million and $1.7 million, respectively. These amounts are included in Vessels under construction on the condensed consolidated balance sheet as noncurrent assets. As of June 30, 2017 and December 31, 2016, $0.3 million and $1.3 million, respectively, remained outstanding. Corporate Administration Agreement On December 17, 2013, Navig8 Crude, which merged into a subsidiary of the Company on May 7, 2015, entered into a corporate administration agreement with a subsidiary of Navig8 Limited, whereby the Navig8 Limited subsidiary agreed to provide certain administrative services for Navig8 Crude. In accordance with the corporate administration agreement, Navig8 Crude agreed to pay the Navig8 Limited subsidiary a fee of $250.00 per vessel or newbuilding owned by Navig8 Crude per day. During the three months ended June 30, 2017 and 2016, the Navig8 Limited subsidiary billed the Company a total of $0.3 million and $0.3 million, respectively, for corporate administration fees. During the six months ended June 30, 2017 and 2016, the Navig8 Limited subsidiary billed the Company a total of $0.6 million and $0.6 million, respectively, for corporate administration fees, which amounts were included in general and administrative expenses on the condensed consolidated statements of operations. A payable balance of $0.3 million and $0.1 million, remained outstanding as of June 30, 2017 and December 31, 2016, respectively. Other Related Party Transactions During the three months ended June 30, 2017 and 2016, the Company incurred office expenses totaling approximately $2 thousand and $2 thousand, respectively, on behalf of Peter C. Georgiopoulos, the Chairman of the Company’s Board and Chief Executive Officer. During the six months ended June 30, 2017 and 2016, the Company incurred office expenses totaling approximately $3 thousand and $3 thousand, respectively, on behalf of Mr. Georgiopoulos. As of June 30, 2017 and December 31, 2016, a balance due from Mr. Georgiopoulos of approximately $7 thousand and $4 thousand, respectively, remains outstanding. The Company incurred certain business, travel, and entertainment costs totaling $23 thousand and $47 thousand, during the three and six months ended June 30, 2016, respectively, on behalf of Genco Shipping & Trading Limited (“Genco”), an owner and operator of dry bulk vessels. During the three and six months ended June 30, 2016, Mr. Georgiopoulos was chairman of Genco’s board of directors. As of June 30, 2017 and December 31, 2016, no balance was due from Genco. On October 13, 2016, Mr. Georgiopoulos resigned as chairman of the board of directors and a director of Genco. Aegean Marine Petroleum Network, Inc. (“Aegean”) supplied bunkers and lubricating oils to the Company’s vessels aggregating $0.5 million and $0.9 million, during the three months ended June 30, 2017 and 2016, respectively, and aggregating $1.9 and $1.9 million during the six months ended June 30, 2017 and 2016, respectively. As of June 30, 2017 and December 31, 2016, a balance of $0.2 million and $1.0 million, respectively, remains outstanding. Mr. Georgiopoulos was previously the chairman of Aegean’s board of directors, and John Tavlarios, the Company’s Chief Operating Officer, was previously on the board of directors of Aegean. On June 19, 2017, Mr. Georgiopoulos resigned as chairman of Aegean’s board of directors and Mr. Tavlarios resigned as a director of Aegean. In addition, the Company provided office space to Aegean and Aegean incurred rent and other expenses in its New York office during the three months ended June 30, 2017 and 2016, for $50 thousand and $50 thousand, respectively, and during the six months ended June 30, 2017 and 2016 for $0.1 million and $0.1 million, respectively. As of June 30, 2017 and December 31, 2016, no balance remains outstanding in either period. The Company provided office space and other office expenses to Chemical Transportation Group, Inc. (“Chemical”), an owner and operator of chemical vessels for $20 thousand and $16 thousand, during the three months ended June 30, 2017 and 2016, respectively, and $44 thousand and $32 thousand, during the six months ended June 30, 2017 and 2016, respectively. Mr. Georgiopoulos is chairman of Chemical’s board of directors. As of June 30, 2017 and December 31, 2016, a balance of $4 thousand and $0.1 thousand, respectively, remains outstanding. Amounts due from the related parties described above as of June 30, 2017 and December 31, 2016 are included in Prepaid expenses and other current assets on the condensed consolidated balance sheets (except as otherwise indicated above); and amounts due to the related parties described above as of June 30, 2017 and December 31, 2016 are included in Accounts payable and accrued expenses on the condensed consolidated balance sheets (except as otherwise indicated above).

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	6 Months Ended
	Jun. 30, 2017
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	15. STOCK‑BASED COMPENSATION Stock Options 2017 Stock Options 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 granted options using “Black Scholes Model” and recorded approximately $1.3 million of related compensation expense, which is included in the Company’s condensed consolidated statements of operations as a component of general and administrative expense. In accordance with FASB ASC Topic 718, the Company used the following assumptions for the Black Scholes Model : stock price volatility of 49.48%; contractual option term of 7 years; expected option life of 3.5 years; dividend yield of 0%; and risk free interest rate of 2.26% . The actual amount realized by the named executives in the agreements will likely vary based on a number of factors, including the Company’s performance, stock price fluctuations and applicable vesting. There were no such expense during the three and six months ended June 30, 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. The following table summarizes certain information of the stock options outstanding: Options Exercisable, June 30, 2017 Weighted Average Weighted Remaining Number of Average Contractual Life Exercise Price Options Exercise Price (years) (‘000) $4.69 525 $ 4.69 6.5 $15.09 13 15.09 0.1 Restricted Stock Units 2017 Restricted Stock Units On May 16, 2017, in accordance with the Company’s amended 2012 Equity Incentive Plan, the Company granted certain non-employee directors 44,860 RSUs, which remain outstanding as of June 30, 2017. The RSUs, which were valued at $5.35 per share, will generally vest on the earlier of (a) the date of the Company’s next annual meeting of shareholders and (b) the date that is 30 days following the first anniversary of the grant date, subject to the director’s continued service with the Company through the applicable vesting date. The RSUs are amortized over a one-year period from the grant date and valued at the grant price of $5.35 per share. 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 restricted stock units (“RSUs”). The RSUs were valued at $6.26 per share. On May 16, 2017 (the date of the Company’s annual meeting of shareholders), the RSUs vested and the Company issued 28,752 shares. 2015 Restricted Stock Units On June 24, 2015, in connection with the pricing of the Company’s IPO, the Company granted members of management RSUs on 1,663,660 shares of the Company’s common stock pursuant to the Company’s amended 2012 Equity Incentive Plan. The RSUs, which were valued at the IPO price of $14.00 per share, vest ratably in 20% increments or tranches on June 24, 2015, June 30, 2015, December 1, 2016, December 1, 2017 and December 1, 2018, subject for each increment to employment with the Company through the applicable vesting date for such increment. The shares for the first two vesting increments were issued within three business days after December 3, 2015 and the shares for the remaining vesting increments are expected to be issued within a similar short period of time following the vesting date for each of such increments. The unvested RSUs were excluded in determining the diluted net income (loss) per share for the three and six months ended June 30, 2017 and 2016 (see Note 3, (LOSS) / INCOME PER COMMON SHARE ). As of June 30, 2017, 44,919 RSUs have been forfeited and 635,518 shares remain to be issued in future years, following the vesting date for each increment. Stock options granted to management prior to the IPO 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 are amortized over the vesting period using a graded amortization schedule. For the three months ended June 30, 2017 and 2016, compensation expense in connection with the RSUs was $0.8 million and $1.4 million, respectively, and for the six months ended June 30, 2017 and 2016, compensation expense in connection with the RSUs was $1.5 million and $2.8 million, respectively. Compensation expense is included in the Company’s condensed consolidated statements of operations as a component of general and administrative expense. The following table summarizes certain information of the outstanding unvested and vested RSUs: Weighted- Average Remaining Number of Contractual RSUs Term (years) (‘000) Outstanding, December 31, 2016 664 Granted 45 Vested (29) Forfeited — Outstanding, June 30, 2017 680

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2017
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	16. 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 13, Lease commitments, for lease commitments 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 the amount of the counterclaim cannot be reasonably estimated at this time. Submissions in this arbitration have closed but the claim remains pending. 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 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 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. The arbitration tribunal’s decision was published on May 9, 2017 (the “Decision”) and the tribunal ruled that GMR Atlas LLC had been in breach of certain customer eligibility requirements as claimed by the Atlas Claimant. The Decision stated that the Atlas Claimant was entitled to recover the sum of $3.3 million in respect of the Subsequent Atlas Claims (the “Declaratory Sum”). However the Declaratory Sum represents the loss suffered by the entire 2011 VLCC Pool as a result of the breach of certain customer eligibility requirements, not just the loss suffered by the Atlas Claimant alone which was just one participant in the 2011 VLCC Pool at the relevant time. The Declaratory Sum is therefore subject to distribution among all of the members (at the relevant time) of the 2011 VLCC Pool, which includes our 2011 VLCC Pool Subs, to whom a portion of the Declaratory Sum will be payable. The tribunal has reserved the right to make further decisions in regard to the sums to be distributed among the members of the 2011 VLCC Pool, as well as in respect of any questions of interest and legal costs. The Atlas Claimant is challenging the Decision. An application has been made to the tribunal under section 57 of the Arbitration Act which allows a tribunal to correct or provide further reasoning for an award, or to produce an additional award. Submissions in that application closed on June 30, 2017 and the tribunal’s ruling is awaited. As of June 30 , 2017 and December 31, 2016, an amount due from the 2011 VLCC Pool dispute of $1.9 million and $3.4 million, respectively, was included in Other assets (noncurrent). During the three and six months ended June 30, 2017, the Company recorded as general and administrative expenses a write-off of assets of $1.5 million and litigation loss of $0.4 million, both of which are related to the Atlas charter dispute. The Company may incur further charges in connection with this legal proceeding.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2017
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS In preparing the condensed consolidated financial statements, the Company has evaluated events and transactions occurring after June 30, 2017 for recognition or disclosure purposes. Based on this evaluation, from June 30, 2017 through the date the condensed consolidated financial statements were available to be issued, no material events have been identified other than the following: Sale of Vessels On May 2, 2017, the Company entered into an agreement for the sale of the 2016-built VLCC tanker the Gener8 Theseus for $81.0 million in gross proceeds. As of June 30, 2017, the Company classified the Gener8 Theseus as Current assets - held for sale, in the condensed consolidated balance sheet. On August 7, 2017, the sale of the Gener8 Theseus was finalized. The Company used the net proceeds to repay $50.2 million of the related portion of the senior secured debt outstanding under the Korean Export Credit Facility associated with the vessel. On July 20, 2017 the Company entered into agreements for the demolition and scrapping of the 1999-built Suezmax tankers the Gener8 Phoenix and Gener8 Horn for gross proceeds of $7.8 million and $8.0 million, respectively. On August 1, 2017, the disposition of the Gener8 Horn was finalized. The Company used the net proceeds along with available cash to repay $8.3 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. The Gener8 Phoenix disposition is expected to be consummated during 2017. The Company intends to use the net proceeds from the demolition and scrapping of the Gener8 Phoenix , along with available cash, to repay approximately $8.2 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with these vessels. On July 27, 2017, the Company entered into an agreement for the sale of the 2002-built Aframax tanker the Gener8 Elektra for $10.0 million in gross proceeds. As of June 30, 2017, the Company classified the Gener8 Elektra as Current assets - held for sale, on the condensed consolidated balance sheet. The Gener8 Elektra is expected to be sold during 2017. The Company intends to use the net proceeds from the sale to repay approximately $7.6 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel.

BASIS OF PRESENTATION AND SUM25

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2017
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION	BASIS OF PRESENTATION —The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of financial position and operating results, have been included in the financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s financial statements for the year ended December 31, 2016, which provides a more complete understanding of our accounting policies. The results of operations for the current and prior periods are not necessarily indicative of the operating results for the full year. The financial statements of the Company have been prepared on the accrual basis of accounting and presented in United States Dollars (USD or $) which is the functional currency of the Company. A summary of the significant accounting policies followed in the preparation of the accompanying unaudited interim financial statements, which conform to accounting principles generally accepted in the United States of America, were included in our 2016 Annual Report on Form 10-K.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS — In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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 condensed consolidated financial statements and related disclosures. 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. During the first quarter of 2017, the Company adopted ASU 2016-09 with no material effect of the adoption on its condensed consolidated financial statements and related disclosure. 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 requirements of this standard include an increase in required disclosures. The Company intends to adopt the ASU’s for the interim periods after December 31, 2017, using the modified retrospective transition method applied to those contracts which were not completed as of that date. Upon adoption, the Company will recognize the cumulative effect of adopting this guidance as an adjustment to its opening balance of retained earnings. Prior periods will not be retrospectively adjusted. The Company is currently evaluating the impact of the adoption of the ASU’s to its condensed consolidated financial statements, including the presentation of revenues in its consolidated statements of operations. 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 condensed consolidated financial statements revised guidance for the accounting and reporting of financial instruments. In August 2016, the FASB issued ASU 2016-15-Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively from the earliest date practicable if retrospective application would be impracticable. The Company does not anticipate any material effect from adopting this standard on its condensed consolidated financial statements and related disclosures . In November 2016, the FASB issued ASU 2016-18- Statement of Cash Flows (Topic 230): Restricted Cash . The new guidance is intended to reduce diversity in practice by adding or clarifying guidance on classification and presentation of changes in restricted cash on the statement of cash flows. The new guidance should be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. As a result of this update, restricted cash will be included within cash and cash equivalents on the Company’s statements of consolidated cash flows. As of June 30, 2017 and December 31, 2016, the Company had an outstanding letter of credit of $1.4 million, respectively, as required under the terms of its office lease. This letter of credit is secured by cash placed in a restricted account amounting to $1.5 million as of June 30, 2017 and December 31, 2016. The Company does not anticipate any material effect from adopting this standard on its condensed consolidated financial statements and related disclosures.

(LOSS) _ INCOME PER COMMON SH26

(LOSS) / INCOME PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2017
(LOSS) / INCOME PER COMMON SHARE
Schedule of reconciliation of basic to diluted income per common share	The reconciliation of basic to diluted net income (loss) per common share was as follows (in thousands, except per share amounts): For the Three Months For the Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 Basic net (loss) / income per share: Numerator: Net (Loss) / Income $ (82,545) $ 37,995 $ (55,681) $ 98,853 Denominator: Weighted-average shares outstanding, basic 82,979 82,681 82,970 82,681 Basic net (loss) / income per share $ (0.99) $ 0.46 $ (0.67) $ 1.20 Diluted net (loss) / income per share: Numerator: Net (Loss) / Income $ (82,545) $ 37,995 $ (55,681) $ 98,853 Denominator: Weighted-average shares outstanding, basic 82,979 82,681 82,970 82,681 Add: Restricted stock units — — — — Stock options — — — — Weighted-average shares outstanding, diluted 82,979 82,681 82,970 82,681 Diluted net (loss) / income per share: $ (0.99) $ 0.46 $ (0.67) $ 1.20

DELIVERY AND DISPOSAL OF VESS27

DELIVERY AND DISPOSAL OF VESSELS (Table)	6 Months Ended
	Jun. 30, 2017
DELIVERY AND DISPOSAL OF VESSELS.
Schedule of delivery of vessels	Borrowings to Fund Vessel's Vessel Name Date of Delivery Delivery (1) Credit Facility (Dollars in thousands) Gener8 Hector January 6, 2017 $ 49,500 Korean Export Credit Facility Gener8 Ethos March 9, 2017 50,631 Korean Export Credit Facility (1) Amounts reflect the borrowings incurred under the Korean Export Credit Facility to fund the delivery of the indicated newbuilding. For more information see Note 10, LONG-TERM DEBT .

PREPAID EXPENSES AND OTHER CU28

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2017
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): June 30, December 31, 2017 2016 Bunkers and lubricants $ 8,497 $ Insurance claims receivable 5,033 Prepaid insurance 1,978 Other 14,619 Total $ 30,127 $ 27,611

VESSELS UNDER CONSTRUCTION (Tab

VESSELS UNDER CONSTRUCTION (Tables)	6 Months Ended
	Jun. 30, 2017
VESSELS UNDER CONSTRUCTION
Schedule of vessels under construction	Vessels under construction consist of the following (dollars in thousands): June 30, 2017 Six Months Ended June 30, 2017 Activities December 31, 2016 2014 Acquired VLCC Newbuildings: Vessels / SPV Stock Purchase $ 162,683 $ — $ 162,683 Installment and supervision payments 579,818 — 579,818 Others 5,214 — 5,214 2015 Acquired VLCC Newbuildings: Vessels 435,417 — 435,417 Acquisition-related costs 10,295 — 10,295 Installment and supervision payments 936,544 95,711 840,833 Accrued milestones and supervision payments — (5,368) 5,368 Others 15,544 1,406 14,138 Fair value of 2015 Warrant Agreement assumed 3,381 — 3,381 Fair value of 2015 Stock Options assumed 39 — 39 Capitalized interest 73,982 2,251 71,731 Vessel deliveries (2,161,864) (210,080) (1,951,784) Total $ 61,053 $ (116,080) $ 177,133

OTHER NONCURRENT ASSETS (Tables

OTHER NONCURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2017
OTHER NONCURRENT ASSETS
Schedule of other noncurrent assets	Other noncurrent assets consist of the following (dollars in thousands): June 30, December 31, 2017 2016 Working capital for 2011 VLCC pool $ 1,900 $ 1,900 Fresh start lease asset 1,116 Insurance claims 50 Escrow deposits — Long-term due from charters — Total $ 3,066 $ 5,255

ACCOUNTS PAYABLE AND ACCRUED 31

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2017
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consist of the following (dollars in thousands): June 30, December 31, 2017 2016 Accounts payable $ 9,174 $ Accrued milestone and supervision payments — 5,368 Accrued operating expenses 14,159 Accrued administrative expenses 2,378 Accrued interest 7,162 Total $ 32,873 $ 33,991

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2017
LONG-TERM DEBT.
Schedule of long-term debt	Long‑term debt consists of the following (dollars in thousands): June 30, December 31, 2017 2016 Refinancing Facility $ $ 408,337 Korean Export Credit Facility 658,568 Senior Notes 174,604 Amended Sinosure Credit Facility 328,652 340,442 Total 1,576,212 1,581,951 Less: current portion of long-term debt (160,446) (181,023) Less: unamortized discount and debt financing costs (58,076) (63,146) Long-term debt less unamortized discount and debt issuance cost $ 1,357,690 $ 1,337,782
Schedule of Interest expense, net	Interest expense, net consists of the following (amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Refinancing Facility (1) $ $ $ $ (11,325) Korean Export Credit Facility (1) (4,182) Senior Notes Amended Sinosure Credit Facility (1) (2) (2,379) Amortization of deferred financing costs and other Capitalized interest Commitment fees (3,312) Interest rate swap modification — — Interest income Interest expense, net $ (20,447) $ (10,361) $ (40,498) $ (17,656) (1) Amounts include interest rate swaps settlements. (2) Sinosure Credit Facility was amended on June 29, 2016.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
FINANCIAL INSTRUMENTS
Schedule of derivative instruments	June 30, 2017 Notional Effective Maturity Fair Value Fixed Floating Hedged Credit Facility Amount Date Date Hierarchy Interest Rate Interest Rate Refinancing Facility $ 94,814 4/10/2017 9/3/2020 Level 2 1 mo. LIBOR Refinancing Facility 23,703 4/18/2017 9/3/2020 Level 2 1 mo. LIBOR Korean Export Credit Facility (1) 474,400 4/10/2017 9/30/2020 Level 2 3 mo. LIBOR Korean Export Credit Facility (1) 88,950 4/10/2017 9/30/2020 Level 2 3 mo. LIBOR Korean Export Credit Facility (1) 29,650 4/18/2017 9/30/2020 Level 2 3 mo. LIBOR Sinosure Credit Facility 328,652 4/10/2017 3/21/2022 Level 2 3 mo. LIBOR (1) The initial aggregate notional amount of $599.7 million under the three interest rate swaps will increase up to the maximum aggregate notional amount of $610.0 million in October 2017 in order to effectively fix the interest rate on the target percentage of expected borrowings. The swap notional will amortize down hereafter.
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): June 30, 2017 December 31, 2016 Balance Sheet Fair Value of Derivatives Fair Value of Derivatives Location Asset Liability Asset Liability Derivatives designated as hedging instruments Interest rate swap contracts - current Current assets $ — $ — $ — $ — Interest rate swap contracts - non-current Non-current assets — 432 19,585 — Interest rate swap contracts - current Current liabilities — (4,531) (1,552) — Interest rate swap contracts - non-current Non-current liabilities — (533) — — Total derivatives designated as hedging instruments $ — $ (4,632) $ 18,033 $ —
Schedule of offsetting derivative assets and liabilities	Offsetting of Derivative Assets June 30, 2017 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 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 $ 15,577 $ 1,314 $ 16,891 $ (1,314) $ — $ 15,577 Counterparty 2 975 80 1,055 (80) — 975 Counterparty 3 1,481 158 1,639 (158) — 1,481 Total $ 18,033 $ 1,552 $ 19,585 $ (1,552) $ — $ 18,033 Offsetting of Derivative Liabilities June 30, 2017 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 $ (4,165) $ — $ (4,165) $ — $ — $ (4,165) Counterparty 2 (104) — (104) — — (104) Counterparty 3 (363) — (363) — — (363) Total $ (4,632) $ — $ (4,632) $ — $ — $ (4,632) 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 $ — $ (1,314) $ (1,314) $ 1,314 $ — $ — Counterparty 2 — (80) (80) 80 — — Counterparty 3 — (158) (158) 158 — — Total $ — $ (1,552) $ (1,552) $ 1,552 $ — $ —
Schedule of effect of derivatives on the statements of operations	The following table provides the effect of derivatives on the statements of operations (dollars in thousands): Location of Gain or (Loss) Reclassified Location of Gain Three Months Ended Six Months Ended Derivatives in Cash Flow from AOCI to (Loss) Recognized June 30, 2017 June 30, 2017 Hedging Relationships Income on Derivatives 2017 2016 2017 2016 Interest rate swap contracts (Effective Portion) Amount of gain / (loss) recognized in OCI on derivatives Interest Expense, net $ (4,552) $ 14,108 $ (4,356) $ 14,108 Amount of gain / (loss) reclassified from AOCI into income on derivatives Interest Expense, net (82) 160 (909) 160 Interest rate swap contracts (Ineffective Portion) Amount of gain / (loss) recognized in income on derivatives Other expense, net $ (2,771) 1,560 $ (2,088) 1,560

FAIR VALUE OF FINANCIAL INSTR34

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
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): June 30, 2017 December 31, 2016 Carrying Fair Carrying Fair Value Value Value Value Cash and cash equivalents $ 160,146 $ 160,146 $ 94,681 $ 94,681 Restricted cash 1,461 1,461 1,457 1,457 Long-term debt, including current portion, excluding discount 1,576,212 1,564,254 1,581,951 1,564,364
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): June 30, 2017 December 31, 2016 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 $ 170,290 $ 170,290 $ — $ 30,195 $ 30,195 $ —
Schedule of valuation of liabilities measured on a recurring basis	The following table summarizes the valuation of liabilities measured on a recurring basis (dollars in thousands): June 30, 2017 December 31, 2016 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 $ 432 $ 432 $ — $ 19,585 $ 19,585 $ — Interest rate swaps - Liabilities 5,064 5,064 — 1,552 1,552 —

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2017
STOCK-BASED COMPENSATION
Summary of certain information of the stock options granted	Options Exercisable, June 30, 2017 Weighted Average Weighted Remaining Number of Average Contractual Life Exercise Price Options Exercise Price (years) (‘000) $4.69 525 $ 4.69 6.5 $15.09 13 15.09 0.1
Summary of RSU Activity	Weighted- Average Remaining Number of Contractual RSUs Term (years) (‘000) Outstanding, December 31, 2016 664 Granted 45 Vested (29) Forfeited — Outstanding, June 30, 2017 680

BASIS OF PRESENTATION AND SUM36

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NATURE OF BUSINESS (Details)	6 Months Ended
	Jun. 30, 2017segmentbuildingitem
NATURE OF BUSINESS
Number of tankers	39
Number of tankers in operation	38
Number of operating segments | segment	1
VLCCs
NATURE OF BUSINESS
Number of tankers	24
New building construction | building	1
Suezmax
NATURE OF BUSINESS
Number of tankers	9
Aframax
NATURE OF BUSINESS
Number of tankers	3
Panamax
NATURE OF BUSINESS
Number of tankers	2
Navig8 Limited
NATURE OF BUSINESS
Ownership percentage in outstanding common shares (as a percent)	4.00%

BASIS OF PRESENTATION AND SUM37

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - RECENT ACCOUNTING PRONOUNCEMENTS (Details) - Letter of credit - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Summary Of Significant Accounting Policies
Outstanding letter of credit	$ 1.4	$ 1.4
Cash held as security	$ 1.5	$ 1.5

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Non-cash investing and financing activities
Capitalized interest	$ 845	$ 7,763	$ 2,251	$ 17,610
Accounts payable and accrued expenses.
Non-cash investing and financing activities
Milestone and supervision payments not yet paid			0		$ 4,900
Long - term debt
Non-cash investing and financing activities
Accrued capitalized interest			$ 1,200

(LOSS) _ INCOME PER COMMON SH39

(LOSS) / INCOME PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator:
Net (loss) / income	$ (82,545)	$ 37,995	$ (55,681)	$ 98,853
Denominator:
Weighted-average shares outstanding, basic	82,979	82,681	82,970	82,681
Basic net income per share (in dollars per share):	$ (0.99)	$ 0.46	$ (0.67)	$ 1.20
Numerator:
Net (loss) / income	$ (82,545)	$ 37,995	$ (55,681)	$ 98,853
Denominator:
Weighted-average shares outstanding, basic	82,979	82,681	82,970	82,681
Weighted-average shares outstanding, diluted	82,979	82,681	82,970	82,681
Diluted net (loss) / income per share:	$ (0.99)	$ 0.46	$ (0.67)	$ 1.20

(LOSS) _ INCOME PER COMMON SH40

(LOSS) / INCOME PER COMMON SHARE - Additional Information (Details) - $ / shares	May 16, 2017	Jan. 05, 2017	Dec. 07, 2016	Sep. 09, 2016	Jun. 24, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
RSU's
Antidilutive securities excluded from computation of earnings per share
Number of potentially dilutive securities that were determined to be anti-dilutive (in shares)						785,258	1,044,196	699,583	1,044,196
RSU's | 2012 Equity Incentive Plan
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
Shares forfeited to date								44,919
Shares remaining to be issued in future years (in shares)						635,518		635,518
Granted (in shares)					1,663,660			45,000
RSU's | 2012 Equity Incentive Plan | Non Employee Director
Antidilutive securities excluded from computation of earnings per share
Issuance of common stock for vested 2015 and 2016 restricted stock units (in shares)	28,752
Vesting period of shares	30 days
Granted (in shares)	44,856			28,752
Granted (in dollars per share)	$ 5.35			$ 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 (in shares)						309,296	309,296	309,296	309,296
Number of potentially dilutive securities excluded from EPS calculation as certain market conditions have not been met (in shares)						13,420	13,420	13,420	13,420
Stock options | Mr. Georgiopoulos
Antidilutive securities excluded from computation of earnings per share
Options granted (in shares)		500,000
Stock options | Leonard J. Vrondissis
Antidilutive securities excluded from computation of earnings per share
Options granted (in shares)		25,000

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Assets Held-for-Sale
Assets held for sale	$ 170,290		$ 170,290		$ 30,195
Loss on disposal of vessels, net	67,860	$ (714)	77,703	$ (579)
Gener8 Ulysses | Held-for-sale
Assets Held-for-Sale
Assets held for sale					30,200
Loss on disposal of vessels, net					$ 6,900
Gener8 Theseus | Held-for-sale
Assets Held-for-Sale
Assets held for sale	80,000		80,000
Gener8 Noble | Held-for-sale
Assets Held-for-Sale
Assets held for sale	80,000		80,000
Gener8 Elektra | Held-for-sale
Assets Held-for-Sale
Assets held for sale	10,300		10,300
Gener8 Noble And Gener8 Theseus | Held-for-sale
Assets Held-for-Sale
Loss on disposal of vessels, net	$ 56,800
Gener8 Noble, Gener8 Theseus and Gener8 Elektra | Held-for-sale
Assets Held-for-Sale
Loss on disposal of vessels, net			$ 61,700

DELIVERY AND DISPOSAL OF VESS42

DELIVERY AND DISPOSAL OF VESSELS (Details) - USD ($) $ in Thousands	Jun. 13, 2017	May 13, 2017	Feb. 01, 2017	Dec. 19, 2016	Aug. 25, 2016	Aug. 05, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
DELIVERY OF VESSELS
Accounts payable and accrued expenses							$ 32,873		$ 32,873		$ 33,991
Proceeds from sale of vessels, net									53,335	$ 16,925
Assets held for sale							170,290		170,290		30,195
Loss on disposal of vessels, net							67,860	$ (714)	77,703	$ (579)
Gener8 Ulysses | Held-for-sale
DELIVERY OF VESSELS
Gross proceeds from sale of vessel			$ 30,500
Assets held for sale											30,200
Loss on disposal of vessels, net											6,900
Gener8 Orion
DELIVERY OF VESSELS
Gross proceeds from sale of vessel	$ 13,000
Loss on disposal of vessels, net									10,100
Gener8 Daphne
DELIVERY OF VESSELS
Gross proceeds from sale of vessel		$ 10,500
Loss on disposal of vessels, net									5,100
Gener8 Spyridon
DELIVERY OF VESSELS
Gross proceeds from sale of vessel				$ 13,900
Loss on disposal of vessels, net											$ 7,100
Genmar Vision
DELIVERY OF VESSELS
Gross proceeds from sale of vessel						$ 28,000
Loss on disposal of vessels, net						3,200
Genmar Victory
DELIVERY OF VESSELS
Gross proceeds from sale of vessel					$ 29,000
Loss on disposal of vessels, net					7,300
Korean Export Credit Facility | Gener8 Hector | Gener8 Hector LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities									49,500
Korean Export Credit Facility | Gener8 Ethos | Gener8 Ethos LLC
DELIVERY OF VESSELS
Borrowings under term loan facilities									50,631
Refinancing Facility | Gener8 Ulysses | Held-for-sale
DELIVERY OF VESSELS
Repayments of debt			$ 20,000
Refinancing Facility | Gener8 Orion
DELIVERY OF VESSELS
Repayments of debt	$ 11,100
Refinancing Facility | Gener8 Daphne
DELIVERY OF VESSELS
Repayments of debt		$ 8,100
Refinancing Facility | Gener8 Spyridon
DELIVERY OF VESSELS
Repayments of debt				$ 11,700
Refinancing Facility | Genmar Vision
DELIVERY OF VESSELS
Repayments of debt						$ 19,400
Refinancing Facility | Genmar Victory
DELIVERY OF VESSELS
Repayments of debt					$ 19,400
2017 Asset Under Construction
DELIVERY OF VESSELS
Accounts payable and accrued expenses							$ 0		$ 0

PREPAID EXPENSES AND OTHER CU43

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Prepaid Expense and Other Current Assets
Bunkers and lubricants	$ 8,497	$ 7,522
Insurance claims receivable	5,033	5,047
Prepaid insurance	1,978	3,185
Other	14,619	11,857
Total	30,127	27,611
Insurance claims receivable included in Other noncurrent assets	50	588
Advances to third party technical managers	6,300	4,700
Navig8 Group
Prepaid Expense and Other Current Assets
Working capital due from Navig8	3,500	1,900
Gener8 Orion | Prepaid Expenses and Other Current Assets | Navig8 Group
Prepaid Expense and Other Current Assets
Working capital due from Navig8	900
Gener8 Defiance | Prepaid Expenses and Other Current Assets | Navig8 Group
Prepaid Expense and Other Current Assets
Working capital due from Navig8	600
Gener8 Noble | Prepaid Expenses and Other Current Assets | Navig8 Group
Prepaid Expense and Other Current Assets
Working capital due from Navig8	1,000
Gener8 Theseus | Prepaid Expenses and Other Current Assets | Navig8 Group
Prepaid Expense and Other Current Assets
Working capital due from Navig8	$ 1,000
Gener8 Spyridon | Prepaid Expenses and Other Current Assets | Navig8 Group
Prepaid Expense and Other Current Assets
Working capital due from Navig8		900
Gener8 Ulysses | Prepaid Expenses and Other Current Assets | Navig8 Group
Prepaid Expense and Other Current Assets
Working capital due from Navig8		$ 1,000

VESSELS UNDER CONSTRUCTION (Det

VESSELS UNDER CONSTRUCTION (Details) $ in Thousands	Sep. 03, 2015item	May 07, 2015item	Mar. 31, 2014item	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)item	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)item
Vessels under construction
Interest Costs Capitalized				$ 845	$ 7,763	$ 2,251	$ 17,610
Total, beginning						177,133
Total, end				61,053		61,053		$ 177,133
Borrowings under credit facilities						$ 100,131	$ 421,695
Korean Export Credit Facility
Vessels under construction
Number of tankers in new building contract | item						1
VLCCs | Korean Export Credit Facility
Vessels under construction
Number of tankers in new building contract | item	15
Acquired VLCC Newbuildings
Vessels under construction
Capitalized interest expense, beginning						$ 71,731
Interest Costs Capitalized						2,251
Capitalized interest expense, end				73,982		73,982		71,731
Vessel delivery, beginning						(1,951,784)
Vessels delivery increase						(210,080)
Vessel delivery, end				(2,161,864)		(2,161,864)		(1,951,784)
Total, beginning						177,133
Total vessels under construction decrease						(116,080)
Total, end				61,053		61,053		177,133
2014 Acquired VLCC Newbuildings
Vessels under construction
Vessels/SPV Stock Purchase, beginning						162,683
Vessels/SPV Stock Purchase, end				162,683		162,683		162,683
Installment and supervision payments, beginning						579,818
Installment and supervision payments, end				579,818		579,818		579,818
Others, beginning						5,214
Others, end				5,214		5,214		$ 5,214
Number of vessels delivered | item								11
2014 Acquired VLCC Newbuildings | Scorpio Tankers Inc
Vessels under construction
Number of tankers in new building contract | item			7
2015 Acquired VLCC Newbuildings
Vessels under construction
Vessels/SPV Stock Purchase, beginning						435,417
Vessels/SPV Stock Purchase, end				435,417		435,417		$ 435,417
Acquisition-related costs, beginning						10,295
Acquisition-related costs, end				10,295		10,295		10,295
Installment and supervision payments, beginning						840,833
Installment and supervision payments increase						95,711
Installment and supervision payments, end				936,544		936,544		840,833
Accrued milestones and supervision payments, beginning						5,368
Accrued milestones and supervision payments decrease						(5,368)
Accrued milestones and supervision payments, end								5,368
Others, beginning						14,138
Others increase						1,406
Others, end				15,544		15,544		14,138
Fair value of 2015 Warrant Agreement assumed, beginning						3,381
Fair value of 2015 Warrant Agreement assumed, end				3,381		3,381		3,381
Fair value of stock option, beginning						39
Fair value of stock option, end				$ 39		$ 39		$ 39
Number of vessels delivered | item						2
2015 Acquired VLCC Newbuildings | Korean Export Credit Facility
Vessels under construction
Borrowings under credit facilities						$ 100,100
2015 Acquired VLCC Newbuildings | Crude Oil Tanker | Navig8 Crude Tankers Inc
Vessels under construction
Number of tankers in new building contract | item		14

OTHER NONCURRENT ASSETS (Detail

OTHER NONCURRENT ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Other noncurrent assets
Working capital for 2011 VLCC pool	$ 1,900	$ 1,900	$ 1,900
Fresh start lease asset	1,116	1,116	1,183
Insurance claims	50	50	588
Escrow deposits			38
Long-term due from charterers			1,546
Total	3,066	3,066	$ 5,255
Atlas Charter Dispute | General and Administrative Expenses
Other noncurrent assets
Working capital and due from charterer write-off	$ 1,500	$ 1,500

ACCOUNTS PAYABLE AND ACCRUED 46

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable	$ 9,174	$ 6,821
Accrued milestones and supervision payments		5,368
Accrued operating expenses	14,159	16,990
Accrued administrative expenses	2,378	2,767
Accrued interest	7,162	2,045
Total	32,873	$ 33,991
Milestone and supervision installments payments during the period	$ 5,400

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) $ in Thousands	Jun. 29, 2016USD ($)item	Dec. 01, 2015USD ($)item	Sep. 03, 2015USD ($)item	May 13, 2014USD ($)	Jun. 30, 2017USD ($)item	Mar. 31, 2017USD ($)item	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)item	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Long-term debt
Long-term debt					$ 1,576,212			$ 1,576,212		$ 1,581,951
Less: current portion of long-term debt					(160,446)			(160,446)		(181,023)
Less: unamortized discount and debt financing cost					(58,076)			(58,076)		(63,146)
Long-term debt less unamortized discount and debt financing costs					$ 1,357,690			$ 1,357,690		1,337,782
Ownership of subsidiaries (as a percent)					100.00%			100.00%
Weighted average interest rate for the credit facilities (as percent)					2.72%		2.75%	2.72%	2.75%
Interest expense, net
Amortization of deferred financing costs					$ (3,150)		$ (2,563)	$ (6,323)	$ (5,136)
Capitalized interest					845		7,763	2,251	17,610
Commitment fees					(175)		(1,379)	(450)	(3,312)
Interest rate swap modification					1,074			1,074
Interest income					278		28	429	53
Interest expense, net					(20,447)		(10,361)	(40,498)	(17,656)
$508M Credit Facility | Senior Secured Credit Facility
Long-term debt
Maximum borrowing capacity			$ 508,000
$273M Credit Facility | Senior Secured Credit Facility
Long-term debt
Maximum borrowing capacity			273,000
Refinancing Facility
Long-term debt
Maximum borrowing capacity			$ 581,000
Additional accrual rate if failure to pay any amount due			2.00%
Repayment of debt								39,200
Refinancing Facility | Term Loan
Long-term debt
Long-term debt					$ 319,397			$ 319,397		408,337
Dividend cap as a percentage of consolidated net income					50.00%			50.00%
Interest expense, net
Interest expense excluding amortization of deferred financing costs					$ (4,194)		(5,559)	$ (8,538)	(11,325)
Refinancing Facility | Gener8 Ulysses
Long-term debt
Borrowings under term loan facilities						$ 20,000
Number of vessels sold | item						1
Repayment of debt					$ 11,100
Refinancing Facility | Gener8 Orion and Gener8 Daphne
Long-term debt
Number of vessels sold | item					2
Refinancing Facility | Gener8 Daphne
Long-term debt
Repayment of debt					$ 8,100
Refinancing Facility | LIBOR
Long-term debt
Margin on variable interest rate			3.75%
Korean Export Credit Facility
Long-term debt
Remaining borrowing capacity			$ 63,000
Additional accrual rate if failure to pay any amount due			2.00%
Newbuilding Vessels | item								1
Korean Export Credit Facility | Term Loan
Long-term debt
Long-term debt					$ 744,034			$ 744,034		658,568
Maximum borrowing capacity			$ 963,700
Dividend cap as a percentage of consolidated net income					50.00%			50.00%
Interest expense, net
Interest expense excluding amortization of deferred financing costs					$ (7,140)		(2,458)	$ (13,248)	(4,182)
Korean Export Credit Facility | Gener8 Hector And Gener8 Ethos
Long-term debt
Borrowings under term loan facilities					$ 100,100			$ 100,100
Korean Export Credit Facility | Final Contract Price
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value			65.00%
Korean Export Credit Facility | Maximum Contract Price
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value			65.00%
Korean Export Credit Facility | Fair Market Value
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value			60.00%
Korean Export Credit Facility | Commercial Tranche
Long-term debt
Maximum borrowing capacity			$ 282,000
Number of payment installments | item			20
Frequency of payment installments			quarterly
Loan maturity			60 months
Balloon payment to loan ratio			66.70%
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
Number of payment installments | item			48
Loan maturity			144 months
Korean Export Credit Facility | VLCCs
Long-term debt
Newbuilding Vessels | item			15
Korean Export Credit Facility | VLCCs | Term Loan
Long-term debt
Number of vessels to be delivered under contract | item								1
Korean Export Credit Facility | VLCC vessels
Long-term debt
Number of pledged vessels | item					14			14
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					$ 184,129			$ 184,129		174,604
Aggregate principal amount				$ 131,600
Proceeds (before fees and expenses), after original issue of discount				$ 125,000
Debt discount on Senior Notes					$ 4,400			$ 4,400		4,900
Interest rate if interest is paid in cash for remainder of debt term (as a percent)					10.00%			10.00%
Interest expense, net
Interest expense excluding amortization of deferred financing costs					$ (5,117)		(4,689)	$ (10,035)	(8,985)
Senior Notes | Additional senior notes
Long-term debt
Interest rate (as a percent)					11.00%			11.00%
Amended Sinosure Credit Facility
Long-term debt
Remaining borrowing capacity					$ 0			$ 0
Percentage of balloon payment to loan		20.00%
Percentage of each installment amount of loan		1.667%
Amended Sinosure Credit Facility | Term Loan
Long-term debt
Long-term debt					$ 328,652			$ 328,652		$ 340,442
Loan maturity								144 months
Number of Term loan tranches | item	2
Dividend cap as a percentage of consolidated net income					50.00%			50.00%
Aggregate principal amount of other indebtedness undergoing change of control that triggers a change of control to debt facility		$ 259,600
Interest expense, net
Interest expense excluding amortization of deferred financing costs					$ (2,868)		$ (1,504)	$ (5,658)	$ (2,379)
Amended Sinosure Credit Facility | VLCCs | Term Loan
Long-term debt
Maximum borrowing capacity					$ 385,200			$ 385,200
Newbuilding Vessels | item		3
Number of vessels delivered | item								5
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
Amended Sinosure Credit Facility | VLCC vessels
Long-term debt
Number of pledged vessels | item					6			6
Korean Export Credit Facility and Amended Sinosure Credit Facility | Term Loan
Long-term debt
Remaining borrowing capacity					$ 63,000			$ 63,000
Future maturities
Remainder of 2017 installment					$ 48,200			$ 48,200
Note and Guarantee Agreement
Long-term debt
Threshold ratio under debt agreement for entity to make dividends (as a percent)					60.00%			60.00%
Gener8 Maritime Sub II | Suezmax Vessels
Long-term debt
Number of vessel owning subsidiaries | item			9
Gener8 Maritime Sub II | Aframax
Long-term debt
Number of vessel owning subsidiaries | item			3
Gener8 Maritime Sub II | Panamax
Long-term debt
Number of vessel owning subsidiaries | item			2
Gener8 Maritime Sub II | Refinancing Facility
Long-term debt
Number of vessel owning subsidiaries | item			18
Number of payment installments | item			20
Gener8 Maritime Sub VII | Amended Sinosure Credit Facility
Long-term debt
Additional accrual rate if failure to pay any amount due								2.00%
Gener8 Maritime Sub VII | Amended Sinosure Credit Facility | VLCCs
Long-term debt
Margin on variable interest rate								2.00%
Interest rate swap
Long-term debt
Payment received from swap counterparties					$ 18,200

FINANCIAL INSTRUMENTS - Interes

FINANCIAL INSTRUMENTS - Interest Rate Risk Management (Details) $ in Thousands	Apr. 10, 2017item	Jun. 30, 2017USD ($)item	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)item	Dec. 31, 2016item	May 02, 2016item
Interest Rate Swap Agreements
Number of interest rate swap transactions | item						6
Interest rate swap
Interest Rate Swap Agreements
Payment received from swap counterparties		$ 18,200
Interest rate swap | Cash flow hedges
Interest Rate Swap Agreements
Amounts in accumulated other comprehensive loss expected to be reclassified into earings in the coming 12 months				$ 4,000
Interest rate swap | Cash flow hedges | Minimum
Interest Rate Swap Agreements
Swap offsetting percentage of hedged interest payments		80.00%		80.00%
Interest rate swap | Cash flow hedges | Maximum
Interest Rate Swap Agreements
Hedge effectiveness (as a percent)		125.00%		125.00%
Interest rate swap | Cash flow hedges | Other income (expense), net
Interest Rate Swap Agreements
Hedge ineffectiveness recognized in earnings		$ 2,800	$ 1,600	$ 2,100
Refinancing Facility
Interest Rate Swap Agreements
Number of interest rate swap transactions | item		2		2
Percentage of fixed interest rate on aggregate variable interest rate borrowings		35.00%		35.00%
Refinancing Facility | Interest rate swap
Interest Rate Swap Agreements
Number of swap agreements with payment dates modified | item	2				2
Number of remaining Interest Rate Swaps With Modified Payment Dates | item	4
Refinancing Facility One | Interest rate swap | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount		$ 94,814		$ 94,814
Derivative, Fixed Interest Rate		1.66%		1.66%
Refinancing Facility Two | Interest rate swap | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount		$ 23,703		$ 23,703
Derivative, Fixed Interest Rate		1.648%		1.648%
Korean Export Credit Facility
Interest Rate Swap Agreements
Number of interest rate swap transactions | item		3		3
Percentage of fixed interest rate on aggregate variable interest rate borrowings		74.00%		74.00%
Korean Export Credit Facility | Interest rate swap | Cash flow hedges
Interest Rate Swap Agreements
Number of interest rate swap transactions | item		3		3
Initial aggregate notional amount		$ 599,700		$ 599,700
Maximum aggregate notional amount		610,000		610,000
Korean Export Credit Facility One | Interest rate swap | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount		$ 474,400		$ 474,400
Derivative, Fixed Interest Rate		1.838%		1.838%
Korean Export Credit Facility Two | Interest rate swap | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount		$ 88,950		$ 88,950
Derivative, Fixed Interest Rate		1.8645%		1.8645%
Korean Export Credit Facility Three | Interest rate swap | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount		$ 29,650		$ 29,650
Derivative, Fixed Interest Rate		1.818%		1.818%
Sinosure Credit Facility
Interest Rate Swap Agreements
Percentage of fixed interest rate on aggregate variable interest rate borrowings		100.00%		100.00%
Sinosure Credit Facility | Interest rate swap | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount		$ 328,652		$ 328,652
Derivative, Fixed Interest Rate		2.047%		2.047%

FINANCIAL INSTRUMENTS - Quantit

FINANCIAL INSTRUMENTS - Quantitative Information (Details) - Derivatives designated as hedging instruments - Interest rate swap - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Financial Instruments
Total derivatives designated as hedging instruments	$ (4,632)	$ 18,033
Non-Current Liabilities
Financial Instruments
Fair value of derivative liability	(533)
Non-current assets
Financial Instruments
Fair value of derivative asset	432	19,585
Current Liabilities
Financial Instruments
Fair value of derivative liability	$ (4,531)	$ (1,552)

FINANCIAL INSTRUMENTS - Offsett

FINANCIAL INSTRUMENTS - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
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 of Recognized Liabilities	$ (4,632)
Gross Amounts Offset in the Balance Sheet		(1,552)
Net amounts of liabilities presented in the balance sheet	(4,632)	(1,552)
Financial Instruments		1,552
Net Amount	(4,632)
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 of Recognized Liabilities	(4,165)
Net amounts of liabilities presented in the balance sheet	(4,165)
Net Amount	(4,165)
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 of Recognized Liabilities	(104)
Net amounts of liabilities presented in the balance sheet	(104)
Net Amount	(104)
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 of Recognized Liabilities	(363)
Net amounts of liabilities presented in the balance sheet	(363)
Net Amount	$ (363)
Interest rate swap | Counterparty 1
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 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 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 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest Expense, net
Interest rate swap contracts (Effective Portion)
Amount of gain / (loss) recognized in OCI on derivatives	$ (4,552)	$ 14,108	$ (4,356)	$ 14,108
Amount of gain / (loss) reclassified from AOCI into income on derivatives	(82)	160	(909)	160
Other income (expense), net
Interest rate swap contracts (Ineffective Portion)
Amount of gain / (loss) recognized in income on derivatives	$ (2,771)	$ 1,560	$ (2,088)	$ 1,560

FAIR VALUE OF FINANCIAL INSTR52

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Carrying Value
Estimated fair values of financial instruments
Cash and cash equivalents	$ 160,146	$ 94,681
Restricted Cash	1,461	1,457
Long-term debt, including current portion, excluding discount	1,576,212	1,581,951
Fair Value
Estimated fair values of financial instruments
Cash and cash equivalents	160,146	94,681
Restricted Cash	1,461	1,457
Long-term debt, including current portion, excluding discount	$ 1,564,254	$ 1,564,364

FAIR VALUE OF FINANCIAL INSTR53

FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring and Nonrecurring (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Valuation of financial instruments
Derivative Asset		$ 19,585
Derivative Liability.	$ 4,632	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	3.75%
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	$ 170,290	30,195
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2)
Valuation of financial instruments
Assets held for sale	170,290	30,195
Fair Value, Measurements, Recurring | Interest rate swap
Valuation of financial instruments
Derivative Asset	432	19,585
Derivative Liability.	5,064	1,552
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swap
Valuation of financial instruments
Derivative Asset	432	19,585
Derivative Liability.	$ 5,064	$ 1,552

LEASE COMMITMENTS (Details)

LEASE COMMITMENTS (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Letter of credit
Letter of credit
Outstanding letter of credit		$ 1.4		$ 1.4		$ 1.4
Cash held as security		1.5		1.5		$ 1.5
Lease agreement entered in 2004
Lease Commitments
Rent expense		0.5	$ 0.5	1	$ 1
Future minimum rental payments
Remainder of 2017		0.8		0.8
2,018		1.5		1.5
2,019		1.5		1.5
2,020		1.7		1.7
2,021		2.2		2.2
Thereafter		$ 8.2		$ 8.2
Lease agreement entered in 2004 | Period Commencing October 2020
Lease Commitments
Extended lease term	5 years
Monthly rental payment	$ 0.2

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	Dec. 17, 2013USD ($)	Jun. 30, 2017USD ($)item	Mar. 31, 2017item	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)item	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Related party transactions
Revenue from related party		$ 72,317,000		$ 92,400,000	$ 190,686,000	$ 205,431,000
Working capital at Navig8 pools		$ 30,300,000			$ 30,300,000			$ 33,100,000
Navig8 Limited
Related party transactions
Ownership percentage in outstanding common shares (as a percent)		4.00%			4.00%
Navig8 Pools
Related party transactions
Working capital at Navig8 pools		$ 30,300,000			$ 30,300,000			33,100,000
Navig8 Group
Related party transactions
Revenue from related party		72,300,000		92,400,000	190,700,000	205,400,000
Due from related parties		39,700,000			39,700,000			60,700,000
Navig8 Group | VL8 Pool
Related party transactions
Revenue from related party		56,400,000		58,600,000	147,000,000	125,000,000
Due from related parties		27,300,000			27,300,000			40,900,000
Navig8 Group | Suez8 Pool
Related party transactions
Revenue from related party		13,000,000		26,500,000	35,200,000	63,900,000
Due from related parties		10,800,000			10,800,000			16,100,000
Navig8 Group | V8 Pool
Related party transactions
Revenue from related party		2,900,000		7,300,000	8,500,000	16,500,000
Due from related parties		1,600,000			$ 1,600,000			3,700,000
VL8 Pool Inc. | VL8 Pool
Related party transactions
Commercial Management Fee (as a percent)					1.25%
Revised operating capital to be provided to related party							$ 1,000,000
V8 Pool Inc. | Suez8 Pool
Related party transactions
Revised operating capital to be provided to related party							800,000
V8 Pool Inc. | V8 Pool
Related party transactions
Commercial Management Fee (as a percent)					2.00%
Revised operating capital to be provided to related party							700,000
Navig8 Shipmanagement Pte Ltd. | Supervision agreements
Related party transactions
Supervision fee per vessel					$ 500,000
Supervision fees incurred		0		900,000	500,000	1,700,000
Due to related parties		300,000			300,000			1,300,000
Navig8 Limited | Corporate administration agreement | Navig8 Crude Tankers Inc
Related party transactions
Corporate administration fees per vessel per day	$ 250
Corporate administration fees		300,000		300,000	600,000	600,000
Due to related parties		300,000			300,000			100,000
Peter C Georgiopoulos & Company LLC | Office expenses
Related party transactions
Due from related parties		7,000			7,000			4,000
Amount of expense incurred on behalf of related parties		2,000		2,000	3,000	3,000
Genco | Business, travel, and entertainment costs
Related party transactions
Due from related parties		0			0			0
Amount of expense incurred on behalf of related parties				23,000		47,000
Aegean | Bunker and lubricating oil purchases
Related party transactions
Bunkers and lubricating oils purchased		500,000		900,000	1,900,000	1,900,000
Due to related parties		200,000			200,000			1,000,000
Aegean | Rent and other expenses
Related party transactions
Due from related parties		0			0			0
Amount of expense incurred on behalf of related parties		50,000		50,000	100,000	100,000
Chemical | Rent and other expenses
Related party transactions
Due from related parties		4,000			4,000			100
Amount of expense incurred on behalf of related parties		20,000		16,000	44,000	32,000
Gener8 Noble | Navig8 Pools | Prepaid Expenses and Other Current Assets
Related party transactions
Working capital at Navig8 pools		1,000,000			1,000,000
Gener8 Theseus | Navig8 Pools | Prepaid Expenses and Other Current Assets
Related party transactions
Working capital at Navig8 pools		$ 1,000,000			$ 1,000,000
Gener8 Noble And Gener8 Theseus
Related party transactions
Number of vessels held for sale | item		2			2
Nave Quasar | Navig8 Inc.
Related party transactions
Gross daily rate							$ 26,000
Revenue share above daily threshold (as a percent)							50.00%
Threshold gross daily rate							$ 30,000
Amount of expense incurred on behalf of related parties				$ 49,000		$ 3,300,000
Gener8 Ulysses | Navig8 Pools | Prepaid Expenses and Other Current Assets
Related party transactions
Working capital at Navig8 pools								1,000,000
Gener8 Spyridon | Navig8 Pools | Prepaid Expenses and Other Current Assets
Related party transactions
Working capital at Navig8 pools								$ 900,000
Gener8 Orion | Navig8 Pools | Prepaid Expenses and Other Current Assets
Related party transactions
Working capital at Navig8 pools		$ 900,000			$ 900,000
Gener8 Defiance | Navig8 Pools | Prepaid Expenses and Other Current Assets
Related party transactions
Working capital at Navig8 pools		$ 700,000			$ 700,000
Gener8 Spyridon and Gener8 Ulysses | Navig8 Pools
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					24
Daily pool administration fee					$ 325
Aframax | V8 Pool Inc. | V8 Pool
Related party transactions
Number of vessels directly admitted to pool | item					1
Daily pool administration fee					$ 250
Suezmax Vessels | V8 Pool Inc. | Suez8 Pool
Related party transactions
Number of vessels directly admitted to pool | item					9
Daily pool administration fee					$ 325

STOCK BASED COMPENSATION - Stoc

STOCK BASED COMPENSATION - Stock Options (Details)	Jan. 05, 2017$ / sharesshares	May 07, 2015USD ($)$ / sharesshares	May 06, 2015item$ / sharesshares	Mar. 31, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
2012 Equity Incentive Plan | Stock options
Stock-Based Compensation
Weighted Average Exercise Price | $ / shares	$ 4.69
Expiration period	7 years
Stock-based compensation expense | $				$ 1,300,000	$ 0		$ 0
Fair value assumption
Expected volatility rate				49.48%
Contractual option term				7 years
Expected term				3 years 6 months
Expected dividend rate				0.00%
Risk-free interest rate				2.26%
2012 Equity Incentive Plan | Stock options | $4.69
Exercise Price
Number Exercisable at the end of the period (in shares)						525,000
Weighted Average Exercise Price (in dollars per share) | $ / shares						$ 4.69
Weighted-Average Remaining Contractual Life						6 years 6 months
2012 Equity Incentive Plan | Stock options | $15.09
Exercise Price
Number Exercisable at the end of the period (in shares)						13,000
Weighted Average Exercise Price (in dollars per share) | $ / shares						$ 15.09
Weighted-Average Remaining Contractual Life						1 month 6 days
2012 Equity Incentive Plan | Mr. Georgiopoulos | Stock options
Stock-Based Compensation
Granted (in shares)	500,000
2012 Equity Incentive Plan | Leonard J. Vrondissis | Stock options
Stock-Based Compensation
Granted (in shares)	25,000
Navig8 Crude Tankers Inc | Stock options
Stock-Based Compensation
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
Exercise Price | $ / shares		$ 15.088	$ 13.50
Number of shares per option after modification		13,420
2015 Acquired VLCC Newbuildings
Stock-Based Compensation
Fair value of stock option | $						$ 39,000		$ 39,000
2015 Acquired VLCC Newbuildings | Navig8 Crude Tankers Inc | Stock options
Stock-Based Compensation
Fair value of stock option | $		$ 39,000

STOCK-BASED COMPENSATION - RSUs

STOCK-BASED COMPENSATION - RSUs (Details) - RSU's - 2012 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Millions	May 16, 2017	Dec. 07, 2016	Sep. 09, 2016	Dec. 03, 2015	Jun. 24, 2015	May 06, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Restricted stock units
Granted (in shares)					1,663,660				45,000
Share price (in dollars per share)					$ 14
Vesting percentage					20.00%
Shares forfeited to date									44,919
Shares remaining to be issued in future years (in shares)							635,518		635,518
Issuance of common stock for vested 2015 and 2016 restricted stock units (in shares)		278,483
Incremental compensation cost						$ 22
Number of RSU's
Outstanding at the beginning of period									664,000
Granted (in shares)					1,663,660				45,000
Vested (in shares)									(29,000)
Outstanding at the end of period							680,000		680,000
Weighted average exercise price:
Weighted average remaining period									1 year 6 months
General and administrative expense.
Restricted stock units
Stock-based compensation expense							$ 0.8	$ 1.4	$ 1.5	$ 2.8
Share-based Compensation Award, Tranche One
Restricted stock units
Period for shares vested expected to be issued				3 days
Share-based Compensation Award, Tranche Two
Restricted stock units
Period for shares vested expected to be issued				3 days
Non Employee Director
Restricted stock units
Granted (in shares)	44,856		28,752
Granted (in dollars per share)	$ 5.35		$ 6.26
Vesting period of shares	30 days
Amortized over period from the grant date	1 year
Issuance of common stock for vested 2015 and 2016 restricted stock units (in shares)	28,752
Number of RSU's
Granted (in shares)	44,856		28,752

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 07, 2014USD ($)	Aug. 02, 2013USD ($)item	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Apr. 22, 2013USD ($)
Commitments and Contingencies
Working capital reserve fund for each vessel			$ 1,900	$ 1,900	$ 1,900
Loss on litigation				400
2011 VLCC Pool and Atlas Charter Disputes | Tribunal Decision | GMR Atlas LLC
Commitments and Contingencies
Declaratory Sum				3,300
2011 VLCC Pool Dispute
Commitments and Contingencies
Vessel owning subsidiaries in the pool | item		5
Working capital reserve fund for each vessel		$ 1,900
2011 VLCC Pool Dispute | Other Assets.
Commitments and Contingencies
Amount due from VLCC Pool dispute			1,900	1,900	$ 3,400
Atlas Charter Dispute | General and Administrative Expenses
Commitments and Contingencies
Working capital and due from charterer write-off			1,500	1,500
Loss on litigation			$ 400	$ 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

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent events. - USD ($) $ in Millions	Aug. 07, 2017	Aug. 01, 2017	Dec. 31, 2017
Gener8 Phoenix | Forecast
Subsequent events
Gross proceeds from sale of vessel			$ 7.8
Gener8 Horn
Subsequent events
Gross proceeds from sale of vessel		$ 8
Gener8 Theseus
Subsequent events
Gross proceeds from sale of vessel	$ 81
Gener8 Elektra | Forecast
Subsequent events
Gross proceeds from sale of vessel			10
Refinancing Facility | Gener8 Phoenix | Forecast
Subsequent events
Repayments of senior debt			8.2
Refinancing Facility | Gener8 Horn
Subsequent events
Repayments of senior debt		$ 8.3
Refinancing Facility | Gener8 Theseus
Subsequent events
Repayments of senior debt	$ 50.2
Refinancing Facility | Gener8 Elektra | Forecast
Subsequent events
Repayments of senior debt			$ 7.6