Euronav MI II (GNRT) 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 04, 2018
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	Mar. 31, 2018
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		83,267,426
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 160,802	$ 200,501
Due from charterers, net	4,236	2,758
Due from Navig8 pools, net	25,553	26,253
Assets held for sale	9,600	0
Derivative financial instruments - current	3,308	70
Prepaid expenses and other current assets	50,400	23,884
Total current assets	253,899	253,466
NONCURRENT ASSETS:
Vessels, net of accumulated depreciation of $239,136 and $221,646, respectively	2,273,505	2,311,093
Other fixed assets, net	1,054	1,141
Deferred drydock costs, net	12,982	15,981
Working capital at Navig8 pools	1,000	26,100
Restricted cash	1,472	1,468
Derivative financial instruments - non-current	12,295	6,020
Other noncurrent assets	2,914	2,948
Total noncurrent assets	2,305,222	2,364,751
TOTAL ASSETS	2,559,121	2,618,217
CURRENT LIABILITIES:
Accounts payable and accrued expenses	19,208	29,817
Long-term debt, current portion	1,137,403	1,167,487
Less unamortized discount and debt financing costs	(43,455)	(45,999)
Long-term debt, current portion less unamortized discount and debt financing costs	1,093,948	1,121,488
Derivative financial instruments - current		852
Total current liabilities	1,113,156	1,152,157
NONCURRENT LIABILITIES:
Long-term debt	199,538	194,339
Less unamortized discount and debt financing costs	(3,456)	(3,780)
Long-term debt less unamortized discount and debt financing costs	196,082	190,559
Other noncurrent liabilities	1,240	1,175
Total noncurrent liabilities	197,322	191,734
TOTAL LIABILITIES	1,310,478	1,343,891
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock, $0.01 par value per share; authorized 225,000,000 shares; issued and outstanding 83,267,426 shares at March 31, 2018 and December 31, 2017	833	833
Preferred stock, $0.01 par value per share; authorized 5,000,000 shares; issued and outstanding 0 shares at March 31, 2018 and December 31, 2017
Paid-in capital	1,519,909	1,519,564
Accumulated deficit	(299,859)	(264,656)
Accumulated other comprehensive income	27,760	18,585
Total shareholders' equity	1,248,643	1,274,326
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,559,121	$ 2,618,217

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
CONDENSED CONSOLIDATED BALANCE SHEETS
Vessels, accumulated depreciation	$ 239,136	$ 221,646
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	83,267,426	83,267,426
Common stock, outstanding shares	83,267,426	83,267,426
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 (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
VOYAGE REVENUES:
Revenues	$ 48,820	$ 123,016
OPERATING EXPENSES:
Voyage expenses	3,567	1,960
Direct vessel operating expenses	21,107	28,762
Navig8 charterhire expenses		6
General and administrative expenses	9,073	8,426
Depreciation and amortization	23,954	27,694
Loss on disposal of vessels, net	7,602	9,843
Total operating expenses	65,303	76,691
OPERATING (LOSS) / INCOME	(16,483)	46,325
OTHER EXPENSES:
Interest expense, net	(18,672)	(20,051)
Other financing costs		(52)
Other (expense) income, net	(48)	642
Total other expenses	(18,720)	(19,461)
NET (LOSS) / INCOME	$ (35,203)	$ 26,864
(LOSS) / INCOME PER COMMON SHARE:
Basic (in dollars per share)	$ (0.42)	$ 0.32
Diluted (in dollars per share)	$ (0.42)	$ 0.32
Navig8 Pool
VOYAGE REVENUES:
Revenues	$ 43,240	$ 118,369
Spot Charter
VOYAGE REVENUES:
Revenues	$ 5,580	$ 4,647

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Net (loss) / income	$ (35,203)	$ 26,864
Other comprehensive (loss) income:
Amount recognized in other comprehensive income (loss) on derivative	9,802	196
Amount reclassified from AOCI to net (loss) / income on derivative	(627)	827
Comprehensive (loss) income	$ (26,028)	$ 27,887

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands	Common Stock	Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2016	$ 830	$ 1,515,362	$ (96,115)	$ 17,334	$ 1,437,411
Increase (Decrease) in Shareholders' Equity
Net (loss) / income			26,864		26,864
Amount recognized in other comprehensive income (loss) on derivative				196	196
Amount reclassified from AOCI to net (loss) / income on derivative				827	827
Stock-based compensation		2,077			2,077
Balance at Mar. 31, 2017	830	1,517,439	(69,251)	18,357	1,467,375
Balance at Dec. 31, 2017	833	1,519,564	(264,656)	18,585	1,274,326
Increase (Decrease) in Shareholders' Equity
Net (loss) / income			(35,203)		(35,203)
Amount recognized in other comprehensive income (loss) on derivative				9,802	9,802
Amount reclassified from AOCI to net (loss) / income on derivative				(627)	(627)
Stock-based compensation		345			345
Balance at Mar. 31, 2018	$ 833	$ 1,519,909	$ (299,859)	$ 27,760	$ 1,248,643

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) / income	$ (35,203)	$ 26,864
Adjustments to reconcile net (loss) / income to net cash provided by operating activities:
Loss on disposal of vessels, net	7,602	9,843
Payment-in-kind interest expense	5,199	4,672
Depreciation and amortization	23,954	27,694
Amortization of deferred financing costs and senior notes	2,868	3,420
Net unrealized gain on derivative financial instrument	(1,190)	(662)
Stock-based compensation expense	345	2,077
Provision for bad debts	(1,192)	(323)
Changes in assets and liabilities:
Increase in due from charterers	(286)	(1,457)
Decrease in due from Navig8 pools	699	6,383
(Increase) decrease in prepaid expenses and other current and noncurrent assets	(2,741)	208
Decrease (increase) in working capital at Navig8 pools		(700)
Decrease in accounts payable and other current and noncurrent liabilities	(10,699)	(6,862)
Deferred drydock costs incurred	(309)	(1,187)
Net cash (used in) provided by operating activities	(10,953)	69,970
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for vessels under construction		(96,924)
Payment of capitalized interest		(669)
Proceeds from sale of vessels, net		30,195
Proceeds from insurance claims	1,359	876
Purchase of vessel improvements and other fixed assets	(17)	(2,038)
Net cash provided by (used in) investing activities	1,342	(68,560)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facilities		100,131
Repayments of credit facilities	(30,084)	(51,425)
Deferred financing costs paid		(1,431)
Net cash (used in) provided by financing activities	(30,084)	47,275
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH	(39,695)	48,685
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	201,969	96,138
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	162,274	144,823
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION -
Cash paid during the period for interest, net of capitalized interest	$ 11,776	$ 9,618

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Reconciliation of the cash, cash equivalents, and restricted cash balances
CASH AND CASH EQUIVALENTS	$ 160,802	$ 200,501
RESTRICTED CASH	1,472	1,468
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH	$ 162,274	$ 201,969

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 consisted of 30 tankers; 21 Very Large Crude Carriers (“VLCCs”), six Suezmax tankers, one Aframax tanker, categorized as assets held for sale and two Panamax tankers. 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 March 31, 2018, t he Company employs all of its VLCC and Suezmax vessels in Navig8 Group commercial crude tanker pools including the VL8 Pool and the Suez8 Pool, respectively. In 2015, the Company’s VLCC, Suezmax and Aframax owning subsidiaries entered into pool agreements with the pool managers VL8 Pool Inc. and V8 Pool Inc., subsidiaries of Navig8 Limited. On March 21, 2018, the Company delivered notices, on behalf of the relevant ship owning subsidiaries, to VL8 Pool and V8 Pool advising of the termination of certain pool agreements and the withdrawal of the related vessels from the commercial crude tanker pools. As of March 31, 2018, none of the pool agreement terminations were effective. The termination of the pool agreements is effective 90 days following notice, subject to the applicable pool manager’s option to reduce or extend such period by 30 days and the fulfilment of any employment contracts entered into by the applicable pool manager in respect of the related vessels. 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 condensed consolidated financial statements. Certain information and footnote disclosures normally included in condensed consolidated 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, 2017, 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 2017 Annual Report on Form 10-K, as amended. GOING CONCERN — The Company’s operations, cash flows, liquidity, and its ability to comply with financial covenants related to its senior secured credit facilities have been negatively impacted by a weaker tanker industry, lower charter rates, and higher interest costs on its outstanding indebtedness whereby the Company incurred a net loss of $35.2 million for the three months ended March 31, 2018 and had an accumulated deficit of $299.9 million as of March 31, 2018. Management considered the significance of these negative financial conditions in relation to the Company’s ability to meet its current and future obligations and determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern as of March 31, 2018. The accompanying unaudited condensed consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which contemplate the realization of assets and extinguishment of liabilities in the normal course of business. The Company’s ability to continue as a going concern is contingent upon, among other things, its ability to: (i) develop and successfully implement a plan to address these factors, which may include refinancing its existing credit agreements, or obtaining waivers or modifications to its credit agreements from its lenders, raising additional capital through selling assets (including vessels), reducing or delaying capital expenditures or pursuing other options that may be available to it, which may include pursuing strategic opportunities and equity or debt offerings; (ii) return to profitability, and (iii) remain in compliance with its credit facility covenants, as the same may be modified. The realization of the Company’s assets and the satisfaction of its liabilities are subject to uncertainty. The accompanying unaudited condensed consolidated financial statements do not include any direct adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern. 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 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. In March 2016, the FASB issued ASU No. 2016‑08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). In May 2016, the FASB issued ASU No. 2016‑12, Revenue from Contracts with Customers (ASC 606) Narrow-Scope Improvements and Practical Expedients. In December 2016, the FASB issued ASU No. 2016‑20, Technical Corrections and Improvements to Topic 606, 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. Collectively, the Company will refer to these as “Revenue ASUs”. 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 (“modified retrospective”) as of the date of adoption. The requirements of this standard include an increase in required disclosures. The Company adopted the Revenue ASUs on January 1, 2018, using the modified retrospective transition method applied to those contracts which were uncompleted as of January 1, 2018. The adoption of the Revenue ASU’s only impacts the vessels traded on spot market and not pooling agreements. As of December 31, 2017 and March 31, 2018, the Company had only three vessels ( Gener8 Companion , Genmar Compatriot and Gener8 Defiance ) that were traded on the spot market, outside Navig8 pools and their uncompleted voyages were impacted by the adoption of the Revenue ASUs. The adoption had no material impact on our condensed consolidated financial statements and no additional disclosures was required. 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 was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption was 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 adopted ASU 2016-15 in the interim period ended March 31, 2018 utilizing the retrospective transition method . The adoption of ASU 2016-15 resulted in insurance proceeds for hull and machinery claims to be separately disclosed in the cash flows from investing activities. These amounts were previously recorded in the cash flows from operating activities as the change in prepaid expenses and other current assets. Additionally, as part of the ASU, any cash payments for debt prepayment or extinguishment costs (including third-party costs, premiums paid, and other fees paid to lenders) must be classified as cash outflows for financing activities and for any debt instruments that contain interest payable in kind - the portion of payments received upon settlement of other debt instruments with coupon interest rates that are insignificant relative to the effective interest rate of the borrowing that is attributable to accreted interest (including debt instruments that contain periodic interest coupons that are payable in kind) should be classified as operating activities. The principal portion received on these debt instruments would continue to be classified as investing activities. The adoption of this standard did not result in any other material effect on our 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 was permitted. The Company adopted ASU 2016-18 in the interim period ended March 31, 2018 utilizing the retrospective transition method. As a result of the adoption, restricted cash was included within cash and cash equivalents on our statements of cash flows. The adoption of this standard did not result in any material effect on our condensed consolidated financial statements and related disclosures.

MERGER AGREEMENT

MERGER AGREEMENT	3 Months Ended
	Mar. 31, 2018
MERGER AGREEMENT
MERGER AGREEMENT	2. MERGER AGREEMENT On December 20, 2017, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Euronav NV (“Euronav”) and Euronav MI Inc., a corporation organized under the laws of the Republic of the Marshall Islands and a wholly-owned subsidiary of Euronav (“Merger Sub”). Pursuant to the Merger Agreement, among other things, Merger Sub will merge with and into the Company, with the Company continuing its corporate existence as the surviving corporation and as a wholly-owned subsidiary of Euronav (which transactions we refer to as the “Merger”). At the effective time of the Merger, each common share, par value $0.01 per share, of the Company (the “Gener8 common shares”), issued and outstanding immediately prior to such time (other than certain Gener8 common shares that will be canceled as set forth in the Merger Agreement), will be canceled and automatically converted into the right to receive 0.7272 of an ordinary share, no par value per share, of Euronav (the Euronav ordinary shares to be issued pursuant to the Merger, the “Merger Consideration”) in the manner described in the Merger Agreement. Any Gener8 common shares held by the Company, Euronav, Merger Sub, or their respective subsidiaries will be canceled and no consideration will be delivered for those canceled shares.

(LOSS) _ INCOME PER COMMON SHAR

(LOSS) / INCOME PER COMMON SHARE	3 Months Ended
	Mar. 31, 2018
(LOSS) / INCOME PER COMMON SHARE
(LOSS) / INCOME PER COMMON SHARE	3. (LOSS) / INCOME PER COMMON SHARE The computation of basic (loss) income per share is based on the weighted-average number of common shares outstanding during the period. The computation of diluted net (loss) income 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 (loss) income per common share was as follows (in thousands, except per share amounts): For the Three Months Ended March 31, 2018 2017 Basic net (loss) / income per share: Numerator: Net (Loss) / Income $ (35,203) $ 26,864 Denominator: Weighted-average shares outstanding, basic 83,267 82,960 Basic net (loss) / income per share $ (0.42) $ 0.32 Diluted net (loss) / income per share: Numerator: Net (Loss) / Income $ (35,203) $ 26,864 Denominator: Weighted-average shares outstanding, basic 83,267 82,960 Add: Restricted stock units — — Stock options — 31 Weighted-average shares outstanding, diluted 83,267 82,991 Diluted net (loss) / income per share: $ (0.42) $ 0.32 Options to purchase 309,296 shares of common stock, which expired on May 7, 2017, were excluded from the above calculation for the three months ended March 31, 2017, 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 months ended March 31, 2017, because certain market conditions were not 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 final remaining RSUs will vest on December 1, 2018, or, if earlier, the consummation of the Merger, subject to employment with the Company through the applicable vesting date. On December 5, 2017, the Company issued 278,480 shares in settlement of RSUs that had vested on December 1, 2017. As of March 31, 2018, 44,919 RSUs were forfeited and 317,757 shares are remaining to be issued in 2018, following the vesting date for the final increment. On September 9, 2016, in accordance with the Company’s amended 2012 Equity Incentive Plan, the Company granted certain non-employee directors 28,752 RSUs. The RSUs, which were valued at $6.26 per share. On May 16, 2017, the RSUs vested and the Company issued 28,752 shares in settlement of the RSUs. 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 earliest of (a) the date of the Company’s next annual meeting of shareholders, (b) the date that is 30 days following the first anniversary of the grant date and (c) the consummation of the Merger, subject to the director’s continued service with the Company through the applicable vesting date. The RSUs granted in June 2015 and May 2017 were excluded in determining the diluted net (loss) / income per share for the three months ended March 31, 2018 and 2017, because the impact is anti-dilutive. For the three months ended March 31, 2018 and 2017, weighted-average RSUs outstanding of 482,286 and 755,187, respectively, were excluded in determining the diluted net (loss) income 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 (loss) income per share for the three months ended March 31, 2018, because the impact is anti-dilutive. The stock options granted were included in determining the diluted net (loss) income per share for the three months ended March 31, 2017. See Note 14, Stock Based Compensation, for more details. At the effective time of the Merger (the “Effective Time”), each then outstanding stock option will terminate and be canceled in exchange for the right of the former holder to be paid immediately after the Effective Time, a cash payment equal to the product of (i) the number of shares of our common stock subject to such outstanding option and (ii) (a) the product of (A) the closing price per share of Euronav shares on the New York Stock Exchange on the last trading day prior to the Effective Time and (B) an amount equal to (1) the aggregate merger consideration divided by (2) the aggregate number of shares of our common stock issued and outstanding immediately prior to the Effective Time or subject to our RSUs issued and outstanding immediately prior to the Effective Time minus (b) the exercise price applicable to such shares of our common stock subject to such stock option. If the number in clause (ii) of the immediately foregoing sentence is a negative number or zero, no consideration will be paid with respect to such stock option.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	3 Months Ended
	Mar. 31, 2018
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE	4. ASSETS HELD FOR SALE At the end of every reporting period the Company reviews and evaluates all of its vessels to determine the vessels, if any, that meet the criteria for “held for sale” as stated in ASC 360-10 – Property, Plant and Equipment (“ASC 360-10”.) As of March 31, 2018, all the criteria of ASC 360-10 were met for the Gener8 Defiance and the vessel was qualified as assets held for sale. The vessel was written down to its fair value, less cost to sell. On April 10, 2018 the Company entered into an agreement for the sale of the 2002-built Aframax tanker the Gener8 Defiance for gross proceeds of $10.0 million. As of March 31, 2018, the vessel was qualified as assets held for sale. As a result of this classification, the Company recorded a loss of $7.6 million as Loss on disposal of vessels, net, on the condensed consolidated statement of operations for the three months ended March 31, 2018. On April 26, 2018, the sale of the Gener8 Defiance was finalized. The Company used the net proceeds to repay $6.5 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. As of December 31, 2017, the Company had no assets held for sale.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2018
CASH FLOW INFORMATION
CASH FLOW INFORMATION	5. 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 but unpaid and supervision payments of $0 for the period ended March 31, 2017. Capitalized interest amounted to $1.4 million for the three months ended March 31, 2017. No milestone payments or capitalized interest were recorded in the three months ended March 31, 2018.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2018
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): March 31, December 31, 2018 2017 Working capital due from Navig8 $ 25,100 $ — Prepaid insurance 7,894 Bunkers and lubricants 6,581 Insurance claims receivable 3,427 Other 7,398 Total $ 50,400 $ 23,884 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. For more information regarding the $25.1 million recorded as of March 31, 2018 in Working capital due from Navig8, see Note 13 – Related Party Transactions . As of March 31, 2018 and December 31, 2017, Other includes $4.0 million and $8.1 million, respectively, of advances to our third‑party technical managers.

OTHER NONCURRENT ASSETS

OTHER NONCURRENT ASSETS	3 Months Ended
	Mar. 31, 2018
OTHER NONCURRENT ASSETS
OTHER NONCURRENT ASSETS	7. OTHER NONCURRENT ASSETS Other noncurrent assets consist of the following (dollars in thousands): March 31, December 31, 2018 2017 Working capital for 2011 VLCC pool $ 1,900 $ 1,900 Fresh start lease asset 1,014 Total $ 2,914 $ 2,948 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. A hearing of the Atlas Claimant’s procedural challenge and application for permission to appeal on certain points of law has been scheduled for May 24, 2018. See Note 15, commitments and contingencies for more details.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2018
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	8. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following (dollars in thousands): March 31, December 31, 2018 2017 Accounts payable $ 3,952 $ Accrued operating expenses 7,433 Accrued administrative expenses 1,694 Accrued interest 6,129 Total $ 19,208 $ 29,817

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2018
LONG-TERM DEBT
LONG-TERM DEBT	9. LONG‑TERM DEBT Long‑term debt consists of the following (dollars in thousands): December 31, March 31, 2017 2018 (Restated) Refinancing Facility $ $ 188,312 Korean Export Credit Facility 647,931 662,312 Senior Notes 194,339 Sinosure Credit Facility 310,968 316,863 Total 1,336,941 1,361,826 Less: current portion of long-term debt (1,137,403) (1,167,487) Less: unamortized discount and debt financing costs (3,456) (3,780) Long-term debt less unamortized discount and debt financing costs $ 196,082 $ 190,559 Unamortized discount and debt financing costs include an unamortized discount related to the Company’s Senior Notes and debt financing costs comprised of insurance, bank fees and legal expenses associated with securing new loan facilities. These debt financing costs are amortized based upon the effective interest rate method over the life of the related debt, which is included in interest expense, net in the condensed consolidated statements of operations. As of March 31, 2018 and 2017, the weighted average interest rate for the credit facilities are 1.47% and 1.32%, respectively. Refinancing Facility On September 3, 2015, the Company entered into a term loan facility, which we refer to as the “Refinancing Facility,” dated as of September 3, 2015, by and among Gener8 Maritime Subsidiary II (“Gener8 Maritime Sub II”), as borrower, Gener8 Maritime, Inc., as parent, the lenders party thereto, and Nordea Bank AB (publ), New York Branch as Facility Agent and Collateral Agent, in order to refinance our former senior secured credit facilities. As of December 31, 2017, $188.3 million of borrowings were outstanding under the Refinancing Facility, and no further borrowings were available under this facility. The loans under the Refinancing Facility will mature on September 3, 2020. The Refinancing Facility bears interest at a rate per annum based on LIBOR plus a margin of 3.75% per annum. If there is a failure to pay any amount due on a loan under the Refinancing Facility and related credit documents, interest shall accrue at a rate 2.00% higher than the interest rate that would otherwise have been applied to such amount. The Refinancing Facility is secured on a first lien basis by a pledge of our interest in Gener8 Maritime Sub II, a pledge by Gener8 Maritime Sub II of its interests in the 11 vessel-owning subsidiaries it owns, which we refer to as 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 our and Gener8 Maritime Sub II Vessel Owning Subsidiaries’ respective bank accounts. As of December 31, 2017, the Gener8 Maritime Sub II Vessel Owning Subsidiaries owned two VLCCs, six Suezmax vessels, one Aframax vessel and two Panamax vessels. Gener8 Maritime Sub II is obligated to repay the Refinancing Facility in 20 consecutive quarterly installments, which commenced on December 31, 2015, on each January 15, April 15, July 15, and October 15, until it is fully repaid. Gener8 Maritime Sub II is also required to prepay the Refinancing Facility upon the occurrence of certain events, such as a sale of vessels 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., the Company’s wholly owned subsidiary, and the Korean Export Credit Facility is guaranteed by the Company. The Korean Export Credit Facility provides for term loans up to the aggregate approximate amount of $963.7 million, which is comprised of a tranche of term loans to be made available by a syndicate of commercial lenders up to the aggregate approximate amount of $282.0 million (the “Commercial Tranche”), a tranche of term loans to be fully guaranteed by the Export-Import Bank of Korea (“KEXIM”) up to the aggregate approximate amount of up to $139.7 million (the “KEXIM Guaranteed Tranche”), a tranche of term loans to be made available by KEXIM up to the aggregate approximate amount of $197.4 million (the “KEXIM Funded Tranche”) and a tranche of term loans insured by Korea Trade Insurance Corporation (“K-Sure”) up to the aggregate approximate amount of $344.6 million (the “K-Sure Tranche”). As of March 31, 2018 the Korean Export Credit Facility was fully drawn. At or around the time of delivery of each of the VLCC newbuildings, a loan was available to be drawn under the Korean Export Credit Facility in an amount equal to the lowest of (i) 65% of the final contract price of such VLCC newbuilding, (ii) 65% of the maximum contract price of such VLCC newbuilding and (iii) 60% of the fair market value of such VLCC newbuilding tested at or around the time of delivery of such VLCC newbuilding. Each such loan is referred to herein as a “Korean Vessel Loan.” Each Korean Vessel Loan will 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. Originally, repayment dates were 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. Commencing from March 24, 2017, repayment dates are each date that a repayment installment is required to be made, on January 15, April 15, July 15 and October 15 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 10, 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 March 31, 2018, 13 VLCC vessels. On March 24, 2017, the Company amended the Korean Export Credit Facility to revise the dates on which amortization payments are due to April 15, July 15, October 15 and January 15. Prior to entry into this amendment, the payment dates were March 31, June 30, September 30 and December 31. 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 were being built at Chinese shipyards and to refinance a credit facility. The borrower under the Sinosure Credit Facility is Gener8 Maritime Subsidiary VII Inc. (“Gener8 Maritime Sub VII”), the Company’s wholly owned subsidiary, and the Sinosure Credit Facility is guaranteed by the Company. The Sinosure Credit Facility provided term loans up to the aggregate approximate amount of $259.6 million. On June 29, 2016, the Company amended the Sinosure Credit Facility 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 . The amendment on November 8, 2017 replaced the debt service coverage ratio with a conforming interest expense coverage ratio, and revised the consolidated leverage ratio from 0.65 to 0.60 to conform to the two other credit facilities. As of March 31, 2018, the Sinosure Credit Facility funded the delivery of six VLCC newbuildings and refinanced a credit facility. The Sinosure Credit Facility provided for term loans up to the aggregate amount of approximately $385.2 million. Loans under the Sinosure Credit Facility were drawn down at or around the time of delivery of each newbuilding funded by the Sinosure Credit Facility. Each loan drawn under the Sinosure Credit Facility is referred to as a “Sinosure Vessel Loan.” The Sinosure Credit Facility bears interest at a rate per annum based on LIBOR plus a margin of 2.00% per annum. If there is a failure to pay any amount due on a Sinosure Vessel Loan, interest shall accrue at a rate 2.00% higher than the interest rate that would otherwise have been applied to such amount. See Note 10, FINANCIAL INSTRUMENTS , for the Company’s interest rate risk management program related to the Sinosure Credit Facility. Gener8 Maritime Sub VII is obligated to repay each Sinosure Vessel Loan in equal consecutive quarterly installments (excluding a final balloon payment equal to 20% of the applicable 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, Gener8 Maritime Sub VII is obligated to repay the remaining amount that is outstanding under each Sinosure Vessel Loan. Gener8 Maritime Sub VII is also required to prepay the loans upon the occurrence of certain events, including a default under a shipbuilding contract, a sale or total loss of a vessel and, upon election by The Export-Import Bank of China and one other lender, upon a change of control of the Company. 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 (“BlueMountain”), 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 March 31, 2018 and December 31, 2017, the discount on the Senior Notes was $3.5 million and $3.8 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. Pursuant to a letter agreement among the Company, Gener8 Maritime Subsidiary V Inc., and certain affiliates of BlueMountain, dated December 20, 2017, the Senior Notes will be prepaid and redeemed in full contemporaneously with the closing of the Merger. As of December 31, 2017, the Senior Notes have a carrying value of   $194.4 million. Euronav expects the prepayment of the Senior Notes to be approximately $207.0 million (which includes a 1% prepayment penalty), which Euronav expects to finance in full with cash on hand and drawings under its credit facilities. Lender Consents In connection with the consummation of the Merger, the Company is required to obtain (i) the consent of the required parties under its applicable credit agreements to (1) permit Euronav ’ s ownership of our equity interests; (2) remove the requirement that at least one of Peter Georgiopoulos, Gary Brocklesby or Nicolas Busch remains a director of the Company; (3) permit the Merger; (4) permit the prepayment in full of the indebtedness incurred by the Company pursuant to the Senior Notes and (5) remove the requirement that our shares remain listed on the New York Stock Exchange; and (ii) such other amendments, consents and waivers under its applicable credit agreements and related transaction documents in order to allow the Merger to be properly entered into and documented without causing a breach of any of the terms of such agreements (the consents described in this paragraph, collectively, the “ Specified Approvals ” ). The Specified Approvals have been obtained. Interest Expense, net Interest expense, net consists of the following (amounts in thousands): Three Months Ended March 31, 2018 2017 Refinancing Facility (1) $ (2,420) $ (4,344) Korean Export Credit Facility (1) (6,510) (6,108) Senior Notes (5,522) (4,918) Sinosure Credit Facility (1) (3,225) (2,790) Amortization of deferred financing costs and other (2,695) (3,173) Capitalized interest — 1,406 Commitment fees — (275) Interest rate swaps 1,190 — Interest income 510 151 Interest expense, net $ (18,672) $ (20,051) (1) Amounts include interest rate swaps settlements. Financial Covenants Under the Refinancing Facility, the Korean Export Credit Facility and the 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 March 31, 2018, the Company was in compliance with all such covenants that were in effect on such date, after giving effect to the interest coverage ratio waivers described below. Pursuant to interest expense ratio covenants under the Company’s senior secured credit facilities, its ratio of consolidated EBITDA to consolidated cash interest expense, each as defined in the underlying credit agreements, must be no less than 2.5x. We refer to this ratio as the “ Interest Coverage Ratio ” and the related covenants as the “ Interest Coverage Ratio Covenants. ” Due to the weaker tanker industry, low charter rates, and higher interest costs management determined it was virtually certain as of the date the 2017 financial statements were available for issuance that the Company would not be in compliance with the Interest Coverage Ratio C ovenants as of March 31, 2018. As a result, the Company has obtained short-term waivers from its lenders for the Interest Coverage Ratio. The waivers for (i) the Sinosure Credit Facility and Korean Export Credit Facility cover the covenant test period ending on March 31, 2018, and (ii) the Refinancing Facility cover the same period, and automatically extend to include the subsequent test period ending on June 30, 2018, provided that the Merger is consummated. Consequently, as of March 31, 2018, the Company was in compliance with the Interest Coverage Ratio Covenants. For the four consecutive fiscal quarters testing period, as defined in the underlying credit agreements, ended December 31, 2017, the Company’s Interest Coverage Ratio was 3.3x. It is reasonably likely, absent further waivers or amendments to its senior secured credit facilities, that the Company will be in breach of the Interest Coverage Ratio Covenants as early as the end of the second quarter of 2018, subject to covenant testing. To address this issue, the Company may pursue alternatives which may include further waivers or amendments from its lenders, discussions with its lenders and/or Euronav regarding other potential options, debt financings, equity offerings and/or other options. Any such actions may be subject to conditions. If market or other conditions are not favorable, or if such discussions do not result in a favorable outcome, the Company may be unable to take any such actions or obtain waivers or amendments from its lenders on acceptable terms or at all. Absent such waivers or amendments, if the Company does not comply with these covenants and fails to cure its non-compliance following applicable notice and expiration of applicable cure periods, it would be in default of one or more of its senior secured credit facilities. If such a default occurs, the Company would also be in default under its senior notes. Each of the Company’s senior secured credit facilities and senior notes contain cross default provisions that would be triggered by its failure to comply with these covenants. As a result, approximately $1.1 billion and $1.2 billion of the Company’s indebtedness as of March 31, 2018 and December 31, 2017, respectively, could be declared immediately due and payable. The Company may not have sufficient assets available to satisfy its obligations. Substantially all of its assets, including all of its vessels, are pledged as collateral to its lenders, and its lenders may seek to foreclose on their collateral if a default occurs. The Company may have to seek alternative sources of financing on terms that may not be favorable to it or that may not be available at all. Therefore, the Company could experience a material adverse effect on its business, financial condition, results of operations and cash flows. Euronav’s obligations to effect the Merger are not subject to the Company obtaining any such waivers or amendments. However, Euronav’s obligations to effect the Merger are subject to, among other things, there not having occurred any material adverse effect with respect to the Company. Euronav may, to the extent permitted by law, waive any such condition of the Merger. The Refinancing Facility, the Korean Export Credit Facility and the 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 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 our 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	3 Months Ended
	Mar. 31, 2018
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	10. 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 LIBOR floating rate interest expense on the Company’s credit facilities as discussed in Note 9, 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 interest rate for such transaction multiplied by the relevant notional amount for that period in exchange for a payment from the respective swap counterparty in an amount equal to a variable 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. The swaps were dedesignated and the revised swaps were simultaneously redesignated with no interruption in hedge accounting. In April 2017, all six of the swap agreements were monetized (the then current fair market value of $18.2 million was received from the swap counterparties) and dedesignated. The effective portion of the gain on the swaps at dedesignation was deferred in Other Comprehensive Income / (loss) and the Company is recognizing the gain over the original hedge periods (September 2, 2020 for the swaps hedging the Refinancing Facility, February 20, 2029 for the swaps hedging the Korean Export Credit Facility and May 6, 2028 for the swap hedging the Sinosure Credit Facility). Simultaneously, the revised swaps were designated in a cash flow relationship with a fair market value at designation of zero, which 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. Two of the swaps effectively fix the interest rate on approximately 56% 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 91% 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 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 replacement 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 enter into a new 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. See Note 1, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES , in the Company’s 2017 Annual Report on Form 10-K, as amended, for more details on the recent adoption of ASU 2017-12. The changes in fair market value of the swaps, including adjustments for non-performance risk, which are designated and qualify as cash flow hedges, are classified in Other Comprehensive Income (Loss). These amounts are reclassified from Accumulated Other Comprehensive Income (Loss) (“AOCI”) to interest expense when the hedged interest payments are recognized in interest expense, net in the condensed consolidated statements of operations. Amounts in Accumulated Other Comprehensive Income (Loss) expected to be reclassified into earnings in the next 12 months total a gain of $8.6 million. At March 31, 2018, 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 Sinosure Credit Facility (dollars in thousands) : March 31, 2018 Notional Effective Maturity Fair Value Fixed Floating Hedged Credit Facility Amount Date Date Hierarchy Interest Rate Interest Rate Refinancing Facility $ 77,036 4/10/2017 9/3/2020 Level 2 1 mo. LIBOR Refinancing Facility 19,259 4/18/2017 9/3/2020 Level 2 1 mo. LIBOR Korean Export Credit Facility (1) 475,200 4/10/2017 9/30/2020 Level 2 3 mo. LIBOR Korean Export Credit Facility (1) 89,100 4/10/2017 9/30/2020 Level 2 3 mo. LIBOR Korean Export Credit Facility (1) 29,700 4/18/2017 9/30/2020 Level 2 3 mo. LIBOR Sinosure Credit Facility 310,968 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 increased 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 notional amount of the swaps will amortize down thereafter. The tables below provide quantitative information about the impact of derivatives on the Company’s condensed consolidated balance sheet and statement of operations (dollars in thousands): March 31, 2018 December 31, 2017 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 $ 3,308 $ — $ 70 $ — Interest rate swap contracts - non-current Non-current assets 12,295 — 6,020 — Interest rate swap contracts - current Current liabilities — — (852) — Interest rate swap contracts - non-current Non-current liabilities — — — — Total derivatives designated as hedging instruments $ 15,603 $ — $ 5,238 $ — Offsetting of Derivative Assets March 31, 2018 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 $ 13,675 $ — $ 13,675 $ — $ — $ 13,675 Counterparty 2 670 — 670 — — 670 Counterparty 3 1,258 — 1,258 — — 1,258 Total $ 15,603 $ — $ 15,603 $ — $ — $ 15,603 Offsetting of Derivative Assets December 31, 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 $ 4,470 $ — $ 4,470 $ — $ — $ 4,470 Counterparty 2 304 — 304 — — 304 Counterparty 3 464 — 464 — — 464 Total $ 5,238 $ — $ 5,238 $ — $ — $ 5,238 The following table provides the effect of fair value and cash flow hedge accounting on the condensed consolidated statements of operations (dollars in thousands): For the Three Months Ended March 31, 2018 2017 Interest expense, net (where the effects of fair value or cash flow hedges are recorded) $ (18,672) $ (20,051) The effects of fair value and cash flow hedging Gain / (loss) on cash flow hedging relationships in Subtopic 815-20: Interest rate contracts: Amount reclassified from AOCI to net (loss) / income on derivative $ 627 $ (827) Amount reclassified from AOCI to net (loss) / income as a result that a forecasted transaction is no longer probable of occurring — — The following table provides the effect of derivatives on the condensed consolidated statements of operations (dollars in thousands): Location of Gain or (Loss) Reclassified Three Months Ended Derivatives in Cash Flow from AOCI to March 31, Hedging Relationships Income 2018 2017 Interest rate swap contracts (Effective Portion) Amount recognized in other comprehensive (loss) income on derivative Interest Expense, net $ 9,802 $ 196 Amount reclassified from AOCI to net (loss) / income on derivative Interest Expense, net 627 (827) Interest rate swap contracts (Ineffective Portion) Amount of gain / (loss) recognized in income on derivatives $ — 683

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2018
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	11. FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair values of the Company’s financial instruments are as follows (dollars in thousands): March 31, 2018 December 31, 2017 Carrying Fair Carrying Fair Value Value Value Value Cash and cash equivalents $ 160,802 $ 160,802 $ 200,501 $ 200,501 Restricted cash 1,472 1,472 1,468 1,468 Long-term debt, including current portion, excluding discount 1,336,941 1,327,763 1,361,826 1,351,474 Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses a fair value hierarchy which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. There are three levels of inputs used to measure fair value with Level 1 having the highest priority and Level 3 having the lowest: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity. Level 3 assets or liabilities are those whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques with significant unobservable inputs, as well as assets or liabilities for which the determination of fair value requires significant judgment or estimation. The Company uses the following methods and assumptions in estimating fair values for its financial instruments: Cash and cash equivalents, Due from charterers, net, Due from Navig8 pools, net, Restricted cash and Accounts payable and accrued expenses: The carrying amounts reported in the balance sheet approximate fair value due to the short-term maturity or variable rates of these instruments 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 Sinosure Credit Facility as of March 31, 2018 and December 31, 2017 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: Because the Gener8 Defiance was expected to be sold within one year of March 31, 2018, the Company classified the Gener8 Defiance as Current assets – assets held for sale, in the condensed consolidated balance sheet. As of December 31, 2017, the Company had no assets held for sale, in the condensed consolidated balance sheet. The fair value of a vessel held for sale for the periods ended March 31, 2018 was determined based on the selling price, net of estimated costs to sell, of such asset based on the contract of sale finalized within a short period of time of its classification as held for sale, and measured on a nonrecurring basis. The following table summarizes the valuation of assets measured on a nonrecurring basis (dollars in thousands): March 31, 2018 December 31, 2017 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 $ 9,600 $ 9,600 $ — $ — $ — $ — The following table summarizes the valuation of assets and liabilities measured on a recurring basis (dollars in thousands): March 31, 2018 December 31, 2017 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 $ 15,603 $ 15,603 $ — $ 6,090 $ 6,090 $ — Interest rate swaps - Liabilities — — — 852 852 —

LEASE COMMITMENTS

LEASE COMMITMENTS	3 Months Ended
	Mar. 31, 2018
LEASE COMMITMENTS
LEASE COMMITMENTS	12. 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 March 31, 2018 and 2017, the Company recorded, in each period, expense associated with this lease of $0.5 million. After the lease amendment, future minimum rental payments on this lease for the next five years are as follows: 2018— $1.2 million (from April 1, 2018 to December 31, 2018), 2019— $1.5 million, 2020— $1.7 million, 2021—$2.2 million, 2022—$2.2 million and thereafter—$6.0 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 both March 31, 2018 and December 31, 2017, the Company had an outstanding letter of credit of $1.4 million, 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 March 31, 2018 and December 31, 2017.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2018
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	13. RELATED PARTY TRANSACTIONS The following are related party transactions not disclosed elsewhere in these condensed consolidated financial statements. Navig8 Group consists of Navig8 Limited, the indirect 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. Substantially all of the Company’s vessel owning subsidiaries have entered into pool agreements with VL8 Pool, Inc. for the Company’s 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 Company does not currently have any Aframax vessels in the V8 Pool. 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. and V8 Pool Inc. each incur 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. On March 21, 2018, the Company delivered notices, on behalf of the relevant ship owning subsidiaries, to VL8 Pool and V8 Pool advising of the termination of certain pool agreements and the withdrawal of the related vessels from the commercial crude tanker pools. The notices to VL8 Pool were with respect to the following 20 VLCC vessels Gener8 Atlas, Gener8 Hercules, Gener8 Athena, Gener8 Strength, Gener8 Apollo, Gener8 Supreme, Gener8 Ares, Gener8 Hera, Gener8 Success, Gener8 Nautilus, Gener8 Andriotis, Gener8 Constantine, Gener8 Perseus, Gener8 Macedon, Gener8 Chiotis, Gener8 Oceanus, Gener8 Miltiades, Gener8 Hector, Gener8 Neptune and Gener8 Ethos . The notices to V8 Pool were with respect to the following six Suezmax vessels - Gener8 Spartiate, Gener8 Maniate, Gener8 St. Nikolas, Gener8 George T, Gener8 Kara G and Gener8 Harriet G . The termination of each pool agreement is effective 90 days following notice, subject to the applicable pool’s option to reduce or extend such period by 30 days and the fulfilment of any employment contracts entered into by the applicable pool in respect of the vessels. As of March 31, 2018, none of the pool agreement terminations were effective. On March 21, 2018, prior to the Company’s delivery of the notices to the Navig8 pools, the Company and Euronav NV entered into a consent and waiver, pursuant to which Euronav NV (i) irrevocably consented to the delivery of the notices of termination and the withdrawal under the Merger Agreement and (ii) irrevocably waived the Company’s compliance with all provisions of the Merger Agreement that would be breached by or prohibit the delivery of the notices of termination, the withdrawal or any adverse effect on the Company or the transactions contemplated by the Merger Agreement as a result of such delivery or the withdrawal. Navig8 Pools As of March 31, 2018, 21 of the Company’s VLCC vessels have entered into the VL8 Pool and six of the Company’s Suezmax vessels have entered into the Suez8 Pool. The Company delivered notices for 26 of these vessels advising of the termination of certain pool agreements and the withdrawal of the related vessels from the commercial VL8 Pool. During the three months ended March 31, 2018 and 2017, the Company earned net pool distributions of $43.2 million (which is comprised of $37.4 million from VL8 Pool and $5.8 million from Suez8 Pool) and $118.4 million (which is comprised of $90.5 million from VL8 Pool, $22.3 million from Suez8 Pool and $5.6 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 March 31, 2018 and December 31, 2017, a balance of $25.6 million ($19.0 million from VL8 pool, $5.9 million from Suez8 pool and $0.7 million from V8 pool) and $26.3 million ($18.8 million from VL8 Pool, $6.4 million from Suez8 Pool and $1.1 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 three months ended March 31, 2017 included $6 thousand, of profit share adjustments related to the profit share plan for the Nave Quasar 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 and Due from 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, $0.9 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 March 31, 2018, the working capital associated with the Company’s owned vessels entered into the Navig8 pools totaled $26.1 million ($25.1 million included in Current Assets - Prepaid expenses and Other Current Assets and $1.0 million in Non-current assets - Working capital at Navig8 pools on the condensed consolidated balance sheet.) As of December 31, 2017, the working capital associated with the Company’s owned vessels entered into the VL8 Pool, Suez8 Pool and V8 Pool totaled $26.1 million, and is included in Working capital at Navig8 pools on the condensed consolidated balance sheet as noncurrent assets. Navig8 Supervision Agreement The Company has supervision agreements with Navig8 Shipmanagement Pte Ltd., or “Navig8 Shipmanagement,” a subsidiary of Navig8 Limited, with regards to the 2015 Acquired VLCC Newbuildings whereby Navig8 Shipmanagement agrees to provide advice and supervision services for the construction of the newbuilding vessels. These services also include project management, plan approval, supervising construction, fabrication and commissioning and vessel delivery services. As per the supervision agreements, Gener8 Maritime Subsidiary Inc. agrees to pay Navig8 Shipmanagement a total fee of $0.5 million per vessel. During the three months ended March 31, 2018 and 2017, the Company recorded supervision fees of $0 and $0.5 million, respectively. These amounts were included in Vessels under construction on the condensed consolidated balance sheet as noncurrent assets. As of both March 31, 2018 and December 31, 2017 no balance remained outstanding. Corporate Administration Agreement On December 17, 2013, Navig8 Crude, which merged with the Company on May 7, 2015, entered into a corporate administration agreement with a subsidiary of Navig8 Limited, whereby the Navig8 Limited subsidiary agreed to provide certain administrative services for Navig8 Crude. In accordance with the corporate administration agreement, Navig8 Crude agreed to pay the Navig8 Limited subsidiary a fee of $250.00 per vessel or newbuilding owned by Navig8 Crude per day. During the three months ended March 31, 2018 and 2017, the Company recorded a total of $0 and $0.3 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 $32 thousand, remained outstanding as of both March 31, 2018 and December 31, 2017. Other Related Party Transactions During the three months ended March 31, 2018 and 2017, the Company incurred office expenses totaling approximately $6 thousand and $1 thousand, respectively, on behalf of Peter C. Georgiopoulos, the Chairman of the Company’s Board and Chief Executive Officer. As of March 31, 2018 and December 31, 2017, a balance due from Mr. Georgiopoulos of approximately $12 thousand and $7 thousand, respectively, remains outstanding. The Company provided office space to and incurred other expenses on behalf of Chemical Transportation Group, Inc. (“Chemical”), an owner and operator of chemical vessels for $16 thousand and $24 thousand, during the three months ended March 31, 2018 and 2017, respectively. Mr. Georgiopoulos is chairman of Chemical’s board of directors. As of March 31, 2018 and December 31, 2017, a balance of $0 and $2 thousand, respectively, remains outstanding. Amounts due from the related parties described above as of March 31, 2018 and December 31, 2017 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 March 31, 2018 and December 31, 2017 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	3 Months Ended
	Mar. 31, 2018
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	14. 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. At the effective time of the Merger, each then outstanding stock option will terminate and be cancelled in exchange for the right of the former holder to receive a cash payment. See Note 3, (LOSS) / Income per common share, for more details. During the three months ended March 31, 2017, the Company valued the granted options using the “Black Scholes Model” and recorded $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 was no such expense during the three months ended March 31, 2018. 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 fair value of the stock option was calculated by using the Black-Scholes 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 option agreement expired on July 8, 2017. The following table summarizes certain information of the stock options outstanding: Options Exercisable, March 31, 2018 Weighted Average Weighted Remaining Number of Average Contractual Life Exercise Price Options Exercise Price (years) (‘000) $4.69 525 $ 4.69 5.8 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 44,856 RSUs, which remain outstanding as of March 31, 2018. 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, (b) the date that is 30 days following the first anniversary of the grant date and (c) consummation of the Merger, 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. 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. At the effective time of the Merger, all outstanding RSUs will become fully vested and will be terminated and cancelled, and will be automatically exchanged for the right to receive ordinary shares of Euronav as part of the merger consideration. The shares for the first two vesting increments were issued within three business days after December 3, 2015, the shares for the third and fourth vesting increments were issued within three business days after December 3, 2016 and December 3, 2017, respectively, and the shares for the remaining vesting increment are expected to be issued within a similar short period of time following the vesting date for such increment. The unvested RSUs were excluded in determining the diluted net (loss) income per share for the three months ended March 31, 2018, because the impact is anti-dilutive. As of March 31, 2018, 44,919 RSUs have been forfeited and 317,757 shares remain to be issued in fiscal 2018, following the vesting date for the final increment. At the effective time of the Merger, all outstanding RSUs will become fully vested and will be terminated and cancelled, and will be automatically exchanged for the right to receive ordinary shares of Euronav as part of the merger consideration. 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 March 31, 2018 and 2017, compensation expense in connection with the RSUs was $0.3 million and $0.8 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- Weighted Average Average Remaining Number of Exercise Contractual RSU's Price Term (years) (‘000) Outstanding, January 1, 2018 363 Granted — Vested — Forfeited — Outstanding, March 31, 2018 363 — 0.6

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2018
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	15. 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 12, Lease commitments, for lease commitments. 2011 VLCC POOL DISPUTE During the second quarter of 2011, the Company agreed to enter five of its VLCCs into a commercial pool of VLCCs (the “2011 VLCC Pool”) managed by a third‑party company (“2011 VLCC Pool Operator”). Through March 31, 2012, the vessels formerly known as the Genmar Vision , the Genmar Ulysses , the Genmar Zeus , the Genmar Hercules and the Genmar Victory were delivered into the 2011 VLCC Pool. All five of these vessels left the 2011 VLCC Pool by the end of May 2013. 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 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. An arbitration hearing took place in December 2016 with respect to these claims. As a result, 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 on grounds of serious procedural irregularity and also by seeking permission to appeal those aspects of the Decision which contain a ruling on a point of law. An application to challenge the Decision on procedural grounds as well as on certain points of law was filed with the High Court of England and Wales on October 6, 2017. A hearing of the Atlas Claimant’s procedural challenge and application for permission to appeal on certain points of law has been fixed for May 24, 2018. As of both March 31, 2018 and December 31 , 2017, an amount due from the 2011 VLCC Pool dispute of $1.9 million, was included in Other assets (noncurrent) on the condensed consolidated financial statements. Shareholder Lawsuits On March 8, 2018, a putative class action lawsuit captioned Fragapane v. Gener8 Maritime, Inc. et al. , No. 1:18-cv-02097 (S.D.N.Y.), was filed in the United States District Court for the Southern District of New York, purportedly on behalf of the public stockholders of the Company, against the Company, the Company’s directors, Euronav and Merger Sub. On March 14, 2018, another lawsuit, captioned Mohr v. Gener8 Maritime, Inc., et al , No. 1:18-cv-02276 (S.D.N.Y.), was also filed against the Company and its directors. The complaints allege that the registration statement on Form F-4 filed by Euronav violates Section 14(a) of the Securities and Exchange Act of 1934 because it omits and/or misrepresents material information concerning, among other things, the (i) sales process leading up to the Merger, (ii) financial projections used by the Company ’ s financial advisor in its financial analyses and (iii) inputs underlying the financial valuation analyses that were used by the Company ’ s financial advisor to support its fairness opinion. The complaints also allege that the Company ’ s directors are liable under Section 20(a) of the Exchange Act as controlling persons. The Fragapane complaint further alleges that the Company ’ s directors breached their fiduciary duties to the Company ’ s stockholders by engaging in a flawed sales process, by agreeing to sell the Company for inadequate consideration and by agreeing to improper deal protection terms in the Merger Agreement. The complaints seek, among other things, injunctive relief against the proposed transaction with Euronav as well as other equitable relief, damages and attorneys ’ fees and costs. See Note 16 , SUBSEQUENT EVENTS , for information on the proposed settlement of the Fragapane and Mohr litigation.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2018
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS On April 10, 2018, the Company entered into an agreement for the sale of the 2002-built Aframax tanker Gener8 Defiance for gross proceeds of $10.0 million. On April 26, 2018, the sale of the Gener8 Defiance was finalized. The Company used the net proceeds to repay $6.5 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. In April 2018, with regard to the Fragapane and Mohr litigation described in Note 15, COMMITMENTS AND CONTINGENCIES , in order to avoid the risk of adverse effect or delay in connection with the Merger and to minimize the costs, risks and uncertainties inherent in litigation, and without admitting any liability or wrongdoing, the defendants have determined to voluntarily supplement the registration statement on Form F-4 filed by Euronav to address claims asserted in the complaints, and the plaintiffs in the actions have agreed in principle to voluntarily dismiss the actions in light of, among other things, the supplemental disclosures. Nothing herein shall be deemed an admission of the legal necessity or materiality under applicable laws of any of such supplemental disclosures. To the contrary, the defendants specifically deny all allegations in the complaints, including that any additional disclosure was or is required. As discussed in Note 9, LONG TERM DEBT, due to the weaker tanker industry, low charter rates, and higher interest costs, management determined as of the date the 2017 financial statements were available for issuance that it was virtually certain that it would not be in compliance with the Interest Coverage Ratio Covenants as of March 31, 2018. As a result, on May 3, 2017, the Company obtained short-term waivers from its lenders for the Interest Coverage Ratio. The waivers for (i) the Sinosure Credit Facility and Korean Export Credit Facility cover the covenant test period ending on March 31, 2018, and (ii) the Refinancing Facility cover the same period, and automatically extend to include the subsequent test period ending on June 30, 2018, provided that the Merger is consummated.

BASIS OF PRESENTATION AND SUM25

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2018
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 condensed consolidated financial statements. Certain information and footnote disclosures normally included in condensed consolidated 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, 2017, 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 2017 Annual Report on Form 10-K, as amended.
GOING CONCERN	GOING CONCERN — The Company’s operations, cash flows, liquidity, and its ability to comply with financial covenants related to its senior secured credit facilities have been negatively impacted by a weaker tanker industry, lower charter rates, and higher interest costs on its outstanding indebtedness whereby the Company incurred a net loss of $35.2 million for the three months ended March 31, 2018 and had an accumulated deficit of $299.9 million as of March 31, 2018. Management considered the significance of these negative financial conditions in relation to the Company’s ability to meet its current and future obligations and determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern as of March 31, 2018. The accompanying unaudited condensed consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which contemplate the realization of assets and extinguishment of liabilities in the normal course of business. The Company’s ability to continue as a going concern is contingent upon, among other things, its ability to: (i) develop and successfully implement a plan to address these factors, which may include refinancing its existing credit agreements, or obtaining waivers or modifications to its credit agreements from its lenders, raising additional capital through selling assets (including vessels), reducing or delaying capital expenditures or pursuing other options that may be available to it, which may include pursuing strategic opportunities and equity or debt offerings; (ii) return to profitability, and (iii) remain in compliance with its credit facility covenants, as the same may be modified. The realization of the Company’s assets and the satisfaction of its liabilities are subject to uncertainty. The accompanying unaudited condensed consolidated financial statements do not include any direct adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern.

(LOSS) _ INCOME PER COMMON SH26

(LOSS) / INCOME PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2018
(LOSS) / INCOME PER COMMON SHARE
Schedule of reconciliation of basic to diluted (loss) / income per common share	The reconciliation of basic to diluted net (loss) income per common share was as follows (in thousands, except per share amounts): For the Three Months Ended March 31, 2018 2017 Basic net (loss) / income per share: Numerator: Net (Loss) / Income $ (35,203) $ 26,864 Denominator: Weighted-average shares outstanding, basic 83,267 82,960 Basic net (loss) / income per share $ (0.42) $ 0.32 Diluted net (loss) / income per share: Numerator: Net (Loss) / Income $ (35,203) $ 26,864 Denominator: Weighted-average shares outstanding, basic 83,267 82,960 Add: Restricted stock units — — Stock options — 31 Weighted-average shares outstanding, diluted 83,267 82,991 Diluted net (loss) / income per share: $ (0.42) $ 0.32

PREPAID EXPENSES AND OTHER CU27

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2018
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): March 31, December 31, 2018 2017 Working capital due from Navig8 $ 25,100 $ — Prepaid insurance 7,894 Bunkers and lubricants 6,581 Insurance claims receivable 3,427 Other 7,398 Total $ 50,400 $ 23,884

OTHER NONCURRENT ASSETS (Tables

OTHER NONCURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2018
OTHER NONCURRENT ASSETS
Schedule of other noncurrent assets	Other noncurrent assets consist of the following (dollars in thousands): March 31, December 31, 2018 2017 Working capital for 2011 VLCC pool $ 1,900 $ 1,900 Fresh start lease asset 1,014 Total $ 2,914 $ 2,948

ACCOUNTS PAYABLE AND ACCRUED 29

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2018
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consist of the following (dollars in thousands): March 31, December 31, 2018 2017 Accounts payable $ 3,952 $ Accrued operating expenses 7,433 Accrued administrative expenses 1,694 Accrued interest 6,129 Total $ 19,208 $ 29,817

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2018
LONG-TERM DEBT
Schedule of long-term debt	Long‑term debt consists of the following (dollars in thousands): December 31, March 31, 2017 2018 (Restated) Refinancing Facility $ $ 188,312 Korean Export Credit Facility 647,931 662,312 Senior Notes 194,339 Sinosure Credit Facility 310,968 316,863 Total 1,336,941 1,361,826 Less: current portion of long-term debt (1,137,403) (1,167,487) Less: unamortized discount and debt financing costs (3,456) (3,780) Long-term debt less unamortized discount and debt financing costs $ 196,082 $ 190,559
Schedule of Interest expense, net	Interest expense, net consists of the following (amounts in thousands): Three Months Ended March 31, 2018 2017 Refinancing Facility (1) $ (2,420) $ (4,344) Korean Export Credit Facility (1) (6,510) (6,108) Senior Notes (5,522) (4,918) Sinosure Credit Facility (1) (3,225) (2,790) Amortization of deferred financing costs and other (2,695) (3,173) Capitalized interest — 1,406 Commitment fees — (275) Interest rate swaps 1,190 — Interest income 510 151 Interest expense, net $ (18,672) $ (20,051) (1) Amounts include interest rate swaps settlements.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
FINANCIAL INSTRUMENTS
Schedule of derivative instruments	At March 31, 2018, 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 Sinosure Credit Facility (dollars in thousands) : March 31, 2018 Notional Effective Maturity Fair Value Fixed Floating Hedged Credit Facility Amount Date Date Hierarchy Interest Rate Interest Rate Refinancing Facility $ 77,036 4/10/2017 9/3/2020 Level 2 1 mo. LIBOR Refinancing Facility 19,259 4/18/2017 9/3/2020 Level 2 1 mo. LIBOR Korean Export Credit Facility (1) 475,200 4/10/2017 9/30/2020 Level 2 3 mo. LIBOR Korean Export Credit Facility (1) 89,100 4/10/2017 9/30/2020 Level 2 3 mo. LIBOR Korean Export Credit Facility (1) 29,700 4/18/2017 9/30/2020 Level 2 3 mo. LIBOR Sinosure Credit Facility 310,968 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 increased 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 notional amount of the swaps will amortize down thereafter.
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 condensed consolidated balance sheet and statement of operations (dollars in thousands): March 31, 2018 December 31, 2017 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 $ 3,308 $ — $ 70 $ — Interest rate swap contracts - non-current Non-current assets 12,295 — 6,020 — Interest rate swap contracts - current Current liabilities — — (852) — Interest rate swap contracts - non-current Non-current liabilities — — — — Total derivatives designated as hedging instruments $ 15,603 $ — $ 5,238 $ —
Schedule of offsetting of derivative assets	Offsetting of Derivative Assets March 31, 2018 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 $ 13,675 $ — $ 13,675 $ — $ — $ 13,675 Counterparty 2 670 — 670 — — 670 Counterparty 3 1,258 — 1,258 — — 1,258 Total $ 15,603 $ — $ 15,603 $ — $ — $ 15,603 Offsetting of Derivative Assets December 31, 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 $ 4,470 $ — $ 4,470 $ — $ — $ 4,470 Counterparty 2 304 — 304 — — 304 Counterparty 3 464 — 464 — — 464 Total $ 5,238 $ — $ 5,238 $ — $ — $ 5,238
Schedule of fair value and cash flow hedge accounting on the statements of operations	The following table provides the effect of fair value and cash flow hedge accounting on the condensed consolidated statements of operations (dollars in thousands): For the Three Months Ended March 31, 2018 2017 Interest expense, net (where the effects of fair value or cash flow hedges are recorded) $ (18,672) $ (20,051) The effects of fair value and cash flow hedging Gain / (loss) on cash flow hedging relationships in Subtopic 815-20: Interest rate contracts: Amount reclassified from AOCI to net (loss) / income on derivative $ 627 $ (827) Amount reclassified from AOCI to net (loss) / income as a result that a forecasted transaction is no longer probable of occurring — —
Schedule of effect of derivatives on the statements of operations	The following table provides the effect of derivatives on the condensed consolidated statements of operations (dollars in thousands): Location of Gain or (Loss) Reclassified Three Months Ended Derivatives in Cash Flow from AOCI to March 31, Hedging Relationships Income 2018 2017 Interest rate swap contracts (Effective Portion) Amount recognized in other comprehensive (loss) income on derivative Interest Expense, net $ 9,802 $ 196 Amount reclassified from AOCI to net (loss) / income on derivative Interest Expense, net 627 (827) Interest rate swap contracts (Ineffective Portion) Amount of gain / (loss) recognized in income on derivatives $ — 683

FAIR VALUE OF FINANCIAL INSTR32

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
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): March 31, 2018 December 31, 2017 Carrying Fair Carrying Fair Value Value Value Value Cash and cash equivalents $ 160,802 $ 160,802 $ 200,501 $ 200,501 Restricted cash 1,472 1,472 1,468 1,468 Long-term debt, including current portion, excluding discount 1,336,941 1,327,763 1,361,826 1,351,474
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): March 31, 2018 December 31, 2017 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 $ 9,600 $ 9,600 $ — $ — $ — $ —
Schedule of valuation of liabilities measured on a recurring basis	The following table summarizes the valuation of assets and liabilities measured on a recurring basis (dollars in thousands): March 31, 2018 December 31, 2017 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 $ 15,603 $ 15,603 $ — $ 6,090 $ 6,090 $ — Interest rate swaps - Liabilities — — — 852 852 —

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2018
STOCK-BASED COMPENSATION
Summary of certain information of the stock options granted	Options Exercisable, March 31, 2018 Weighted Average Weighted Remaining Number of Average Contractual Life Exercise Price Options Exercise Price (years) (‘000) $4.69 525 $ 4.69 5.8
Summary of RSU activity	Weighted- Weighted Average Average Remaining Number of Exercise Contractual RSU's Price Term (years) (‘000) Outstanding, January 1, 2018 363 Granted — Vested — Forfeited — Outstanding, March 31, 2018 363 — 0.6

BASIS OF PRESENTATION AND SUM34

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NATURE OF BUSINESS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)segmentitem	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
NATURE OF BUSINESS
Number of tankers	30
Number of operating segments | segment	1
Number of pool agreement terminations effective	0
Period for termination of pool agreements	90 days
Period to extend or reduce notice for termination of pool agreements	30 days
Net income (loss) | $	$ (35,203)	$ 26,864
Accumulated deficit | $	$ 299,859		$ 264,656
VLCCs
NATURE OF BUSINESS
Number of tankers	21
Suezmax tankers
NATURE OF BUSINESS
Number of tankers	6
Aframax
NATURE OF BUSINESS
Number of tankers	1
Panamax tankers
NATURE OF BUSINESS
Number of tankers	2

MERGER AGREEMENT (Details)

MERGER AGREEMENT (Details)	Dec. 20, 2017$ / shares	Mar. 31, 2018$ / shares	Dec. 31, 2017$ / shares
MERGER AGREEMENT
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Merger Agreement
MERGER AGREEMENT
Common stock, par value (in dollars per share)	$ 0
Conversion ratio	0.7272

(LOSS) _ INCOME PER COMMON SH36

(LOSS) / INCOME PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net (loss) / income	$ (35,203)	$ 26,864
Denominator:
Weighted-average shares outstanding, basic	83,267	82,960
Basic net (loss) / income per share (in dollars per share)	$ (0.42)	$ 0.32
Numerator:
Net (loss) / income	$ (35,203)	$ 26,864
Denominator:
Weighted-average shares outstanding, basic	83,267	82,960
Add:
Weighted-average shares outstanding, diluted	83,267	82,991
Diluted net (loss) / income per share (in dollars per share):	$ (0.42)	$ 0.32
Stock options
Add:
Incremental common shares attributable to share-based payment arrangements		31,000

(LOSS) _ INCOME PER COMMON SH37

(LOSS) / INCOME PER COMMON SHARE - Additional Information (Details) - $ / shares	Dec. 05, 2017	May 16, 2017	Jan. 05, 2017	Sep. 09, 2016	Jun. 24, 2015	Mar. 31, 2018	Mar. 31, 2017
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)						482,286	755,187
RSU's | 2012 Equity Incentive Plan
Antidilutive securities excluded from computation of earnings per share
Issuance of common stock for vested 2015, 2016 and 2017 restricted stock units (in shares)	278,480
Shares forfeited to date						44,919
Shares remaining to be issued in future years (in shares)						317,757
Granted (in shares)					1,663,660
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, 2016 and 2017 restricted stock units (in shares)		28,752
Granted (in shares)		44,856		28,752
Granted (in dollars per share)		$ 5.35		$ 6.26
Vesting period of shares		30 days
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
Number of potentially dilutive securities excluded from EPS calculation as certain market conditions have not been met (in shares)							13,420
Stock options | 2012 Equity Incentive Plan | Mr. Georgiopoulos
Antidilutive securities excluded from computation of earnings per share
Options granted (in shares)			500,000
Stock options | 2012 Equity Incentive Plan | 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	Apr. 26, 2018	Apr. 10, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Assets Held-for-Sale
Assets held for sale			$ 9,600		$ 0
Loss on disposal of vessels, net			7,602	$ 9,843
Gener8 Defiance
Assets Held-for-Sale
Loss on disposal of vessels, net			$ 7,600
Gener8 Defiance | Subsequent events.
Assets Held-for-Sale
Gross proceeds from sale of asset held for sale		$ 10,000
Refinancing Facility | Gener8 Defiance | Subsequent events.
Assets Held-for-Sale
Repayments of debt	$ 6,500

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Non-cash investing and financing activities
Capitalized interest	$ 0	$ 1,406
Milestone and supervision installments payments during the period	$ 0
Accounts payable and accrued expenses.
Non-cash investing and financing activities
Milestone and supervision payments not yet paid		$ 0

PREPAID EXPENSES AND OTHER CU40

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Working capital due from Navig8	$ 25,100
Prepaid insurance	7,894	$ 1,830
Bunkers and lubricants	6,581	6,425
Insurance claims receivable	3,427	4,420
Other	7,398	11,209
Total	50,400	23,884
Advances to third-party technical managers	$ 4,000	$ 8,100

OTHER NONCURRENT ASSETS (Detail

OTHER NONCURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Other noncurrent assets
Working capital for 2011 VLCC pool	$ 1,900	$ 1,900
Fresh start lease asset	1,014	1,048
Total	$ 2,914	$ 2,948

ACCOUNTS PAYABLE AND ACCRUED 42

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable	$ 3,952	$ 7,206
Accrued operating expenses	7,433	15,047
Accrued administrative expenses	1,694	1,815
Accrued interest	6,129	5,749
Total	$ 19,208	$ 29,817

LONG-TERM DEBT - Outstanding (D

LONG-TERM DEBT - Outstanding (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Long-term debt
Long-term debt	$ 1,336,941	$ 1,361,826
Less: current portion of long-term debt	(1,137,403)	(1,167,487)
Less unamortized discount and debt financing costs	(3,456)	(3,780)
Long-term debt less unamortized discount and debt financing costs	196,082	190,559
Refinancing Facility
Long-term debt
Long-term debt	178,504	188,312
Korean Export Credit Facility
Long-term debt
Long-term debt	647,931	662,312
Senior Notes
Long-term debt
Long-term debt	199,538	194,339
Sinosure Credit Facility
Long-term debt
Long-term debt	$ 310,968	$ 316,863

LONG-TERM DEBT - Interest rate

LONG-TERM DEBT - Interest rate (Details)	Mar. 31, 2018	Mar. 31, 2017
LONG-TERM DEBT
Weighted average interest rate for the credit facilities (as percent)	1.47%	1.32%

LONG-TERM DEBT - Refinancing Fa

LONG-TERM DEBT - Refinancing Facility (Details) $ in Millions	Sep. 03, 2015item	Dec. 31, 2017USD ($)item
Refinancing Facility | Term Loan
Long-term debt
Maximum borrowing capacity | $		$ 188.3
Remaining borrowing capacity | $		$ 0
Additional accrual rate if failure to pay any amount due	2.00%
Refinancing Facility | LIBOR | Term Loan
Long-term debt
Margin on variable interest rate	3.75%
Gener8 Maritime Sub II | Refinancing Facility | Term Loan
Long-term debt
Number of vessel owning subsidiaries	11
Number of payment installments	20
Frequency of payment installments	quarterly
VLCCs | Gener8 Maritime Sub II
Long-term debt
Number of vessels owned		2
Suezmax tankers | Gener8 Maritime Sub II
Long-term debt
Number of vessels owned		6
Aframax | Gener8 Maritime Sub II
Long-term debt
Number of vessels owned		1
Panamax tankers | Gener8 Maritime Sub II
Long-term debt
Number of vessels owned		2

LONG-TERM DEBT - Korean Export

LONG-TERM DEBT - Korean Export Credit Facility (Details) - Korean Export Credit Facility - Term Loan $ in Millions	Sep. 03, 2015USD ($)item	Mar. 31, 2018item
Long-term debt
Maximum borrowing capacity	$ 963.7
Additional accrual rate if failure to pay any amount due	2.00%
Commercial Tranche
Long-term debt
Maximum borrowing capacity	$ 282
Loan maturity	60 months
Excluding Commercial Tranche
Long-term debt
Loan maturity	144 months
K-Sure Tranche
Long-term debt
Maximum borrowing capacity	$ 344.6
KEXIM Funded Tranche
Long-term debt
Maximum borrowing capacity	197.4
KEXIM Guaranteed Tranche
Long-term debt
Maximum borrowing capacity	$ 139.7
VLCCs
Long-term debt
New building vessels | item	15
VLCCs | Final Contract Price
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value	65.00%
VLCCs | Maximum Contract Price
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value	65.00%
VLCCs | Fair Market Value
Long-term debt
Amount borrowed as a percentage of vessel price or fair market value	60.00%
VLCC vessels
Long-term debt
Number of pledged vessels | item		13
LIBOR | Commercial Tranche
Long-term debt
Margin on variable interest rate	2.75%
LIBOR | K-Sure Tranche
Long-term debt
Margin on variable interest rate	1.70%
LIBOR | KEXIM Funded Tranche
Long-term debt
Margin on variable interest rate	2.60%
LIBOR | KEXIM Guaranteed Tranche
Long-term debt
Margin on variable interest rate	1.50%
Gener8 Maritime Sub VIII | Commercial Tranche
Long-term debt
Number of payment installments | item	20
Frequency of payment installments	quarterly
Balloon payment to loan ratio	66.70%
Gener8 Maritime Sub VIII | Excluding Commercial Tranche
Long-term debt
Number of payment installments | item	48

LONG-TERM DEBT - Sinosure Credi

LONG-TERM DEBT - Sinosure Credit Facility (Details) - Sinosure Credit Facility - Term Loan $ in Millions	Nov. 08, 2017	Nov. 07, 2017	Jun. 29, 2016USD ($)item	Dec. 01, 2015USD ($)item	Mar. 31, 2018USD ($)item
Long-term debt
Aggregate principal amount of other indebtedness undergoing change of control that triggers a change of control to debt facility | $				$ 259.6
Consolidated leverage ratio	0.60	0.65
Maximum borrowing capacity | $					$ 385.2
VLCCs
Long-term debt
New building vessels				3
VLCCs | Gener8 Chiotis And Gener8 Miltiades
Long-term debt
Number of Term loan tranches			2
Maximum borrowing capacity | $			$ 125.7
Number of vessels to be delivered under contract			2
LIBOR
Long-term debt
Margin on variable interest rate				2.00%
Gener8 Maritime Sub VII
Long-term debt
Number of vessels delivered					6
Percentage of balloon payment to loan				20.00%
Percentage of each installment amount of loan				1.667%

LONG-TERM DEBT - Senior Notes (

LONG-TERM DEBT - Senior Notes (Details) - USD ($) $ in Thousands	May 13, 2014	Dec. 31, 2017	Mar. 31, 2018
Long-term debt
Long-term debt		$ 194,339	$ 199,538
Senior Notes
Long-term debt
Aggregate principal amount	$ 131,600
Proceeds (before fees and expenses), after original issue of discount	$ 125,000
Debt discount on Senior Notes		3,800	$ 3,500
Long-term debt		$ 194,400
Prepayment premium		1.00%
Prepayment of senior notes		$ 207,000
Interest rate if interest is paid in cash for remainder of debt term (as a percent)			10.00%
Senior Notes | Additional senior notes
Long-term debt
Interest rate (as a percent)			11.00%

LONG-TERM DEBT - Interest Expen

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest expense, net
Amortization of deferred financing costs	$ (2,695)	$ (3,173)
Capitalized interest	0	1,406
Commitment fees		(275)
Interest rate swaps	1,190
Interest income	510	151
Interest expense, net	(18,672)	(20,051)
Refinancing Facility | Term Loan
Interest expense, net
Interest expense excluding amortization of deferred financing costs	(2,420)	(4,344)
Korean Export Credit Facility | Term Loan
Interest expense, net
Interest expense excluding amortization of deferred financing costs	(6,510)	(6,108)
Senior Notes | Term Loan
Interest expense, net
Interest expense excluding amortization of deferred financing costs	(5,522)	(4,918)
Sinosure Credit Facility | Term Loan
Interest expense, net
Interest expense excluding amortization of deferred financing costs	$ (3,225)	$ (2,790)

LONG-TERM DEBT - Covenants and

LONG-TERM DEBT - Covenants and Guarantees (Details) $ in Billions	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Financial covenants
Interest Coverage Ratio		3.3
Indebtedness that could be declared immediately due and payable	$ 1.1	$ 1.2
Guarantees
Ownership of subsidiaries (as a percent)	100.00%
Minimum
Financial covenants
Interest Coverage Ratio	2.5
Note and Guarantee Agreement
Financial covenants
Ratio under debt agreement for entity to make dividends (as a percent)	60.00%
Sinosure Credit Facility | Term Loan
Financial covenants
Dividend cap as a percentage of consolidated net income	50.00%
Korean Export Credit Facility | Term Loan
Financial covenants
Dividend cap as a percentage of consolidated net income	50.00%
Refinancing Facility | Term Loan
Financial covenants
Dividend cap as a percentage of consolidated net income	50.00%

FINANCIAL INSTRUMENTS - Interes

FINANCIAL INSTRUMENTS - Interest Rate Risk Management (Details) - Interest rate swap $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2017USD ($)item	Mar. 31, 2018USD ($)item	Dec. 31, 2016item	May 02, 2016item
Interest Rate Swap Agreements
Number of interest rate swap transactions | item				6
Number of swap agreements with payment dates modified | item	6
Payment received from swap counterparties	$ 18,200
Cash flow hedges
Interest Rate Swap Agreements
Fair market value of revised swaps	$ 0
Amounts in accumulated other comprehensive income expected to be reclassified into earings in the coming 12 months		$ 8,600
Cash flow hedges | Minimum
Interest Rate Swap Agreements
Swap offsetting percentage of hedged interest payments		80.00%
Cash flow hedges | Maximum
Interest Rate Swap Agreements
Hedge effectiveness (as a percent)		125.00%
Refinancing Facility | Cash flow hedges
Interest Rate Swap Agreements
Number of interest rate swap transactions | item		2
Number of swap agreements with payment dates modified | item			2
Percentage of fixed interest rate on aggregate variable interest rate borrowings		56.00%
Refinancing Facility One | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount		$ 77,036
Derivative, Fixed Interest Rate		1.66%
Refinancing Facility Two | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount		$ 19,259
Derivative, Fixed Interest Rate		1.648%
Korean Export Credit Facility | Cash flow hedges
Interest Rate Swap Agreements
Number of interest rate swap transactions | item		3
Percentage of fixed interest rate on aggregate variable interest rate borrowings		91.00%
Initial aggregate notional amount		$ 599,700
Maximum aggregate notional amount		610,000
Korean Export Credit Facility One | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount		$ 475,200
Derivative, Fixed Interest Rate		1.838%
Korean Export Credit Facility Two | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount		$ 89,100
Derivative, Fixed Interest Rate		1.8645%
Korean Export Credit Facility Three | Cash flow hedges
Interest Rate Swap Agreements
Initial aggregate notional amount		$ 29,700
Derivative, Fixed Interest Rate		1.818%
Sinosure Credit Facility | Cash flow hedges
Interest Rate Swap Agreements
Percentage of fixed interest rate on aggregate variable interest rate borrowings		100.00%
Initial aggregate notional amount		$ 310,968
Derivative, Fixed Interest Rate		2.047%

FINANCIAL INSTRUMENTS - Quantit

FINANCIAL INSTRUMENTS - Quantitative Information (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Financial Instruments
Fair value of derivative - current assets	$ 3,308	$ 70
Fair value of derivative - noncurrent assets	12,295	6,020
Fair value of derivative - current liabilities		(852)
Derivatives designated as hedging instruments | Interest rate swap
Financial Instruments
Fair value of derivative - current assets	3,308	70
Fair value of derivative - noncurrent assets	12,295	6,020
Fair value of derivative - current liabilities		(852)
Total derivatives designated as hedging instruments, net	$ 15,603	$ 5,238

FINANCIAL INSTRUMENTS - Offsett

FINANCIAL INSTRUMENTS - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Offsetting of Derivative Assets
Gross Amounts of Recognized Assets	$ 15,603	$ 5,238
Net Amounts of Assets presented in the Balance Sheet	15,603	5,238
Net Amount	15,603	5,238
Counterparty 1
Offsetting of Derivative Assets
Gross Amounts of Recognized Assets	13,675	4,470
Net Amounts of Assets presented in the Balance Sheet	13,675	4,470
Net Amount	13,675	4,470
Counterparty 2
Offsetting of Derivative Assets
Gross Amounts of Recognized Assets	670	304
Net Amounts of Assets presented in the Balance Sheet	670	304
Net Amount	670	304
Counterparty 3
Offsetting of Derivative Assets
Gross Amounts of Recognized Assets	1,258	464
Net Amounts of Assets presented in the Balance Sheet	1,258	464
Net Amount	$ 1,258	$ 464

FINANCIAL INSTRUMENTS - Effect

FINANCIAL INSTRUMENTS - Effect of fair value and cash flow hedge (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Financial Instruments
Interest expense, net (where the effects of fair value or cash flow hedges are recorded)	$ (18,672)	$ (20,051)
Amount reclassified from AOCI to net (loss)/ income on derivative	627	(827)
Interest rate swap
Financial Instruments
Amount reclassified from AOCI to net (loss)/ income on derivative	$ 627	$ (827)

FINANCIAL INSTRUMENTS - Effec55

FINANCIAL INSTRUMENTS - Effect Of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest rate swap contracts (Effective Portion)
Amount recognized in other comprehensive income (loss) on derivative	$ 9,802	$ 196
Amount reclassified from AOCI to net (loss)/ income on derivative	627	(827)
Interest rate swap
Interest rate swap contracts (Effective Portion)
Amount reclassified from AOCI to net (loss)/ income on derivative	627	(827)
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap
Interest rate swap contracts (Ineffective Portion)
Amount of gain / (loss) recognized in income on derivatives		683
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap | Interest Expense, net
Interest rate swap contracts (Effective Portion)
Amount recognized in other comprehensive income (loss) on derivative	9,802	196
Amount reclassified from AOCI to net (loss)/ income on derivative	$ 627	$ (827)

FAIR VALUE OF FINANCIAL INSTR56

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Carrying Value
Estimated fair values of financial instruments
Cash and cash equivalents	$ 160,802	$ 200,501
Restricted Cash	1,472	1,468
Long-term debt, including current portion, excluding discount	1,336,941	1,361,826
Fair Value
Estimated fair values of financial instruments
Cash and cash equivalents	160,802	200,501
Restricted Cash	1,472	1,468
Long-term debt, including current portion, excluding discount	$ 1,327,763	$ 1,351,474

FAIR VALUE OF FINANCIAL INSTR57

FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring and Nonrecurring (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Valuation of financial instruments
Derivative Asset	$ 15,603	$ 5,238
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	$ 9,600
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2)
Valuation of financial instruments
Assets held for sale	9,600
Fair Value, Measurements, Recurring | Interest rate swap
Valuation of financial instruments
Derivative Asset	15,603	6,090
Derivative Liability		852
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swap
Valuation of financial instruments
Derivative Asset	$ 15,603	6,090
Derivative Liability		$ 852

LEASE COMMITMENTS (Details)

LEASE COMMITMENTS (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2015	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Letter of credit
Letter of credit
Outstanding letter of credit		$ 1.4		$ 1.4
Cash held as security		1.5		$ 1.5
Lease agreement entered in 2004
Lease Commitments
Rent expense		0.5	$ 0.5
Future minimum rental payments
Remainder of 2018		1.2
2,019		1.5
2,020		1.7
2,021		2.2
2,022		2.2
Thereafter		$ 6
Lease agreement entered in 2004 | Period Commencing October 2020
Lease Commitments
Extended lease term	5 years
Monthly rental payment	$ 0.2

RELATED PARTY TRANSACTIONS - Ge

RELATED PARTY TRANSACTIONS - General (Details)	3 Months Ended
	Mar. 31, 2018USD ($)item
Related party transactions
Notice period for termination of agreement	90 days
Option to reduce or extend notice period	30 days
Number of pool agreement terminations effective | item	0
VL8 Pool Inc. | VL8 Pool
Related party transactions
Commercial Management Fee (as a percent)	1.25%
V8 Pool Inc. | Suez8 Pool
Related party transactions
Commercial Management Fee (as a percent)	1.25%
V8 Pool Inc. | V8 Pool
Related party transactions
Commercial Management Fee (as a percent)	2.00%
VLCC vessels | VL8 Pool Inc. | VL8 Pool
Related party transactions
Daily pool administration fee	$ 325
Aframax | V8 Pool Inc. | V8 Pool
Related party transactions
Daily pool administration fee	250
Suezmax Vessels | V8 Pool Inc. | Suez8 Pool
Related party transactions
Daily pool administration fee	$ 325
Navig8 Limited
Related party transactions
Ownership percentage in outstanding common shares (as a percent)	4.00%

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Navig8 Pools (Details) $ in Thousands	3 Months Ended		11 Months Ended
	Mar. 31, 2018USD ($)item	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2017USD ($)
Navig8 Group
Related party transactions
Due from related parties	$ 25,600			$ 26,300
Navig8 Group | VL8 Pool
Related party transactions
Due from related parties	19,000			18,800
Navig8 Group | Suez8 Pool
Related party transactions
Due from related parties	5,900			6,400
Navig8 Group | V8 Pool
Related party transactions
Due from related parties	$ 700			$ 1,100
VL8 Pool Inc. | VL8 Pool
Related party transactions
Number of vessels advising of the termination of pool agreements | item	26
Nave Quasar | Navig8 Inc.
Related party transactions
Gross daily rate			$ 26
Revenue share above daily threshold (as a percent)			50.00%
Threshold gross daily rate			$ 30
Amount of expense incurred on behalf of related parties		$ 6
VLCC vessels | VL8 Pool Inc. | VL8 Pool
Related party transactions
Number of vessels directly admitted to pool | item	21
Suezmax Vessels | V8 Pool Inc. | Suez8 Pool
Related party transactions
Number of vessels directly admitted to pool | item	6
Navig8 Pool | Navig8 Group
Related party transactions
Shipping Revenues	$ 43,200	118,400
Navig8 Pool | Navig8 Group | VL8 Pool
Related party transactions
Shipping Revenues	37,400	90,500
Navig8 Pool | Navig8 Group | Suez8 Pool
Related party transactions
Shipping Revenues	$ 5,800	22,300
Navig8 Pool | Navig8 Group | V8 Pool
Related party transactions
Shipping Revenues		$ 5,600

RELATED PARTY TRANSACTIONS - Wo

RELATED PARTY TRANSACTIONS - Working Capital at Navig8 Pools (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2016
Navig8 Pools
Related party transactions
Working capital at Navig8 pools	$ 26.1	$ 26.1
Navig8 Pools | Due from Navig8 pools
Related party transactions
Working capital at Navig8 pools	25.1
Navig8 Pools | Working capital at Navig8 pools, Non-current
Related party transactions
Working capital at Navig8 pools	$ 1
VL8 Pool Inc. | VL8 Pool
Related party transactions
Revised operating capital to be provided to related party			$ 1
V8 Pool Inc. | Suez8 Pool
Related party transactions
Revised operating capital to be provided to related party			0.9
V8 Pool Inc. | V8 Pool
Related party transactions
Revised operating capital to be provided to related party			$ 0.7

RELATED PARTY TRANSACTIONS - 62

RELATED PARTY TRANSACTIONS - Navig8 Supervision Agreement (Details) - Navig8 Shipmanagement - Supervision agreements - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related party transactions
Supervision fee per vessel	$ 0.5
Supervision fees incurred	0	$ 0.5
Due to Related Parties	$ 0		$ 0

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Corporate Administration Agreement (Details) - Navig8 Limited - Corporate administration agreement - Navig8 Crude Tankers Inc - USD ($)	Dec. 17, 2013	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related party transactions
Corporate administration fees per vessel per day	$ 250
Corporate administration fees		$ 0	$ 300,000
Due to related parties		$ 32,000		$ 32,000

RELATED PARTY TRANSACTIONS - Ot

RELATED PARTY TRANSACTIONS - Other Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
P C Georgiopoulos & Company LLC | Office expenses
Related party transactions
Amount of expense incurred on behalf of related parties	$ 6	$ 1
Due from related parties	12		$ 7
Chemical | Rent and other expenses
Related party transactions
Amount of expense incurred on behalf of related parties	16	$ 24
Due from related parties	$ 0		$ 2

STOCK BASED COMPENSATION - Stoc

STOCK BASED COMPENSATION - Stock Options (Details) - Stock options	Jan. 05, 2017$ / sharesshares	May 07, 2015USD ($)$ / sharesshares	May 06, 2015item$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Mar. 31, 2017USD ($)
2012 Equity Incentive Plan
Stock-Based Compensation
Weighted Average Exercise Price | $ / shares	$ 4.69
Expiration period	7 years				7 years
Fair value assumptions
Expected volatility rate					49.48%
Expected term					3 years 6 months
Expected dividend rate					0.00%
Risk-free interest rate					2.26%
2012 Equity Incentive Plan | $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				5 years 9 months 18 days
2012 Equity Incentive Plan | Mr. Georgiopoulos
Stock-Based Compensation
Granted (in shares)	500,000
2012 Equity Incentive Plan | Leonard J. Vrondissis
Stock-Based Compensation
Granted (in shares)	25,000
Navig8 Crude Tankers Inc
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 | Navig8 Crude Tankers Inc
Stock-Based Compensation
Fair value of stock option | $		$ 39,000
General and administrative expense | 2012 Equity Incentive Plan
Stock-Based Compensation
Stock-based compensation expense | $				$ 0	$ 1,300,000

STOCK-BASED COMPENSATION - RSUs

STOCK-BASED COMPENSATION - RSUs (Details) - RSU's - 2012 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Millions	May 16, 2017	Sep. 09, 2016	Dec. 03, 2015	Jun. 24, 2015	Mar. 31, 2018	Mar. 31, 2017
Restricted stock units
Granted (in shares)				1,663,660
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)					317,757
Incremental compensation cost				$ 22
General and administrative expense
Restricted stock units
Amortization of the fair value of stock options / Compensation expense					$ 0.3	$ 0.8
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
Per share value of RSUs	$ 5.35	$ 6.26
Vesting period of shares	30 days
Amortization period from date of grant	1 year

STOCK-BASED COMPENSATION - RSU

STOCK-BASED COMPENSATION - RSU Tables (Details) - RSU's - 2012 Equity Incentive Plan - shares	Jun. 24, 2015	Mar. 31, 2018
Number of RSU's
Outstanding at the beginning of period		363,000
Granted (in shares)	1,663,660
Outstanding at the end of period		363,000
Weighted Average Exercise Price
Weighted Average Remaining Contractual Term (in years)		7 months 6 days

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	May 09, 2017	Mar. 07, 2014	Mar. 31, 2018	Dec. 31, 2017	Apr. 22, 2013
Commitments and Contingencies
Working capital for 2011 VLCC pool			$ 1,900	$ 1,900
2011 VLCC Pool and Atlas Charter Disputes | GMR Atlas LLC
Commitments and Contingencies
Declaratory Sum	$ 3,300
2011 VLCC Pool Dispute | Other Assets
Commitments and Contingencies
Amount due from VLCC Pool dispute			$ 1,900	$ 1,900
Atlas Charter Dispute | GMR Atlas LLC
Commitments and Contingencies
Security provided by entity pursuant to the escrow agreement					$ 3,500
Amount of damages sought		$ 4,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent events. - Gener8 Defiance - USD ($) $ in Millions	Apr. 26, 2018	Apr. 10, 2018
Subsequent events
Gross proceeds from sale of vessel		$ 10
Refinancing Facility
Subsequent events
Repayments of senior debt	$ 6.5