Gener8 Maritime, Inc. Announces First Quarter 2017 Financial Results

New York - May 9, 2017

Gener8 Maritime, Inc. (NYSE: GNRT) ("Gener8 Maritime" or the "Company"), a leading U.S.-based provider of international seaborne crude oil transportation services, today announced its financial results for the three months ended March 31, 2017.

Highlights

• Recorded net income of $26.9 million, or $0.32 basic and diluted earnings per share, for the three months ended March 31, 2017, compared to $60.9 million, or $0.74 basic and diluted earnings per share for the same period in the prior year. Recorded adjusted net income of $38.5 million, or $0.46 basic and diluted adjusted earnings per share, for the three months ended March 31, 2017, compared to $64.8 million or $0.78 basic and diluted earnings per share for the same period in the prior year.

• Increased vessel operating days by 24.4% to 3,510 in the three months ended March 31, 2017 compared to 2,822 in the same period in the prior year. Increased full fleet "ECO" operating days to 49% in the three months ended March 31, 2017, compared to 20% in the same period in the prior year.

• Took delivery of two "ECO" newbuilding VLCCs, the Gener8 Hector and the Gener8 Ethos during the three months ended March 31, 2017.

• Sold the 2003-built VLCC tanker Gener8 Ulysses in February 2017 for net proceeds of $10.2 million after prepaying $20.0 million of associated debt.

• Entered into a series of transactions subsequent to the end of the quarter that are expected to increase cash on the balance sheet by more than $82 million. These include:

    - Modified the Company's interest rate swap agreements, which resulted in aggregate net cash proceeds of $18.2 million in April 2017.

    - Entered into agreements to sell two 2016-built VLCCs, the Gener8 Noble and the Gener8 Theseus, for expected combined gross proceeds of $162 million and expected net cash increase of $61.5 million following prepayment of debt and the release of working capital from the pool.

    - Entered into agreement to sell the 2002-built Aframax tanker Gener8 Daphne prior to the vessel's special survey.

"We are pleased that our "ECO" vessels continue to earn a demonstrable premium. This is a significant competitive advantage for us, particularly as the market enters a somewhat weaker rate environment amplified by growth in the size of the global fleet," said Peter Georgiopoulos, Chairman and Chief Executive Officer of Gener8 Maritime. "Subsequent to the end of the quarter, we made a series of important decisions to provide us significant flexibility to manage our business. The resulting stronger financial platform will serve as a buffer through any extended market downturn and also allow us to be opportunistic going forward. Importantly, we were able to improve our financial profile without diluting our shareholders. In the meantime, following the completion of our newbuilding program expected in the third quarter and assuming no further changes to our fleet, the DWT-weighted average age of our fleet will be 4.9 years, and our VLCCs will have an average age of just 2.7 years, giving us the youngest and most modern VLCC fleet among our public company peers. This is significant as we believe the modernity of our fleet will contribute to competitive operating expenses and ultimately to our profitability."

Leo Vrondissis, Chief Financial Officer, added, "Our balance sheet was strengthened during the first quarter, primarily as a result of solid operating results and the sale of the 2003-built Gener8 Ulysses, which resulted in net proceeds of $10.2 million. Subsequent to the first quarter we are expecting to add cash to the balance sheet through a series of transactions which include the re-couponing of our interest rate swaps and entering into agreements to sell three of our vessels which are expected to, on a combined basis, add more than $82 million of cash to our balance sheet."

Gener8 Maritime - Press Release