Gener8 Maritime Partners’ YTD performance
Gener8 Maritime Partners’ (GNRT) YTD (year-to-date) returns were -10% as of April 5, 2018. Gener8 Maritime Partners is the fourth-best performer among its peers on a YTD basis behind DHT Holdings (DHT), Frontline (FRO), and Euronav (EURN) with YTD returns of 1.1%, -1.5%, and -9.2%, respectively. Gener8 Maritime Partners almost has the same return as the shipping ETF. Gener8 Maritime Partners has underperformed the broad equity market indexes. Since the beginning of 2018, the Guggenheim Shipping ETF (SEA) has fallen 10%. Oil and gas transportation companies account for 47.7% of SEA. The Dow Jones Industrial Average (DIA) has fallen 2% YTD as of April 5, 2018. The SPDR S&P 500 ETF (SPY) has fallen 1.2% during the same period.
Gener8 Maritime Partners’ fleet
Gener8 Maritime Partners is a pure-play crude tanker company. As of March 2018, Gener8 Maritime Partners has a fleet of 30 wholly owned vessels including 21 VLCCs (very large crude carriers), six Suezmaxes, one Aframax, and two Panamax tankers. The company operates its vessels in the spot market and the time charter market.
Gener8 Maritime Partners (GNRT) recorded a net loss of $45.4 million in 4Q17—compared to a net income of $5.8 million in 4Q16. The company increased its “ECO” fleet operating days to 65.1% in 4Q17—compared to 43.4% in 4Q16. Gener8 Maritime Partners sold an Aframax built in 2003, a Suezmax built in 2000, a VLCC built in 2002, and a VLCC built in 2010. Gener8 Maritime Partners has entered into a merger with Euronav.
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