8. DELIVERY AND DISPOSAL OF VESSELS

Delivery of Vessels

During the year ended December 31, 2016, the Company took delivery of the following 2016-built VLCC newbuildings. Upon delivery, all of these vessels entered into the VL8 Pool. The Company has made all shipyard installment payments, and there is no outstanding payable balance in respect of each vessel.



		Borrowings to
Vessel Name	Date of Delivery	Fund Vessel's Delivery (1)		Credit Facility
		(Dollars in thousands)
Gener8 Apollo	January 5, 2016	$	60,819	Korean Export Credit Facility
Gener8 Supreme	January 6, 2016		62,563	Amended Sinosure Credit Facility
Gener8 Ares	January 22, 2016		61,128	Korean Export Credit Facility
Gener8 Hera	February 24, 2016		60,511	Korean Export Credit Facility
Gener8 Success	March 22, 2016		59,881	Amended Sinosure Credit Facility
Gener8 Nautilus	April 20, 2016		59,739	Korean Export Credit Facility
Gener8 Andriotis	May 12, 2016		60,450	Amended Sinosure Credit Facility
Gener8 Constantine	June 27, 2016		57,423	Korean Export Credit Facility
Gener8 Chiotis	August 18, 2016		54,600	Amended Sinosure Credit Facility
Gener8 Macedon	August 30, 2016		53,101	Korean Export Credit Facility
Gener8 Perseus	September 9, 2016		53,410	Korean Export Credit Facility
Gener8 Oceanus	September 12, 2016		53,410	Korean Export Credit Facility
Gener8 Miltiades	October 25, 2016		53,300	Amended Sinosure Credit Facility
Gener8 Noble	November 7, 2016		52,484	Korean Export Credit Facility
Gener8 Theseus	November 28, 2016		52,175	Korean Export Credit Facility

(1)

Amounts reflect the borrowings incurred under the Korean Export Credit Facility or the Amended Sinosure Credit Facility to fund the delivery of the indicated newbuilding. For more information see Note 14, LONG-TERM DEBT.

Disposal of Vessels

On December 5, 2016, the Company entered into an agreement for the sale of the 2000-built Suezmax tanker Gener8 Spyridon for $13.9 million in gross proceeds. On December 19, 2016 the sale was finalized and the Company recorded a net loss of $7.1 million, which is included in Loss on vessel disposal, net on the consolidated statement of operations. The Company used the net proceeds to repay $11.7 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel.

On August 8, 2016, the Company entered into an agreement for the sale of the 2001-built VLCC tanker Genmar Victory for $29.0 million in gross proceeds. On August 25, 2016 the sale was finalized and the Company recorded a net loss of $7.3 million, which is included in Loss on vessel disposal, net on the consolidated statement of operations. The Company used the net proceeds to repay $19.4 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel.

On July 22, 2016, the Company entered into an agreement for the sale of the 2001-built VLCC tanker Genmar Vision for $28.0 million in gross proceeds. On August 5, 2016 the sale was finalized and the Company recorded a net loss of approximately $3.2 million, which is included in Loss on vessel disposal, net on the consolidated statement of operations. The Company used the net proceeds to repay approximately $19.4 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel.

On December 30, 2015, the Company entered into an agreement to sell the 2004-built Handymax tanker Gener8 Consul for $17.5 million, gross proceeds. As of December 31, 2015, the Gener8 Consul was classified as held for sale. On February 17, 2016, the sale was completed. The Company recorded a loss of $0.5 million as loss on impairment of vessels held for sale in the consolidated statement of operations during the year ended December 31, 2015.

On June 24, 2014, the Company entered into an agreement to sell the 1999-built Suezmax tanker Genmar Hope for $15.0 million in gross proceeds. During the year ended December 31, 2014, the sale was finalized and the Company recorded a net loss of $6.3 million, which is included in Loss on vessel disposal, net on the consolidated statement of operations.