SUBSEQUENT EVENTS	12 Months Ended
Dec. 31, 2016
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	22. SUBSEQUENT EVENTS In preparing the consolidated financial statements, the Company has evaluated events and transactions occurring after December 31, 2016 for recognition or disclosure purposes. Based on this evaluation, from January 1, 2017 through the date of this report, which represents the date the consolidated financial statements were available to be issued, no material events have been identified other than the following: Sale of Vessels As of December 31, 2016, as described above in Note 5, Assets held for sale, the Company classified the Gener8 Ulysses as held for sale in the consolidated balance sheet. On February 1, 2017, the sale was finalized and the Company received $30.5 million in cash and paid $0.3 million of commissions related to its sale. The Company used the net proceeds to repay $20.0 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. In connection with the sale, this vessel was written down to its fair value, less the costs associated with its sale, to $30.2 million in the consolidated balance sheet. As a result of the sale of this vessel in 2017, the Company recorded a loss of $6.9 million as Loss on disposal of vessels, net, in the 2016 consolidated statement of operations. Vessel Deliveries Gener8 Hector On January 6, 2017, the Company took delivery of the Gener8 Hector, a 2017-built VLCC newbuilding. Upon delivery, the Gener8 Hector entered into the VL8 Pool. As of January 6, 2017, the Company borrowed approximately $49.5 million under the Korean Export Credit Facility to fund the delivery of the Gener8 Hector. The Company has made all shipyard installment payments and there is no outstanding payable balance in respect of the Gener8 Hector. Gener8 Ethos On March 9, 2017, the Company took delivery of the Gener8 Ethos, a 2017-built VLCC newbuilding. Upon delivery, the Gener8 Ethos entered into the VL8 Pool. As of March 9, 2017, the Company borrowed approximately $50.6 million under the Korean Export Credit Facility to fund the delivery of the Gener8 Ethos. The Company has made all shipyard installment payments and there is no outstanding payable balance in respect of the Gener8 Ethos. Stock Options under 2012 Equity Incentive Plan On January 5, 2017, Peter C. Georgiopoulos, Chief Executive Officer and Chairman of the Board of the Company and Leonard J. Vrondissis, Executive Vice President, Secretary and Chief Financial Officer of the Company were each granted awards of stock options pursuant to the Company’s amended 2012 Equity Incentive Plan. Mr. Georgiopoulos received stock options to purchase 500,000 shares of common stock. Mr. Vrondissis received stock options to purchase 25,000 shares of common stock. The stock options are exercisable at an exercise price of $4.69 per share of common stock. The exercise price is equal to the closing trading price of the Company’s common stock on the New York Stock Exchange on January 5, 2017. The stock options were fully vested upon grant, have a 7-year term, subject to earlier termination upon the occurrence of certain events related to termination of employment, and are subject to the provisions of stock option grant agreements. During the first quarter of 2017, the Company valued the options using “Black Scholes Model” and recorded approximately $1.0 million of related compensation expense.

22. SUBSEQUENT EVENTS

In preparing the consolidated financial statements, the Company has evaluated events and transactions occurring after December 31, 2016 for recognition or disclosure purposes. Based on this evaluation, from January 1, 2017 through the date of this report, which represents the date the consolidated financial statements were available to be issued, no material events have been identified other than the following:

Sale of Vessels

As of December 31, 2016, as described above in Note 5, Assets held for sale, the Company classified the Gener8 Ulysses as held for sale in the consolidated balance sheet. On February 1, 2017, the sale was finalized and the Company received $30.5 million in cash and paid $0.3 million of commissions related to its sale. The Company used the net proceeds to repay $20.0 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. In connection with the sale, this vessel was written down to its fair value, less the costs associated with its sale, to $30.2 million in the consolidated balance sheet. As a result of the sale of this vessel in 2017, the Company recorded a loss of $6.9 million as Loss on disposal of vessels, net, in the 2016 consolidated statement of operations.

Vessel Deliveries

Gener8 Hector

On January 6, 2017, the Company took delivery of the Gener8 Hector, a 2017-built VLCC newbuilding. Upon delivery, the Gener8 Hector entered into the VL8 Pool. As of January 6, 2017, the Company borrowed approximately $49.5 million under the Korean Export Credit Facility to fund the delivery of the Gener8 Hector. The Company has made all shipyard installment payments and there is no outstanding payable balance in respect of the Gener8 Hector.

Gener8 Ethos

On March 9, 2017, the Company took delivery of the Gener8 Ethos, a 2017-built VLCC newbuilding. Upon delivery, the Gener8 Ethos entered into the VL8 Pool. As of March 9, 2017, the Company borrowed approximately $50.6 million under the Korean Export Credit Facility to fund the delivery of the Gener8 Ethos. The Company has made all shipyard installment payments and there is no outstanding payable balance in respect of the Gener8 Ethos.

Stock Options under 2012 Equity Incentive Plan

On January 5, 2017, Peter C. Georgiopoulos, Chief Executive Officer and Chairman of the Board of the Company and Leonard J. Vrondissis, Executive Vice President, Secretary and Chief Financial Officer of the Company were each granted awards of stock options pursuant to the Company’s amended 2012 Equity Incentive Plan.

Mr. Georgiopoulos received stock options to purchase 500,000 shares of common stock. Mr. Vrondissis received stock options to purchase 25,000 shares of common stock. The stock options are exercisable at an exercise price of $4.69 per share of common stock. The exercise price is equal to the closing trading price of the Company’s common stock on the New York Stock Exchange on January 5, 2017. The stock options were fully vested upon grant, have a 7-year term, subject to earlier termination upon the occurrence of certain events related to termination of employment, and are subject to the provisions of stock option grant agreements. During the first quarter of 2017, the Company valued the options using “Black Scholes Model” and recorded approximately $1.0 million of related compensation expense.