SUBSEQUENT EVENTS	6 Months Ended
Jun. 30, 2017
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS In preparing the condensed consolidated financial statements, the Company has evaluated events and transactions occurring after June 30, 2017 for recognition or disclosure purposes. Based on this evaluation, from June 30, 2017 through the date the condensed consolidated financial statements were available to be issued, no material events have been identified other than the following: Sale of Vessels On May 2, 2017, the Company entered into an agreement for the sale of the 2016-built VLCC tanker the Gener8 Theseus for $81.0 million in gross proceeds. As of June 30, 2017, the Company classified the Gener8 Theseus as Current assets - held for sale, in the condensed consolidated balance sheet. On August 7, 2017, the sale of the Gener8 Theseus was finalized. The Company used the net proceeds to repay $50.2 million of the related portion of the senior secured debt outstanding under the Korean Export Credit Facility associated with the vessel. On July 20, 2017 the Company entered into agreements for the demolition and scrapping of the 1999-built Suezmax tankers the Gener8 Phoenix and Gener8 Horn for gross proceeds of $7.8 million and $8.0 million, respectively. On August 1, 2017, the disposition of the Gener8 Horn was finalized. The Company used the net proceeds along with available cash to repay $8.3 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. The Gener8 Phoenix disposition is expected to be consummated during 2017. The Company intends to use the net proceeds from the demolition and scrapping of the Gener8 Phoenix, along with available cash, to repay approximately $8.2 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with these vessels. On July 27, 2017, the Company entered into an agreement for the sale of the 2002-built Aframax tanker the Gener8 Elektra for $10.0 million in gross proceeds. As of June 30, 2017, the Company classified the Gener8 Elektra as Current assets - held for sale, on the condensed consolidated balance sheet. The Gener8 Elektra is expected to be sold during 2017. The Company intends to use the net proceeds from the sale to repay approximately $7.6 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel.

17. SUBSEQUENT EVENTS

In preparing the condensed consolidated financial statements, the Company has evaluated events and transactions occurring after June 30, 2017 for recognition or disclosure purposes. Based on this evaluation, from June 30, 2017 through the date the condensed consolidated financial statements were available to be issued, no material events have been identified other than the following:

Sale of Vessels

On May 2, 2017, the Company entered into an agreement for the sale of the 2016-built VLCC tanker the Gener8 Theseus for $81.0 million in gross proceeds. As of June 30, 2017, the Company classified the Gener8 Theseus as Current assets - held for sale, in the condensed consolidated balance sheet. On August 7, 2017, the sale of the Gener8 Theseus was finalized. The Company used the net proceeds to repay $50.2 million of the related portion of the senior secured debt outstanding under the Korean Export Credit Facility associated with the vessel.

On July 20, 2017 the Company entered into agreements for the demolition and scrapping of the 1999-built Suezmax tankers the Gener8 Phoenix and Gener8 Horn for gross proceeds of $7.8 million and $8.0 million, respectively. On August 1, 2017, the disposition of the Gener8 Horn was finalized. The Company used the net proceeds along with available cash to repay $8.3 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. The Gener8 Phoenix disposition is expected to be consummated during 2017. The Company intends to use the net proceeds from the demolition and scrapping of the Gener8 Phoenix, along with available cash, to repay approximately $8.2 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with these vessels.

On July 27, 2017, the Company entered into an agreement for the sale of the 2002-built Aframax tanker the Gener8 Elektra for $10.0 million in gross proceeds. As of June 30, 2017, the Company classified the Gener8 Elektra as Current assets - held for sale, on the condensed consolidated balance sheet. The Gener8 Elektra is expected to be sold during 2017. The Company intends to use the net proceeds from the sale to repay approximately $7.6 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel.