ASSETS HELD FOR SALE	9 Months Ended
Sep. 30, 2017
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE	4. ASSETS HELD FOR SALE At the end of every reporting period the Company reviews and evaluates all of its vessels to determine the vessels, if any, that meet the criteria for “held for sale” as stated in ASC 360-10 – Property, Plant and Equipment ASC subtopic 360-10-Property, Plant, and Equipment (“ASC 360-10”.) As of September 30, 2017, all the criteria of ASC 360-10 were met for the following vessels (Gener8 Poseidon and Gener8 Pericles) and the transactions were qualified as assets held for sale. These vessels were written down to their fair value, less cost to sell of $31.5 million as of September 30, 2017. On October 4, 2017 the Company entered into an agreement for the sale of the 2002-built VLCC tanker the Gener8 Poseidon for gross proceeds of $21.5 million. As a result of the vessel held for sale classification, the Company recorded a loss of $12.9 million as Loss on disposal of vessels, net, on the condensed consolidated statement of operations for the three and nine months ended September 30, 2017. The sale is expected to be finalized during 2017. The Company intends to use the net proceeds to repay approximately $14.1 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. On August 21, 2017 the Company entered into an agreement for the sale of the 2003-built Aframax tanker the Gener8 Pericles for gross proceeds of $11.0 million. As a result of the vessel held for sale classification, the Company recorded a loss of $6.6 million as Loss on disposal of vessels, net, on the condensed consolidated statement of operations for the three and nine months ended September 30, 2017. On October 18, 2017, the sale was finalized and we used the net proceeds to repay $7.8 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. As of December 31, 2016, the Company classified the Gener8 Ulysses as Current assets - held for sale, in the condensed consolidated balance sheet, as all the criteria of ASC 360-10 have been met and the transaction was qualified as assets held for sale. This vessel was written down to its fair value, less cost to sell, of $30.2 million on the consolidated balance sheet. The Gener8 Ulysses vessel was sold during the first quarter of 2017. As a result of the sale in 2017, the Company recorded a loss of $6.9 million as Loss on disposal of vessels, net, on the consolidated statement of operations for the year ended December 31, 2016.

4. ASSETS HELD FOR SALE

At the end of every reporting period the Company reviews and evaluates all of its vessels to determine the vessels, if any, that meet the criteria for “held for sale” as stated in ASC 360-10 – Property, Plant and Equipment ASC subtopic 360-10-Property, Plant, and Equipment (“ASC 360-10”.) As of September 30, 2017, all the criteria of ASC 360-10 were met for the following vessels (Gener8 Poseidon and Gener8 Pericles) and the transactions were qualified as assets held for sale. These vessels were written down to their fair value, less cost to sell of $31.5 million as of September 30, 2017.

On October 4, 2017 the Company entered into an agreement for the sale of the 2002-built VLCC tanker the Gener8 Poseidon for gross proceeds of $21.5 million. As a result of the vessel held for sale classification, the Company recorded a loss of $12.9 million as Loss on disposal of vessels, net, on the condensed consolidated statement of operations for the three and nine months ended September 30, 2017. The sale is expected to be finalized during 2017. The Company intends to use the net proceeds to repay approximately $14.1 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel.

On August 21, 2017 the Company entered into an agreement for the sale of the 2003-built Aframax tanker the Gener8 Pericles for gross proceeds of $11.0 million. As a result of the vessel held for sale classification, the Company recorded a loss of $6.6 million as Loss on disposal of vessels, net, on the condensed consolidated statement of operations for the three and nine months ended September 30, 2017. On October 18, 2017, the sale was finalized and we used the net proceeds to repay $7.8 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel.

As of December 31, 2016, the Company classified the Gener8 Ulysses as Current assets - held for sale, in the condensed consolidated balance sheet, as all the criteria of ASC 360-10 have been met and the transaction was qualified as assets held for sale. This vessel was written down to its fair value, less cost to sell, of $30.2 million on the consolidated balance sheet. The Gener8 Ulysses vessel was sold during the first quarter of 2017. As a result of the sale in 2017, the Company recorded a loss of $6.9 million as Loss on disposal of vessels, net, on the consolidated statement of operations for the year ended December 31, 2016.