US-based Gener8 Maritime posted a $45.4m loss for 2017, mostly due to low net voyage revenue. The company said it had been forced into bankruptcy protection in the US and was seeking an injunction against its creditors. The biggest culprit for the revenue drop was a 25.1% decline in the average daily TCE rate and the reduction of vessel operation days from 3,533 days in 2016 to 2,671 last year.
US-based Gener8 Maritime posted a $45.4m loss for 2017, mostly due to low net voyage revenue. Compared to 2016, the carrier's net revenue decreased by 43.4% to $56.4m in Q4 of 2017. The biggest culprit for the revenue drop was a 25.1% decline in the average daily TCE rate and the reduction of vessel operation days from 3,533 days in 2016 to 2,671 last year.