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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Gener8 Maritime takes delivery of 19th 'Eco' VLCC

The Gener8 Hector is equipped with technology designed to save fuel and reduce emissions.

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Updated on 16 Jan 2017 14:08 GMT

Gener8 Maritime, Inc., a U.S.-based transporter of crude oil, took delivery of the very large crude carrier (VLCC) Gener8 Hector on 6th January.

Built by Hanjin Heavy Industries and Construction Philippines, Inc. (HHIC), the vessel is the 19th of 21 so-called Eco VLCCs to join Gener8's fleet. It has a gross tonnage (grt) of 162,000 tons and a deadweight tonnage (dwt) of 320,000 tons.

According to Gener8, its Eco VLCC newbuilds are equipped with advanced technology designed to optimize speed and reduce fuel consumption and emissions.

"We expect these newbuildings to incorporate many of the latest technological improvements designed to optimize speed and fuel consumption and reduce emissions, such as more fuel-efficient engines, and propellers and hull forms for decreased water resistance," Gener8 stated in a filing with the U.S. Securities and Exchange Commission (SEC) in March 2016.

The company has previously explained that one of the cornerstones of its business strategy is the operation of a young, high-quality fleet that is able to safely and effectively serve its customers. The policy to acquire eco-friendly newbuilds forms part of that strategy.

"We intend to maintain a high-quality fleet that meets or exceeds stringent industry standards and complies with charterer requirements through our technical managers' rigorous and comprehensive maintenance programs under our active oversight. Our fleet has a strong safety and environmental record that we maintain through regular maintenance and inspection. We believe that the 'eco' design of our seven VLCCs on the water and our 14 VLCC newbuildings, as well as the extensive experience from our technical managers and our in house oversight team, will enhance our position as a preferred provider to oil major customers," Gener8 said during the first quarter of last year.

However, Gener8 also warned in 2016 that "within the tanker industry, opinion is divided with regard to the merits of 'eco' ships and their performance relative to non-'eco' ships and there is no assurance that our newbuildings will provide the fuel consumption savings that we expect, as among other things, the newbuildings are based on new technologies".

"Further, the market conditions from time to time may require us to share any fuel efficiency benefits with our charterers and the 'eco' ships may not provide us with the same competitive advantage in securing favorable charter arrangements as we might expect. Should the fuel consumption levels of our newbuildings materially deviate from what we expect, or should we for any reason not receive the profits from any fuel efficiency benefits associated with our vessels, our business, financial condition, results of operations and cash flows could be materially and adversely affected," Gener8 Maritime added.

According to ship-tracking data, the Gener8 Hector left Subic Bay, Philippines, on 8th January and is scheduled to arrive at the Saudi Arabian port of Ras Tanura on 23rd January.

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