Revenue during the quarter went down marginally by 0.52 percent to $121.06 million from $121.69 million in the previous year period. Gross margin for the quarter contracted 360 basis points over the previous year period to 76.24 percent. Total expenses were 61.73 percent of quarterly revenues, up from 43.97 percent for the same period last year. That has resulted in a contraction of 1776 basis points in operating margin to 38.27 percent.

Operating income for the quarter was $46.32 million, compared with $68.18 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $85.96 million compared with $87.66 million in the prior year period. At the same time, adjusted EBITDA margin contracted 103 basis points in the quarter to 71.01 percent from 72.04 percent in the last year period.

"We are pleased that our “"ECO" vessels continue to earn a demonstrable premium. This is a significant competitive advantage for us, particularly as the market enters a somewhat weaker rate environment amplified by growth in the size of the global fleet," said Peter Georgiopoulos, Chairman and Chief Executive Officer of Gener8 Maritime. “Subsequent to the end of the quarter, we made a series of important decisions to provide us significant flexibility to manage our business. The resulting stronger financial platform will serve as a buffer through any extended market downturn and also allow us to be opportunistic going forward. Importantly, we were able to improve our financial profile without diluting our shareholders.