The deal, which is being described as a merger, will see Oaktree-backed Genmar take Navig8's 14 strong newbuilding programme in what would be Georgiopoulos' second VLCC fleet deal in less than a year.
It still requires approval of both companies' boards, and is expected to close early in 2015, according to a source familiar with the discussions.
A union of Genmar and Navig8’s crude tankers would see Oaktree as the major shareholder in a company owning 28 VLCCs, including 21 newbuildings.
Neither
