U.S.-based company Gener8 Maritime has spent the most money on second-hand tonnage in the industry so far this year, according to VesselsValue.com data.

The company spent approximately US$1.4bn on 14 ships. The product of a merger/acquisition between Navig8 and General Maritime Corp, Gener8 commenced operations in May this year with a fleet of 46 tankers made up of 21 VLCC newbuildings and 25 vessels on the water consisting of seven VLCCs, 11 Suezmaxes, four Aframaxes, two Panamax tankers, and one Handymax tanker, together comprising over 11 million deadweight tons with an average age of less than 5.5 years upon delivery of the newbuildings.