Gener8 Maritime is selling its only MR Tanker for $17.5m.

In a move to focus on larger vessels Gener8 is selling the 2004-built Gener8 Consul to an undisclosed buyer with delivery next month.

The $17.5m sale will generate $9.8m in net proceeds which will be used to pay debt and for general corporate purposes.

"We are pleased to have reached an initial agreement for the sale of our sole MR tanker, further allowing the company to focus on the larger segment of the tanker market," said Peter Georgiopoulos, chairman and ceo of Gener8.