By their nature all public companies are focused on their shareholders, but General Maritime’s behavior, at times, seems compulsive. And that is a good thing. Back in 2007, the company recapitalized itself, adding debt so it could pay out a special dividend of $11.19 (adjusted) per share, when there were no opportunities that met the company’s investment criteria. To management, it was appropriate to return the capital to the shareholder.
Today the world is different. The tanker market has weakened straining cash flows on one hand but offering up investment opportunities on the other. In response, management has changed
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Tags: · General Maritime, Jeff Pribor
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