Old Ways Work Best

In what could be a milestone event, Star Bulk last week became the first shipping company to declare a dividend after having suspended it. The company has agreed to pay $0.05 per share, or approximately $2.5 million to its shareholders after receiving lender approval. In giving their consent, the banks took into account the company’s liquidity position, high contract coverage (100% for 2009 and 85% for 2010), low gearing (~44% of equity) and lack of exposure to newbuildings. The current cash position of $70 million covers the remainder of this year’s principal repayments, $23 million, as well as a substantial

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