General Maritime’s Dividends Approved by Nordea

Nordea has amended its L+100 $825 million credit facility with General Maritime to allow for dividends for the first time in the General Maritime’s history as a public company. General Maritime’s management team has done a masterful job using free cash, embedded equity and additional borrowing to grow and improve its franchise. Like a plane that burns a lot of fuel to reach cruising altitude, General Maritime’s dividends are a sign that the company may not see accretive acquisitions on the radar. Some also think it’s a method of increasing the company’s share price to make it a less attractive target to Frontline.

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