General Maritime Ships Huge Dividend

Investors will get $15 a share.
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General Maritime (GMR) rose 7% late Wednesday after the oil shipper set a $15-a-share special dividend.

The New York-based company also cut its quarterly payout to a target rate of 50 cents from 71 cents, saying it believes the new rate is "supported by our significant time charter coverage."

Shares rose $3 to $42.72.