Shares in Capital Product Partners plunged Tuesday after the shipowner announced a plan to slash its dividend to shore up financial firepower.

The Nasdaq-listed stock fell 26.6% to $2.81 in midday trading.

As TradeWinds reported earlier today, the Evangelos Marinakis-backed tanker and containership owner announced that it would cut its quarterly payout to shareholders by 69% to $0.075 per share. The company expects to pay $0.30