The New York-listed owner of tankers and boxships announced earlier this week that it was cutting its per-share dividend from $0.95 per year to $0.30 per year.
The move was aimed at saving $85m per year as the outfit faces the perfect storm of stock markets that have punished shares of companies with master limited partnership (MLP) structures at a time when debt payments were coming due and major customer Hyundai Merchant Marine (HMM) has begun talks to reduce charter rates.
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