TOP Tankers to End Quarterly Dividends

Friday, April 07, 2006
Oil and petroleum shipping company TOP Tankers Inc. said Thursday it will stop paying regular quarterly dividends, but said its board declared a special dividend of $2.50. The Athens-based company said the special dividend is payable April 25 to shareholders of record on April 17. The company's regular quarterly dividend was 21 cents, or 84 cents a year. Shares of the company fell 41 cents, or 3.3 percent, to $11.75 in morning trading on the Nasdaq, falling past its prior 52-week low of $11.80. Its stock, which previously traded in a 12-month range of $11.80 to $18.76, is up 31 percent since the start of the year. (Source: MSN Money)

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