With earning season for the shipping stocks starting next week, I thought I should get through my review of dividend paying shipping stocks. So I will try to finish them up in the next few days.
Safe Bulkers Inc. SB has this on their website concerning the dividend policy:
We paid our first quarterly dividend as a public company of $0.1461 per share in August 2008, and subsequent dividends of $0.475 per share and $0.15 per share in November 2008 and February 2009, respectively. We also declared a dividend of $0.15 per share on May 6, 2009 for the shareholders of record on May 22, 2009, payable on or about May 29, 2009.
The company currently has excellent cash flow coverage for the 15¢ dividend but is also collecting from some very high TCE contracts. I would expect the average TCE to erode significantly over the next 5 to 6 quarters.
Seaspan CorpSSW reduced the dividend for the last quarter from 47.5¢ per share to 10¢. This allows them to retain $100 million per year to help pay for new building vessels. Seaspan appears to be in good shape financially, but is hunkering down until global trade improves.
Ship Finance InternationalSFL had been steadily increasing their dividend until the 4th quarter of 2008. At that time they slashed the dividend from 60¢ quarterly to 30¢ and offered shareholders the option to take the distribution in additional stock. My belief is the company has enough cash flow from long term contracts to cover the old rate and should start increasing the payout soon. I have a personal holding in SFL.
I have now covered 18 of the 25 stocks in my dividend paying list. I hope you have found a few of the stocks to be of interest.
Quality of Dividends, Part VI
With earning season for the shipping stocks starting next week, I thought I should get through my review of dividend paying shipping stocks. So I will try to finish them up in the next few days.
Safe Bulkers Inc. SB has this on their website concerning the dividend policy:
The company currently has excellent cash flow coverage for the 15¢ dividend but is also collecting from some very high TCE contracts. I would expect the average TCE to erode significantly over the next 5 to 6 quarters.
Seaspan Corp SSW reduced the dividend for the last quarter from 47.5¢ per share to 10¢. This allows them to retain $100 million per year to help pay for new building vessels. Seaspan appears to be in good shape financially, but is hunkering down until global trade improves.
Ship Finance International SFL had been steadily increasing their dividend until the 4th quarter of 2008. At that time they slashed the dividend from 60¢ quarterly to 30¢ and offered shareholders the option to take the distribution in additional stock. My belief is the company has enough cash flow from long term contracts to cover the old rate and should start increasing the payout soon. I have a personal holding in SFL.
I have now covered 18 of the 25 stocks in my dividend paying list. I hope you have found a few of the stocks to be of interest.