The Shipping Stocks Blog » ONAV

Shipping Stocks Dividends 2009, Part IV

Tim — Mon, 08 Jun 2009 11:54:29 +0000

I have been reviewing the dividends or distributions paid by the shipping stocks I follow during the 1st half of 2009. 25 stocks paid some level of dividend and I have been listing and reviewing them from the lowest payout to the highest.

Here are the payors 16 through 20 on my list. The stocks are listed in this order: Company and stock symbol, dividend earned on $1000 invested on 1/1/2009 (divide by 5 to get an annualized percentage) and the share price change since the beginning of the year.

Teekay LNG Partners, LP TGP, $76.38, +24.5%
Omega Navigation Enterprises ONAV, $78.50, -17.6%
Teekay Offshore Partners, LP TOO, $82.90, +26.9%
General Maritime Corporation GMR, $93.00, -8.2%
DHT Maritime Inc. DHT, $99.55, -5.6%

This group is all tankers, some speciality and product, some crude transport. You can see these stocks paid investors 7.6% to almost 10% in the 1st half alone. It is also clear from the share price action that the market does not think these payout rates are sustainable. Omega Navigation only paid a single dividend in the 1st half and suspended payouts indefinitely when they announced Q1 earnings. ONAV has moved to my suspended dividend list, leaving 24 stocks in the still paying category.

The Teekay spinoffs have performed extremely well compared to TK itself, which is down 10% Y-T-D. 30%+ returns for the 1st 6 months of 2009 should make investors happy!

After the Q1 earnings release I made a personal investment into DHT. I am hoping the current dividend level is sustainable.

Omega Navigation Enterprises first quarter results

Tim — Thu, 04 Jun 2009 14:29:49 +0000

[www.omeganavigation.com].

Omega Navigation Enterprises is a product tanker company with 9 tankers in it’s fleet. The bulk of the fleet is on time charter contracts with profit sharing. Earnings results are linked above.

The first quarter 2009 numbers look a lot like the same quarter of 2008. Revenues were almost exactly the same. Net income from continuing operations increased by 140% as interest expense fell by 55%. EBIDTA increased slightly from Q1 2008.

Omega Navigation has paid a 50¢ per share dividend every quarter since going public 3 years ago. The market is indicating that this level may not be sustained as the stock yields 36% at the current share price. From this earnings report is appears they have the cash flow to continue the payout. Time will tell.

Omega Navigation suspends dividend

Tim — Tue, 19 May 2009 15:45:28 +0000

http://www.omeganavigation.com/051909.html

Omega Navigation ONAV has suspended their dividend. They last paid a 50¢ distribution in February 2009.

Shares of ONAV are down 39% year-to-date and it is obvious that the market did not believe the distribution was sustainable.

ONAV is now a part of my suspended dividend list and off the dividend paying list of shipping stocks.