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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (43236)	4/17/2006 7:18:23 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68226

TOP Tankers Announces Date of $2.50 Per Share Special Dividend Payment; Changes Dividend Policy 4/6/2006 ATHENS, Greece, April 6, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- TOP Tankers Inc (Nasdaq: TOPT) announced today the declaration of a special dividend of $2.50 per share. The dividend will be payable on April 25, 2006 to shareholders of record as of April 17, 2006. The Company also announced that its Board of Directors has unanimously decided to discontinue the Company's policy of paying regular quarterly dividends. Declaration and payment of any future special dividends will remain subject to the discretion of the Company's Board of Directors and will be based on general market and other conditions including the Company's earnings, financial strength and cash requirements and availability. About TOP Tankers Inc TOP Tankers Inc is an international provider of worldwide seaborne crude oil and petroleum products transportation services. The Company operates a fleet of 27 tankers, consisting of 13 double-hull Suezmax tankers and 14 double-hull Handymax tankers, with a total carrying capacity of approximately 2.6 million dwt, of which 88.8% are sister ships. Nineteen of the Company's 27 tankers are on time charter contracts with an average term of over three years with all but two of the time charters including profit sharing agreements. [Harry: We talked a little about tankers a while back. All the ones one my list now have P/E in the single digits. Only OMM has managed to track sideways. All others are in intermediate down trends and some are down significantly from their peak prices. TOPT move to stop dividend payments either indicates that management expects a moderation of growth from the current levels or management is getting ready to retire. The one time dividend payment would be a good indication that management might be looking for an exit strategy. If other companies stop their dividends then the sector has reached equilibrium and there may even be some over capacity.]