U.S. Shipping Partners soars on dividend announcement
U.S. Shipping Partners L.P. (NYSE: USS) shares are up after the provider of long-haul marine transportation services announced that it expects to pay a $0.45 dividend for each common share at the end of the fourth quarter.
The Edison, N.J.-based firm said the expected utilization rate of its ships and current market conditions will provide the company with enough liquidity to pay the minimum quarterly dividend on its common shares during 2008. U.S. Shipping Partners operates ships that haul petroleum products to oil refiners and chemical producers.
In morning trading, USS shares are up 24.22%, or $2.33, at $11.95. Over the last 52 weeks, shares have ranged from $8 to $22.45.
