K-Sea In Rough Water

For the first quarter, K-Sea Transportation Partners L.P. reported lower operating results across the board largely reflecting market conditions in the Jones Act trades as well as an impairment charge attributed to an earlier than planned phase out of its single hulls vessels. Based upon its performance, the company cut its dividend from $0.77 to $0.45, a reduction of approximately 58%, and has proactively begun discussions with its banks with respect to potential breaches of covenants in its loan agreements, which may occur by the end of the 2nd or 3rd quarter.

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