Capital Product Partners' decision to slice its distribution has been followed by a downgrade from Evercore.
Evangelos Marinakis backed Capital yesterday announced it would cut its quarterly payout to shareholders by 69% to $0.075 per unit. The company expects to pay $0.30 per year through 2018.
Its market value came down hard after the announcement, which analysts note is likely related to pending rate cuts by Hyundai Merchant Marine.
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