DHT Holdings saw its shares plunge as investors reacted to the tanker owner slashing its dividend and deciding to spend some cash on share buybacks instead of the payout to shareholders.
The shares fell 15.1% to close the session Wednesday at $3.39 on the New York Stock Exchange.
The drop amounted to a more than $56m decline in market capitalisation.
As TradeWinds reported yesterday, DHT said that it will spend 60% of normalised net income on a mix of dividends and share buybacks, rather than just dividends.
