Royal Caribbean halts common stock dividend

By Lisa Kerner

Charlotte, N.C., Nov. 18 - The board of directors of Royal Caribbean Cruises Ltd. discontinued the company's common stock dividend, it was announced on Tuesday.

The Miami-based cruise company cited the need to continue to position itself for future earnings growth and enhance liquidity "during this period of heightened economic and financial market volatility" as reasons for the decision.

"As we have described previously, Royal Caribbean has been proactive in arranging financing commitments or government guarantees for all of its remaining ship orders," chairman and chief executive officer Richard D. Fain said in a company news release.

"We expect these financing arrangements will be adequate to meet our ongoing operations and capital expenditure requirements," Fain added.

Royal Caribbean said quarterly dividends have recently been distributed at a rate of $0.15 per share, totaling approximately $130 million per year.

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