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Navios Acquisition suspends dividend in ‘difficult’ market

Chief executive Angeliki Frangou says decision is move to preserve cash as tanker rates remain low, while Navios tanker arm is also trying to refinance a bond due later this year

Despite ‘brighter’ signs for the tanker sector, VLCCs are still earning average spot rates below operating costs so Navios is looking to to preserve cash while navigating a ‘difficult market’

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