Greece’s Capital Product Partners has decided to keep its dividend unchanged as the New York-listed shipowner works to reshape its corporate structure before moving to what is expected to be a floating payout policy.

The Evangelos Marinakis-backed company said on Thursday that its board has decided to pay $0.15 per share, a level that has remained unchanged for two years.

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The container ship and LNG carrier owner will issue the cash to shareholders on 14 May. With 55.3m shares outstanding, the dividend represents a gross payout of $8.3m per quarter and a yield of just under 3.6% at the latest share price.

The unchanged payout comes during a period of change for Piraeus-headquartered Capital Product, which has been selling off container ships to focus on the LNG and broader gas shipping sector. It is also changing its corporate structure from a master limited partnership to a corporation.

Chief executive Jerry Kalogiratos told analysts in February that the capital allocation and the distribution policy are among things that could change after the corporate structure transformation is complete.

“The MLP model is more rigid, in a way, with asset distribution and moving from there onwards, definitely CPLP going ahead expects to remain a disciplined steward of investor capital and will continue to have a balanced approach towards growth, debt repayment and distributions, like we have done over the last few years,” he said in the conference call, noting at the time that the $0.15-per-share payout will remain in place until the new capital allocation policy is decided.

“But I think, overall, the intention is to move to a floating dividend policy tied to a percentage payout of free cash flow generation and earnings so that shareholders participate in the potential upside as we fix our vessels going forward.”

Capital Product is poised to release its quarterly earnings on Tuesday.

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