Polaris Holding Company Limited, which owns Hamilton docks operator Stevedoring Services Ltd, is deferring the payment of dividends to shareholders.

The company said that in its third quarter and continuing into the fourth quarter, cargo volumes had improved and cost savings had been implemented, but it continued to run a deficit.

“In light of this, and to best manage cashflow, the board agreed to continue to defer the dividends and will re-evaluate the company’s position to determine to what degree, if any, a fiscal 2022 quarter one dividend can be issued,” Polaris said in a statement.

It said the company’s board of directors had unanimously resolved to defer payment of dividends to shareholders of record as at 26 March.

Polaris, whose share price on the BSX was $8.95 today, last paid a quarterly dividend in March last year, when shareholders received eight cents per share.