Teekay Corporation (TK – Snapshot Report), the leading marine energy transportation company, was the worst stock performer on the New York Stock Exchange in the Thursday trading session as the stock tumbled as much as 62%.

The steep decline for this crude oil shipper came after the company slashed its dividend by 90%. Teekay will now pay 5.5 cents in quarterly dividend per share instead of 55 cents paid in the third quarter of 2015. The reduced dividend is payable in February 2016. The move came amid the need of funds to meet capital requirements for future growth projects and reduce debt levels (read: No Danger from COP21 for Airline and Shipping ETFs).