I'm ignorant, so let's get that out of the way if it will save the insults toward me and/or the company. I can't figure out why the share price will move, if at all. The dividend is cemented and not linked to for example better suezmax or aframax rates.
I believe the next dividend will be funded by working capital - the rates were too poor to suggest supporting 3 cents on cash flow alone.
So why would the share price move, if at all? TNK is, in my view, a 5% bond. There are plenty of 5% yield equities out there with far superior upside.
When a Company Goes X Dividend. The Stock Price usually goes down by that amount or more. The reason whey a stock will flucutate up or down depends on a bunch of factors. Over all market sentiment, Instituions who want to buy or sell for what ever reason they have. At times they are mandated to have a certain percentage of thier money in a certain sector and just day to day trading.
Are you able to screen companies by dividend yield, and market caps exceeding 1 billion? I hesitate to name companies because these boards are a minefield for insults, but I think you will find a variety of companies yielding 5%, and with lots of cash sitting in the bank.