They did not pay a dividend for the quarter ended April because they did not ship much ore. The ice on the Lakes made them unnavigable for shipping. If they do not ship ore they do not receive payment ( I presume). They still had decent production for the latest quarter so they have a ton of inventory waiting to go. Trust holders might see a lofty dividend for the quarter ended July if they increase shipments to make up for the shortfall caused by the harsh winter ice conditions ( I presume). Not sure how much ore the mills will take though. Maybe they can market it overseas.
The Lake Carriers Association posts a nice report of iron ore shipments around the great lakes, broken down by port. All of MSB's ore comes out of Silver Bay, and all the ore out of Silver Bay comes from Northshore (generally 90% from MSB land). There were essentially no shipments in April because of worse than usual ice. May shipments were slightly (10%) behind last year, meaning no indication of accelerated shipping to make up for the slow April, so I'd look for 2nd quarter shipments to be around 2/3 of 2013. Ore price seems to be about the same (around $75), so I'd look for a July distribution in the $0.30-0.35 range. This seems likely to be a little disappointing.