Sea Containers Ltd. yesterday announced it will suspend quarterly cash dividends on the company's Class A and Class B common shares in an apparent move to save cash for a restructuring of its ferry operations.

"Sea Containers is planning major changes to its ferry operations, as indicated in the company's second quarter 2005 earnings news release on August 8, 2005, which will be announced soon' the company said in a statement.

Sea Containers said suspension of dividends will be part of the plan and it not pay cash dividends ordinarily payable in November.

Sea Containers reported a second-quarter net loss in August of $17.7 million, or 64 cents a share, compared to a profit in the year earlier period of $6.8 million, or 30 cents a share.

The company's shares were down three cents to $11.70 in morning trading on the New York Stock Exchange.