Knightsbridge Tankers Extends Time Charter

Tuesday, March 20, 2007
Knightsbridge Tankers Limited entered into a new time charter agreement for the VLCC MT Mayfair. The ship is currently trading in the spot market, and will commence the new time charter employment directly after the current voyage in end of March 2007. The Mayfair has been chartered to a Far East based operator for a period of three years at a rate of $45,000 per day. The Board of Knightsbridge Tankers believes that the new charter will serve the Company well as it continues to secure income into the next decade at levels considerably in excess of the companies required return of capital. In addition to this VLCC, Knightsbridge Tankers owns one VLCC which is time chartered out at a fixed rate of $30,000 until 2009. Two further VLCCs are fixed on 4 and 5 years period charters at $37,750 plus 50% trading profit above that level. The fifth vessel is trading in the spot market. The aggregate value of the fixed charters in our fleet is now around $200 million. While four out of our five vessels now have fixed income in the coming years, protecting downside risk, three of the five units continue to have the ability to take advantage of market upside. The cash break even cost for the vessels including loan interest and instalments were by end of last quarter $18,000 per day. This arrangement thereby secures a continued high dividend payment to shareholders with potential for further upside in a positive market scenario.
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Teekay LNG Partners Declare Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended September 30, 2015. The

TMS Cardiff Gas Orders First LPG Carriers

TMS Cardiff Gas Ltd. has signed a contract with Hyundai Heavy Industries of Korea for the construction of two 78,700 cbm LPG carriers with the option to build another two.

Odfjell's Tanker Overhaul Seeks to Slash Emissions by 20%

Norwegian tanker shipper Odfjell announced it is upgrading the propulsion systems aboard 19 of its chemical tanker vessels in a move that aims to reduce its fuel

Eye on the Navy

Navy Kicks Off Tours with Industry Program

The Navy kicked off a new program Oct. 5, designed to give high performing officers and Sailors experience at large corporations for approximately one year.

USS Porter Hosts Career Day

The Arleigh Burke-class guided-missile destroyer USS Porter (DDG 78) hosted a group of 9th and 10th grade students from the International School of Vlore, Albania

Yemeni Govt, Saudi-led Forces Retake Red Sea Strait

Loyalist Yemeni troops and Gulf Arab forces have seized the Mandab Strait connecting the Red Sea and the Gulf of Aden from Houthi fighters, reasserting control over the strategic sea lane,

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1094 sec (9 req/sec)