Knightsbridge Tankers Announces Dividend Surplus

Tuesday, January 16, 2001
Knightsbridge Tankers, a Nasdaq listed firm that leases five very large crude carriers (VLCCs) to Shell International, said on Tuesday its fourth quarter 2000 dividend would be over three times the average.

"The quarterly dividend is usually about 45 cents per share," a Knightsbridge spokeswoman said, adding "This time we're paying $1.68 per share."

The deal with Shell guarantees a minimum rate of $22,069 per day for each tanker in poor market conditions but in good market conditions the hire rate is linked to the spot market rate.

"The spot market related rate for the fourth quarter of 2000 exceeds the guaranteed minimum rate by $45,576 per vessel per day," Knightsbridge said in a statement.

The fourth quarter of 2000 saw an unprecedented high in tanker earnings on the strength of increased OPEC output and strict tanker chartering policies.

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