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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Russia's Shipping Major Reports Strong 1H 2014

OAO Sovcomflot (SCF Group), Russia’s largest shipping company and a global leader in seaborne energy transportation and offshore services, has announced its financial

Tankship-specific Version of FindaportCD Released

Harbour & terminal information providers, Shipping Guides Ltd, says its latest tanker-specific  addition enables customers to access the most comprehensive port

ClassNK's Noboru Ueda Attends KOTC Delivery Ceremony

Mr. Noboru Ueda, Chairman and President of ClassNK attended the delivery ceremony for the M/T Al Yarmouk, constructed at Daewoo Shipbuilding & Marine Engineering Co.

Eye on the Navy

RIMPAC Exercise Puts LCS Through Paces

It was the middle of May, and the littoral combat ship Independence was operating out of San Diego, testing components of the mine warfare mission package. The mission is one that,

East and South China Sea Disputes Need Creative Diplomacy

China and the United States appear headed for a damaging confrontation over the extent of China's territorial claims in the South and East China Seas. Now that

HMS Illustrious Decommissioned

HMS Illustrious – the last of the Royal Navy’s Invincible-class aircraft carriers – was decommissioned at Portsmouth Naval Base today, marking the end of her 32-year career.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1762 sec (6 req/sec)