Knightsbridge Tankers Limited to Buy Two

Wednesday, May 09, 2007
Knightsbridge Tankers Limited has agreed to purchase two newbuilding contracts, each for a Capesize bulk carrier of approximately 170,000 deadweight tons (dwt). The ships will be built at Daehan Shipbuilding Co. Ltd in the Republic of Korea with delivery scheduled for September and December 2009 respectively. The newbuilding contracts have been acquired from Golden Ocean Group Limited ("GOGL") which company has ordered a series of sister ships at the same yard. The contract price for the two vessels is $ 81m per vessel. In addition Knightsbridge will pay a 1% commission to GOGL for arranging the deal. GOGL is listed on the Oslo Stock Exchange and is a related party of Frontline Ltd, the parent company of the Company's manager. With this transaction, the Board is aiming to expand the Company and to renew its fleet through the acquisition of new tonnage. The Company will consider different employment options for the two ships including possibilities for fixing long term time charters. The Board intends to pre-delivery finance the two newbuildings through leverage against existing assets and contract back log. Such a financing will not materially affect the company's dividend capacity during the ships' construction period. For long term financing of the assets normal mortgage financing as well as lease financing will be considered. It is not intended that the purchase of the two newbuildings will require any new equity.

The supervision of the ships' construction will be carried out by Frontline Management (Bermuda) Ltd. which is already doing the supervision for the sister vessels, and the commercial operation will be contracted to Golden Ocean Management AS, a subsidiary of GOGL that operates the GOGL fleet.

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

That’s Not Coming on Board!

There’s hardly anything that can’t be shipped in a container. However, for ethical reasons, Hapag-Lloyd refuses to transport certain goods.   Anyone who regularly transports goods for third parties,

US Navy Awards $22mln Waterfront Inspection Deal

The U.S. Navy has awarded a five-year, $22 million contract to Appledore Marine Engineering, a specialist focusing exclusively on the inspection and design of marine infrastructure,

Offshore Operators Can Simplify Safety Equipment Logistics

Safety equipment manufacturer VIKING Life-Saving Equipment said its Offshore Safety Agreements are providing relief for offshore operators seeking to ensure compliance

Navy

US Navy Awards $22mln Waterfront Inspection Deal

The U.S. Navy has awarded a five-year, $22 million contract to Appledore Marine Engineering, a specialist focusing exclusively on the inspection and design of marine infrastructure,

Twelve Syrians Drown Trying to Reach Greece

At least 12 people believed to be Syrian refugees drowned as two boats sank after leaving southwest Turkey for the Greek island of Kos on Wednesday, a senior Turkish naval official said.

Greek Coast Guard Seizes Weapons Ship Bound for Libya

Greek authorities have seized a freighter carrying an undeclared shipment of weapons en route from Turkey to Libya, coast guard officials said on Wednesday. A

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar Winch
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: 0.4445 sec (2 req/sec)