Knightsbridge News

Knightsbridge Shipping Limited has completed its previously announced merger with Golden Ocean Group Limited. In connection with the closing of the merger, Knightsbridge will change its name to Golden Ocean Group Limited. Trading in the shares of the combined company will commence on the Oslo Stock Exchange on April 1, 2015. The combined company will trade on the Oslo Stock Exchange under the ticker code "VLCCF" on April 1, 2015. Commencing on April 7, 2015, the combined company will trade on the Oslo Stock Exchange under the ticker code "GOGL". The combined company will begin trading under its new name and ticker symbol "GOGL" on the Nasdaq Global Select Market on April 1, 2015.

The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders. The new company, which will be called Golden Ocean Group Limited, will be one of the largest dry bulk shippers in the world, operating a fleet of 72 vessels, 34 of which are new buildings. The merger was first announced in October and will allow John Fredriksen, the Norwegian shipping magnate and owner of Golden Ocean, to keep the name of the struggling Golden Ocean Group on the market.

Dry bulk shipping charter rates remain well below break even levels, pushing vessel scrapping to record highs, though some market improvement is expected in the second quarter, Herman Billung, the CEO of shipping firm Golden Ocean said. Dayrates have plunged as China's slowdown reduced its iron ore imports while the market is flooded with brand new vessels entering the market, sending the Baltic Dry index to an all-time-low of around 500 points in February from around 1,600 points a year ago.

Knightsbridge Shipping Limited announce that the second and final stage of its vessel acquisition transaction with Frontline 2012 Ltd. has closed.   The company has issued 31 million shares to Frontline 2012 Ltd. in exchange for 12 Cape size bulk carrier newbuildings.   Knightsbridge said it will have 111.1 million common shares outstanding following this transaction

Dry bulk shipping companies Golden Ocean Group Limited (GOGL) and the listed dry bulk shipping company in John Fredriksen's business empire Knightsbridge Shipping have chosen March 26 to hold a special general meeting and finalize the merger talks. If the shareholders approve the plan, the companies expect to conclude the merger by the end of March 2015, subject to the execution of certain definitive documents, customary closing conditions and regulatory approvals. Knightsbridge said the outlook for the sector in 2015 was looking weak, but it is pushing on in its merger with rival Golden Ocean Group Limited (GOGL). Knightsbridge and GOGL agreed to merge in October, but have now set a date to consult shareholders at special general meetings to be held on March 26.

Knightsbridge Shipping Limited ( VLCCF ) reports net income of $5.2 million and earnings per share of $0.06 for the fourth quarter compared with a net loss of $6.2 million and a loss per share of $0.11 for the preceding quarter. Net income in the fourth quarter includes $6.4 million in respect of cash received in the fourth quarter as final settlement for a claim for damages and unpaid charter hire. The net loss in the third quarter includes dry docking costs of $2.0 million in connection with the Belgravia and the Golden Future. The average daily time charter equivalent ("TCE") earned by the Capesize vessels in the fourth quarter was $13,200 compared with $10,200 in the preceding quarter.

Knightsbridge Shipping Limited (KSL) has entered an agreement with RWE Supply & Trading GmbH, a wholly owned subsidiary of RWE AG, for chartering out a total of 15 Capesize vessels on long term contracts. The basis of the transaction is to employ the vessels on index linked contracts. The earning of each vessel is decided through a pre-agreed premium on top of the prevailing spot market (Baltic Cape Index 4 T/C), reflecting the better performance of the new generation Capesize vessels. The vessels will be delivered over the coming five quarters starting first quarter 2015. The transaction is done on a to-be-nominated basis where the company will deliver vessels on a fairly evenly spread basis through until the first quarter of 2016.

Knightsbridge Shipping Limited and Golden Ocean Group Limited have today entered into an agreement and plan of merger pursuant to which the two companies have agreed to merge, with Knightsbridge as the surviving legal entity. The Combined Company will be renamed Golden Ocean Group Limited upon completion of the merger. As a result of the expected merger, the Combined Company would become one of the world's leading dry bulk companies with a modern fleet of 72 vessels, of which 36 are newbuildings under construction. The merger is subject to approval by the shareholders of Golden Ocean and Knightsbridge in separate special general meetings expected to be held in December 2014 or January 2015 and the merger is expected to close shortly thereafter.

Knightsbridge Tankers Limited (Nasdaq:VLCCF) has announced that it changed its name to Knightsbridge Shipping Limited. Also, the company's web address has changed to http://www.knightsbridgeshipping.com. The company's shares will continue to trade on the NASDAQ stock market under the symbol "VLCCF."

Bermuda-based Knightsbridge Tankers Limited announced that it has closed the first stage of its vessel acquisition transaction. Knightsbridge has issued 31 million shares in exchange for 11 Cape size bulk carrier newbuildings and two Newcastlemax newbuildings. knightsbridgetankers.com

Knightsbridge reports net income of $6.3 million and earnings per share of $0.14 for the second quarter of 2014. Knightsbridge reports EBITDA of $10.5 million and EBITDA per share of $0.24 for the second quarter of 2014. Knightsbridge receives $3.2 million as partial settlement for a claim for damages and unpaid charter hire. Knightsbridge announces a cash distribution of $0.20 per share for the second quarter of 2014. Knightsbridge completes the purchase of five Capesize newbuilding contracts and one 2013-built Capesize drybulk carrier from Frontline 2012 Ltd and Hemen Holdings Ltd, respectively. Knightsbridge announces the combination of Frontline 2012's remaining fleet of 25 fuel efficient Capesize newbuildings with Knightsbridge's fleet.

The Company reports net income of $10.7 million and earnings per share of $0.35 for the first quarter compared with net income of $3.5 million and earnings per share of $0.12 for the preceding quarter. Net income in the first quarter includes $9.7 million, which was received as partial settlement for a claim for damages and unpaid charter hire. The average daily time charter equivalent ("TCE") earned by the Capesize vessels in the first quarter was $25,200 compared with $28,600 in the preceding quarter.

Knightsbridge Tankers Limited and Frontline 2012 Ltd. have announced an agreement to combine Frontline 2012's remaining fleet of 25 fuel efficient vessels with Knightsbridge. The newbuildings have expected deliveries between September 2014 and September 2016, with five vessels delivering in 2014, 14 vessels in 2015 and six vessels in 2016. Knightsbridge recently acquired five Capesize newbuildings from Frontline 2012 and one vessel from Hemen Holding Ltd. The combination of Knightsbridge…

Shipping tycoon John Fredriksen is joining one of its shipping firms with rival Knighsbridge Tankers Ltd to create the largest U.S. listed Capesize firm, which will compete with Fredriksen's own dry bulk company Golden Ocean. Fredriksen's Frontline 2012 and Knightsbridge Tankers will together own a fleet of 39 modern vessels, the firms said on Thursday. "(This) is in line with our strategic plan of creating pure plays in different shipping segments through consolidation, divestments and spin offs," Fredriksen said in a statement. Reporting by Ole Petter Skonnord and Gwladys Fouche

Knightsbridge reports net income of $3.0 million and earnings per share of $0.10 for the fourth quarter of 2013. Excluding the results from discontinued operations, the company reports net income of $3.5 million and earnings per share of $0.123 for the fourth quarter. Knightsbridge reports EBITDA from continuing operations of $7.0 million and EBITDA from continuing operations per share of $0.24 for the fourth quarter of 2013. Knightsbridge announces a cash distribution of $0.175 per share for the  fourth quarter of 2013. Knightsbridge reports a net loss of $3.9 million and a loss per share of $0.15 for the year ended December 31, 2013.

A relatively quiet week in the shipbuilding sector according to the latest report Clarkson Hellas S&P Weekly Bulletin. Henghou Industries have contracted two further vessels in a series of 250,000 dwt ore carriers at Guangzhou Longxue. Pricing remains undisclosed, however delivery of these latest vessels is planned for 2016 and takes the total series to four firm. Knightsbridge Tankers are reported to have placed an order for two firm 180,000 dwt Capesize at Daehan Shipbuilding, with delivery of both vessels planned for 2015.

Knightsbridge Tankers Limited has announced a public offering of common shares. The Company also intends to grant the book-running manager a 30-day option to purchase additional common shares representing 15% of the offered shares. The common shares are being offered pursuant to the Company's effective shelf registration statement. The Company intends to use the net proceeds of this offering to partially fund the acquisition of newbuilding vessels and for general corporate purposes. Morgan Stanley is acting as the sole book-running manager for the offering. The company's website lists ownership of five dry-bulk carriers.

Knightsbridge Tankers Limited sells its VLCC 'Kengsington' to an unrelated 3rd party for delivery this month. The Company expects to record a gain of approximately $0.1 million in the fourth quarter having recorded an impairment loss of $13.5 million on this vessel in the third quarter. The net cash proceeds from the sale are approximately $10 million after repayment of debt. The sale of the Kensington is part of Knightsbridge's strategy to renew and grow the fleet and the proceeds will assist the Company in reacting to interesting acquisition opportunities. After the sale, the Company's fleet consists of four Capesize vessels and one VLCC. The Company also announces the revised ex dividend date, November 26, 2012.

Golden Ocean Group Limited advised that the company has entered into an agreement with Knightsbridge Tankers Limited to sell the capesize vessel Golden Zhejiang at a sales price of $65.5m. The vessel will be sold together with the existing four year charter agreement. The completion of the transaction is subject to successful financing and equity offering in Knightsbridge Tankers Limited. The deal is expected to be concluded during Q4 2010. The sales proceeds will be used to pay down debt on the asset and the balance, $18.5m, to acquire a number of restricted common shares in Knightsbridge. Golden Ocean will receive shares at the same price as contemplated in the public offering of shares in Knightsbridge. The investment in Knightsbridge is of long term nature.

Knightsbridge Tankers Limited advised that the 2010 Annual General Meeting of the Company was held on September 24, 2010 at 9:30 a.m. at the Elbow Beach Hotel, 60 South Shore Road, Paget PG04, Bermuda. 1) To re-elect Ola Lorentzon as a Director of the company. 2) To re-elect Douglas C. Wolcott as a Director of the company. 3) To re-elect David M. White as a Director of the company. 4) To re-elect Hans Petter Aas as a Director of the company. existing on the Board. authorise the Directors to determine their remuneration. 7) That the remuneration payable to the company's Board of Directors of a total amount of fees not to exceed $500,000 be approved for the year ended December 31, 2010.

Knightsbridge Tankers Limited reports net income of $8.9 million and earnings per share of $0.48 for the third quarter of 2010. The average daily time charter equivalents ("TCEs") earned by the Company's VLCCs excluding bareboat charters and Capesize vessels were $30,800 and $40,700, respectively, compared with $49,800 and $45,500 in the preceding quarter. VLCC revenues and TCEs decreased mainly due to weaker results from the Mayfair, which operated in the spot market and the absence of profit share from the Hampstead and Kensington in the third quarter. Although Capesize revenues increased due to the delivery of Golden Future in July, average  Capesize TCEs decreased due to the lower rate earned by the Golden Future compared with the other two vessels.

According to a report from www.thestreet.com, Knightsbridge Tankers (Nasdaq:VLCCF) hit a new 52-week high Feb. 15 as it traded at $25.30 compared with its previous 52-Week high of $25.25. Knightsbridge Tankers is changing hands at $24.94 with 21,434 shares traded as of 9:32 a.m. ET. Knightsbridge Tankers has a market cap of $426.6 million and is part of the services sector and transportationindustry.   (Source: www.thestreet.com)

According to a report from Reuters, Knightsbridge Tankers Ltd reported a 16% drop in quarterly profit as ship-oversupply hurt sales. Capesizes barely covered their running costs during the first quarter. Demand was hit by the flooding in Australia and the tsunami in Japan.   (Source: Reuters)