Knightsbridge Tankers Limited
reports net income of $9.2 million and earnings per share of $0.53 for the fourth quarter of 2006. The average daily time charter equivalents (TCEs) earned by the Company's five VLCCs was $41,700 compared with $52,900 in the preceding quarter. The decrease represents a seasonal weakening of the tanker market. Net interest expense for the quarter was $1.4 million (2005 comparable quarter: $1.4 million), and at December 31, 2006 all of the company's debt is floating rate debt.
The net decrease in cash and cash equivalents in the quarter was $2.4 million. The Company generated cash from operating activities of $17.5 million, used $2.8 million to repay loan and credit facilities and distributed $17.1 million in dividend payments. As of February 5, 2007, the Company has an average cash breakeven rate for its vessels of $18,540 per vessel compared to $16,700 on January 31, 2006.
For the financial year ended December 31, 2006 the Company reports net income of $45.7 million and earnings per share of $2.67 compared with $44.0 million and $2.57, respectively in 2005. The average daily TCEs in 2006 was $48,000 compared with $47,100 in 2005. Net interest expense for the year was $5.5 million (2005: $4.3 million).
The net decrease in cash and cash equivalents in 2006 was $4.1 million. The Company generated cash from operating activities of $68.7 million, used $11.3 million to repay loan and credit facilities and distributed $61.5 million in dividend payments. The total dividend paid per share in 2006 was $3.60 compared to $4.55 in 2005.
On February 13, 2007 the Board declared a dividend of $0.80 per share. The record date for the dividend is February 26, 2007 and the dividend will be paid on or about March 9, 2007.
Source; The News