Knightsbridge Tankers Limited
reported a net income of $15.9 million and earnings per share of $0.93 for the fourth quarter of 2005. The average daily time charter equivalents ("TCEs") earned by the company's five VLCCs in the quarter was $58,600 compared with $34,700 in the immediately preceding quarter. This increase reflects the strengthening of the market experienced in the fourth quarter. During the fourth quarter, the vessel TI Qingdao (formerly named Kensington) was drydocked at a cost of $515,000 and resulting in approximately 13 days offhire. The vessel TI Ningdo (formerly named Hampstead) is scheduled to be drydocked in the first quarter of 2006. Following this, all of the Company's five vessels will have completed their scheduled ten year drydocking and special survey. For the financial year ended December 31, 2005 the company reported an annual net income of $44.0 million and earnings per share of $2.57 compared with $85.8 million and $5.02, respectively in 2004. The average daily TCE's earned in 2005 were $47,100 compared with $68,700 in 2004. Net interest expense for the period was $4.3 million (2004: $7.4 million).