Knightsbridge Tankers News

07 Oct 2014

Knightsbridge Tankers Changes Name to Knightsbridge Shipping

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."

16 Sep 2014

Knightsbridge Closes Vessel Acquisition Transaction

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

24 Apr 2014

Knightsbridge, Frontline to Form US Capesize Company

Photo courtesy of Knightsbridge Tankers

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…

24 Apr 2014

Fredriksen Joins Rival for New Capesize Firm

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

21 Nov 2013

Latest Ocean-going Shipbuilding Orders

Bow Image CCL

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.

18 Oct 2013

Knightsbridge Tankers Offer Shares, Intend to Order New Ships

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.

26 Nov 2012

Knightsbridge Sell Tankship

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.

12 May 2011

Knightsbridge Tankers' Profit Drops

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)

16 Feb 2011

Knightsbridge Tankers Stock Hits New High

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)

11 Nov 2010

Knightsbridge Tankers Q3 2010 Results

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.

29 Sep 2010

Knightsbridge Tankers 2010 AGM Results

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.

29 Sep 2010

GOGL, Knightsbridge Tankers Sells Vessel

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.

08 Sep 2010

Ship Equip Broadband for Frontline Tankers

Photo courtesy Strike Zone Communications

Ship Equip announced the signing of a major broadband communications contract with Frontline Management, world leader in the international seaborne transportation of crude oil. The agreement between Ship Equip and Frontline Management AS (NYSE:FRO) includes ships from Frontline, Golden Ocean and Knightsbridge Tankers. The Frontline group of companies, with majority owner John Fredriksen, is one of the world’s largest tanker owner, controlling more than 100 ships. Ship Equip will provide Frontline vessels with its exclusive SEVSAT (Ship Equip VSAT) broadband communications solution…

16 Jan 2001

Knightsbridge Tankers Announces Dividend Surplus

Knightsbridge Tankers, a Nasdaq listed firm that leases five very large crude carriers (VLCCs) to Shell International, said on Tuesday its fourth quarter 2000 dividend would be over three times the average. The deal with Shell guarantees a minimum rate of $22,069 per day for each tanker in poor market conditions but in good market conditions the hire rate is linked to the spot market rate. "The spot market related rate for the fourth quarter of 2000 exceeds the guaranteed minimum rate by $45,576 per vessel per day," Knightsbridge said in a statement. The fourth quarter of 2000 saw an unprecedented high in tanker earnings on the strength of increased OPEC output and strict tanker chartering policies.

17 Jul 2000

Tanker Euphoria Drives Ratings Bump

The cyclical nature of the tanker market continues its trend upward, a development which has Lazard & Freres & Co. stamping both Nordic American Tankers (ASE: NAT) and Knightsbridge Tankers Ltd. In a pair of separate corporate profiles released June 29, Lazard & Freres’ James L. In accordance with this information, Winchester has raised VLCCF’s 2000 dividend estimate to $2.32 from $2.29, a dividend which implies of yield of 11.9%. There are a myriad of factors driving the current VLCC surge, chief among them increased oil production and a lack of qualified tonnage. Oil production was boosted by a 708,000 bpd rise in OPEC quota, agreed June 21 to help keep oil pricing in the desired $22-$28 range.

27 Apr 2004

Knightsbridge Tankers Limited to Release Quarter Results

Knightsbridge Tankers Limited advises that the company will release its first quarter results and declare a cash distribution for the first quarter of 2004 on May 14, 2004. The distribution amount, the record date, the ex- dividend date and the payment date for the cash distribution will also be announced on that date. The company has historically announced quarterly cash distributions approximately 15 days after each quarter end. In the future, the Company expects to announce quarterly results and cash distributions approximately 40 days after each quarter end. This change reflects the change in the employment of the Company's five Very Large Crude Carriers from bareboat charters to a combination of time charters and spot market trading.

13 Feb 2004

Knightsbridge Secures Charters for Two Vessels

Knightsbridge Tankers Limited announced it has secured medium-term time charter contracts for two of the company's five very large crude carriers (VLCCs). The Company has chartered the vessels to Tankers International LLC, each for a period of three years at a rate of $30,000 per day with a 50:50 profit sharing arrangement for earnings in excess of $30,000 per day calculated by reference to the BITR Index. Tankers International LLC is a pool for the commercial operations of four large tanker owners and operators: A.P. Moller, Euronav Luxembourg SA., Overseas Shipholding Group, Inc and Reederei "Nord" Klaus E. Oldendorff. The two time charters will commence prior to April 30, 2004.

13 Feb 2004

Knightsbridge Gets VLCC Time Charters

Knightsbridge Tankers Limited has secured medium-term time charter contracts for two of the company's five very large crude carriers (VLCCs). The company has chartered the vessels to Tankers International LLC, each for a period of three years at a rate of $30,000 per day with a 50:50 profit sharing arrangement for earnings in excess of $30,000 per day calculated by reference to the BITR Index. Tankers International LLC is a pool for the commercial operations of four large tanker owners and operators: A.P. Moller, Euronav Luxembourg SA., Overseas Shipholding Group, Inc and Reederei "Nord" Klaus E. Oldendorff. The two time charters will commence prior to April 30, 2004.

04 Feb 2004

Knightsbridge Tankers Limited Announces Long Term Charter

Knightsbridge Tankers Limited has secured a long-term time charter contract, for one of the Company's five very large crude carriers (VLCC's), with a highly reputable charterer. The five-year agreement will help to provide a steady and predictable flow of revenue with secured income of approximately $31,000 per day for the duration of the contract. The arrangement will commence in mid March, 2004 upon the redelivery of the vessel from Shell International Petroleum Company.

16 Jan 2004

Knightsbridge Tanker Announces Distribution

Knightsbridge Tankers Limited announced that its Board of Directors has declared a cash distribution in the amount of $0.80 per common share. The cash distribution will be payable on or about February 10, 2004, to shareholders of record as of January 27, 2004. The declaration of the cash distribution follows the calculation by Knightsbridge of the payment of charterhire due from Shell International Petroleum Company Limited ("Shell International"), a member of the Royal Dutch/Shell Group of Companies, for the period from October 1, 2003 to December 31, 2003. The charterhire payable by Shell International is the greater of a guaranteed minimum rate or a spot market related rate.

26 Dec 2007

Knightsbridge Tankers Announces Vessel Sale

Knightsbridge Tankers Limited has agreed to sell its 1995-built double hull VLCC tanker Chelsea for the net sale proceeds of approximately $99 million. Delivery to buyers is expected to take place in January 2008. The sale will generate approximately $78.8m in liquidity and a gain of approximately $49 million, based on delivery December 21, 2007. In addition, the vessel is recently fixed to the beginning of February 2008 and the net result would be for the benefit of Knightsbridge. The additional liquidity will partly be used to fund pre delivery installments on Knightsbridge's newbuilding program, and will in addition strengthen the Company's dividend capacity going forward.

19 Mar 2008

Knightsbridge Tankers Shares Rise

Knightsbridge Tankers Ltd. shares are rising along with the broader market after an analyst said a new time charter will allow the company to weather a tough tanker market this year.  Analysts said the time charter the company signed should support the company through declining tanker rates this year and next. The five-year contract is for a new vessel to be delivered in 2009. Source:  AP

20 Mar 2007

Knightsbridge Tankers Extends Time Charter

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.

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