Knightsbridge Tankers Limited News

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 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…

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.

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.

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.

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 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.

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.

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.

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.

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.

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.

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.

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.

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.

Knightsbridge Tankers Limited reported net income of $7.9 million and earnings per share of $0.46 for the second quarter of 2006. The average daily time charter equivalents earned by the company's five VLCCs was $42,800 compared with $54,300 in the immediately preceding quarter. The second quarter earnings reflect the weakening of the tanker market that occurred in the first quarter and early into the second quarter of 2006 before a steady recovery that continued through the end of the second quarter. The completion of the drydocking for TI Ningbo (formerly named Hampstead) resulted in approximately 18.3 days of off-hire in the second quarter. All of the company's five vessels have now completed their scheduled 10-year drydocking and special survey.

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.

Knightsbridge Tankers Limited entered into new time charter agreements for its two very large crude carriers, TI Ningbo and TI Qingdao. The two VLCCs, which are currently time chartered to Tankers International LLC, will commence their new time charter employment directly after the current charters expire in the first half of 2007. The TI Ningbo has been chartered for a period of four years and the TI Qingdao for a period of five years. The charter income for each VLCC will consist of a fixed base rate of $37,750 per day plus a market related element being 50 percent of the difference between a spot market related rate index and the base rate. (The VLCCs current charters are at a base rate of $30,000). The new charterer is Frontline Ltd.