Welcome!

.NET Authors: Kevin Benedict, Greg Akers, Roger Strukhoff

News Feed Item

VLCCF - Sale of VLCC and Revised Ex Dividend Date

HAMILTON, NORWAY -- (Marketwire) -- 11/22/12 -- Knightsbridge Tankers Limited ("Knightsbridge" or "the Company") announces that the VLCC Kensington has been sold to an unrelated third party with expected delivery in November 2012. 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 announces revised ex dividend date, November 26, 2012. The record date and the payment date for the dividend remains the same as previously announced in the press release dated November 7, 2012.

The Board of Directors Knightsbridge Tankers Limited Hamilton, Bermuda November 22, 2012

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Knightsbridge Tankers Limited via Thomson Reuters ONE [HUG#1660058]

Questions should be directed to:

Contact:
Ola Lorentzon
Chairman
Knightsbridge Tankers Limited
+ 46 703 998886

Inger M. Klemp
Chief Financial Officer
Knightsbridge Tankers Limited
+47 23 11 40 76

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.