Knightsbridge Tankers Limited (Nasdaq:VLCCF) ("Knightsbridge" or "the Company")
announces that the sale of the VLCC Hampstead, which was discussed in the second
quarter earnings release dated August 14, 2012, was not completed due to the
buyer's default. The sale was, therefore, cancelled and Knightsbridge will
retain the deposit received in the amount of $2.43 million. This amount will be
recorded as a gain in the third quarter. The Company will also claim for costs,
arising from the sales process, from the buyer. The Hampstead was marketed for
sale after this cancellation and Knightsbridge announces that the vessel has now
been sold to an unrelated third party with expected delivery in September 2012.
The Company expects to record a loss of approximately $15 million in the third
quarter. The net cash proceeds, including the $2.43 million deposit from the
cancelled sale, are approximately $11 million.
Knightsbridge further announces that the VLCC Titan Venus (ex. Camden) has been
sold to an unrelated third party with expected delivery in the fourth quarter of
2012 upon the expiry of its bareboat storage charter. The Company expects to
record a loss of approximately $15 million in the third quarter and the net cash
proceeds from the sale are approximately $7 million.
The sale of the two VLCCs is part of the Company's intention to renew and grow
the fleet and may assist the Company in reacting to interesting acquisition
opportunities. After the sales, the Company's fleet consists of four Capesize
vessels and two VLCCs. One of the VLCCs and two of the Capesize vessels are
fixed on bareboat and time charters expiring between 2013 and 2015.
The Board of Directors
Knightsbridge Tankers Limited
Hamilton, Bermuda
September 11, 2012
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
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#1640182]
