2013-03-20 11:14:56 -
Knightsbridge Tankers Limited ("Knightsbridge" or the "Company") is
pleased to
announce that it has concluded two newbuilding contracts for 182,000 dwt
Capesize bulk carriers with Japan Marine United Corporation ("JMU") in Japan.
The design provided by JMU represents the next generation Capesize bulk carriers
with the latest technology available in order to secure fuel efficiency. The
vessels are expected to be delivered during 2015. The Board is of the opinion
that it has obtained favorable terms, attractive pricing and considers risk /
reward as attractive from a historical perspective. The Board also believes
that after a period of oversupply but still with solid demand
growth, utilization of the dry bulk fleet is expected to improve at the time of
delivery of the newbuildings.
Furthermore the Company announces that the VLCC Mayfair has been sold to an
unrelated third party with expected delivery in the second quarter of 2013. The
Company expects to record a loss of approximately $5.3 million. The net cash
proceeds from the sale is approximately $4 million after repayment of debt.
The acquisition of the Capesize newbuilding contracts and the sale of the
Mayfair is part of Knightsbridge's strategy to renew and grow the fleet. After
the above transactions the Company's fleet consists of four Capesize bulk
carriers and two Capesize bulk carrier newbuilding contracts.
The Board of Directors
Knightsbridge Tankers Limited
Hamilton, Bermuda
March 19, 2013
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
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originality of the information contained therein.
Source: Knightsbridge Tankers Limited via Thomson Reuters ONE
[HUG#1686640]
