VLCCF - Acquisition of newbuilding contracts and sale of vessel

VLCCF - Acquisition of newbuilding contracts and sale of vessel 
HAMILTON, BERMUDA -- (Marketwire) -- 03/20/13 --  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

 
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(i) the releases contained herein are protected by copyright and    
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originality of the information contained therein. 
Source: Knightsbridge Tankers Limited  via Thomson Reuters ONE 
[HUG#1686640] 
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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