Knightsbridge Tankers Accepts Reduced Rent for a Capesize Ship

Knightsbridge Tankers Ltd. (VLCCF), an owner of tankers and dry-bulk carriers, accepted reduced hire payments for one of its capesize ships.

The reduction took effect July 1 and will last a year, the Hamilton, Bermuda-based company said today in a statement. The charterers will repay the amount owed starting next July 1 over the remaining period of the original charter, which expires in September 2014, Knightsbridge said.

The Golden Zhejiang, with a capacity of 176,000 deadweight tons, was chartered for four years until September 2014 at a daily rate of $28,405, according to filings with the U.S. Securities and Exchange Commission by the vessel’s previous owner, Golden Ocean Group Ltd.

Knightsbridge also said second-quarter net income fell 46 percent to $7.18 million, or 30 cents a share, from $13.4 million, or 79 cents, a year earlier. Revenue dropped 13 percent to $22.9 million.

To contact the reporter on this story: Michelle Wiese Bockmann in London at mwiesebockma@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net

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