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