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14.11.2006 at 23:03CET

Knightsbridge Tankers Limited - Third Quarter 2006 Results

Knightsbridge Tankers Limited
 
Interim Report September 2006
 
 
THIRD QUARTER AND NINE MONTH RESULTS
 
Knightsbridge Tankers Limited (the "Company") reports net income of $14.5 million and earnings per share of $0.85 for the third quarter of 2006. The average daily time charter equivalents ("TCEs") earned by the Company's five VLCCs was $52,900 compared with $42,800 in the preceding quarter. The third quarter earnings reflect the strengthening of the tanker market that commenced in the second quarter.  Net interest expense for the quarter was $1.5 million (2005 comparable quarter: $1.1 million) and at September 30, 2006, all of the Company's debt is floating rate debt. As of November 6, 2006, the Company has an average cash breakeven rate for its vessels of $18,998 per vessel per day compared to $19,200 on August 7, 2006.
 
The net decrease in cash and cash equivalents in the quarter was $0.1 million.  The Company generated cash from operating activities of $16.4 million, used $2.8 million to repay loan and credit facilities and distributed $13.7 million in dividend payments.
 
For the nine months ended September 30, 2006 the Company reports net income of $36.6 million and earnings per share of $2.14. The average daily TCEs for the nine months ended September 30, 2006 was $50,100. Net interest expense for the period was $4.1 million (2005 comparable nine months: $2.9 million).
 
On November 14, 2006 the Board declared a dividend of $1.00 per share. The record date for the dividend is November 27, 2006, ex dividend date is November 22, 2006 and the dividend will be paid on or about December 7, 2006.
 
The full report is available in the link below.
 
November 14, 2006
The Board of Directors
Knightsbridge Tankers Limited
Hamilton, Bermuda
 
 
Questions should be directed to:
 
Contact:          
 
Ola Lorentzon
+ 46 703 998886
 
Inger M. Klemp
+ 47 23 11 40 76
 

3rd Quarter 2006 Results