Press Releases

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09.11.2007 at 14:07CET

Knightsbridge Tankers Limited (VLCCF) - Third Quarter 2007 Results

Knightsbridge Tankers Limited
 
Interim Report September 2007
 
 
THIRD QUARTER AND NINE MONTHS RESULTS
 
Knightsbridge Tankers Limited (the "Company") reports net income of $7.6 million and earnings per share of $0.44 for the third quarter of 2007.  The average daily time charter equivalents ("TCEs") earned by the Company's five VLCCs was $39,200 compared with $36,800 in the preceding quarter. In the third quarter four vessels operated in the time charter market and one vessel in the spot market. Net interest expense for the quarter was $1.3 million (2006 comparable quarter: $1.5 million) and at September 30, 2007, all of the Company's debt is floating rate debt.
 
The Company generated cash from operating activities of $10.1 million, used $2.8 million to repay the Company's loan and credit facilities, invested $0.5 million in its newbuilding project and distributed $10.3 million in dividend payments.  The net decrease in cash and cash equivalents in the quarter was $3.5 million.  In November 2007, the Company has an average cash breakeven rate for its vessels of $19,500 per vessel per day compared to $19,000 in November 2006.
 
For the nine months ended September 30, 2007 the Company reports net income of $24.5 million and earnings per share of $1.43.  The average daily TCEs for the nine months ended September 30, 2007 was $39,900.  Net interest expense for the period was $4.1 million (2006 comparable nine months: $4.1 million).
 
On November 8, 2007, the Board declared a dividend of $0.50 per share.  The record date for the dividend is November 23, 2007, ex dividend date is November 21, 2007 and the dividend will be paid on or around December 7, 2007.
 
The full report is available in the link below.
 
November 9, 2007
The Board of Directors
Knightsbridge Tankers Limited
Hamilton, Bermuda
 
 
Questions should be directed to:
 
Contact:            Ola Lorentzon : Chairman, Knightsbridge Tankers Limited
                        + 46 703 998886
 
Bjørn Sjaastad: Chief Executive Officer, Knightsbridge Tankers Limited
+47 23 11 40 99
 
Inger M. Klemp: Chief Financial Officer, Knightsbridge Tankers Limited
+47 23 11 40 76
 

3rd Quarter 2007 Results