HAMILTON, Bermuda, Feb. 13, 2007 (PRIME NEWSWIRE) -- Knightsbridge Tankers Limited (the "Company") reports net income of $9.2 million and earnings per share of $0.53 for the fourth quarter of 2006. The average daily time charter equivalents ("TCEs") earned by the Company's five VLCCs was $41,700 compared with $52,900 in the preceding quarter. The decrease represents a seasonal weakening of the tanker market. Net interest expense for the quarter was $1.4 million (2005 comparable quarter: $1.4 million), and at December 31, 2006 all of the Company's debt is floating rate debt.
The net decrease in cash and cash equivalents in the quarter was $2.4 million. The Company generated cash from operating activities of $17.5 million, used $2.8 million to repay loan and credit facilities and distributed $17.1 million in dividend payments. As of February 5, 2007, the Company has an average cash breakeven rate for its vessels of $18,540 per vessel compared to $16,700 on January 31, 2006.
For the financial year ended December 31, 2006 the Company reports net income of $45.7 million and earnings per share of $2.67 compared with $44.0 million and $2.57, respectively in 2005. The average daily TCEs in 2006 was $48,000 compared with $47,100 in 2005. Net interest expense for the year was $5.5 million (2005: $4.3 million).
The net decrease in cash and cash equivalents in 2006 was $4.1 million. The Company generated cash from operating activities of $68.7 million, used $11.3 million to repay loan and credit facilities and distributed $61.5 million in dividend payments. The total dividend paid per share in 2006 was $3.60 compared to $4.55 in 2005.
On February 13, 2007 the Board declared a dividend of $0.80 per share. The record date for the dividend is February 26, 2007 and the dividend will be paid on or about March 9, 2007.
For the full report, please see the link below.
February 13, 2007 The Board of Directors Knightsbridge Tankers Limited Hamilton, Bermuda