HAMILTON, Bermuda, May 21, 2007 (PRIME NEWSWIRE) -- Knightsbridge Tankers Limited (Nasdaq:VLCCF) ("Knightsbridge" or the "Company") announces that it has agreed to fix out on time charter one of its two Capesize bulk carriers currently under construction at Daehan Shipbuilding Co. Ltd in the Republic of Korea. The charter is for a period of five years from the delivery scheduled for September 2009 and is at a rate of $40,000 per day. In addition, Knightsbridge will pay a 1.25% commission to Golden Ocean Group Limited for the commercial operation of the vessel.
Chairman of Knightsbridge Tankers, Ola Lorentzon, says "The Board is pleased to have secured this charter for its new Capesize vessel and believes this coverage is in line with its previously stated strategy. We believe this transaction provides stability while limiting financial risk".
Knightsbridge's Common Shares trade on the Nasdaq National Market under the symbol "VLCCF".
Cautionary statement regarding forward-looking statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
Knightsbridge desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "except," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect" "pending and similar expressions identify forward-looking statements.
The forward-looking statements in this document are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charterhire rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC's petroleum production levels and world wide oil consumption and storage, changes in Knightsbridge's operating expenses, including bunker prices, drydocking and insurance costs, the market for Knightsbridges vesssels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by Knightsbridge with the Securities and Exchange Commission.
Hamilton, Bermuda May 21, 2007