HAMILTON, BERMUDA--(Marketwire - Jul 30, 2012) - Knightsbridge Tankers Limited
(Nasdaq: VLCCF) ("Knightsbridge"), today announced
that one of its charterers, Hong Xiang Shipping Holding (Hong Kong) Co
("Hong Xiang"), has redelivered the 176,000 dwt Capesize drybulk carrier
Zhejiang before final maturity of the charter.
The Golden Zhejiang was on charter for a rate of $32,326 per day net, for a
minimum period ending September 7, 2014 and included a two year extension
in Knightsbridge's favour. The redelivery follows a period when Hong Xiang
not paid charterhire for the vessel when due.
Knightsbridge has a guarantee from Hong Xiang's parent company Beijing
Heavy Industry Group Co. Ltd. ("Jianlong Group"). The Company has a claim
outstanding unpaid hire from Hong Xiang and, in addition, will seek
damages for the remaining period of the charter contract. The Company
seek alternative employment for the vessel following its redelivery.
Furthermore, Knightsbridge announces that the Sanko Steamship Co., Ltd.
("Sanko") has served a notice purporting to cancel its charter party with
Company and will redeliver the cape size drybulk vessel Battersea to the
prior to the expiration of the minimum period of the charter.
The Battersea was on charter to Sanko at the rate of $39,500 per day net,
minimum period ending on June 26, 2014. The Company has a claim for
unpaid hire from Sanko and, in addition, will seek recovery of damages for
remaining period of the charter contract. The Company intends to seek
alternative employment for the vessel following its redelivery.
July 30, 2012
The Board of Directors
Knightsbridge Tankers Limited
Cautionary Notice 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
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans,
strategies, future events or performance, and underlying assumptions and
statements, which are other than statements of historical facts.
Knightsbridge desires to take advantage of the safe harbor provisions
Private Securities Litigation Reform Act of 1995 and is including
cautionary statement in connection with this safe harbor legislation. The
"believe," "except," "anticipate," "intends," "estimate," "forecast,"
"plan," "potential," "will," "may," "should," "expect" "pending" and
expressions identify forward-looking statements.
The forward-looking statements in this document are based upon
assumptions, many of which are based, in turn, upon further
including without limitation, our management's examination of
operating trends, data contained in our records and other data available
third parties. Although we believe that these assumptions were reasonable
made, because these assumptions are inherently subject to
uncertainties and contingencies which are difficult or impossible to
are beyond our control, we cannot assure you that we will achieve or
these expectations, beliefs or projections.
In addition to these important factors, important factors that, in our
could cause actual results to differ materially from those discussed
forward-looking statements include the strength of world economies
currencies, general market conditions, including fluctuations in
rates and vessel values, changes in demand in the tanker market, as a
changes in OPEC's petroleum production levels and worldwide oil
storage, changes in Knightsbridge's operating expenses, including bunker
drydocking and insurance costs, the market for Knightsbridge's
availability of financing and refinancing, changes in governmental
regulations or actions taken by regulatory authorities, potential liability
pending or future litigation, general domestic and international
conditions, potential disruption of shipping routes due to
political events, and other important factors described from time to time
reports filed by Knightsbridge with the Securities and Exchange Commission.
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Knightsbridge Tankers Limited via Thomson Reuters ONE