VLCCF - Acquisition of Capesize Drybulk Vessel
(Thomson Reuters ONE) -
Knightsbridge Tankers Limited (the "Company" or "Knightsbridge") (Nasdaq: VLCCF)
is pleased to announce that it has agreed to acquire the Capesize vessel "Golden
Future" from Golden Ocean Group Limited ("Golden Ocean"), at a purchase price of
$72 million. The Golden Future was built at the Zhoushan Jinhaiwan Shipyard Co.,
Ltd. and completed in February, 2010. The vessel is employed on a time charter
with a minimum term of 35 months from February 2010 at a gross rate of $31,500
per day. The Company expects to take delivery of the vessel in June 2010. The
agreement with Golden Ocean is subject to the consent of Knightsbridge's
existing financing banks.
Knightsbridge will pay $25 million of the purchase price of the Golden Future by
issuing to Golden Ocean 1,464,515 restricted common shares. The Company intends
to finance the remaining portion of the purchase price through a senior secured
credit facility, but will continue to evaluate other financing alternatives.
The Golden Future will be the third Capesize vessel in the Knigtsbridge fleet,
and Golden Ocean is acting as the commercial manager for all the three vessels.
The Knightsbridge Board welcomes Golden Ocean as a shareholder in the Company
and feels this position further aligns the interest of the two companies.
The combination of the purchase price, the financing and the attached charter
creates a solid basis for dividends in Knightsbridge going forward.
June 15, 2010
The Board of Directors
Knightsbridge Tankers Limited
Hamilton, Bermuda
Questions should be directed to:
Contacts:
Ola Lorentzon: Chairman, Knightsbridge Tankers Limited, + 46 703 998886
Inger M. Klemp: Chief Financial Officer, Knightsbridge Tankers Limited, +47
23 11 40 76
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 Knightsbridge's vessels,
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.
[HUG#1424083]
Unternehmensinformation / Kurzprofil:
Datum: 15.06.2010 - 14:26 Uhr
Sprache: Deutsch
News-ID 22459
Anzahl Zeichen: 0
contact information:
Town:
Hamilton
Kategorie:
Business News
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