KNIGHTSBRIDGE TANKERS LIMITED

Knightsbridge Tankers Limited (the “Company”) advises that the Company will release its first quarter results and declare a cash distribution for the first quarter of 2004 on May 14, 2004. The distribution amount, the record date, the ex-dividend date and the payment date for the cash distribution will also be announced on that date.

The Company has historically announced quarterly cash distributions approximately 15 days after each quarter end. In the future, the Company expects to announce quarterly results and cash distributions approximately 40 days after each quarter end. This change reflects the change in the employment of the Company’s five Very Large Crude Carriers from bareboat charters to a combination of time charters and spot market trading.