Knightsbridge Tankers Limited (VLCCF) – Third Quarter 2007 Results
09.11.2007

Knightsbridge Tankers Limited (VLCCF) – Third Quarter 2007 Results
Knightsbridge Tankers Limited
Interim Report September 2007
THIRD QUARTER AND NINE MONTHS RESULTS
Knightsbridge Tankers Limited (the “Company”) reports net income of $7.6 million and earnings per share of $0.44 for the third quarter of 2007. The average daily time charter equivalents (“TCEs”) earned by the Company’s five VLCCs was $39,200 compared with $36,800 in the preceding quarter. In the third quarter four vessels operated in the time charter market and one vessel in the spot market. Net interest expense for the quarter was $1.3 million (2006 comparable quarter: $1.5 million) and at September 30, 2007, all of the Company’s debt is floating rate debt.
The Company generated cash from operating activities of $10.1 million, used $2.8 million to repay the Company’s loan and credit facilities, invested $0.5 million in its newbuilding project and distributed $10.3 million in dividend payments. The net decrease in cash and cash equivalents in the quarter was $3.5 million. In November 2007, the Company has an average cash breakeven rate for its vessels of $19,500 per vessel per day compared to $19,000 in November 2006.
For the nine months ended September 30, 2007 the Company reports net income of $24.5 million and earnings per share of $1.43. The average daily TCEs for the nine months ended September 30, 2007 was $39,900. Net interest expense for the period was $4.1 million (2006 comparable nine months: $4.1 million).
On November 8, 2007, the Board declared a dividend of $0.50 per share. The record date for the dividend is November 23, 2007, ex dividend date is November 21, 2007 and the dividend will be paid on or around December 7, 2007.
The full report is available in the link below.
November 9, 2007
The Board of Directors
Knightsbridge Tankers Limited
Hamilton, Bermuda
Questions should be directed to:
Contact: Ola Lorentzon : Chairman, Knightsbridge Tankers Limited
+ 46 703 998886
Bjørn Sjaastad: Chief Executive Officer, Knightsbridge Tankers Limited
+47 23 11 40 99
Inger M. Klemp: Chief Financial Officer, Knightsbridge Tankers Limited
+47 23 11 40 76
NEWS
GOGL – Company Presentation, September 2023
2023, September 21
EVENT
Quarterly Report Q3 2023
2023, September 11
NEWS
GOGL – Q2 2023 Presentation
2023, August 29
NEWS
GOGL – Second Quarter 2023 Results
2023, August 29
NEWS
GOGL – Invitation to presentation of Q2 2023 Results
2023, August 22
NEWS
GOGL – Transactions made under the buy-back program
2023, July 24
NEWS
GOGL – Transactions made under the buy-back program
2023, July 17
NEWS
GOGL – Transactions made under the buy-back program
2023, July 10
NEWS
GOGL – Transactions made under the buy-back program
2023, June 27
NEWS
GOGL – Company Presentation, June 2023
2023, June 22
NEWS
GOGL – Transactions made under the buy-back program
2023, June 19
NEWS
GOGL – Transactions made under the buy-back program
2023, June 9
EVENT
Quarterly Report Q2 2023
2023, June 7
NEWS
GOGL – Transactions made under the buy-back program
2023, May 30
NEWS
GOGL – Q1 2023 Presentation
2023, May 16
NEWS
GOGL – First Quarter 2023 Results
2023, May 16
NEWS
GOGL – 2023 AGM Results Notification
2023, May 8
EVENT
Quarterly Report Q1 2023
2023, May 8
NEWS
GOGL – Invitation to presentation of Q1 2023 Results
2023, May 8
NEWS