Knightsbridge Tankers Limited announces Cash Distribution
Hamilton, Bermuda, April 17, 2000: Knightsbridge Tankers Limited (”Knightsbridge”) announced that its Board of Directors has declared a cash distribution, in the amount of US$0.44 per share. The cash distribution will be payable on or about May 12, 2000, to shareholders of record as of April 27, 2000. The declaration of the cash distribution follows receipt by Knightsbridge of its payment of charterhire from Shell International Petroleum Company Limited (”Shell International”), a member of the Royal Dutch/Shell Group of Companies, for the period from January 1, 2000 to March 31, 2000. Shell International bareboat charters five double hull very large crude carriers (VLCCs) from Knightsbridge on a ”hell and high water” basis for a minimum seven year term, with an option for Shell International to extend the period for each VLCC for an additional seven year term, to a maximum of 14 years per VLCC. The charter hire payable by Shell International is the greater of a guaranteed minimum rate or a spot market related rate. The spot market related rate did not exceed the guaranteed minimum rate in the first quarter of 2000, and the charterhire paid by Shell International to Knightsbridge on April 17, 2000 was the minimum rate.
Knightsbridge’s Common Shares trade on the NASDAQ National Market under the symbol ”VLCCF”.