Knightsbridge Tankers Limited (Nasdaq: VLCCF) (the “Company”) advises that the Company today has been contacted by Sanko Steamship Co., Ltd. (“Sanko”) where they ask Owners for deferred payments in relation to hire payments. Sanko has also sent out a press release on March 9 where they assure that they fully intend to meet all financial obligations and that they will restructure and strengthen the company’s balance sheet.
The Company has the Cape size vessel Battersea on charter to Sanko at $39,500 per day net, for a period up to minimum June 26, 2014. The Company has received all hire up until March 10, 2012 in full, and has as per that date no outstanding hire due from the charterer. The Company has received part payment for the next fifteen days’ hire.
The Company’s management will endeavor to protect the value of the charter contract with Sanko.
The Board of Directors
Knightsbridge Tankers Limited
March 12, 2012
Questions should be directed to:
Contact: Ola Lorentzon: Chairman and Chief Executive Officer, 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,” “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.