Knightsbridge Tankers Limited (Nasdaq: VLCCF) (the "Company") has amended the time charter with Frontline Ltd. for the VLCC Hampstead. The time charter hire has been reduced from $37,750 per day to $27,050 per day for the remaining period of the charter commencing January 1, 2012. The expected redelivery date is April 22, 2012. The Company will be compensated for actual earnings above the new rate up to and including the original rate.
The Board of Directors
Knightsbridge Tankers Limited
Hamilton, Bermuda
January 9, 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.
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