Knightsbridge Tankers Limited Announces Long Term Time Charter

FOR IMMEDIATE RELEASE

 

KNIGHTSBRIDGE TANKERS LIMITED

 

 

Knightsbridge Tankers Limited ("Knightsbridge" or the "Company") is pleased to announce it has secured a long-term time charter contract, for one of the Company's five very large crude carriers (VLCC's), with a highly reputable charterer.

 

The five year agreement will help to provide a steady and predictable flow of revenue with secured income of approximately $31,000 per day for the duration of the contract. The arrangement will commence in mid March, 2004 upon the redelivery of the vessel from Shell International Petroleum Company.

 

Knightsbridge's Common Shares trade on the Nasdaq National Market under the symbol "VLCCF".

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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," "except," "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 Knightsbridges vesssels, 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.

 

Hamilton, Bermuda, February 4, 2004

 

Contact:            Knightsbridge Tankers Limited               Ola Lorentzon

                        Investor Relations                                  +47 90074285

                                                                                    Kate Blankenship

                                                                                    +1 (441) 295-0182