Bermuda: Knightsbridge Tankers Sells VLCC Kensington

Knightsbridge Tankers Limited announced that the VLCC Kensington has been sold to an unrelated third party with expected delivery in November 2012.

The Company expects to record a gain of approximately $0.1 million in the fourth quarter having recorded an impairment loss of $13.5 million on this vessel in the third quarter. The net cash proceeds from the sale are approximately $10 million after repayment of debt.

The sale of the Kensington is part of Knightsbridge’s strategy to renew and grow the fleet and the proceeds will assist the Company in reacting to interesting acquisition opportunities. After the sale, the Company’s fleet consists of four capesize vessels and one VLCC.

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Knightsbridge Tankers, November 23, 2012