Knightsbridge Tankers Limited (VLCCF) – Announces Long Term Charter Contract

Knightsbridge Tankers Limited (“Knightsbridge” or the “Company”) announces that it has agreed to fix out on time charter one of its two Capesize bulk carriers currently under construction at Daehan Shipbuilding Co. Ltd in the Republic of Korea. The charter is for a period of five years from the delivery scheduled for September 2009 and is at a rate of $40,000 per day. In addition, Knightsbridge will pay a 1.25% commission to Golden Ocean Group Limited for the commercial operation of the vessel.