Knightsbridge Records Net Loss in Second Quarter 2013

Knightsbridge Tankers Limited reported a net loss from continuing operations (i.e. the Capesize vessels) of $0.6 million and a loss per share from continuing operations of $0.03for the second quarter compared with net loss from continuing operations of $0.4 million and earnings per share from continuing operations of $0.02for the preceding quarter.

The average daily time charter equivalent (“TCE”) earned by the Capesize vessels in the second quarter was $16,900compared with $17,900 in the preceding quarter.

In August 2013, the Company has an average cash breakeven rate for its Capesize vessels of $10,700 per vessel per day.

The results of the VLCCs have been recorded as discontinued operations in accordance with U.S. generally accepted accounting principles.

The Company reports a net loss from discontinued operations of $0.4million and a loss per share from discontinued operations of $0.01 for the second quarter compared with a net loss from discontinued operations of $6.5million and a loss per share from discontinued operations of $0.26 for the preceding quarter. The decrease in the loss from discontinued operations is primarily attributable to the impairment loss of $5.3 million that was recorded in the first quarter in respect of the Mayfair.Cash and cash equivalents decreased by $5.3 million in the quarter. The Company used $0.9 million in operating activities, received $12.5million from the sale of the Mayfair, used $12.6 million to repay loan facilities and paid $4.3 million to shareholders.For the six months ended June 30, 2013, the Company reports a net loss

from continuing operations of $1.1 million and a loss per share from continuing operations of $0.04 compared with net income from continuing operations of $2.9 million and net income per share from continuing operations of $0.12 in the six months ended June 30, 2012.

The decrease in net income is primarily attributable to reduced revenue from the Battersea and the Golden Zhejiang following the time charter terminations in July 2012 and the lower rates these vessels are now earning due to the current market.

The average daily TCE earned by the Capesize vessels in the six months ended June 30, 2013 is $17,400 compared with $22,300 in the six months ended June 30, 2012.

[mappress]

Knightsbridge Tankers Ltd, August 16, 2013