UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of January , 2003
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Knightsbridge Tankers Limited
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(Translation of registrant's name into English)
Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM 08, Bermuda
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-____
Item 1. INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached as Exhibit 1 is a copy of the press release of Knightsbridge Tankers
Limited (the "Company"), dated January 15, 2003, relating to the declaration
of a cash distribution in the amount of $0.45 per share.
Item 2. ADDITIONAL INFORMATION
Royal Dutch Petroleum Company and The Shell Transport and Trading Company,
Public Limited Company file annual reports on Form 20-F (File Nos. 1-3788 and
1-4039) and periodic reports on Form 6-K with the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934, as amended. Such
annual reports contain the financial statements of the Royal Dutch/Shell Group
of Companies.
Exhibit 1
FOR IMMEDIATE RELEASE
KNIGHTSBRIDGE TANKERS LIMITED
announces
Cash Distribution
Hamilton, Bermuda, January 15, 2003: Knightsbridge Tankers Limited
("Knightsbridge") announces that its Board of Directors has declared a cash
distribution in the amount of US$0.45 per common share. The cash distribution
will be payable on or about February 7, 2003, to shareholders of record as of
January 27, 2003. The declaration of the cash distribution follows the
calculation by Knightsbridge of the payment of charterhire due from Shell
International Petroleum Company Limited ("Shell International"), a member of
the Royal Dutch/Shell Group of Companies, for the period from October 1, 2002
to December 31, 2002. Shell International bareboat charters five double hull
very large crude carriers (VLCCs) from Knightsbridge on a "hell and high
water" basis for a minimum seven year term. This term expires in February
2004. Shell International has an option to extend the charter period for each
VLCC from February 2004 for an additional seven year term, to a maximum of 14
years per VLCC. Shell International is required to notify Knightsbridge by the
end of June 2003 as to whether it intends to exercise the option to extend the
charter period.
The charter hire payable by Shell International is the greater of a guaranteed
minimum rate or a spot market related rate. The spot market related rate did
not exceed the guaranteed minimum rate in the fourth quarter of 2002, and the
charterhire paid by Shell International to Knightsbridge on January 15, 2003
is the minimum rate.
Knightsbridge's Common Shares trade on the Nasdaq National Market under the
symbol "VLCCF".
Summary of Cash Distribution:
Amount: US$0.45 per common share
Ex-Div Date: January 23, 2003
Record Date: January 27, 2003
Payment Date: February 7, 2003
Contact: Knightsbridge Tankers Limited Ola Lorentzon (Oslo, Norway)
Investor Relations 47 23 11 40 00
Kate Blankenship (Hamilton, Bermuda)
1 (441) 295-0182
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorised.
Knightsbridge Tankers Limited
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(Registrant)
Date January 17, 2003 By /s/ Kate Blankenship
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Kate Blankenship
Secretary
01655.0002 #378243