UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of: March 2007
Commission File Number: 000-29106
KNIGHTSBRIDGE TANKERS LIMITED
- --------------------------------------------------------------------------------
(Translation of registrant's name into English)
Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM 08 Bermuda
- --------------------------------------------------------------------------------
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ___
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to security
holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)7: ___
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the registrant
foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
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]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
82-______________.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 1 is a press release
issued by Knightsbridge Tankers Limited on March 19, 2007 announcing that it has
entered into a time charter contract for one of its very large crude carriers,
the MT Mayfair.
EXHIBIT 1
Knightsbridge Tankers Limited (VLCCF) Extends Forward Time Charter Cover
Knightsbridge Tankers Limited ("Knightsbridge" or the "Company") is pleased to
announce that it has entered into a new time charter agreement for the very
large crude carrier, ("VLCC") MT Mayfair. The ship is currently trading in the
spot market, and will commence the new time charter employment directly after
the current voyage in end of March 2007.
The Mayfair has been chartered to a Far East based operator for a period of
three years at a rate of USD 45,000 per day.
The Board of Knightsbridge Tankers believes that the new charter will serve the
Company well as it continues to secure income into the next decade at levels
considerably in excess of the companies required return of capital.
In addition to the VLCC discussed above, Knightsbridge Tankers owns one VLCC
which is time chartered out at a fixed rate of USD 30,000 until 2009. Two
further VLCCs are fixed on 4 and 5 years period charters at USD 37,750 plus 50 %
trading profit above that level. The fifth vessel is trading in the spot market.
The aggregate value of the fixed charters in our fleet is now around USD 200
million. While four out of our five vessels now have fixed income in the coming
years, protecting downside risk, three of the five units continue to have the
ability to take advantage of market upside. The cash break even cost for the
vessels including loan interest and instalments were by end of last quarter USD
18,000 per day. This arrangement thereby secures a continued high dividend
payment to shareholders with potential for further upside in a positive market
scenario.
Hamilton, Bermuda
March 19, 2007
FORWARD LOOKING STATEMENTS
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 Knightsbridge's vessels,
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.
Questions should be directed to:
Contact: Ola Lorentzon
+ 46 703 998886
Inger M. Klemp
+ 47 23 11 40 76
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 authorized.
KNIGHTSBRIDGE TANKERS LIMITED
(Registrant)
Dated: March 20, 2007 By: /s/ Kate Blankenship
-------------------------
Kate Blankenship
Secretary
SK 01655 0002 757570