Press release from Knightsbridge Tankers Ltd. 11.05.2012
HIGHLIGHTS
·Knightsbridge reports net income of $7.1 million and earnings per share of $0.29 for the first quarter of 2012.
·Knightsbridge reports EBITDA of $14.3 million and EBITDA per share of $0.58 for the first quarter of 2012.
·Knightsbridge announces a cash dividend of $0.35 per share for the first quarter of 2012.
FIRST QUARTER 2012 RESULTS
Knightsbridge Tankers Limited (the "Company" or "Knightsbridge") reports net income of $7.1 million and earnings per share of $0.29 for the first quarter compared to net income of $7.8 million and earnings per share of $0.34 for the fourth quarter of 2011. The net income for the first quarter and the preceding quarter both include an allowance for doubtful accounts of $1.7 million for unpaid charter hire (total of $3.4 million). The fourth quarter provision was not included in the preliminary, unaudited fourth quarter and final year 2011 results announced on February 8, 2012. The decrease in net income in the first quarter compared with the fourth quarter is primarily attributable to rate reductions on the Hampstead and the Belgravia time charters offset by a decrease in operating costs.
The average daily time charter equivalents ("TCEs") earned by the Company's VLCCs, excluding bareboat charters, and Capesize vessels were $23,400 and $35,600, respectively, compared with $26,900 and $36,500 in the preceding quarter. In May 2012, the Company has average cash breakeven rates for its VLCCs, which are trading in the spot market, and Capesize vessels of $14,000 and $8,400, respectively, per vessel per day. The VLCCs which are on bareboat contract have a cash break even rate of $4,300 per vessel per day.
Cash and cash equivalents decreased by $0.5 million in the quarter. The Company generated cash from operating activities of $12.6 million, used $0.9 million to repay loan facilities and debt fees and paid $12.2 million in dividends.
THE TANKER MARKET -
THE DRY BULK MARKET -
THE FLEET -
CORPORATE AND OUTLOOK -
- here:
http://www.knightsbridgetankers.com/IR/press_releases/1611413.shtml
HIGHLIGHTS
·Knightsbridge reports net income of $7.1 million and earnings per share of $0.29 for the first quarter of 2012.
·Knightsbridge reports EBITDA of $14.3 million and EBITDA per share of $0.58 for the first quarter of 2012.
·Knightsbridge announces a cash dividend of $0.35 per share for the first quarter of 2012.
FIRST QUARTER 2012 RESULTS
Knightsbridge Tankers Limited (the "Company" or "Knightsbridge") reports net income of $7.1 million and earnings per share of $0.29 for the first quarter compared to net income of $7.8 million and earnings per share of $0.34 for the fourth quarter of 2011. The net income for the first quarter and the preceding quarter both include an allowance for doubtful accounts of $1.7 million for unpaid charter hire (total of $3.4 million). The fourth quarter provision was not included in the preliminary, unaudited fourth quarter and final year 2011 results announced on February 8, 2012. The decrease in net income in the first quarter compared with the fourth quarter is primarily attributable to rate reductions on the Hampstead and the Belgravia time charters offset by a decrease in operating costs.
The average daily time charter equivalents ("TCEs") earned by the Company's VLCCs, excluding bareboat charters, and Capesize vessels were $23,400 and $35,600, respectively, compared with $26,900 and $36,500 in the preceding quarter. In May 2012, the Company has average cash breakeven rates for its VLCCs, which are trading in the spot market, and Capesize vessels of $14,000 and $8,400, respectively, per vessel per day. The VLCCs which are on bareboat contract have a cash break even rate of $4,300 per vessel per day.
Cash and cash equivalents decreased by $0.5 million in the quarter. The Company generated cash from operating activities of $12.6 million, used $0.9 million to repay loan facilities and debt fees and paid $12.2 million in dividends.
THE TANKER MARKET -
THE DRY BULK MARKET -
THE FLEET -
CORPORATE AND OUTLOOK -
- here:
http://www.knightsbridgetankers.com/IR/press_releases/1611413.shtml
