Stocks that Float: TANKERS & DRY BULK SHIPPERS

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VLCCF $31.09 VLCCF - Knightsbridge Tankers Limited First Quarter 2008 Results
Thursday May 15, 6:38 am ET

HAMILTON, BERMUDA--(MARKET WIRE)--May 15, 2008 --
Highlights


* Knightsbridge reports net income of $14.8 million and earnings per
share of $0.87 for the first quarter of 2008,
* Knightsbridge announces a cash dividend of $0.75 per share for the
first quarter of 2008

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FIRST QUARTER 2008 RESULTS

Knightsbridge Tankers Limited (the "Company") reports net income of $14.8 million and earnings per share of $0.87 for the first quarter of 2008. This compares with net income of $9.7 million and earnings per share of $0.57 for the first quarter of 2007. The average daily time charter equivalent ("TCEs") earned by the Company's VLCCs was $55,300 compared with $46,800 in the preceding quarter. The increase represents the continuation of the strong market, which started in the prior quarter. Net operating income was $15.2 million (2007 comparable quarter: $11.1 million) and net interest expense for the quarter was $0.3 million (2007 comparable quarter: $1.4 million). At March 31, 2008 all of the Company's debt is floating rate debt.

The net increase in cash and cash equivalents in the quarter was $5.8 million. The Company generated cash from operating activities of $21.3 million, used $2.2 million to repay loan facilities, invested $0.5 million in its newbuilding project and distributed $12.8 million in dividend payments. In May 2008, the Company has an average cash breakeven rate for its vessels of $19,100 per vessel compared to $18,439 in May 2007.

On May 14, 2008 the Board declared a dividend of $0.75 per share. The record date for the dividend is May 27, 2008, ex dividend date is May 22, 2008 and the dividend will be paid on or about June 9, 2008.

The full report is available in the link enclosed and on the Company's website: http://www.knightsbridgetankers.com/


May 14, 2008
The Board of Directors
Knightsbridge Tankers Limited
Hamilton, Bermuda