Knightsbridge Q2 Profit Falls
HAMILTON, Bermuda, Aug. 13, 2007 (PRIME NEWSWIRE) -- Knightsbridge Tankers Limited (Nasdaq:VLCCF) (the "Company") reports net income of $7.2 million and earnings per share of $0.42 for the second quarter of 2007. The average daily time charter equivalents ("TCEs") earned by the Company's five VLCCs was $36,800 compared with $43,800 in the preceding quarter. The second quarter earnings reflect a weakening of the market as well as a fall in earnings for one vessel resulting from a change in employment. Net interest expense for the quarter was $1.4 million (2006 comparable quarter: $1.3 million) and at June 30, 2007, all of the Company's debt is floating rate debt.
The net increase in cash and cash equivalents in the quarter was $3.8 million. The Company generated cash from operating activities of $15.8 million, obtained a further $33.6 million to fund new buildings, used $2.8 million to repay the Company's loan and credit facilities and distributed $10.3 million in dividend payments. As of August 6, 2007, the Company has an average cash breakeven rate for its vessels of $18,400 per vessel per day compared to $19,200 on August 7, 2006.
For the six months ended June 30, 2007 the Company reports net income of $16.9 million and earnings per share of $0.99. The average daily TCEs for the six months ended June 30, 2007 was $40,300. Net interest expense for the period was $2.8 million (2006 comparable six months: $2.6 million).
On August 13, 2007, the Board declared a dividend of $0.60 per share. The record date for the dividend is August 23, 2007, ex dividend date is August 21, 2007 and the dividend will be paid on or approximately September 7, 2007.
