Knightsbridge Tankers -Information on charter contract for Battersea

Knightsbridge Tankers Limited (Nasdaq: VLCCF) (the “Company”) advises that the Company today has been contacted by Sanko Steamship Co., Ltd. (“Sanko”) where they ask Owners for deferred payments in relation to hire payments. Sanko has also sent out a press release on March 9 where they assure that they fully intend to meet all financial obligations and that they will restructure and strengthen the company’s balance sheet.

The Company has the Cape size vessel Battersea on charter to Sanko at $39,500 per day net, for a period up to minimum June 26, 2014. The Company has received all hire up until March 10, 2012 in full, and has as per that date no outstanding hire due from the charterer. The Company has received part payment for the next fifteen days’ hire.
The Company’s management will endeavor to protect the value of the charter contract with Sanko.

The Board of Directors
Knightsbridge Tankers Limited
Hamilton, Bermuda
March 12, 2012