Knightsbridge Tankers Limited sells its VLCC 'Kengsington' to an unrelated 3rd party for delivery this month.
The Company expects to record a gain of approximately $0.1 million in the fourth quarter having recorded an impairment loss of $13.5 million on this vessel in the third quarter. The net cash proceeds from the sale are approximately $10 million after repayment of debt.
The sale of the Kensington is part of Knightsbridge's strategy to renew and grow the fleet and the proceeds will assist the Company in reacting to interesting acquisition opportunities. After the sale, the Company's fleet consists of four Capesize vessels and one VLCC.
The Company also announces the revised ex dividend date, November 26, 2012. The record date and the payment date for the dividend remains the same as previously announced in the press release dated November 7, 2012.