Zacks Downgrades Knightsbridge Tankers
Bermuda-based Knightsbridge Tankers Limited was downgraded by equities research analysts at Zacks Investment Research from a “neutral” rating to an “underperform” rating in a research note issued to investors today [Dec.8].
Knightsbridge Tankers Limited is engaged in the international seaborne transportation of crude oil and dry bulk cargoes. Its fleet consists of four double-hull Very Large Crude Carrier oil tankers [VLCCs], of which two Capesize dry bulk carriers were delivered to the Company in 2009.
Each of its vessels is owned by a subsidiary and has been flagged in the Marshall Islands. In addition to the VLCCs, the company charters two Capesize dry bulk carriers. Its total carrying capacity is 1.53 million deadweight tons [dwt].
The company has expanded its scope of activities and has taken delivery of two Capesize newbuilding dry bulk vessels of approximately 170,000 dwt in August 2009 and October 2009, respectively.
The business of the company is managed by Bermuda’s ICB Shipping, an indirect wholly owned subsidiary of the island’s Frontline Ltd.
