Knightsbridge ‘Will Protect Contract Value’
Bermuda-based Knightsbridge Tankers Limited yesterday [Mar. 12] advised that the company has been contacted by Japan’s Sanko Steamship Co., Ltd. which asked ship owners for deferred payments in relation to hire payments.
Sanko 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.
Knightbridge’s management will endeavor to protect the value of the charter contract with Sanko.
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 ton [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 ICB Shipping Limited, a Hamilton-based and wholly owned subsidiary of Bermuda’s Frontline Ltd.
