VLCCF - Long Term Charter Contract

Knightsbridge Tankers Limited is pleased to announce that it has entered into a new bareboat charter agreement for the very large crude carrier, ("VLCC") MT Mayfair. The ship is currently trading in the spot market, and will commence the new bareboat charter employment in October 2010.



The Mayfair has been chartered to a Far East based operator for a period of five years at a rate which is determined by the Company to be equivalent to at least $32,000 per day on a time charter basis. The charterers will pay for the vessel's drydocking due in the fourth quarter 2010.



All Knightsbridge's vessels are now fixed on time and bareboat charters expiring between 2011 and 2015.



The Board is pleased to have secured the charter for MT Mayfair, which is in line with its strategy to safeguard the Company's long term earnings and dividend capacity, as well as reducing the financial exposure.



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