In the Market

As they say timing is everything. Knightsbridge Tankers is struggling with a poor VLCC market, with earnings declining on its spot vessel and a loss of profit sharing on two time-chartered vessels. Compounding this problem was its diversification move into two newbuilding capesize vessels, which were ordered for $162 million en bloc. The company has paid installments of $97.2 million consisting of $64.8 million in equity with the balance financed through a short-term bank facility due at delivery. The company has been able to arrange only $60 million in secured long-term bank financing and continues to seek financing for the

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