Knightsbridge (VLCCF) Says Hampstead Not Sold Due to Buyer Default; Sees Loss on Titan Venus Sale
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Knightsbridge Tankers Ltd (Nasdaq: VLCCF) announces that the sale of the VLCC Hampstead, which was discussed in the second quarter earnings release dated August 14, 2012, was not completed due to the buyer`s default.
The sale was, therefore, cancelled and Knightsbridge will retain the deposit received in the amount of $2.43 million. This amount will be recorded as a gain in the third quarter. The Company will also claim for costs, arising from the sales process, from the buyer. The Hampstead was marketed for sale after this cancellation and Knightsbridge announces that the vessel has now been sold to an unrelated third party with expected delivery in September 2012.
The Company expects to record a loss of approximately $15 million in the third quarter. The net cash proceeds, including the $2.43 million deposit from the cancelled sale, are approximately $11 million.
Knightsbridge further announces that the VLCC Titan Venus (ex. Camden) has been sold to an unrelated third party with expected delivery in the fourth quarter of 2012 upon the expiry of its bareboat storage charter. The Company expects to record a loss of approximately $15 million in the third quarter and the net cash proceeds from the sale are approximately $7 million.
The sale was, therefore, cancelled and Knightsbridge will retain the deposit received in the amount of $2.43 million. This amount will be recorded as a gain in the third quarter. The Company will also claim for costs, arising from the sales process, from the buyer. The Hampstead was marketed for sale after this cancellation and Knightsbridge announces that the vessel has now been sold to an unrelated third party with expected delivery in September 2012.
The Company expects to record a loss of approximately $15 million in the third quarter. The net cash proceeds, including the $2.43 million deposit from the cancelled sale, are approximately $11 million.
Knightsbridge further announces that the VLCC Titan Venus (ex. Camden) has been sold to an unrelated third party with expected delivery in the fourth quarter of 2012 upon the expiry of its bareboat storage charter. The Company expects to record a loss of approximately $15 million in the third quarter and the net cash proceeds from the sale are approximately $7 million.
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