Bermuda: Knightsbridge Announces Charters Termination for Two Bulk Carriers

Knightsbridge Tankers Limited, yesterday announced that one of its charterers, Hong Xiang Shipping Holding (Hong Kong) Co Limited (“Hong Xiang”), has redelivered the 176,000 dwt Capesize drybulk carrier Golden Zhejiang before final maturity of the charter.

The Golden Zhejiang was on charter for a rate of $32,326 per day net, for a minimum period ending September 7, 2014 and included a two year extension option in Knightsbridge’s favour. The redelivery follows a period when Hong Xiang has not paid charterhire for the vessel when due.

Knightsbridge has a guarantee from Hong Xiang’s parent company Beijing Jianlong Heavy Industry Group Co. Ltd. (“Jianlong Group”). The Company has a claim for outstanding unpaid hire from Hong Xiang and, in addition, will seek recovery of damages for the remaining period of the charter contract. The Company intends to seek alternative employment for the vessel following its redelivery.

Furthermore, Knightsbridge announces that the Sanko Steamship Co., Ltd. (“Sanko”) has served a notice purporting to cancel its charter party with the Company and will redeliver the cape size drybulk vessel Battersea to the Company prior to the expiration of the minimum period of the charter.

The Battersea was on charter to Sanko at the rate of $39,500 per day net, for a minimum period ending on June 26, 2014. The Company has a claim for outstanding unpaid hire from Sanko and, in addition, will seek recovery of damages for the remaining period of the charter contract. The Company intends to seek alternative employment for the vessel following its redelivery.

Source: Knightsbridge, July 31, 2012

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