Knightsbridge Shipping Limited ("Knightsbridge" or "the Company", Nasdaq: VLCCF) finilized the second and final stage of its previously announced vessel acquisition transaction with Frontline 2012 Ltd., the Company said in a media release.
Knightsbridge has issued 31 million shares to Frontline 2012 Ltd. in exchange for 12 Cape size bulk carrier newbuildings. Following this transaction, Knightsbridge will have 111.1 million common shares outstanding.
Knightsbridge Shipping Limited, formerly Knightsbridge Tankers Limited, is an international shipping company. The Company is engaged in the transportation of dry bulk cargoes. The Company owns and operates, through its subsidiaries, a fleet of four Capesize dry bulk carriers with a total carrying capacity of approximately 0.7 million dead weight tons. Three of its vessels are employed on time charters. The Company's four capesize dry bulk carriers have deadweight of 170,500 and 176,000 DWT.
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