VLCCF - Announces Public Offering

Knightsbridge Tankers Limited Announces Public Offering

Hamilton, Bermuda, September 27, 2010

Knightsbridge Tankers Limited (the "Company" or "Knightsbridge") (Nasdaq:VLCCF) announced today an underwritten public offering (the "offering") of 4,250,000 common shares. The common shares are being offered pursuant to the Company's effective shelf registration statement. The proceeds of the offering are expected to be used to repay indebtedness, fund a portion of the purchase price for a newbuilding Capesize drybulk carrier, the Golden Zhejiang that the Company has agreed to acquire from Golden Ocean Group Limited, or Golden Ocean, subject to certain conditions. The remainder of the net proceeds are expected to be used to fund future vessel acquisitions, for working capital and for general corporate purposes.

As part of the vessel acquisition, the Company expects to issue to Golden Ocean restricted common shares, based on the public offering price of common shares sold in the offering, with an aggregate value of approximately $18.5 million. The agreement to acquire the Golden Zhejiang is subject to conditions, including the completion of definitive documentation and customary closing conditions, the successful completion of the offering and the refinancing of the Company's amended credit facility with Nordea Bank Norge ASA, or Nordea, for which the Company has obtained commitment letter from Nordea.

BofA Merrill Lynch is acting as the bookrunning manager and DnB NOR Markets and Nordea Markets are acting as co-managers for the offering. The Company expects to grant the underwriters a 30-day option to purchase up to 637,500 additional shares to cover overallotments.

Knightsbridge Tankers Limited