VLCCF - Announces Underwriters' Exercise of Over-Allotment Option

Knightsbridge Tankers Limited Announces Underwriters' Exercise of
Over-Allotment Option

Hamilton, Bermuda, October 12, 2010

Knightsbridge Tankers Limited (the "Company" or "Knightsbridge") (Nasdaq:VLCCF) today announced that in connection with its previously announced underwritten public offering of 4,250,000 common shares which closed on October 5, 2010, the underwriters have exercised in full the over-allotment option granted to them by the Company to purchase 637,500 common shares at the public offering price of $19.00 per share. The closing of the exercise of the over-allotment option is expected to take place on October 14, 2010.

BofA Merrill Lynch is acting as the bookrunning manager and DnB NOR Markets and Nordea Markets are acting as co-managers for the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering is being made by means of a prospectus and related prospectus supplement. A prospectus supplement related to the offering has been filed with the Securities and Exchange Commission. Copies of the prospectus and prospectus supplement relating to the offering may be obtained from the offices of BofA Merrill Lynch at 4 World Financial Center, New York, New York 10080, Attention: Preliminary Prospectus Department or by email at dg.prospectus_requests@baml.com.

Knightsbridge Tankers Limited