VLCCF - Knightsbridge Tankers Limited amends
Time Charter for the VLCC Hampstead

Hamilton, Bermuda, January 9, 2012

Knightsbridge Tankers Limited (Nasdaq: VLCCF) (the "Company") has amended the time charter with Frontline Ltd. for the VLCC Hampstead.

The time charter hire has been reduced from $37,750 per day to $27,050 per day for the remaining period of the charter commencing January 1, 2012.

The expected redelivery date is April 22, 2012.

The Company will be compensated for actual earnings above the new rate up to and including the original rate.

    Knightsbridge Tankers Limited press release