VLCCF - Acquisition of Capesize Drybulk Vessel

June 15, 2010

Knightsbridge Tankers Limited (the "Company" or "Knightsbridge") (Nasdaq: VLCCF) is pleased to announce that it has agreed to acquire the Capesize vessel "Golden Future" from Golden Ocean Group Limited ("Golden Ocean"), at a purchase price of $72 million. The Golden Future was built at the Zhoushan Jinhaiwan Shipyard Co., Ltd. and completed in February, 2010. The vessel is employed on a time charter with a minimum term of 35 months from February 2010 at a gross rate of $31,500 per day. The Company expects to take delivery of the vessel in June 2010. The agreement with Golden Ocean is subject to the consent of Knightsbridge's existing financing banks.

Knightsbridge will pay $25 million of the purchase price of the Golden Future by issuing to Golden Ocean 1,464,515 restricted common shares. The Company intends to finance the remaining portion of the purchase price through a senior secured credit facility, but will continue to evaluate other financing alternatives.

The Golden Future will be the third Capesize vessel in the Knigtsbridge fleet, and Golden Ocean is acting as the commercial manager for all the three vessels. The Knightsbridge Board welcomes Golden Ocean as a shareholder in the Company and feels this position further aligns the interest of the two companies.

The combination of the purchase price, the financing and the attached charter creates a solid basis for dividends in Knightsbridge going forward.

Knightsbridge Tankers Limited