Knightsbridge Tankers Limited (VLCCF) was formed in the fall of 1996 in order to exploit the tanker market, specifically for the transportation of crude oil. The firm acquired 5 'very large crude oil carriers', better known as VLCCs. The acquisitions were funded by the IPO (Initial Public Offering) and bank debt. From the outset the firm specified that acquisitions would tend to be carried out using secured debt and a significant proportion of the generated cash flows from the acquired assets would be distributed to shareholders. This policy has been held through thick and thin, with dividends being paid for all of the last 60 quarters, barring 3 quarters during 2009 at the very worst of the world financial crisis....
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