Knightsbridge Tankers beats Q2 estimates, still sees drybulk market recovery

Knightsbridge Tankers (VLCCF +7.5%) opens with strong gains after reporting Q2 earnings of $0.14, easily beating the analyst consensus estimate of $0.03.

Q2 average daily time charter equivalent earned by capesize vessels was $15K, compared with $25.2K in the preceding quarter; capesize vessels earned $11.9K/day in Q2 vs. $16.3K/day the Q1 but still almost twice as much as the same quarter in 2013.

Says the weak drybulk market in Q2 has continued into Q3, but VLCCF is still confident of a recovery in the market later this year; with a targeted cash breakeven rate below $15K/day, says is in a strong position to benefit from an expected recovery.

VLCCF says it will seek to grow dividends as the dry bulk market recovers and newbuildings commence operation.

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