Bermuda-based Knightsbridge Tankers Ltd. reported net income of $14.8 million and earnings per share of $0.87 for the first quarter of 2008, a healthy increase on the $9.7 million it made in the same period in 2007.

The average daily time charter equivalent ("TCEs") earned by the company's VLCCs (very large crude carriers) was $55,300 compared with $46,800 in the preceding quarter.

The increase represents the continuation of the strong market, which started in the prior quarter. Net operating income was $15.2 million, compared to $11.1 million in the same three months last year, and net interest expense for the quarter was $0.3 million, compared to $1.4 million in 2007.

The company generated cash from operating activities of $21.3 million, used $2.2 million to repay loan facilities, invested $0.5 million in its new building project and distributed $12.8 million in dividend payments.

The company's directors declared a dividend of $0.75 per share. The record date for the dividend is May 27, 2008, ex dividend date is May 22, 2008 and the dividend will be paid on or about June 9, 2008.