Knightsbridge Profit Falls, Misses Expectations

NEW YORK (AP) — Oil shipper Knightsbridge Tankers Ltd. said Thursday that profit fell in the third quarter as charter rates for its carriers declined.

The company earned $3.1 million, or 18 cents per share, compared with $11.3 million, or 66 cents per share, a year earlier.

Analysts expected earnings of 31 cents per share, according to Thomson Reuters.

Revenue plunged to $14.2 million from 19.8 million a year ago. Analysts expected $15.7 million.

The average daily time charter equivalents for its four very large crude carriers was $32,900, compared with $33,100 in the previous quarter.

The company said that despite the weak tanker market, it expects to resume paying a dividend next year.

Shares rose 25 cents to $12.92 in afternoon trading.