Knightsbridge Tankers Limited is engaged in the seaborne transportation of crude oil and dry bulk cargoes. As of December 31, 2011, the Company owned and operated, through its subsidiaries, a fleet of eight vessels, consisted of four very large crude carriers (VLCCs) and four Capesize dry bulk carriers with a total carrying capacity of approximately 1.9 million deadweight ton. Of the VLCCs, two are operating in the spot market and two are on bareboat charters. The Capesize vessels are all on time charters. The Company's tankers and dry bulk carriers are managed by ICB Shipping (Bermuda) Limited (the General Manager), a wholly owned subsidiary of Frontline Ltd, and by Golden Ocean Management (Bermuda) Ltd. (the Dry bulk Manager), a wholly owned subsidiary of Golden Ocean Group Limited.