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Commission File No. 0-29106
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of February, 1998
KNIGHTSBRIDGE TANKERS LIMITED
(Translation of registrant's name into English)
Cedar House
41 Cedar Avenue
Hamilton HM 12
Bermuda
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F.
Form 20-F____X____ Form 40-F_________
Indicate by check mark whether the registrant by furnishing
the information contained in this Form is also thereby furnishing
the information to the commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.
Yes_________ No____X____
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Item 1. INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached hereto is a copy of the press release of
Knightsbridge Tankers Limited (the "Company"), dated February 13,
1998. The press release relates to United States tax information
that is being sent to the Company's shareholders.
Item 2. ADDITIONAL INFORMATION
Royal Dutch Petroleum Company and The Shell Transport
and Trading Company, Public Limited Company file annual reports
on Form 20-F (File Nos. 1-3788 and 1-4039) and periodic reports
on Form 6-K with the Securities and Exchange Commission pursuant
to the Securities Exchange Act of 1934, as amended. Such annual
reports contain the financial statements of the Royal Dutch/Shell
Group of Companies.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly
authorized.
KNIGHTSBRIDGE TANKERS LIMITED
(registrant)
Dated: February 13, 1998 By:/s/ Ola Lorentzon
__________________________
Ola Lorentzon
Director, Deputy Chairman
and Treasurer
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01655001.FU8
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February 13, 1998
To: The Shareholders of
Knightsbridge Tankers Limited
That Are United States Tax Payers
As you are aware, Knightsbridge Tankers Limited is a
"Passive Foreign Investment Company" ("PIFC") for United State
income tax purposes. The following is a PFIC annual information
statement for the taxable year of Knightsbridge Tankers Limited
("Knightsbridge") beginning on February 7, 1997 (the date on which
Knightsbridge shares were issued), and ending on December 31,
1997. This statement is being provided so that you may report
your pro rata share of Knightsbridge's income in the event that
you have elected to treat Knightsbridge as a "qualified electing
fund" ("QEF") under the applicable provisions of the United States
Internal Revenue Code. Please note that this was the year that
the Company commenced operations and acquired its vessels. For
United States tax purposes, the vessels were deemed to have been
placed in service at mid-year, and depreciation on them has been
calculated accordingly.
This statement should be attached to your IRS Form 8621,
"Return by a Shareholder of a Passive Foreign Investment Company
or Qualified Electing Fund". In order to assist you in completing
Form 8621, the address of Knightsbridge is: Cedar House, 41 Cedar
Avenue, Hamilton HM 12, Bermuda.
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PFIC Annual Information Statement
1. This Information Statement applies to the taxable year of
Knightsbridge Tanker Limited ("Knightsbridge") beginning on
February 7, 1997 and ending on December 31, 1997 (the "Taxable
Year").
2. (i) Your pro rata share of the ordinary earnings of
Knightsbridge for the Taxable Year may be determined as
follows:
(a) If you owned the same number of Knightsbridge shares
from February 7, 1997 through December 31, 1997,
multiply the number of such Knightsbridge shares by
$1.2929.
(b) If you did not own Knightsbridge shares for the
entire period beginning February 7, 1997 and ending
December 31, 1997, multiply the number of shares you
owned by $1.2929, divide the result by 328, and
multiply by the number of days during 1997 that you
held such shares.1
(c) If you owned different numbers of Knightsbridge
shares at different times during 1997, perform the
calculation specified in (b) above separately for
each lot of shares owned.
(ii) Your pro rata share of the net capital gain of
Knightsbridge for the Taxable Year is zero.
3. The amount of cash and fair market value of other property
distributed or deemed distributed by Knightsbridge during the
Taxable Year is as follows:
Cash: See note2
Fair Market Value of Property: 0
____________________
1. For example, if you. acquired 100 shares on July 1, 1997 and
held them throughout the remainder of 1997, your pro rata
share of Knightsbridge's ordinary earnings would be $72.53
(i.e., 100 shares x $1.2929 x 184/328).
2. On May 9, 1997, Knightsbridge made a distribution of $0.17 per
share to shareholders of record on April 25, 1997. On
August 11, 1997 Knightsbridge made a distribution of $0.45 per
share to shareholders of record on July 25, 1997. On
November 13, 1997, Knightsbridge made a distribution of $0.64
per share to shareholders of record on October 27, 1997.
Knightsbridge's earnings and profits for the Taxable Year
exceeded the total amount of the distributions. Accordingly,
(Footnote continued)
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4. Knightsbridge will permit you to inspect and copy
Knightsbridge's permanent books of account, records, and such
other documents as may be maintained by Knightsbridge that are
necessary to establish that PFIC ordinary earnings and net
capital gain, as provided in section 1293 (e) of the Internal
Revenue Code, are computed in accordance with U.S. income tax
principles.
KNIGHTSBRIDGE TANKERS LIMITED
February 13, 1998
/s/ Ola Lorentzon
_________________________
Ola Lorentzon
Deputy Chairman and CEO
THIS INFORMATION IS PROVIDED IN ORDER TO ASSIST SHAREHOLDERS IN
MAKING CALCULATIONS, AND DOES NOT CONSTITUTE TAX ADVICE.
SHAREHOLDERS ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS
CONCERNING THE OVERALL TAX CONSEQUENCES ARISING IN THEIR OWN
PARTICULAR SITUATIONS UNDER UNITED STATES FEDERAL, STATE, LOCAL OR
FOREIGN LAW OF THE OWNERSHIP OF COMMON SHARES.
____________________
(Footnote continued)
100% of each distribution is a dividend and no portion of the
distributions is a return of capital.
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01655001.FU8
