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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, 1999
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
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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 as Exhibit 1 is a copy of the press release of
Knightsbridge Tankers Limited (the "Company"), dated February 16,
1999, relating to the mailing of the statement filed as
Exhibit 2.
Attached as Exhibit 2 is a copy of a letter distributed
by Knightsbridge Tankers Limited to its U.S. shareholders
containing tax information that those shareholders may need in
order to make a "QEF" election.
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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EXHIBIT #1
FOR IMMEDIATE RELEASE
KNIGHTSBRIDGE TANKERS LIMITED
ANNOUNCES FILING OF TAX INFORMATION WITH SEC
Contact: Karl Molander
011-468-613-3030
Hamilton, Bermuda, February 16, 1999. Knightsbridge
Tankers Limited (the "Company") (NASDAQ NM: VLCCF) announced
today that it had filed via EDGAR with the Securities and
Exchange Commission the tax information for 1998 required by its
U.S. shareholders who have made a "QEF" election. The statement
sets forth amounts of 1998 distributions that are deemed
dividends and return of capital. The Company also intends to
mail such information together with its Notice of Annual Meeting
of Shareholders later this week or early next week.
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EXHIBIT #2
[Knightsbridge Tankers Limited Letterhead]
February 16, 1999
TO: The Shareholders of
Knightsbridge Tankers Limited
That Are United States Taxpayers
As you are aware, Knightsbridge Tankers Limited
("Knightsbridge") is a "Passive Foreign Investment Company"
("PFIC") for United States income tax purposes. The following is
a PFIC annual information statement for the taxable year of
Knightsbridge beginning on January 1, 1998 and ending on
December 31, 1998. 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.
You should keep this statement in your records, but,
unlike last year, you do not need to attach this statement 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 Tankers Limited ("Knightsbridge") beginning on
January 1, 1998 and ending on December 31, 1998 (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 January 1, 1998 through December 31,
1998, multiply the number of such Knightsbridge
shares by $0.615474.
(b) If you did not own Knightsbridge shares for the
entire period beginning January 1, 1998 and ending
December 31, 1998, multiply the number of shares
you owned by $0.615474, divide the result by 365,
and multiply by the number of days during 1998 that
you held such shares.*
(c) If you owned different numbers of Knightsbridge
shares at different times during 1998, 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 the fair market value of other
property distributed or deemed distributed by
____________________
* For example, if you acquired 100 shares on July 1, 1998
and held them throughout the remainder of 1998, your pro
rata share of Knightsbridge's ordinary earnings would be
$31.03 (i.e., 100 shares x $0.615474 x 184/365).
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Knightsbridge during the Taxable Year is as follows:
Cash: See note**
Fair Market Value of Property: 0
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 to
establish that Knightsbridge's ordinary earnings and net
capital gain are computed in accordance with U.S. income tax
principles, and to verify these amounts and your pro rata
shares thereof.
KNIGHTSBRIDGE TANKERS LIMITED
Date: February 16, 1999 By: /s/ Ola Lorentzon
_________________ ______________________
Name: Ola Lorentzon
Title: Deputy Chairman
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 OF THE OWNERSHIP OF
COMMON SHARES ARISING IN THEIR OWN PARTICULAR SITUATIONS UNDER
UNITED STATES FEDERAL, STATE, LOCAL OR FOREIGN LAW.
____________________
** On February 10, 1998, Knightsbridge made a distribution of
$0.75 per share to shareholders of record on January 26,
1998. On May 12, 1998, Knightsbridge made a distribution
of $0.45 per share to shareholders of record on April 27,
1998. On August 11, 1998, Knightsbridge made a
distribution of $0.63 per share to shareholders of record
on July 27, 1998. On November 10, 1998, Knightsbridge
made a distribution of $0.53 per share to shareholders of
record on October 26, 1998. The total amount of these
four distributions exceeded the sum of Knightsbridge's
earnings and profits for the Taxable Year and
Knightsbridge's earnings and profits accumulated in prior
years. Accordingly, 30.46% of the February distribution
is a dividend and 69.54% of the distribution is a non-
taxable return of capital. With respect to each of the
other three distributions, 26.08% of the distribution is a
dividend and 73.92% of the distribution is a non-taxable
return of capital.
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