ITCL - Company Update and Annual Report 2009

Press release from Independent Tankers Corporation Limited 09.04.2010

Independent Tankers Corporation Limited ("ITCL" or the "Company") announces that on March 12, 2010 Dresdner Kleinwort Leasing gave notice of termination for the UK tax lease agreement for the VLCC British Purpose. The leasing agreement will be terminated on July 15, 2010. At December 31, 2009 the obligation under the lease was $69.9 million and the termination is cash neutral for the Company. The Company will acquire the vessel concurrent with the lease termination and the existing bareboat charter to BP Shipping Limited will remain in place.

On March 22, 2010 Chevron Transport Corporation chose not to declare the termination option for the double hull Suezmax vessel Sirius Voyager and the bareboat charter will, therefore, continue until April 1, 2015.

On March 23, 2010 a subsidiary of ITCL agreed to sell the single-hull Suezmax vessel Front Voyager to an unrelated third party for a net sales price of $8.3 million. Delivery to the new owner took place on April 8, 2010. The subsidiary will have a total of $7.8 million in restricted cash after prepayment of the associated bond debt, compensation payment to bondholders for early redemption of bond debt and compensation from Front Voyager Inc. for the termination of the bareboat charter.

Please also find enclosed ITCL audited annual report for 2009.

The Board of Directors

Independent Tankers Corporation Limited

Hamilton, Bermuda

April 9, 2010

Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management AS                    

 +47 23 11 40 37 or +47 924 99 386  

ITCL Annual Report 2009