ITCL - Termination of Charters

Press release from Independent Tankers Corporation Limited 15.06.2010

With reference to the press release issued March 3, 2010 regarding Antares Voyager, Independent Tankers Corporation Limited ("ITCL") announces that Chevron Transport Corporation ("Chevron") has given irrevocable notice of termination for the bareboat charter for the VLCC Antares Voyager and such termination will take effect in December 2010. The vessel will continue on a bareboat rate of $28,500 per day until December 2010. The management will, in line with the requirements in the bond indenture, seek alternative employment for the vessel.

In addition, Chevron has given nine months non-binding notice of termination for the bareboat charter for the VLCC Phoenix Voyager.  If Chevron choose to terminate the bareboat charter, a six months irrevocable notice of termination has to given in September 2010 and such termination will take effect in March 2011. The vessel will continue on a bareboat rate of $28,500 per day until March 2011.

The Board of Directors

Independent Tankers Corporation Limited

Hamilton, Bermuda

June 14, 2010

Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management AS                    

+47 23 11 40 37 or +47 924 99 386