ITCL - Extension of Charters

Press release from Independent Tankers Corporation Limited 02.08.2010

Independent Tankers Corporation Limited announces that BP Shipping Limited has extended the charters for the VLCCs British Purpose and British Pride for one additional year. As a result, the British Purpose will trade on a market rate with a minimum of $20,000 per day from mid July 2010 until mid July 2012. British Pride will continue on a bareboat rate of $24,895 per day until the fixed period ends in July 2011 followed by a market rate with a minimum of $20,000 per day until the end of July 2012.

The Board of Directors

Independent Tankers Corporation Limited

Hamilton, Bermuda

August 2, 2010

Questions should be directed to: 

Bengt Neteland

Vice President Finance, Frontline Management AS               

+47 23 11 40 37