ITCL - Charter Update

Press release from Independent Tankers Corporation Limited 17.09.2010

With reference to the press release issued June 15, 2010 regarding the VLCC Phoenix Voyager, Independent Tankers Corporation Limited ("ITCL") announces that Chevron Transport Corporation did not give irrevocable notice of termination of the bareboat charter for the Phoenix Voyager. Consequently, the vessel will continue on a bareboat rate of $28,500 per day until March 2013.
The bareboat charter for the other vessel in the Golden State structure, the VLCC Antares Voyager, will be terminated early December 2010. ITCL will, in line with the requirements of the bond indenture, seek alternative employment for the vessel

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
September 17, 2010

Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management AS                    
+47 92 49 93 86