ITCL - Extension of Charters

Press release from Independent Tankers Corporation Limited 19.07.2011

Independent Tankers Corporation Limited announces that BP Shipping Ltd has extended the charters for the VLCCs British Purpose and British Pride for one additional year. British Purpose will trade on a market rate with a minimum bareboat rate of $20,000 per day from July 15, 2011 until July 14, 2013. British Pride will continue on a bareboat rate of $24,895 per day until the fixed period ends July 30, 2011 followed by a market rate with a minimum bareboat rate of $20,000 per day until July 30, 2013.

The Board of Directors
Independent Tankers Corporation Limited

Hamilton, Bermuda

July 19, 2011

Questions should be directed to: 

Bengt Neteland or Magnus Vaaler, Frontline Management AS: +47 23 11 40 00