ITCL - Extension of Charter

Press release from Independent Tankers Corporation Limited 12.02.2009

Independent Tankers Corporation (the "Company") is pleased to announce that BP Shipping Limited ("BP") has extended the charter for the VLCC British Pioneer for one additional year. As a result the vessel will trade on a market rate with a minimum of $20,000 per day from January 2009 until January 2011.

In February 2009, BP extended the charter for the VLCC British Progress for one year after the fixed period ends in February 2010. The vessel will continue on a bareboat rate of $24,895 per day until the fixed period is finished in February 2010, followed by a market rate with a minimum of $20,000 per day until February 2011.

The two other VLCCs, British Purpose and British Pride are on bareboat contracts to BP at a fixed rate of $24,895 per day until the fixed periods end in July 2010 and July 2011, respectively. BP is required to notify the Company 12 months in advance of the fixed period ending, if the charter is going to be terminated.

As a consequence of the charter extensions, the charter coverage for the four VLCCs with BP is 100 percent in 2009 and 88 percent in 2010.

Independent Tankers Corporation Limited