ITCL - Extension of Charter

Hamilton, Bermuda, February 3, 2011

Independent Tankers Corporation Limited (the "Company") is pleased to announce that BP Shipping Limited has extended the charter for the VLCC British Progress for one additional year.

As a result the vessel will trade on a market rate with a minimum of $20,000 per day from February 2, 2011 until February 2, 2013.

The Company's charter coverage for its six double hull VLCCs is 67 percent for 2011 and 52 percent in 2012, if the charters are not extended. The charter coverage for the three double hull Suezmax tankers is 100 percent for 2011 until 2015.

Independent Tankers Corporation Limited