ITCL - Extension of Charters

Hamilton, Bermuda, July 23, 2012

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 until July 14, 2014.

British Pride will trade on a market rate with a minimum bareboat rate of $20,000 per day until July 30, 2014.

Independent Tankers Corporation Limited, press release