ITCL - Golden State Petroleum Corporation Announces
Sale of VLCC Ulysses (ex- Phoenix Voyager)

Hamilton, Bermuda - March 5, 2014

Golden State Petroleum Corporation (the "Company"), a wholly-owned subsidiary of Independent Tankers Corporation Limited ("ITCL") announced today that Golden State Petro (IOM-I-B) PLC ("GS IOM-B"), a subsidiary of the Company, has entered into an agreement to sell the VLCC Ulysses (ex-Phoenix Voyager) (the "Vessel") to an unrelated third party.

The sale is expected to take place in the first half of March and will comply with the provisions of the Indenture, as amended and supplemented (the "Indenture") governing the 8.04% First Preferred Mortgage Notes due 2019 issued by the Company (the "Notes").

The sales price will result in an Adequate Bid (as defined in the Indenture), and pursuant to Section 12.1(d) of the Indenture, the net proceeds from such sale, together with the Allocable Portion of the Debt Reserve Account (as defined in the Indenture), will be applied to redeem the Allocated Principal Amount of Notes (as defined in the Indenture) for the Vessel at 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, which is 90 days after the sale of the Vessel.

Independent Tankers Corporation Limited, press release