ITCL - Termination of Charter

December 21, 2009

Independent Tankers Corporation Limited (“ITCL”) announces that BP Shipping Limited has given irrevocable notice of termination for the bareboat charter for the VLCC British Pioneer and such termination to take effect January 2, 2011. The vessel will continue on a market rate with a minimum of $20,000 per day until January 2, 2011 and management will in line with the regulations in the bond indenture seek alternative employment for the vessel.

Independent Tankers Corporation Limited