ITCL - Extension of Charter

February 3, 2010, Hamilton, Bermuda

Independent Tankers Corporation Limited 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, 2010 until February 2, 2012.

Independent Tankers Corporation Limited