Nyheter for Independent Tankers Corporation Limited

ITCL - Q3 2011 Presentation

Company news

2011-11-22 16:40:02

Independent Tankers Corporation Limited advises that a presentation of its third
quarter 2011 results that were released November 22, 2011, is available on the
Company's website: http://www.itcl.bm and in the link enclosed.

Independent Tankers Corporation Limited

November 22, 2011




Q3 2011 Presentation:
http://hugin.info/138953/R/1565860/486062.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1565860]

ITCL - Third Quarter and Nine Months 2011 Results

Company news

2011-11-22 08:20:03

Highlights

·         Independent Tankers reports a net loss of $2.3 million, equivalent to
a loss per share of $0.03 for the third quarter of 2011.
·         Independent Tankers reports net income of $5.8 million, equivalent to
earnings per share of $0.08, for the nine months ended September 30, 2011.
·         The UK tax leasing arrangement for the VLCC British Pride was
terminated and the fixed period charter ended in July 2011.

Introduction

Independent Tankers Corporation Limited (the "Company" or "Independent Tankers")
was incorporated in Bermuda on January 18, 2008 and the shares have traded on
the Norwegian over-the-counter market since March 7, 2008. Independent Tankers'
business is mainly concentrated on the ownership and operation of crude oil
tankers on long term bareboat contracts to major oil companies and two vessels
operating in the spot market. Independent Tankers owns six VLCC's and three
Suezmax tankers. All vessels are financed through bonds in the US market. The
main shareholder is Frontline Ltd. ("Frontline") with an ownership of
approximately 83 percent.

Third Quarter and Nine Months 2011 Results

The Board of Independent Tankers announces a net loss of $2.3 million,
equivalent to a loss per share of $0.03 for the third quarter of 2011. This
compares with a net loss of $0.05 million, equivalent to a loss per share of
$0.001 for the preceding quarter. The decrease in net income is primarily
attributable to weaker results for the two vessels trading in the spot market.

The Ulriken (formerly Antares Voyager) and the Pioneer continued to trade in the
spot market and the average daily time charter equivalents ("TCEs") earned in
the third quarter was $5,200 and $10,300, respectively. The average daily
bareboat rate earned in the third quarter by the Company's VLCCs was $22,600,
which represents a small decrease compared with the preceding quarter due to a
rate decrease on the VLCC British Pride following the end of the fixed period
charter in July.

Interest income for the quarter decreased by $1.3 million compared to the
previous quarter to $0.2 million. This is primarily attributable to the
termination of the UK tax leasing arrangement for the VLCC British Pride on July
15, 2011. Interest expense in the third quarter also decreased for the same
reason. At September 30, 2011, all of the Company's bond debt of $288.1 million
is at fixed interest rates ranging from 7.84% to 8.52%.

In November 2011, the average total cash cost breakeven rates for the remaining
part of 2011 is $32,400 per day for the two spot trading VLCCs and $19,200 per
day for the four bareboat vessels.

Chartering Summary

In July 2011, BP extended the bareboat charters for the VLCCs British Purpose
and British Pride for one additional year. As a result, the British Purpose will
trade on a market rate with a minimum bareboat rate of $20,000 per day from July
15, 2011 until July 14, 2013. The British Pride traded on a bareboat rate of
$24,895 per day until the fixed period ended on July 30, 2011 and will trade on
a market rate with a minimum bareboat rate of $20,000 per day until July
30, 2013.

Other Matters
On July 15, 2011, the UK tax lease arrangement between Holyrood Shipping plc and
Dresdner Kleinwort Leasing for the VLCC British Pride was terminated and the
outstanding lease obligation was settled in full using restricted cash. At June
30, 2011 the lease obligation was $70.3 million and the termination was cash
neutral for the Company. The vessel was sold to Holyrood Petro Limited, a
previously dormant subsidiary of the Company, which simultaneously entered into
a lease with Holyrood Shipping Plc.
74,825,166 ordinary shares were outstanding as of September 30, 2011, and the
weighted average number of shares outstanding for the first quarter was also
74,825,166.

The Market

The market rate for a VLCC trading on a standard 'TD3' voyage between the
Arabian Gulf and Japan in the third quarter of 2011 was WS 47, representing a
decrease of about WS 6 points from the second quarter of 2011 and a decrease of
WS 5.5 points from the third quarter of 2010. Present market indications are
approximately $12,000/day in the fourth quarter of 2011.

Bunkers at Fujairah averaged $664/mt in the third quarter of 2011 compared to
$657/mt in the second quarter of 2011; an increase of $7/mt. Bunker prices
varied between a low of $626.5/mt at the end of September and a high of
$699.5/mt on the 1st of August. On November 18th, 2011, the quoted bunker price
in Fujairah was 677/mt.

Philadelphia bunkers averaged $675/mt in the third quarter, which was a decrease
of $6/mt from the second quarter of 2011. Bunker prices varied between a low of
$640.5/mt mid August and a high of $705.5/mt at the end of July. On November
18th, 2011, the quoted bunker price in Philadelphia was 658/mt.

The International Energy Agency's ("IEA") November 2011 report stated an average
OPEC oil production, including Iraq, of 30 million barrels per day (mb/d) during
the third quarter of the year. This was an increase of 540,000 barrels per day
compared to the second quarter of 2011 and an increase of 720,000 barrels per
day compared to the third quarter of 2010.

IEA further estimates that world oil demand averaged 89.6 mb/d in the third
quarter of 2011, representing an increase of approximately 1.7 mb/d compared to
the previous quarter, and an increase of approximately 540,000 barrels per day
from the third quarter of 2010.

The VLCC fleet totalled 588 vessels at the end of the third quarter of 2011, up
from 574 vessels at the end of the previous quarter. 14 VLCCs were delivered
during the quarter. The orderbook counted 131 vessels at the end of the third
quarter, down from 143 orders from the previous quarter. Two new orders were
placed during the quarter, and the current orderbook represents about 22 percent
of the VLCC fleet. According to Fearnleys the single hull fleet stands at 35
vessels.

The newbuilding orderbook at the end of the third quarter 2011 includes a high
number of expected vessel deliveries remaining in 2011 and in 2012. However, the
actual number of deliveries is likely to be lower due to the expected delays,
slippage and cancellations of newbuilding orders going forward.

The International Monetary Fund forecasts world growth to rise by approximately
4.0 percent in 2012 compared with 2011 and the IEA projects an increase in
world's oil consumption in 2012 by 1.3 mb/d and 1.5 percent compared to 2011.
This is not enough to absorb the newbuilding orderbook, but will help mitigate.

Strategy and Outlook

The Company's strategy is mainly concentrated around chartering out vessels on
long term charters to reputable oil companies, for the time being BP and
Chevron. The Company's charter coverage for its six double hull VLCCs is 67
percent for the remaining part of 2011, 67 percent in 2012 and 23 percent in
2013 if the charters are not extended. The charter coverage for the three double
hull Suezmax tankers is 100 percent until 2015.

Independent Tankers has historically not been influenced by spot market exposure
due to fixed bareboat contracts on all the vessels. As a consequence of the
termination of the bareboat charters for the VLCCs Pioneer and Ulriken, the
Company will be exposed to market fluctuations for these vessels. Frontline, as
manager, is obligated to seek to find potential buyers for the vessel subject to
certain price requirements and a bondholders meeting must be held in order to
approve or reject any offers. If there are no buyers or an offer is rejected by
the bondholders, Frontline needs to seek bareboat, time or spot charters for the
vessels which meet the requirements of the indentures.

The broker valuations received for the vessels at September 30, 2011 indicate
that the market values of the Windsor vessels are lower than the net debt of the
vessels. The two VLCCs in the Golden State Petroleum bond structure had
estimated market values that were higher than the net debt of the vessels.
Whether the estimated market values can be achieved through actual transactions
is highly uncertain due to the lack of liquidity in the secondhand sale and
purchase market for VLCCs. There is also uncertainty to what extent the negative
developments in the tanker market since September 30 have influenced values.

During the third quarter of 2011, the Windsor Petroleum bond structure was
downgraded from B3 to Caa1 by Moody's Investors Service and from BB+ to BB- by
Standard and Poor's Rating Services. The reason for the downgrading was the
negative development in the tanker market.

The Company will continue to operate with low cash cost breakeven rates and
financing through the US bond market with maturities from 2015 to 2021. The
fixed minimum bareboat rates of $20,000 per day for three of the VLCCs and the
fixed bareboat contract of Phoenix Voyager, in addition to the long term
financing, supports the debt of the Company until 2013 if the contracts are not
extended. However, with current market rates being below operating expense
levels for the two spot trading vessels Ulriken and Pioneer, the company will
have to draw further on the restricted cash reserves to operate these vessels.
The uncertainties around a potential sale or a charter to a non-investment grade
counterparty for Ulriken and Pioneer, increase the risk of the Company and might
have a negative influence on the Company's future profit and credit profile.

Forward Looking Statements

This press release contains forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including the Company's management's examination of historical
operating trends. Although the Company believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, the Company cannot give assurance that it will achieve
or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company's view, could cause actual results to
differ materially from those discussed in this press release include the
strength of world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in demand in the
tanker market as a result of changes in OPEC's petroleum production levels and
world wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, drydocking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors described from
time to time in the reports filed by the Company with the Norwegian over-the-
counter market in Oslo.

The full report is available for download in the link enclosed and from the
Company's website www.itcl.bm.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
November 21, 2011


Questions should be directed to:
Magnus Vaaler: Vice President Finance, Frontline Management AS
+47 23 11 40 21


WEBSITE:WWW.ITCL.BM



3rd quarter 2011 results:
http://hugin.info/138953/R/1565597/485934.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1565597]

ITCL - 2011 Annual General Meeting

Company news

2011-09-26 09:10:03

Independent Tankers Corporation Limited (the "Company") advises that the 2011
Annual General Meeting of the Company was held on September 23, 2011 at 11:10
a.m. at the Elbow Beach Hotel, 60 South Shore Road, Paget PG04, Bermuda.  The
following resolutions were passed:

1. To re-elect Tor Olav Trøim as a Director of the Company;


2. To re-elect Kate Blankenship as a Director of the Company.


3. To re-elect Inger M. Klemp as a Director of the Company.


4. To re-elect Kathrine Fredriksen as a Director of the Company.


5. To re-appoint PricewaterhouseCoopers AS as auditors and to authorize the
Directors to determine their remuneration.


6. That the remuneration payable to the Company's Board of Directors of a total
amount of fees not to exceed US$50,000 be approved for the year ended
December 31, 2011.


In addition, the audited consolidated financial statements for the Company for
the year ended December 31, 2010 were presented to the Meeting.


Hamilton, Bermuda
September 23, 2011






This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1549708]

ITCL - Notice of Annual General Meeting 2011

Company news

2011-08-31 14:20:04

Independent Tankers Corporation Limited (the "Company") announces that its 2011
Annual General Meeting will be held on September 23, 2011. A copy of the Notice
of Annual General Meeting and associated information including the Company's
Annual Report can be found on our website at http://www.itcl.bm/ and attached to
this press release.

Hamilton, Bermuda

August 31, 2011




Annual Report 2010:
http://hugin.info/138953/R/1542915/472423.pdf

Notice of Annual General Meeting 2011:
http://hugin.info/138953/R/1542915/472422.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1542915]

ITCL - Q2 2011 Presentation

Company news

2011-08-26 17:40:03

Independent Tankers Corporation Limited advises that a presentation of its
second quarter 2011 results that were released August 26, 2011, is available on
the Company's website: http://www.itcl.bm and in the link enclosed.

Oslo, August 26, 2011



Q2 2011 Presentation:
http://hugin.info/138953/R/1541720/471762.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1541720]

ITCL - Second Quarter and Six Months 2011 Results

Company news

2011-08-26 17:10:02

Highlights

* Independent Tankers reports a net loss of $0.05 million, equivalent to a
loss per share of $0.001 for the second quarter of 2011.
* Independent Tankers reports net income of $8.1 million, equivalent to
earnings per share of $0.11, for the six months ended June 30, 2011.
* In July 2011, BP Shipping Limited extended the bareboat charters for British
Pride and British Purpose until July 2013.


Introduction

Independent Tankers Corporation Limited (the "Company" or "Independent Tankers")
was incorporated in Bermuda on January 18, 2008 and the shares have traded on
the Norwegian over-the-counter market, since March 7, 2008. Independent Tankers'
business is mainly concentrated on the ownership and operation of crude oil
tankers on long term bareboat contracts, which include certain cancellation
options, to major oil companies. Independent Tankers owns or leases six VLCC's
and three Suezmax tankers. All vessels are financed through bonds in the US
market and one vessel is also subject to financial lease arrangements. The main
shareholder is Frontline Ltd. ("Frontline") with an ownership of approximately
83 percent.

Second Quarter and Six Months 2011 Results

The Board of Independent Tankers announces a net loss of $0.05 million,
equivalent to a loss per share of $0.001 for the second quarter of 2011. This
compares with net income of $8.2 million, equivalent to earnings per share of
$0.11 for the preceding quarter. The decrease is primarily due to the gain of
$8.8 million that was recognized in the first quarter on the termination of a
funding agreement in the Golden State group.

The Ulriken (formerly Antares Voyager) and the Pioneer continued to trade in the
spot market and the average daily time charter equivalents ("TCEs") earned in
the second quarter were $23,500 and $16,400, respectively. The average daily
bareboat rate earned in the second quarter by the Company's VLCCs was $23,300,
which was the same as the preceding quarter.

Interest income for the quarter decreased by $0.6 million to $1.5 million mainly
due to the termination of the Golden State funding agreement in March, resulting
in the transfer of cash to lower interest bearing deposit accounts. Interest
expense of $7.4 million for the second quarter was the same as the prior
quarter. At June 30, 2011, all of the Company's bond debt of $295.9 million is
at fixed interest rates ranging from 7.84% to 8.52%.

In August 2011, the Company has average total cash cost breakeven rates for the
remaining part of 2011 for its two spot traded VLCCs of $32,400 per day and
$19,200 per day for the four bareboat vessels.

Chartering Summary

In July 2011, BP extended the bareboat charters for the VLCCs British Purpose
and British Pride for one additional year. As a result, the British Purpose will
trade on a market rate with a minimum bareboat rate of $20,000 per day from July
15, 2011 until July 14, 2013. The British Pride traded on a bareboat rate of
$24,895 per day until the fixed period ended on July 30, 2011 and will trade on
a market rate with a minimum bareboat rate of $20,000 per day until July
30, 2013.

Other Matters

On July 15, 2011, the UK tax lease arrangement between Holyrood Shipping Plc and
Commerzbank Leasing for the VLCC British Pride was terminated and the
outstanding lease obligation was settled in full using restricted cash. At June
30, 2011 the lease obligation was $70.3 million. The termination was cash
neutral for the Company. The vessel was then sold to Holyrood Petro Limited, a
previously dormant subsidiary of the Company, which simultaneously entered into
a lease with Holyrood Shipping Plc.

74,825,166 ordinary shares were outstanding as of June 30, 2011, and the
weighted average number of shares outstanding for the first quarter was also
74,825,166.

The Market

The market rate for a VLCC trading on a standard 'TD3' voyage between The
Arabian Gulf and Japan in the second quarter of 2011 was WS 53; equivalent to
$8,000/day; representing a decrease of approximately WS 5.5 points from the
first quarter of 2011 and a decrease of WS 35 points from the second quarter of
2010. Present market indications are approximately $9,000 to 10,000/day in the
third quarter of 2011.

The market rate for a Suezmax trading on a standard 'TD5' voyage between West
Africa and Philadelphia in the second quarter of 2011 was WS 77; equivalent to
approximately $13,500/day compared to approximately $18,200/day in the first
quarter of 2011, representing a decrease of approximately WS 6 points from the
first quarter of 2011 and a decrease of WS 37 points from the second quarter of
2010. Present market indications are approximately $7,000/day in the third
quarter of 2011.

Bunkers at Fujairah averaged $657/mt in the second quarter of 2011 compared to
$600/mt in the first quarter of 2011. Bunker prices varied between a low of
$611/mt at the beginning of May and a high of $686/mt on the 10th of April. On
August 24, 2011, the quoted bunker price in Fujairah was 661/mt.

Philadelphia bunkers averaged $681/mt in the second quarter, which was an
increase of $77/mt from the first quarter of 2011. Bunker prices varied between
a low of $566/mt mid May and a high of $720/mt at the beginning of April. On
August 24, 2011, the quoted bunker price in Philadelphia was 672/mt.

The VLCC fleet totalled 573 vessels at the end of the second quarter of 2011, up
from 561 vessels at the end of the previous quarter. 15 VLCCs were delivered
during the quarter versus an estimated 18 at the beginning of the year. The
orderbook counted 149 vessels at the end of the second quarter, down from 164
orders from the previous quarter. Three new orders were placed during the
quarter, whilst three contracts were cancelled, and the current orderbook
represents approximately 27 percent of the VLCC fleet. During the quarter three
vessels were removed from the trading fleet and according to Fearnleys the
single hull fleet stands at 35 vessels.

The Suezmax fleet totalled 430 vessels at the end of the second quarter, up from
420 vessels at the end of the previous quarter. 10 vessels were delivered during
the quarter versus an estimated 13 at the beginning of the year. The orderbook
counted 126 vessels at the end of the quarter, down from 131 vessels at the end
of the previous quarter. Six new orders were placed whilst one was cancelled
during the quarter and the current orderbook now represents 29 percent of the
total fleet. No vessels were removed from the trading fleet and according to
Fearnleys the single hull fleet now stands at 13 vessels.

The International Energy Agency's ("IEA") August 2011 report stated an average
OPEC oil production, including Iraq, of 29.3 million barrels per day (mb/d)
during the second quarter of the year. This was a decrease of 630,000 barrels
per day compared to the first quarter of 2011 and an increase of 330,000 barrels
per day compared to the second quarter of 2010.
IEA further estimates in their August 2011 report that the global oil demand
decreased by 1.0 mb/d or 1.1 percent in the second quarter of 2011 compared to
the first quarter of 2011. At the same time the tanker market experienced a
growth in fleet supply in the second quarter of 2011 due to a high number of
newbuilding deliveries despite fewer actual deliveries in the second quarter of
2011 than anticipated, with 17 percent slippage in the VLCC segment and 23
percent in the Suezmax segment. Henceforth the weak tanker market experienced in
the second half of 2010 also continued in the first half of 2011 and so far into
the third quarter of 2011.

The decision by the IEA to temporarily release 60 million barrels from global
strategic petroleum reserves proved negative for tanker demand and we noticed a
decrease in long-haul imports to the US. Further, the current international
situation has delayed the economic recovery and future oil demand might suffer.

The newbuilding orderbook at the end of the second quarter 2011 includes a high
number of expected vessel deliveries in 2011 and 2012. However, the actual
number of deliveries is likely to be lower due to the expected delays, slippage
and cancellations of newbuilding orders going forward.

The International Monetary Fund forecasts world growth to rise by approximately
4.3 percent and 4.5 percent in 2011 and 2012, respectively and the IEA projects
an increase in world's oil consumption in 2011 by 1.2 mb/d compared to 2010 and
in 2012 by 1.6 mb/d compared to 2011. This is not enough to absorb the
newbuilding orderbook, but will help mitigate.

Strategy and Outlook

The Company's strategy is mainly concentrated around chartering out the vessels
on long term charters to reputable oil companies and for the time being BP and
Chevron. The Company's charter coverage for its six double hull VLCCs is 67
percent for the remaining part of 2011, 67 percent in 2012 and 23 percent in
2013 if the charters are not extended. The charter coverage for the three double
hull Suezmax tankers is 100 percent until 2015.

Independent Tankers has historically not been influenced by spot market exposure
due to fixed bareboat contracts on all the vessels. As a consequence of the
termination of the bareboat charters for the VLCCs Pioneer and Ulriken, the
Company will be exposed to market fluctuations for these vessels. Frontline, as
manager, is obligated to find potential buyers for the vessel subject to certain
price requirements and a bondholders meeting must be held in order to approve or
reject any offers. If there are no buyers or an offer is rejected by the
bondholders, Frontline needs to seek bareboat, time or spot charters for the
vessels which meet the requirements of the indentures. The broker valuations
received for Pioneer at June 30, 2011 indicate that the market value of the
vessel is slightly lower than the net debt on the vessel. The other three VLCCs
in the Windsor Petroleum bond structure and the two VLCCs in the Golden State
Petroleum bond structure had estimated market values that were slightly higher
or higher than the net debt of the vessels at June 30, 2011. Due to the lack of
liquidity in the secondhand sale and purchase market for VLCCs there is
uncertainty to what extent the estimated market values can be achieved through
actual transactions. There is also uncertainty linked to what extent the
negative development in the tanker market since June 30 has influenced values.

During the third quarter of 2011, the Windsor Petroleum bond structure was
downgraded from B3 to Caa1 by Moody's Investors Service and from BB+ to BB- by
Standard and Poor's Rating Services. The reason for the downgrading was the
negative development in the tanker market.

The Company will continue to operate with low cash cost breakeven rates and
financing through the US bond market with maturities from 2015 to 2021. The
fixed minimum bareboat rates of $20,000 per day for three of the VLCCs and the
fixed bareboat contract of Phoenix Voyager in addition to the long term
financing creates a solid foundation for the Company going forward. However, the
uncertainty around a potential sale or, if not achievable, a charter to a non
investment grade counterparty for Ulriken and Pioneer, increases the risk of the
Company and might have negative influence on the Company's future profit and
credit profile.

Forward Looking Statements


This press release contains forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including the Company's management's examination of historical
operating trends. Although the Company believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, the Company cannot give assurance that it will achieve
or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company's view, could cause actual results to
differ materially from those discussed in this press release include the
strength of world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in demand in the
tanker market as a result of changes in OPEC's petroleum production levels and
world wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, drydocking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors described from
time to time in the reports filed by the Company with the Norwegian over-the-
counter market in Oslo.

The full report is available for download in the link enclosed and from the
Company's website www.itcl.bm.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
August 25, 2011


Questions should be directed to:
Magnus Vaaler: Vice President Finance, Frontline Management AS
+47 23 11 40 21



2nd quarter 2011 results:
http://hugin.info/138953/R/1541713/471757.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1541713]

ITCL - Notification of date of release Q2 2011 results

Company news

2011-08-16 14:10:03

Independent Tankers Corporation Limited will release their second quarter 2011
results on August 26, 2011. A press release and a presentation will be
distributed in connection with the release.

Bermuda, August 16, 2011

ITCL website: http://www.itcl.bm






This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1538692]

ITCL - Extension of Charters

Company news

2011-07-19 09:00:04

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 from July 15, 2011 until July 14, 2013. British
Pride will continue on a bareboat rate of $24,895 per day until the fixed period
ends July 30, 2011 followed by a market rate with a minimum bareboat rate of
$20,000 per day until July 30, 2013.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda

July 19, 2011

Questions should be directed to:

Bengt Neteland or Magnus Vaaler, Frontline Management AS: +47 23 11 40 00







This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1531815]

ITCL - 2011 Annual General Meeting

Company news

2011-07-14 15:20:03

Independent Tankers Corporation Limited advises that its 2011 Annual General
Meeting will be held on September 23, 2011. The record date for voting at the
Annual General Meeting is set to July 19, 2011. The notice, agenda and
associated material will be distributed prior to the meeting.

Hamilton, Bermuda

July 14, 2011







This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1531082]

ITCL - 2011 Annual General Meeting

Company news

2011-07-14 15:00:03

Independent Tankers Corporation Limited advises that its 2011 Annual General
Meeting will be held on September 23, 2011. The record date for voting at the
Annual General Meeting is set to July 19, 2011. The notice, agenda and
associated material will be distributed prior to the meeting.

Hamilton, Bermuda

July 14, 2011







This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1531082]

ITCL - Q1 2011 Presentation

Company news

2011-05-25 16:40:02

Independent Tankers Corporation Limited advises that a presentation of its first
quarter 2011 results that were released May 25, 2011, is available on the
Company's website: http://www.itcl.bm and in the link enclosed.

Oslo, May 25, 2011




Q1 2011 Presentation:
http://hugin.info/138953/R/1518840/455329.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1518840]

ITCL - First Quarter 2011 Results

Company news

2011-05-25 08:10:02

Highlights

·         Independent Tankers reports net income of $8.2 million, equivalent to
earnings per share of $0.11 for the first quarter of 2011.
·         In February 2011, BP Shipping Limited extended the charter for the
VLCC British Progress for one additional year.
·         Independent Tankers recognizes a gain of $8.8 million in the first
quarter on the termination of a Golden State funding agreement.

Introduction

Independent Tankers Corporation Limited (the "Company" or "Independent Tankers")
was incorporated in Bermuda on January 18, 2008 and the shares have traded on
the Norwegian over-the-counter market, since March 7, 2008. Independent Tankers'
business is mainly concentrated on the ownership and operation of crude oil
tankers on long term bareboat contracts, which include certain cancellation
options, to major oil companies. Independent Tankers owns or leases six VLCC's
and three Suezmax tankers. All vessels are financed through bonds in the US
market and one vessel is also subject to financial lease arrangements. The main
shareholder is Frontline Ltd. ("Frontline") with an ownership of approximately
83 percent.

First Quarter 2011 Results

The Board of Independent Tankers announces net income of $8.2 million,
equivalent to earnings per share of $0.11 for the first quarter of 2011. This
compares with net income of $5.5 million, equivalent to earnings per share of
$0.07 for the preceding quarter. The increase is primarily due to a gain of $8.8
million in the Golden State group in the first quarter on the termination of a
funding agreement compared with a gain of $3.6 million in the Windsor group in
the fourth quarter on the termination of a funding agreement. This was partially
offset by reduced earnings from Antares Voyager and Pioneer following the
termination of their bareboat charters on December 8, 2010 and January
10, 2011, respectively, at which times the vessels were redelivered to the
Company.

The Ulriken (former Antares Voyager) did not commence trading in the spot market
until January 2011 and the average daily time charter equivalent ("TCE") earned
in the first quarter thereafter was $22,600. The TCE for the Pioneer in the
first quarter was $7,800 reflecting the poor market and the number of waiting
days in the quarter. The average TCE for these vessels in the first quarter was
$15,000. Operating costs of $1.5 million in the first quarter relate to Ulriken
and Pioneer. The average daily bareboat rate earned in the first quarter by the
Company's VLCCs was approximately $23,300 compared with approximately $23,600 in
the preceding quarter.

Interest income for the quarter decreased by $0.5 million to $2.1 million mainly
due to the termination of the Windsor funding arrangement which took effect in
January and the resulting transfer of cash to lower interest bearing deposits.
Interest expense for the quarter was $7.4 million compared with $7.5 million in
the preceding quarter. At March 31, 2011, all of the Company's bond debt of
$295.9 million is at fixed interest rates ranging from 7.84% to 8.52%.

Cash and cash equivalents decreased by $0.9 million in the quarter. The Company
used cash of $6.6 million for operating activities and repaid debt of $7.4
million. Restricted cash and investments increased by $13.2 million in the
quarter mainly due to the $8.8 million gain on the termination of the Golden
State funding agreement and charterhire receipts offset by loan and interest
repayments and funding contributions towards the operating costs of Ulriken and
Pioneer.

In May 2011, the Company has average total cash cost breakeven rates for the
remaining part of 2011 for its two spot traded VLCCs of approximately $32,400
per day and $19,200 for its four bareboat chartered vessels per day.

Chartering Summary

In February 2011, BP 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.


Other Matters

On April 4, 2011, the Company was notified that the lease for the VLCC British
Pride will be terminated on July 15, 2011. The outstanding lease obligation will
be settled in full using restricted cash. At March 31, 2011 the lease obligation
was $70.4 million. The vessel will then be sold to Holyrood Petro Limited, a
currently dormant subsidiary of the Company, which will simultaneously enter
into a lease with Holyrood Shipping Plc. Holyrood Petro Limited will, therefore,
own the vessel subsequent to the termination. The termination will be cash
neutral for the Company.

74,825,166 ordinary shares were outstanding as of March 31, 2011, and the
weighted average number of shares outstanding for the first quarter was also
74,825,166.

The Market

The market rate for a VLCC trading on a standard 'TD3' voyage between the
Arabian Gulf and Japan in the first quarter of 2011 was WS 58; equivalent to
$20,200/day; representing an increase of approximately WS 0.3 points from the
fourth quarter of 2010 and a decrease of WS 31 points from the first quarter of
2010.

The market rate for a Suezmax trading on a standard 'TD5' voyage between West
Africa and Philadelphia in the first quarter of 2011 was WS 82; equivalent to
about $19,800/day compared to approximately $21,700/day in the fourth quarter of
2010, representing a decrease of about WS 32 points from the fourth quarter of
2010 and a decrease of WS 11 points from the first quarter of 2010.

Bunkers at Fujairah averaged $600/mt in the first quarter of 2011 compared to
$488/mt in the fourth quarter of 2010; an increase of approximately $112/mt.
Bunker prices varied between a low of $517/mt at the beginning of January and a
high of $674/mt at the end of February. On May 23, 2011, the quoted bunker price
in Fujairah was 624.5/mt.

Philadelphia bunkers averaged $604/mt in the first quarter, which was an
increase of $101/mt from the fourth quarter of 2010. Bunker prices varied
between a low of $525/mt at the beginning of January and a high of $680/mt at
the end of March. On May 23( ), 2011, the quoted bunker price in Philadelphia
was 639.5/mt.
The International Energy Agency's ("IEA") May 2011 report stated an average OPEC
oil production, including Iraq, of 29.7 million barrels per day (mb/d) during
the first quarter of the year. This was an increase of 210,000 barrels per day
compared to the fourth quarter of 2010 and an increase of 630,000 barrels per
day compared to the first quarter of 2010.

IEA further estimates that world oil demand averaged 88.4 mb/d in the first
quarter of 2011, representing a decrease of 1.0 mb/d compared to the fourth
quarter of 2010, and an increase of approximately 1.9 mb/d from the first
quarter of 2010. Additionally, the IEA estimates that world oil demand will
average approximately 89.24 mb/d in 2011, representing an increase of 1.5
percent or approximately 1.3 mb/d from 2010.

The VLCC fleet totalled 565 vessels at the end of the first quarter of 2011, up
from 548 vessels at the end of the previous quarter. 17 VLCCs were delivered
during the quarter versus an estimated 25 at the beginning of the year. The
orderbook counted 167 vessels at the end of the first quarter, down from 184
orders from the previous quarter. No new orders were placed during the quarter
and the current orderbook represents about 30 percent of the VLCC fleet. During
the quarter no vessels were removed from the trading fleet and according to
Fearnleys the single hull fleet still stands at 43 vessels.

The Suezmax fleet totalled 420 vessels at the end of the first quarter, up from
410 vessels at the end of the previous quarter. 11 vessels were delivered during
the quarter versus an estimated 23 at the beginning of the year. The orderbook
counted 135 vessels at the end of the quarter, down from 146 vessels at the end
of the previous quarter. No new orders were placed during the quarter and the
current orderbook now represents 32 percent of the total fleet. During the
quarter one vessel was removed from the trading fleet and according to Fearnleys
the single hull fleet now stands at 13 vessels.


Strategy and Outlook

The Company's strategy is mainly concentrated around chartering out the vessels
on long term charters to reputable oil companies and for the time being BP and
Chevron. The Company's charter coverage for its six double hull VLCCs is 67
percent for the remaining part of 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 until 2015.

Independent Tankers has historically not been influenced by market exposure due
to fixed bareboat contracts on all the vessels.  As a consequence of the
termination of the bareboat charters for the VLCCs Pioneer and Ulriken, the
Company is exposed to market fluctuations for these vessels until they are sold.
It is difficult to predict the outcome for Pioneer due to the bondholders'
rejection of the proposals in the consent solicitations. Frontline, as manager,
is obligated to find potential buyers for the vessel subject to a certain price
requirement and a bondholders meeting must be held in order to approve or reject
any offers. If there are no buyers or an offer is rejected by the bondholders,
Frontline needs to seek bareboat or spot charters for the vessels, which meet
the requirements of the indentures. Even if the broker valuation of Pioneer is
higher than the outstanding debt on the vessel there are no assurances that a
forced sale of Pioneer in the present market can be achieved at levels higher or
equal to the outstanding debt on the vessel. The same uncertainty is applicable
for Ulriken, however the bondholders have pre approved the sale of the vessel,
subject to certain price requirements. Both vessels are presently trading in the
spot market and are being marketed for sale.

The Company will continue to operate with low cash breakeven rates and financing
through the US bond market with maturities from 2015 to 2021. The combination of
fixed bareboat charters and floating market rates for the four VLCCs in the
years ahead and the fact that all the vessels are financed creates a solid
platform for the Company going forward. That said, the uncertainty around a
potential sale or charter to anon investment grade counterparty for Ulriken and
Pioneer, increases the risk of the Company and might have negative influence on
the Company's future profit and credit profile. A recovery in the global tanker
market will strongly improve this situation.


Forward Looking Statements

This press release contains forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including the Company's management's examination of historical
operating trends. Although the Company believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, the Company cannot give assurance that it will achieve
or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company's view, could cause actual results to
differ materially from those discussed in this press release include the
strength of world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in demand in the
tanker market as a result of changes in OPEC's petroleum production levels and
world wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, drydocking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors described from
time to time in the reports filed by the Company with the Norwegian over-the-
counter market in Oslo.


The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
May 24, 2011


Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management AS
                        +47 23 11 40 37 or +47 924 99 386



WEBSITE: WWW.ITCL.BM




1st quarter 2011 results:
http://hugin.info/138953/R/1518551/455056.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1518551]

ITCL - Notification of date of release Q1 2011 results

Company news

2011-05-12 12:40:02

Independent Tankers Corporation Limited will release their first quarter 2011
earnings results on May 25, 2011. A press release and a presentation will be
distributed in connection with the release.
Contact Person:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37
ITCL website: http://www.itcl.bm








This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1515206]

ITCL - Annual Report 2010

Company news

2011-04-05 10:30:03

Independent Tankers Corporation Limited ("ITCL") today announced the release of
its audited annual report for the year ended December 31, 2010. The annual
report can be downloaded from ITCL's website www.itcl.bm or from the link
enclosed.

Independent Tankers Corporation Limited
Hamilton, Bermuda
April 5, 2011

Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management AS, +47 23 11 40 37



ITCL - 2010 Annual Report:
http://hugin.info/138953/R/1503486/438417.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1503486]

ITCL - Q4 Presentation 2010

Company news

2011-02-22 13:00:04

Independent Tankers Corporation Limited advises that a presentation of its
fourth quarter 2010 results that were released February 22, 2010, is available
on the Company's website: http://www.itcl.bm and in the link enclosed.

Oslo, February 22, 2011




Q4 2010 Presentation:
http://hugin.info/138953/R/1491320/426961.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1491320]

ITCL - Preliminary Fourth Quarter and Financial Year 2010 Results

Company news

2011-02-22 08:20:02

Highlights

·         Independent Tankers reports net income of $5.5 million, equivalent to
earnings per share of $0.07, for the fourth quarter of 2010.
·         Independent Tankers reports net income of $15.5 million, equivalent to
earnings per share of $0.20, for the twelve months ended December 31, 2010.
·         The bareboat charter with Chevron Transport Corporation for the VLCC
Antares Voyager terminated on December 8, 2010 at which time the vessel was
redelivered to the Company.
·         The bareboat charter with BP Shipping Limited for the VLCC Pioneer
terminated on January 10, 2011 at which time the vessel was redelivered to the
Company.
·         In February 2011, BP Shipping Limited extended the charter for the
VLCC British Progress for one additional year.
·         Independent Tankers recognizes a gain of $3.6 million in the fourth
quarter on the termination of a Windsor funding agreement.


Introduction

Independent Tankers Corporation Limited (the "Company" or "Independent Tankers")
was incorporated in Bermuda on January 18, 2008 and the shares have traded on
the Norwegian over-the-counter market, since March 7, 2008. Independent Tankers'
business is mainly concentrated on the ownership and operation of crude oil
tankers on long term bareboat contracts, which include certain cancellation
options, to major oil companies. Independent Tankers owns or leases six VLCC's
and three Suezmax tankers. All vessels are financed through bonds in the US
market and one vessel is also subject to financial lease arrangements. The main
shareholder is Frontline Ltd. ("Frontline") with an ownership of approximately
83 percent.


Preliminary Fourth Quarter and Financial Year 2010 Results

The Board of Independent Tankers announces net income of $5.5 million,
equivalent to earnings per share of $0.07, for the fourth quarter of 2010. This
compares with net income of $2.8 million, equivalent to earnings per share of
$0.04, for the preceding quarter. The increase is primarily due to a gain of
$3.6 million in the Windsor group on the termination of a funding agreement,
which was partially offset by a $0.9 million decrease in revenues. The fall in
revenues is mainly due to the lack of income from Antares Voyager after the
termination of the bareboat charter for the vessel, following its redelivery on
December 8, 2010.

The average daily bareboat rate earned in the fourth quarter by the Company's
VLCCs was approximately $23,600 compared with approximately $24,200 in the
preceding quarter.

Net interest expense for the quarter was $4.9 million (preceding quarter: $5.1
million). At December 31, 2010, all of the Company's bond debt of $303.3 million
is at fixed interest rates ranging from 7.84% to 8.52%.

For the twelve months ended December 31, 2010 the Company announces net income
of $15.5 million, equivalent to earnings per share of $0.20 (2009 comparable
twelve months $15.8 million, equivalent to earnings per share of $0.21). Net
interest expense was $20.0 million (2009 comparable twelve months: $21.1
million).

In February 2011, the Company has an average cash breakeven rate for its VLCCs
of approximately $23,600 per vessel per day.


Chartering Summary

The bareboat charter with Chevron Transport Corporation for the VLCC Antares
Voyager terminated on December 8, 2010 at which time the vessel was redelivered
to the Company. The Company will seek alternative employment for the vessel in
accordance with the requirements of the bond indenture. The vessel is presently
trading in the spot market.

The bareboat charter with BP Shipping Limited ("BP") for the VLCC Pioneer
(previously British Pioneer) terminated on January 10, 2011 at which time the
vessel was redelivered to the Company. The Company will seek alternative
employment for the vessel in accordance with the requirements of the bond
indenture. The vessel is presently trading in the spot market.

In February 2011, BP 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.


Other Matters
On December 8, 2010 Golden State Petroleum Transport Corporation, acting on
behalf of Golden State Petro (IOM I-A) PLC, the owner of the double hull VLCC
Antares Voyager (1998), re-launched  a consent solicitation in order to amend
the indenture relating to its 8.04% First Preferred Mortgage Notes due 2019. The
purpose of the consent solicitation was, among other things, (a) to seek
approval for the proposed sale of the Antares Voyager, one of the VLCCs that
serves as part of the collateral for the Notes, (b) to provide for the Antares
Voyager's release as collateral under the related collateral agreements and (c)
to amend and clarify certain other provisions in the Indenture and management
agreements. The consent solicitation also sought approval for the sale in 2013,
if necessary, of the Phoenix Voyager (1999), the other VLCC that serves as part
of the collateral for the Notes. The consent solicitation was successful and all
of the suggested amendments in the consent solicitation were approved.
74,825,166 ordinary shares were outstanding as of December 31, 2010, and the
weighted average number of shares outstanding for the quarter was also
74,825,166.

The Market

The market rate for a VLCC trading on a standard 'TD3' voyage between The
Arabian Gulf and Japan in the fourth quarter of 2010 was WS 58; equivalent to
$15,600/day; representing an increase of approximately WS 6 points or $2,400/day
from the third quarter of 2010 and an increase of WS 10 points from the fourth
quarter of 2009. Present market indications are approximately $22,000/day for
the first quarter of 2011.

The market rate for a Suezmax trading on a standard 'TD5' voyage between West
Africa and Philadelphia in the fourth quarter of 2010 was WS 93; equivalent to
approximately $21,700/day compared to approximately $14,000/day in the third
quarter. There was an increase of about WS 18 points from the third quarter
2010 and an increase of WS 23 points from the fourth quarter of 2009. Present
market indications are approximately $15,000/day in the first quarter of 2011.

Fujairah bunker prices averaged $488/mt in the fourth quarter of 2010 compared
to $444.5/mt in the third quarter of 2010; an increase of approximately $44/mt.
Bunker prices varied from a low of $462/mt mid October and a high of $512/mt at
the end of December. On February 18, 2011, the quoted bunker price in Fujairah
was 627/mt.

Philadelphia bunker prices averaged $503.5/mt in the fourth quarter, which was
an increase of $39/mt from the third quarter of 2010. Bunker prices varied from
a low of $475.5/mt at the end of October and a high of $527.5/mt at the end of
December. On February 18, 2011, the quoted bunker price in Philadelphia was
600/mt.

The International Energy Agency's ("IEA") February 2011 report stated an average
OPEC oil production, including Iraq, of 29.46 million barrels per day (mb/d)
during the fourth quarter of the year. This was an increase of 190,000 barrels
per day compared to the third quarter of 2010, and an increase of 500,000
barrels per day compared to the fourth quarter of 2009.

IEA further estimates that world oil demand averaged 89.3 mb/d in the fourth
quarter of 2010, representing an increase of approximately 680,000 barrels per
day compared to the third quarter of 2010, and approximately 3.4 mb/d from the
fourth quarter of 2009. Additionally, the IEA estimates that world oil demand
will average approximately 89.3 mb/d in 2011 representing an increase of 1.7
percent or approximately 1.5 mb/d from 2010.

The VLCC fleet totalled 547 vessels at the end of the fourth quarter of 2010, up
from 539 vessels at the end of the previous quarter. 11 VLCCs were delivered
during the quarter versus an estimated 17 at the beginning of the year. 54
vessels were delivered in 2010 versus an estimate of 67 deliveries, representing
19 percent slippage, and throughout 2011 the current estimate is 79 deliveries.
The orderbook counted 185 vessels at the end of the fourth quarter, down from
189 orders from the previous quarter. Seven new orders were placed during the
quarter and the current orderbook represents approximately 34 percent of the
VLCC fleet. During the quarter three vessels were removed from the trading fleet
for scrapping or conversion/storage purposes. According to Fearnleys the single
hull fleet now stands at 43 vessels.

The Suezmax fleet totalled 409 vessels at the end of the fourth quarter, up from
405 vessels at the end of the previous quarter. Six vessels were delivered
during the quarter versus an estimated 17 at the beginning of the year. 37
vessels were delivered in 2010 versus an estimate of 61 deliveries, representing
39 percent slippage, and throughout 2011 the current estimate is 63 deliveries.
The orderbook counted 146 vessels at the end of the quarter, down from 151
vessels at the end of the previous quarter. Two new orders were placed during
the quarter and the current orderbook now represents 36 percent of the total
fleet. During the quarter one newbuilding contract was cancelled two more
vessels were removed from the trading fleet. According to Fearnleys the single
hull fleet now stands at 14 vessels.


Strategy and Outlook

The Company's strategy is mainly concentrated around chartering out the vessels
on long term charters to reputable oil companies and for the time being BP and
Chevron. 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 has historically not been influenced by market exposure due
to fixed bareboat contracts on all the vessels.  As a consequence of the
termination of the bareboat charters for the VLCCs Pioneer and Antares Voyager,
the Company is exposed to market fluctuations for these vessels until they are
sold. It is difficult to predict the outcome for Pioneer due to the bondholders'
rejection of the proposals in the consent solicitations. Frontline, as manager,
is obligated to find potential buyers for the vessel subject to a certain price
requirement and a bondholders meeting must be held in order to approve or reject
any offers. If there are no buyers or an offer is rejected by the bondholders,
Frontline needs to seek bareboat or spot charters for the vessels, which meet
the requirements of the indentures.  The same uncertainty is applicable for
Antares Voyager, however the bondholders have pre approved the sale of the
vessel, subject to certain price requirements. The vessel is presently trading
in the spot market and is being marketed for sale.

The Company will continue to operate with low cash breakeven rates and financing
through the US bond market with maturities from 2015 to 2021. The combination of
fixed bareboat charters and floating market rates for the four VLCCs in the
years ahead and the fact that all the vessels are financed creates a solid
platform for the Company going forward. That said, the uncertainty around a
potential sale or charter to a non investment grade counterparty for Antares
Voyager and Pioneer, increases the risk of the Company and might have negative
influence on our future profit as well as our credit profile.

Forward Looking Statements

This press release contains forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including the Company's management's examination of historical
operating trends. Although the Company believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, the Company cannot give assurance that it will achieve
or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company's view, could cause actual results to
differ materially from those discussed in this press release include the
strength of world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in demand in the
tanker market as a result of changes in OPEC's petroleum production levels and
world wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, drydocking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors described from
time to time in the reports filed by the Company with the Norwegian over-the-
counter market in Oslo.

The full report is available in the link enclosed.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
February 21, 2011

Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37 or +47 924 99 386



4th quarter 2010 results:
http://hugin.info/138953/R/1491164/426799.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1491164]

ITCL - Notification of date of release Q4 2010 results

Company news

2011-02-18 13:40:04

Independent Tankers Corporation Limited will release their fourth quarter 2010
earnings results on February 22, 2011. A press release and a presentation will
be distributed in connection with the release.
Contact Person:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37
ITCL website: http://www.itcl.bm








This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1490554]

ITCL - Extension of Charter

Company news

2011-02-03 09:20:03

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.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
February 3, 2011
Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37







This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1484984]

ITCL - Bondholders meeting

Company news

2010-12-15 10:00:03

Independent Tankers Corporation Limited ("ITCL") is pleased to inform that
92.90 percent of the Golden State Petroleum Transport Corporation ("Golden
State") holders approved all the suggested amendments in the consent
solicitation as briefly outlined below on December 14, 2010. The minimum
requirement was 50 percent. The near time focus for ITCL will be the sale of the
VLCC Antares Voyager.

On December 8, 2010 Golden State,  acting on behalf of Golden State Petro (IOM
I-A) PLC, the owner of the double hull VLCC Antares Voyager (1998), re-launched
a consent solicitation in order to amend the indenture relating to its 8.04%
First Preferred Mortgage Notes due 2019.

The purpose of the consent solicitation was, among other things, (a) to seek
approval for the proposed sale of the Antares Voyager, one of the VLCCs that
serves as part of the collateral for the Notes, (b) to provide for the Antares
Voyager's release as collateral under the related collateral agreements and (c)
to amend and clarify certain other provisions in the Indenture and management
agreements. The consent solicitation also sought approval for the sale in 2013,
if necessary, of the Phoenix Voyager (1999), the other VLCC that serves as part
of the collateral for the Notes.

In addition, the consent solicitation sought approval for the proposed amendment
of the management agreement for each VLCC  to provide the trustee under the
Indenture and Frontline Ltd., the Manager of the VLCCs , additional flexibility
in the furnishing and acceptance of an Adequate Bid (as defined in the consent
solicitation statement) for the sale of the VLCCs, and to permit the Manager to
charter a VLCC in the spot charter market or on time charters, if required,
after the termination of the VLCC's current charter and prior to the sale of
such VLCC.

Golden State was soliciting consents because, due to current conditions in the
charter market for VLCCs, the Manager's efforts to enter into a replacement
charter for the Antares Voyager on the terms required by the Indenture (an
"Acceptable Replacement Charter") have failed.  Furthermore, the Manager has
determined that no Acceptable Replacement Charter is expected to be available
after the expiration of the Antares Voyager's current charter on December
7, 2010.  Although the current charter for the Phoenix Voyager will not
terminate until at least March 2013, Golden State sought to amend the Indenture
and management agreements in respect of the Phoenix Voyager to avoid incurring
the additional expense of seeking further bondholder consent should the Manager
determine in the future that an Acceptable Replacement Charter is not available
for the Phoenix Voyager when its current charter terminates.

Holders of record of the Notes at the close of business on December 7, 2010 that
validly provided their consent to the proposed amendments by 5 p.m. EST on
December 14, 2010 will receive, on February 2, 2011 or as soon as practicable
thereafter, a consent fee of US$5.00 per US$1,000.00 principal amount of the
Notes.

Independent Tankers Corporation Limited

December 15, 2010

Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management AS

+47 23 11 40 37








This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

[HUG#1472669]

ITCL - Q3 2010 Presentation

Company news

2010-11-24 11:20:03

Independent Tankers Corporation Limited advises that a presentation of its third
quarter 2010 results, that were released November 24, 2010, is available on the
Company's website: http://www.itcl.bm and in the link enclosed.

November 24, 2010



[HUG#1465190]





Q3 2010 Presentation:
http://hugin.info/138953/R/1465190/403468.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

ITCL - Third Quarter 2010 Results

Company news

2010-11-24 08:40:02

Highlights

   ·         Independent Tankers reports net income of $2.8 million, equivalent
to earnings per share of $0.04 for the third quarter of 2010.
   ·         Independent Tankers reports net income of $10.0 million, equivalent
to earnings per share of $0.13 for the nine months ended September 30, 2010.
   ·         Chevron Transport Corporation did not give irrevocable notice of
termination of the bareboat charter for the Phoenix Voyager in September 2010.
Consequently, the vessel will continue on a bareboat rate of $28,500 per day
until March 2013.
   ·         The UK tax leasing arrangement for the VLCC British Purpose was
terminated in July 2010.
   ·         Consent solicitations launched in October 2010 to amend bond
indentures and to approve the proposed current or future sale of two VLCCs. The
solicitations ended in November 2010 when the bondholders voted against all
proposals.


Introduction

Independent Tankers Corporation Limited (the "Company" or "Independent Tankers")
was incorporated in Bermuda on January 18, 2008 and the shares have traded on
the Norwegian over-the-counter market, since March 7, 2008. Independent Tankers'
business is mainly concentrated on the ownership and operation of crude oil
tankers on long term bareboat contracts which include certain cancellation
options to major oil companies. Independent Tankers owns or leases six VLCC's
and three Suezmax tankers. All vessels are financed through bonds in the US
market and one vessel is also subject to financial lease arrangements. The main
shareholder is Frontline Ltd. ("Frontline") with an ownership of approximately
83 percent.


Third Quarter and Nine Month Results 2010

The Board of Independent Tankers announces net income of $2.8 million,
equivalent to earnings per share of $0.04 for the third quarter of 2010. This
compares with net income of $1.0 million, equivalent to earnings per share of
$0.01 for the preceding quarter. The increase is primarily due to a decrease in
costs in the third quarter. The Company incurred costs of approximately $2.7
million in the preceding quarter (Q3 2010; nil) regarding the early redemption
of the Front Voyager bond. This decrease in costs was partially offset by a $1.1
million reduction in interest income generated on cash balances held by the
Company.

The average daily bareboat rate earned in the third quarter by the Company's
VLCCs was approximately $24,200 compared with approximately $24,500 in the
preceding quarter.

Net interest expense for the quarter was $5.1 million (preceding quarter: $4.9
million). At September 30, 2010, all of the Company's bond debt of $303.3
million is at fixed interest rates ranging from 7.84% to 8.52%.

For the nine months ended September 30, 2010 the Company announces net income of
$10.0 million, equivalent to earnings per share of $0.13 (2009 comparable nine
months $11.4 million, equivalent to earnings per share of $0.15). Net interest
expense was $15.1 million (2009 comparable nine months: $16.0 million).

In November 2010, the Company has an average cash breakeven rate for its VLCCs
of approximately $18,500 per vessel per day.


Chartering Summary

Chevron Transport Corporation did not give irrevocable notice of termination of
the bareboat charter for the Phoenix Voyager in September 2010. Consequently,
the vessel will continue on a bareboat rate of $28,500 per day until March
2013. The bareboat charter for the other vessel in the Golden State structure,
the VLCC Antares Voyager, will be terminated early December 2010.


Other Matters

On July 15, 2010, the UK tax lease arrangement between Sandringham Shipping Plc
and Dresdner Kleinwort Leasing relating to the VLCC British Purpose was
terminated and the outstanding lease obligation was settled in full using
restricted cash. At June 30, 2010 the lease obligation was $66.2 million and the
termination was cash neutral for the Company. The vessel was sold to Sandringham
Petro Limited, a previously dormant subsidiary of Independent Tankers, which
simultaneously entered into a lease with Sandringham Shipping Plc.

On October 15, 2010, Golden State Petroleum Transport Corporation. acting on
behalf of Golden State Petro (IOM I-A) PLC the owner of the VLCC Antares
Voyager, launched a consent solicitation to amend the indenture relating to its
8.04% First Preferred Mortgage Notes due 2019. In addition, Windsor Petroleum
Transport Corporation, acting on behalf Buckingham Petro Limited, the owner of
the VLCC British Pioneer, launched a consent solicitation to amend the indenture
relating to its 7.84% First Preferred Mortgage Notes due 2021. The purpose of
the consent solicitations was to amend and clarify certain indenture and
collateral agreements and to provide for the potential sale of the VLCCs Antares
Voyager and British Pioneer. On November 10, 2010 the consent solicitations
period ended when the majority of bondholders in both the Golden State and
Windsor structures voted against all the proposals. The present indentures
require that we call for a new bondholders meeting in order for the bondholders
to approve or reject a sale. The timing and outcome of this process is uncertain
and may influence number of bidders, price of the vessel and indirectly the pay
out ratio to the bondholders.

74,825,166 ordinary shares were outstanding as of September 30, 2010, and the
weighted average number of shares outstanding for the quarter was also
74,825,166.


The Market

The market rate for a VLCC trading on a standard 'TD3' voyage between The
Arabian Gulf and Japan in the third quarter of 2010 was WS 52; equivalent to
$17,000/day; representing a decrease of approximately WS 36 points or
$37,500/day between the second quarter of 2010 and an increase of WS 16.5 points
from the third quarter of 2009. Present market indications are approximately
$23,000/day in the fourth quarter.

The market rate for a Suezmax trading on a standard 'TD5' voyage between West
Africa ("WAF") and Philadelphia in the third quarter of 2010 was WS 75.5;
equivalent to approximately $14,444/day compared to $32,700/day in the second
quarter. There was a decrease of WS 38 points from the second to the third
quarter and an increase of WS 23 points from the third quarter of 2009. Present
market indications are approximately $19,000/day in the fourth quarter.
Bunkers at Fujairah averaged approximately $444.5/mt in the third quarter of
2010 compared to $461/mt in the second quarter of 2010; a decrease of $16.5/mt.
Bunker prices varied from a low of $421.5/mt at the beginning of July and a high
of $468/mt at the beginning of August. On November 22, 2010 the quoted bunker
price in Fujairah was $481.5/mt.

Philadelphia bunkers averaged $465/mt in the third quarter, which was a decrease
of $4/mt from the second quarter of 2010. Bunker prices varied from a low of
$439.5/mt at the beginning of July and a high of $492.5/mt on August 9. On
November 22, 2010 the quoted bunker price in Philadelphia was $486.5/mt.

The International Energy Agency's ("IEA") November 2010 report stated an average
OPEC oil production, including Iraq, of 29.2 million barrels per day (mb/d)
during the third quarter of the year. This was an increase of 220,000 barrels
per day compared to the second quarter of 2010 and an increase of 390,000
barrels per day compared to the third quarter of 2009.

IEA further estimates that world oil demand averaged 88.5 mb/d in the third
quarter of 2010, representing an increase of approximately 1.5 md/d compared to
the second quarter of 2010, and approximately 3.2 mb/d from the third quarter of
2009. Additionally, the IEA estimates that world oil demand will average
approximately 87.3 mb/d in 2010 representing an increase of 2.8 percent or
approximately 2.3 mb/d from 2009.

The VLCC fleet totalled 539 vessels at the end of the third quarter of 2010, up
from 530 vessels at the end of the previous quarter. 14 VLCCs were delivered
during the quarter versus an estimated 12 at the beginning of the year.
Throughout 2010 the current estimate is 63 deliveries. The orderbook counted
183 vessels at the end of the third quarter, up from 170 orders from the
previous quarter. 27 new orders were placed during the quarter and the current
orderbook represents about 34 percent of the VLCC fleet. During the quarter five
vessels were removed from the trading fleet for scrapping or conversion/storage
purposes. According to Fearnleys the single hull fleet now stands at 49 vessels.

The Suezmax fleet totalled 408 vessels at the end of the third quarter, up from
406 vessels at the end of the previous quarter. Four vessels were delivered
during the quarter versus an estimated six at the beginning of the year.
Throughout 2010 the current estimate is 54 deliveries. The orderbook counted
145 vessels at the end of the quarter, up from 136 vessels at the end of the
previous quarter. 18 new orders were placed during the quarter and the current
orderbook now represents 36 percent of the total fleet. Two vessels were removed
from the trading fleet and according to Fearnleys the single hull fleet now
stands at 21 vessels.


Strategy and Outlook

The Company's strategy is mainly concentrated around long term charters to
reputable oil companies and currently BP and Chevron. The Company's charter
coverage for its double hull VLCCs is 99 percent for the remaining part of 2010
and 100 percent in 2011, if Antares Voyager and British Pioneer are sold. The
charter coverage for the three Suezmax tankers is 100 percent for the remaining
part of 2010 until 2015. The Company expects to reduce net debt for the
remaining part of 2010 by approximately $11.0 million.

Independent Tankers has historically not been influenced by market exposure due
to fixed bareboat contracts on all the vessels.  As a consequence of the
termination of the bareboat charters for the VLCCs British Pioneer and Antares
Voyager, however, the Company may be exposed to market fluctuations for these
vessels if they are not sold. It is difficult to predict the outcome for these
two vessels due to the bondholders rejection of the proposals in the consent
solicitations. Frontline, as manager, will work in order to find potential
buyers for the vessels subject to a certain price requirement. A bondholders
meeting must be held in order to approve or reject any offers. If there are no
buyers or an offer is rejected by the bondholders, Frontline needs to seek
bareboat or spot charters for the vessels, in line the requirements of the
indentures.

The Company have e low cash breakeven rates. Financing is arranged through the
US bond market with long term bonds with maturities from 2015 to 2021. The
combination of fixed bareboat charters and floating market rates for the four
VLCCs creates a solid platform for the Company going forward. However, the
uncertainty around a potential sale or charter to a non investment grade
counterparty for Antares Voyager and British Pioneer, increase the risk of the
Company and might have negative influence on our future profit.

Forward Looking Statements

This press release contains forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including the Company's management's examination of historical
operating trends. Although the Company believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, the Company cannot give assurance that it will achieve
or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company's view, could cause actual results to
differ materially from those discussed in this press release include the
strength of world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in demand in the
tanker market as a result of changes in OPEC's petroleum production levels and
world wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, drydocking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors described from
time to time in the reports filed by the Company with the Norwegian over-the-
counter market in Oslo.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
November 23, 2010

Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management AS
                        +47 23 11 40 37 or +47 924 99 386


[HUG#1465088]





3rd quarter 2010 results:
http://hugin.info/138953/R/1465088/403426.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

ITCL - Notification of date of release Q3 2010 results

Company news

2010-11-11 09:00:04

Independent Tankers Corporation Limited will release their third quarter 2010
earnings results on November 24, 2010. A press release and a presentation will
be distributed in connection with the release.

Contact Person:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37

ITCL website: http://www.itcl.bm



[HUG#1461370]








This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

ITCL - Antares Voyager and British Pioneer

Company news

2010-10-20 08:50:03

Please be informed that Golden State  Petroleum Transport Corporation acting on
behalf of Golden State Petro (IOM I-A) PLC, the owner of the double hull VLCC
Antares Voyager (1998), launched on October 15, 2010 a consent solicitation to
amend the indenture relating to its 8.04% First Preferred Mortgage Notes due
2019.

In addition, please be informed that Windsor Petroleum Transport Corporation
acting on behalf Buckingham Petro Limited, the owner of the double hull VLCC
British Pioneer (1999), launched on October 15, 2010 a consent solicitation to
amend the indenture relating to its 7.84% First Preferred Mortgage Notes due
2021.

The purpose of the consent solicitations are to amend and clarify certain
indenture and related collateral agreement provisions and definitions and to
provide for the potential sale of the double hull VLCCs Antares Voyager and
British Pioneer.

For further information, please find enclosed the press releases issued by
Golden State Petroleum Transport Corporation and Windsor Petroleum Transport
Corporation.

Independent Tankers Corporation Limited

October 20, 2010

Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management AS

+47 23 11 40 37



[HUG#1453290]





Golden State - Consent Launch Press Release:
http://hugin.info/138953/R/1453290/393855.pdf

Windsor - Consent Launch Press Release:
http://hugin.info/138953/R/1453290/393856.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

ITCL - 2010 Annual General Meeting

Company news

2010-09-27 08:40:03

Independent Tankers Corporation Limited (the "Company") advises that the 2010
Annual General Meeting of the Company was held on September 24, 2010 at 12:30
p.m. at the Elbow Beach Hotel, 60 South Shore Road, Paget PG04, Bermuda.  The
following resolutions were passed:

1)  To re-elect Tor Olav Trøim as a Director of the Company.

2)  To re-elect Kate Blankenship as a Director of the Company.

3)  To re-elect Inger M. Klemp as a Director of the Company.

4)  To re-elect Kathrine Fredriksen as a Director of the Company.

5)  To re-appoint PricewaterhouseCoopers AS as auditors and to authorise the
Directors to determine their remuneration.

6)  That the remuneration payable to the Company's Board of Directors of a total
amount of fees not to exceed US$50,000 be approved for the year ended December
31, 2010.

In addition, the audited consolidated financial statements for the Company for
the year ended December 31, 2009 were presented to the Meeting.


Hamilton, Bermuda
September 25, 2010


[HUG#1446892]








This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

ITCL - Charter Update

Company news

2010-09-17 14:20:02

With reference to the press release issued June 15, 2010 regarding the VLCC
Phoenix Voyager, Independent Tankers Corporation Limited ("ITCL") announces that
Chevron Transport Corporation did not give irrevocable notice of termination of
the bareboat charter for the Phoenix Voyager. Consequently, the vessel will
continue on a bareboat rate of $28,500 per day until March 2013.
The bareboat charter for the other vessel in the Golden State structure, the
VLCC Antares Voyager, will be terminated early December 2010. ITCL will, in line
with the requirements of the bond indenture, seek alternative employment for the
vessel
The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
September 17, 2010

Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management AS
+47 92 49 93 86


[HUG#1445110]








This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

ITCL - Notice of 2010 Annual General Meeting

Company news

2010-08-31 15:40:03

Independent Tankers Corporation Limited (the "Company") announces that its 2010
Annual General Meeting will be held on September 24, 2010. A copy of the Notice
of Annual General Meeting and associated information including the Company's
Annual Report can be found on our website at http://www.itcl.bm/ and attached to
this press release.

Hamilton, Bermuda

August 31, 2010



[HUG#1441654]





Annual Report 2009:
http://hugin.info/138953/R/1441654/385950.pdf

Notice of Annual General Meeting 2010:
http://hugin.info/138953/R/1441654/385979.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

ITCL - Q2 2010 Presentation

Company news

2010-08-27 10:30:04

Independent Tankers Corporation Limited advises that a presentation of its
second quarter 2010 results, that were released August 27, 2010, is available on
the Company's website: http://www.itcl.bm and in the link enclosed.

Oslo, August 27, 2010



[HUG#1440942]





Q2 2010 Presentation:
http://hugin.info/138953/R/1440942/385285.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

ITCL - Second Quarter and Six Month Results 2010

Company news

2010-08-27 08:00:03

Highlights

   ·     Independent Tankers reports net income of $1.0 million, equivalent to
earnings per share of $0.01 for the second quarter of 2010.
   ·     Independent Tankers reports net income of $7.1 million, equivalent to
earnings per share of $0.09 for the six months ended June 30, 2010.
   ·     In June 2010, Chevron Transport Corporation gave binding notice of
termination of the bareboat charter for the VLCC Antares Voyager and gave
non-binding notice of termination of the bareboat charter for the VLCC Phoenix
Voyager.
   ·     In July 2010, BP Shipping Limited extended the bareboat charter for the
VLCC British Purpose for one additional year.
   ·     In July 2010, BP Shipping Limited extended the charter for the double
hull VLCC British Pride for one year after the fixed period ends in July 2011.


Introduction

Independent Tankers Corporation Limited (the "Company" or "Independent Tankers")
was incorporated in Bermuda on January 18, 2008 and the shares have traded on
the Norwegian over-the-counter market, since March 7, 2008. Independent Tankers'
business is mainly concentrated on the ownership and operation of crude oil
tankers on long term bareboat contracts, which include certain cancellation
options, to major oil companies. Independent Tankers owns or leases six VLCC's
and three Suezmax tankers. All vessels are financed through bonds in the US
market and some of the vessels are also subject to financial lease arrangements.
The main shareholder is Frontline Ltd. ("Frontline") with an ownership of
approximately 83 percent.

Second Quarter and Six Month Results 2010

The Board of Independent Tankers announces net income of $1.0 million,
equivalent to earnings per share of $0.01 for the second quarter of 2010. This
compares with a net income of $6.1 million, equivalent to earnings per share of
$0.08 for the preceding quarter. The decrease is largely due to reduced income
of approximately $2.7 million following the sale of the Front Voyager and costs
of approximately $2.7 million incurred regarding the early redemption of the
related bond debt.

The average daily bareboat rate earned in the second quarter by the Company's
VLCCs was approximately $24,500, compared with approximately $24,800 in the
preceding quarter.

Net interest expense for the quarter was $4.9 million (preceding quarter: $5.1
million). At June 30, 2010, all of the Company's bond debt of $310.4 million is
at fixed interest rates ranging from 6.68% to 8.52%.

For the six months ended June 30, 2010 the Company announces net income of $7.1
million, equivalent to earnings per share of $0.09 (2009 comparable six months
$7.1 million, equivalent to earnings per share of $0.09). Net interest expense
was $10.0 million (2009 comparable six months: $10.5 million).

In August 2010, the Company has average cash breakeven rates for its VLCCs of
approximately $18,500 per vessel per day.


Chartering Summary
In June 2010, Chevron Transport Corporation ("Chevron") gave binding notice of
termination for the bareboat charter for the VLCC Antares Voyager and such
termination will take effect in December 2010. The vessel will continue on a
bareboat rate of $28,500 per day until December 2010. The Company will seek
alternative employment for the vessel in accordance with the requirements of the
bond indenture.
In June 2010, Chevron gave non-binding notice of termination for the bareboat
charter for the VLCC Phoenix Voyager. If Chevron wishes to terminate the
bareboat charter, binding notice of the termination has to be given in September
2010 and such termination will take effect in March 2011. The vessel will
continue on a bareboat rate of $28,500 per day until March 2011.
In July 2010, BP Shipping Limited ("BP") extended the charters for the VLCCs
British Purpose and British Pride for one additional year. As a result, the
British Purpose will trade on a market rate with a minimum of $20,000 per day
from mid July 2010 until mid July 2012. British Pride will continue on a
bareboat rate of $24,895 per day until the fixed period ends in July 2011
followed by a market rate with a minimum of $20,000 per day until the end of
July 2012.

Other Matters

On July 15, 2010, the UK tax lease arrangement between Sandringham Shipping Plc
and Dresdner Kleinwort Leasing relating to the VLCC British Purpose was
terminated and the outstanding lease obligation was settled in full using
restricted cash. At June 30, 2010, the lease obligation was $66.2 million and
the termination was cash neutral for the Company. The vessel was sold to
Sandringham Petro Limited, a previously dormant subsidiary of the Company, which
simultaneously entered into a lease with Sandringham Shipping Plc.

In March 2010, a Memorandum of Agreement was signed regarding the sale of the
Front Voyager for net proceeds of $8.3 million and delivery to the buyer
occurred on April 8. The Company recorded a gain on sale of approximately $0.1
million in the second quarter.

74,825,166 ordinary shares were outstanding as of June 30, 2010, and the
weighted average number of shares outstanding for the quarter was also
74,825,166.


The Market

The market rate for a VLCC trading on a standard 'TD3' voyage between The
Arabian Gulf and Japan in the second quarter of 2010 was WS 88; equivalent to
$54,500/day; representing a decrease of WS 1.5 points or $1,100/day from the
first quarter of 2010 and an increase of WS52 points from the second quarter of
2009. Present market indications are approximately $25,000/day in the third
quarter.

The market rate for a Suezmax trading on a standard 'TD5' voyage between West
Africa ("WAF") and Philadelphia in the second quarter of 2010 was WS 113.5;
equivalent to $32,700/day compared to $32,500/day in the first quarter. There
was a decrease of WS 0.5 points from the first to the second quarter and an
increase of WS 55 points from the second quarter of 2009. Present market
indications are approximately $15,000/day in the third quarter

Bunkers at Fujairah averaged approximately $461/mt in the second quarter of
2010 compared to $468/mt in the first quarter of 2010; a decrease of $7/mt.
Bunker prices varied from a low of $422.5/mt at the end of May and a high of
$500/mt at the end of April. On August 26(th), 2010 the quoted bunker price in
Fujairah was $435.5/mt.

Philadelphia bunkers averaged $469/mt in the second quarter, which was a
decrease of $7/mt from the first quarter of 2010. Bunker prices varied from a
low of $416/mt at the end of May and a high of $519/mt at the beginning of May.
On August 26(th), 2010 the quoted bunker price in Philadelphia was $448.5/mt.

The International Energy Agency's ("IEA") August 2010 report stated an average
OPEC oil production, including Iraq, of 29 million barrels per (mb/d) day during
the second quarter of the year. This was a decrease of 80,000 barrels per day
compared to the first quarter of 2010 and an increase of 500,000 barrels per day
compared to the second quarter of 2009.

IEA further estimate that world oil demand averaged 86.6 mb/d in the second
quarter of 2010, representing an increase of 510,000 barrels per day compared to
the first quarter of 2010, and approximately 2.6 mb/d from the second quarter of
2009. Additionally, the IEA estimates that world oil demand will average 86.6
mb/d in 2010 representing an increase of 2.2 percent or approximately 1.8 mb/d
from 2009.

The VLCC fleet totalled 531 vessels at the end of the second quarter of 2010, up
from 527 vessels at the end of the previous quarter. 12 VLCCs were delivered
during the quarter versus an estimated 18 at the beginning of the year.
Throughout 2010 the current estimate is 74 deliveries. The orderbook counted
174 vessels at the end of the second quarter, down from 179 orders from the
previous quarter. Seven new orders were placed during the quarter and the
current orderbook represents about 35 percent of the VLCC fleet. During the
quarter eight vessels were removed from the trading fleet for scrapping or
conversion/storage purposes. According to Fearnleys the single hull fleet now
stands at 55 vessels.

The Suezmax fleet totalled 406 vessels at the end of the second quarter, up from
401 vessels at the end of the previous quarter. Eight vessels were delivered
during the quarter versus an estimated 14 at the beginning of the year. For
2010 the current estimate is 67 deliveries. The orderbook counted 146 vessels at
the end of the quarter, up from 127 vessels at the end of the previous quarter.
29 new orders were placed during the quarter and the current orderbook now
represents 36 percent of the total fleet. Two orders were reported cancelled and
three vessels were removed from the trading fleet during the quarter. According
to Fearnleys the single hull fleet now stands at 23 vessels.


Strategy and Outlook

The Company's strategy is mainly concentrated around long term charters to
reputable oil companies and for the time being BP and Chevron. The Company's
charter coverage for its six double hull VLCCs is 99 percent for the remaining
part of 2010 and 53 percent in 2011, if the charters are not extended. The
charter coverage for the three double hull Suezmax tankers is 100 percent for
the remaining part of 2010 until 2015. The Company expects to reduce net debt
for the remaining part of 2010 by approximately $20.0 million.  The long term
focus is on restructuring the bond debt and UK leasing arrangements within the
Company.

Independent Tankers has historically not been influenced by market exposure due
to fixed bareboat contracts on all the vessels.  As a consequence of the
termination of the bareboat charters for the VLCCs British Pioneer and Antares
Voyager and the potential termination of charter for the VLCC Phoenix Voyager in
September 2010, the Company will be exposed to market fluctuations on these
vessels.  Based on the termination and extension of charters in 2010, the
Company's fleet represents a good combination of floating and fixed charter
exposure.

The Company will continue with low cash breakeven rates and financing through
the US bond market with maturities from 2015 to 2021. The combination of fixed
bareboat charters and floating market rates for the six VLCCs in the years ahead
and the fact that all the vessels are financed creates a potentially solid
platform for the Company going forward.


Forward Looking Statements

This press release contains forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including the Company's management's examination of historical
operating trends. Although the Company believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, the Company cannot give assurance that it will achieve
or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company's view, could cause actual results to
differ materially from those discussed in this press release include the
strength of world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in demand in the
tanker market as a result of changes in OPEC's petroleum production levels and
world wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, drydocking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors described from
time to time in the reports filed by the Company with the Norwegian
over-the-counter market in Oslo.

The full report is available in the link enclosed.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
August 26, 2010


Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37 or +47 924 99 386


WEBSITE: WWW.ITCL.BM


[HUG#1440903]





2nd quarter 2010 results:
http://hugin.info/138953/R/1440903/385232.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

ITCL - Notification of date of release Q2 2010 results

Company news

2010-08-18 17:30:03

Independent Tankers Corporation Limited will release their second quarter 2010
earnings results on August 27, 2010. A press release and a presentation will be
distributed in connection with the release.
Contact Person:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37
ITCL website: http://www.itcl.bm


[HUG#1438725]








This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
All reproduction for further distribution is prohibited.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

ITCL - Extension of Charters

Company news

2010-08-02 14:50:03

Independent Tankers Corporation Limited announces that BP Shipping Limited has
extended the charters for the VLCCs British Purpose and British Pride for one
additional year. As a result, the British Purpose will trade on a market rate
with a minimum of $20,000 per day from mid July 2010 until mid July 2012.
British Pride will continue on a bareboat rate of $24,895 per day until the
fixed period ends in July 2011 followed by a market rate with a minimum of
$20,000 per day until the end of July 2012.

The Board of Directors

Independent Tankers Corporation Limited

Hamilton, Bermuda

August 2, 2010

Questions should be directed to:

Bengt Neteland

Vice President Finance, Frontline Management AS

+47 23 11 40 37



[HUG#1435325]








This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
All reproduction for further distribution is prohibited.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE

ITCL - Termination of Charters

Company news

2010-06-15 11:40:02

With reference to the press release issued March 3, 2010 regarding Antares
Voyager, Independent Tankers Corporation Limited ("ITCL") announces that Chevron
Transport Corporation ("Chevron") has given irrevocable notice of termination
for the bareboat charter for the VLCC Antares Voyager and such termination will
take effect in December 2010. The vessel will continue on a bareboat rate of
$28,500 per day until December 2010. The management will, in line with the
requirements in the bond indenture, seek alternative employment for the vessel.

In addition, Chevron has given nine months non-binding notice of termination for
the bareboat charter for the VLCC Phoenix Voyager.  If Chevron choose to
terminate the bareboat charter, a six months irrevocable notice of termination
has to given in September 2010 and such termination will take effect in March
2011. The vessel will continue on a bareboat rate of $28,500 per day until March
2011.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
June 14, 2010


Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management
AS
+47 23 11 40 37 or +47 924 99 386


[HUG#1423987]

ITCL - Q1 2010 Presentation

Company news

2010-05-21 12:30:03

Independent Tankers Corporation Limited advises that a presentation of its first
quarter 2010 results, that were released May 21, 2010, is available on the
Company's website: http://www.itcl.bm and in the link enclosed.

Oslo, May 21, 2010


[HUG#1417909]





Q1 2010 Presentation: http://hugin.info/138953/R/1417909/368344.pdf

ITCL - First Quarter 2010 Results

Company news

2010-05-21 08:00:02

Highlights

·    Independent Tankers reports net income of $6.1 million, equivalent to
earnings per share of $0.08 for the first quarter of 2010.
* A subsidiary of Independent Tankers received a termination fee of $4.9
million upon termination of the Front Voyager bareboat charter.
* The single hull Suezmax vessel, Front Voyager, was sold for net proceeds of
$8.3 million and delivered to the buyer on April 8, 2010.
* In March 2010, Chevron Transport Corporation chose not to declare the
termination option for the Suezmax tanker Sirius Voyager and the bareboat
charter will continue until 2015.
* The UK tax lease for the VLCC British Purpose will be terminated in the
third quarter of 2010.



Introduction

Independent Tankers Corporation Limited (the "Company" or "Independent Tankers")
was incorporated in Bermuda on January 18, 2008 and the shares have traded on
the Norwegian over-the-counter market, since March 7, 2008. Independent Tankers'
business is mainly concentrated on the ownership and operation of crude oil
tankers on long term bareboat contracts, which include certain cancellation
options, to major oil companies. Independent Tankers owns or leases six VLCC's
and three Suezmax tankers. All vessels are financed through bonds in the US
market and some of the vessels are also subject to financial lease arrangements.
The main shareholder is Frontline Ltd. ("Frontline") with an ownership of
approximately 83 percent.

First Quarter 2010 Results

The Board of Independent Tankers announces net income of $6.1 million,
equivalent to earnings per share of $0.08 for the first quarter of 2010. This
compares with a net income of $4.4 million, equivalent to earnings per share of
$0.06 for the preceding quarter. The increase of $1.7 million is largely due to
the fee received on the termination of the Front Voyager bareboat charter.
Further details are described in the chartering summary below.

The average daily bareboat rates earned in the fourth quarter by the Company's
VLCCs and the Suezmax tanker Front Voyager were approximately $24,800 and $7,800
(excluding termination fee), respectively, compared with approximately $25,100
and $7,800, respectively, in the preceding quarter.

Net interest expense was $5.1 million (preceding quarter: $5.1 million). At
March 31, 2010, all of the Company's bond debt of $321.3 million is at fixed
interest rates ranging from 6.68% to 8.52%.

In May 2010, the Company has average cash breakeven rates for its VLCCs of
approximately $18,500 per vessel.
The full report is available in the link enclosed and on the Company's website:
www.itcl.bm



The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
May 20, 2010


Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management AS
                        +47 23 11 40 37 or +47 924 99 386




[HUG#1417817]





1st quarter 2010 results: http://hugin.info/138953/R/1417817/368233.pdf

ITCL - Notification of date of release Q1 2010 results

Company news

2010-05-14 15:30:02

Independent Tankers Corporation Limited will release their first quarter 2010
earnings results on May 21, 2010. A press release and a presentation will be
distributed in connection with the release.
Contact Person:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37
ITCL website: http://www.itcl.bm


[HUG#1415949]

ITCL - Company Update and Annual Report 2009

Company news

2010-04-09 15:00:04

Independent Tankers Corporation Limited ("ITCL" or the "Company") announces that
on March 12, 2010 Dresdner Kleinwort Leasing gave notice of termination for the
UK tax lease agreement for the VLCC British Purpose. The leasing agreement will
be terminated on July 15, 2010. At December 31, 2009 the obligation under the
lease was $69.9 million and the termination is cash neutral for the Company. The
Company will acquire the vessel concurrent with the lease termination and the
existing bareboat charter to BP Shipping Limited will remain in place.

On March 22, 2010 Chevron Transport Corporation chose not to declare the
termination option for the double hull Suezmax vessel Sirius Voyager and the
bareboat charter will, therefore, continue until April 1, 2015.

On March 23, 2010 a subsidiary of ITCL agreed to sell the single-hull Suezmax
vessel Front Voyager to an unrelated third party for a net sales price of $8.3
million. Delivery to the new owner took place on April 8, 2010. The subsidiary
will have a total of $7.8 million in restricted cash after prepayment of the
associated bond debt, compensation payment to bondholders for early redemption
of bond debt and compensation from Front Voyager Inc. for the termination of the
bareboat charter.

Please also find enclosed ITCL audited annual report for 2009.
The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
April 9, 2010

Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management
AS
 +47 23 11 40 37 or +47 924 99 386


[HUG#1401874]





ITCL Annual Report 2009: http://hugin.info/138953/R/1401874/356745.pdf

ITCL - Potential termination of charter and update on the Front Voyager Consent Solicitation

Company news

2010-03-03 15:00:03

Independent Tankers Corporation Limited announces that Chevron Transport
Corporation ("Chevron") has given nine monthsnon-binding notice of termination
for the bareboat charter for the VLCC Antares Voyager.  If Chevron choose to
terminate the bareboat charter, a six months binding notice of termination has
to given in June 2010 and such termination to take effect in December 2010. The
vessel will continue on a bareboat rate of $28,500 per day until December 2010.
With reference to the press release issued February 17, 2010 regarding Front
Voyager, we hereby confirm that the bondholders have approved amendments and
clarification to certain indenture and related collateral agreement provisions
and definitions to provide for the sale of the single-hull tanker Suezmax Front
Voyager.
For further information, please find enclosed full style of the press release
issued by California Petroleum Transport Corporation.
The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
March 3, 2010

Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management
AS
 +47 23 11 40 37 or +47 924 99 386


[HUG#1390657]





Press release California Petroleum Transport Corporation: http://hugin.info/138953/R/1390657/348583.pdf

ITCL - Q4 Presentation 2009

Company news

2010-02-26 09:40:05

Independent Tankers Corporation Limited advises that a presentation of its
fourth quarter 2009 results, that were released February 26, 2010, is available
on the Company's website: http://www.itcl.bm  and in the
link enclosed.

Oslo, February 26, 2010



[HUG#1388933]





Q4 2009 Presentation: http://hugin.info/138953/R/1388933/347180.pdf

ITCL - Preliminary Fourth Quarter and Financial Year 2009 Results

Company news

2010-02-26 08:50:02

Highlights

·         Independent Tankers reports net income of $4.4 million, equivalent to
earnings per share of $0.06 for the fourth quarter of 2009.
·         Independent Tankers reports net income of $15.8 million, equivalent to
earnings per share of $0.21 for 2009.
·         In January 2010, the UK tax leasing arrangement for the VLCC British
Progress was terminated.
·         In January 2010, the bareboat charter for the single hull Suezmax
tanker, Front Voyager, was terminated.
·         In February 2010, BP Shipping Limited extended the bareboat charter
for the VLCC British Progress for one additional year.


Introduction

Independent Tankers Corporation Limited (the "Company" or "Independent Tankers")
was incorporated in Bermuda on January 18, 2008 and the shares have traded on
the Norwegian over-the-counter market, since March 7, 2008. Independent Tankers'
business is mainly concentrated on the ownership and operation of crude oil
tankers on long term bareboat contracts, which include certain cancellation
options, to major oil companies.  Independent Tankers owns or leases six VLCC's
and four Suezmax tankers. All vessels are financed through bonds in the US
market and some of the vessels are also subject to financial lease arrangements.
The main shareholder is Frontline Ltd. ("Frontline") with an ownership of
approximately 83 percent.


Preliminary Fourth Quarter and Financial Year 2009 Results

The Board of Independent Tankers announces net income of $4.4 million,
equivalent to earnings per share of $0.06 for the fourth quarter of 2009. This
compares with a net income of $4.3 million, equivalent to earnings per share of
$0.06 for the preceding quarter. The main reason for this increase in revenue is
an increase in interest received on higher cash balances.

The average daily bareboat rates earned in the fourth quarter by the Company's
VLCCs and the Suezmax tanker Front Voyager were approximately $25,100 and
$7,800, respectively, compared with approximately $25,100 and $7,800,
respectively, in the preceding quarter.

Net interest expense was $5.1 million (third quarter 2009: $5.5 million). At
December 31, 2009, all of the Company's bond debt of $325.8 million is at fixed
interest rates ranging from 6.68% to 8.52%.

The Company has reclassified some of its restricted cash balances to long-term.
These balances relate to the restricted cash that are segregated for the
settlement of long-term lease obligations. The amount reclassified as of
December 31, 2008 to conform to the current year presentation was $184.7
million.

For the year ended December 31, 2009 the Company announces net income of $15.8
million, equivalent to earnings per share of $0.21 compared with net income of
$15.3 million and earnings per share of $0.21 for the year ended December
31, 2008. The main reasons for this increase are a reduction in depreciation
expense following the upward revision of the estimated residual values of the
six VLCCs and a reduction in interest expense partially offset by a fall in
revenue due to the VLCC British Pioneer and favorable foreign exchange
movements. Net interest expense for the year ended December 31, 2009 was $21.1
million (2008: $23.1 million).

In February 2010, the Company has average cash breakeven rates for its VLCCs and
Suezmax tanker of approximately $18,500 and $4,800 per vessel, respectively.


Chartering Development

In December 2009, BP Shipping Limited ("BP") gave irrevocable notice of
termination of the bareboat charter for the VLCC British Pioneer and the
termination takes 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 requirements of the bond indenture, seek alternative
employment or try to sell the vessel when the charter ends in January 2011. The
Company has not accrued any market related hire as of December 31, 2009.
On January 5, 2010, Front Voyager Inc., a subsidiary of Frontline, gave
irrevocable notice to ITCL's subsidiary, CalPetro Tankers (Bahamas III) Limited
("Bahamas III"), of termination of the bareboat charter for the single hull
vessel Front Voyager. The termination will take effect April 1, 2010. Front
Voyager Inc. is required to pay a termination fee, which will enable Bahamas III
to satisfy its estimated obligations. The vessel will continue on an average
bareboat rate of $4,988 per day until April 1, 2010 and management will, in line
with the requirements of the bond indenture, seek alternative employment or try
to sell the vessel when the charter ends in April 2010.

In February 2010, BP 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.

Other Matters

On January 15, 2010, the UK tax lease arrangement between Caernarfon Shipping
Plc and Dresdner Kleinwort Leasing relating to the VLCC British Progress was
terminated and the outstanding lease obligation was settled in full using
restricted cash. At December 31, 2009 the lease obligation was $70.0 million and
the termination was cash neutral for the Company. The vessel was sold to
Caernarfon Petro Limited, a previously dormant subsidiary of Independent
Tankers, which simultaneously entered into a lease with Caernarfon Shipping Plc.

74,825,166 ordinary shares were outstanding as of December 31, 2009 and the
weighted average number of shares outstanding for the fourth quarter was also
74,825,166.

Forward Looking Statements

This press release contains forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including the Company's management's examination of historical
operating trends. Although the Company believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, the Company cannot give assurance that it will achieve
or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company's view, could cause actual results to
differ materially from those discussed in this press release include the
strength of world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in demand in the
tanker market as a result of changes in OPEC's petroleum production levels and
world wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, drydocking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors described from
time to time in the reports filed by the Company with the Norwegian
over-the-counter market in Oslo.


The full report is available in the link enclosed.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
February 26, 2010

Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management AS
                        +47 23 11 40 37 or +47 924 99 386




[HUG#1388797]





4th quarter 2009 results: http://hugin.info/138953/R/1388797/347012.pdf

ITCL - Notification of date of release Q4 2009 results

Company news

2010-02-19 16:50:02

Independent Tankers Corporation Limited will release their fourth quarter 2009
earnings results on February 26, 2010. A press release and a presentation will
be distributed in connection with the release.

Contact Person:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37 / +47 924 99 386
ITCL website: http://www.itcl.bm


[HUG#1386701]

ITCL - Front Voyager

Company news

2010-02-17 18:20:02

Please be informed that California Petroleum Transport Corporation, acting on
behalf of the CalPetro Tankers (Bahamas III) Limited, the owner of the single
hull tanker Suezmax Front Voyager, has today launched a consent solicitation to
amend the indenture relating to its 8.52% First Preferred Mortgage Notes due
2015.

The purpose of the consent solicitation is to amend and clarify certain
indenture and related collateral agreement provisions and definitions to provide
for the sale of the single-hull tanker Suezmax Front Voyager.

For further information, please find enclosed full style of the press release
issued by California Petroleum Transport Corporation.

Independent Tankers Corporation Limited
February 17, 2010

Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37


[HUG#1385663]





CalPetro - Consent Launch Press Release: http://hugin.info/138953/R/1385663/344325.pdf

ITCL - Extension of Charter

Company news

2010-02-03 10:00:04

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.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
February 3, 2010
Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management AS

+47 23 11 40 37



[HUG#1379797]

ITCL - Termination of Charter

Company news

2010-01-07 13:20:02

ITCL - Termination of Charter

Independent Tankers Corporation Limited ("ITCL") announces that Front Voyager
Inc., a subsidiary of Frontline Ltd., has given irrevocable notice to ITCL's
subsidiary, CalPetro Tankers (Bahamas III) Limited ("Bahamas III"), of
termination of the bareboat charter for the single hull vessel Front Voyager.
The termination will take effect April 1, 2010. Front Voyager Inc. is required
to pay a termination fee calculated in accordance with the bareboat charter,
which will enable Bahamas III to satisfy its estimated obligations. The vessel
will continue on an average bareboat rate of $4,988 per day until April 1, 2010
and management will, in line with the requirements of the bond indenture, seek
alternative employment or try to sell the vessel.


The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
January 7, 2010

Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management AS
+47 924 99 386




[HUG#1371184]

ITCL - Termination of Charter

Company news

2009-12-21 11:22:31

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.


The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
December 21, 2009


Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management AS
+47 924 99 386

ITCL - Q3 Presentation 2009

Company news

2009-11-27 11:20:02

Independent Tankers Corporation Limited advises that a presentation
of its third quarter 2009 results, that were released November 27,
2009, is available on the Company's website: http://www.itcl.bm and
in the link enclosed.

Oslo, November 27, 2009


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Third Quarter 2009 Results

Company news

2009-11-27 10:30:03

Highlights

* Independent Tankers reports net income of $4.3 million, equivalent
to earnings per share of $0.06, for the third quarter of 2009.
* Independent Tankers reports net income of $11.4 million, equivalent
to earnings per share of $0.15, for the nine months ended September
30, 2009.
* The UK tax lease for the VLCC British Progress will be terminated
in the first quarter of 2010.

Introduction

Independent Tankers Corporation Limited (the "Company" or
"Independent Tankers") was incorporated in Bermuda on January 18,
2008 and the shares have traded on the Norwegian over-the-counter
market since March 7, 2008. Independent Tankers' business is mainly
concentrated on the ownership and operation of crude oil tankers on
long term bareboat contracts, which include certain cancellation
options to major oil companies. Independent Tankers owns or leases in
six VLCCs and four Suezmax tankers. All vessels are financed through
bonds in the US market and some of the vessels are also subject to
financial lease arrangements. The main shareholder is Frontline Ltd.
("Frontline") with an ownership of approximately 83 percent.


Third Quarter and Nine Month Results 2009

The Board of Independent Tankers announces net income of $4.3
million, equivalent to earnings per share of $0.06, for the third
quarter of 2009. This compares with net income of $3.2 million,
equivalent to earnings per share of $0.04, for the second quarter of
2009. The main reasons for this increase are a reduction in
depreciation expense of $0.5 million following the upward revision of
the estimated residual values of the six VLCCs and foreign exchange
movements.

The average daily bareboat rates earned in the third quarter by the
Company's VLCCs and the Suezmax tanker Front Voyager were
approximately $25,100 and $7,800, respectively, compared with
approximately $25,400 and $7,900, respectively, in the preceding
quarter. The decrease is explained by fluctuations in days between
the quarters.

Net interest expense was $5.5 million (second quarter 2009: $5.3
million). At September 30, 2009, all of the Company's bond debt of
$325.8 million is at fixed interest rates ranging from 6.68% to
8.52%.

The Company has reclassified some of its restricted cash balances to
long-term. These balances relate to the restricted cash that are
segregated for the settlement of long-term lease obligations. The
amount reclassified as of September 30, 2008 to conform to the
current year presentation was $226.9 million.

For the nine months ended September 30, 2009 the Company announces
net income of $11.4 million, equivalent to earnings per share of
$0.15 (2008 comparable nine months $10.0 million, equivalent to
earnings per share of $0.13). Net interest expense was $16.0 million
(2008 comparable nine months: $16.7 million).

In November 2009, the Company has an average cash breakeven rate for
its VLCCs and Suezmax tanker of approximately $19,100 and $4,200 per
vessel per day, respectively.


Charter Development

The VLCC British Pioneer is currently on a market related charter to
BP Shipping Limited ("BP") under which the Company's ship owning
subsidiary receives the greater of $20,000 per day or a spot market
rate. The market related rate, while calculated quarterly, is
cumulative on a four year basis or shorter if BP terminates the
charter earlier. The Company has not accrued any market related hire
as of September 30, 2009.


Other Matters

In September 2009, Dresdner Kleinwort Leasing gave notice of
termination for the UK tax lease for the VLCC British Progress. The
leasing agreement will be terminated effective January 15, 2010. At
September 30, 2009 the obligation under the lease was $69.9 million
and the termination will be cash neutral for the Company. The Company
will acquire the vessel concurrent with the lease termination and the
existing bareboat to BP will remain in place.

74,825,166 ordinary shares were outstanding as of September 30, 2009,
and the weighted average number of shares outstanding for the quarter
was also 74,825,166.


The Market

The average market rate for VLCCs from MEG to Japan in the third
quarter of 2009 was approximately WS 36 or $15,600/day. The second
quarter returned $20,600/day at the same WS rate, albeit with an
$80/mt lower fuel price. The average rate for Suezmaxes from WAF to
USAC in the third quarter of 2009 was approximately WS 52.5 or
$13,700 per day compared to approximately WS 59 or $20,000 per day in
the second quarter of 2009.

Bunkers at Fujairah averaged approximately $426/mt in the third
quarter compared to $345/mt in the second quarter of 2009, with a
high of $459/mt at the end of August and a low of $378/mt in the
middle of July. On November 25, 2009 the quoted bunkers price in
Fujairah was $460/mt.

The International Energy Agency ("IEA") reported in November 2009 an
average OPEC oil production, including Iraq, of 28.8 million barrels
per day during the third quarter of the year - an increase of 320.000
barrels per day compared to the second quarter of 2009. At the last
OPEC conference on September 10 it was agreed to keep the current
production levels unchanged. The next OPEC meeting is scheduled to
take place on December 22, 2009.

IEA further estimates that world oil demand averaged 85.1 million
barrels per day in the third quarter of 2009, an increase of
approximately 0.9 million barrels per day compared to the second
quarter of the year. IEA predicts that the average demand for 2009 in
total will be 84.8 million barrels per day, a 1.7 percent decline
from 2008. Additionally, the IEA estimates that the demand will
increase by 1.7 percent in 2010 to 86.2 million barrels per day.

The VLCC fleet totalled 524 vessels at the end of the third quarter
with nine deliveries during the quarter. Throughout 2009 it is
estimated that 61 deliveries will take place including 48 made so
far. The orderbook counted 188 vessels at the end of the third
quarter, down from 197 vessels after the second quarter of 2009. A
new order for 12 VLCCs was reported during the quarter, however this
is not yet confirmed. The current orderbook represents approximately
35 percent of the VLCC fleet. During the quarter, there were two
deletions from the trading fleet with five being sold for demolition
and six for conversion purposes. According to Fearnleys, the single
hull fleet now stands at 89 vessels.

The Suezmax fleet totalled 381 vessels at the end of the quarter,
with 11 deliveries taking place during the quarter. Throughout 2009
it is estimated that 57 deliveries will take place including 38 made
so far. The orderbook counted 127 vessels at the end of the quarter,
down from 138 vessels at the end of the second quarter and now
represents 32 percent of the total fleet. During the quarter, there
were two deletions from the trading fleet. According to Fearnleys,
the single hull fleet stands at 33 vessels at the end of the quarter.


Strategy and Outlook

The Company's strategy is mainly concentrated around long term
charters to reputable companies and for the time being BP, Chevron
and Frontline. The Company's charter coverage for its six double hull
VLCCs is 100 percent for the rest of 2009, 99 percent in 2010 and 24
percent in 2011, if the charterers are not extended. For the one
single hull and three double hull Suezmax tankers, the charter
coverage is 100 percent for the rest of 2009 and 81 percent in 2010.
We are slowly building up our cash position at a comfortable pace
from the Company's long term charters. The long term focus is on
restructuring the bond debt and UK leasing arrangements within the
Company.

The Company has low cash breakeven rates and the vessels are financed
through the US bond market with maturity from 2015 to 2021. The
combination of fixed bareboat charters and floating market rates for
the six VLCCs in the years ahead and the fact that all the vessels
are financed creates a solid platform for the Company going forward.


Forward Looking Statements

This press release contains forward looking statements. These
statements are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including the Company's
management's examination of historical operating trends. Although the
Company believes that these assumptions were reasonable when made,
because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to
predict and are beyond its control, the Company cannot give assurance
that it will achieve or accomplish these expectations, beliefs or
intentions.

Important factors that, in the Company's view, could cause actual
results to differ materially from those discussed in this press
release include the strength of world economies and currencies,
general market conditions including fluctuations in charter hire
rates and vessel values, changes in demand in the tanker market as a
result of changes in OPEC's petroleum production levels and world
wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, drydocking and insurance costs,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political
events, and other important factors described from time to time in
the reports filed by the Company with the Norwegian over-the-counter
market in Oslo.

The full report is available in the link enclosed.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
November 26, 2009

Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37 or +47 924 99 386



WEBSITE: WWW.ITCL.BM


Informasjonen er distribuert av Hugin.

ITCL - Notification of date of release Q3 2009 results

Company news

2009-11-18 11:10:02

Independent Tankers Corporation Limited will release their third
quarter 2009 earnings results on November 27, 2009. A press release
and a presentation will be distributed in connection with the
release.

Bermuda,
November 18, 2009

ITCL website: http://www.itcl.bm


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

Endring av aksje: Independent Tankers Corporation Limited (ITCL)

Corporate actions

2009-10-21 16:18:06

Det er foretatt endringer i Independent Tankers Corporation Limited (ISIN:BMG4758V1000, ticker ITCL). Aksjebeholdningen er redusert fra 74 825 189 til 74 825 169.

ITCL - 2009 Annual General Meeting

Company news

2009-09-28 09:00:03

Independent Tankers Corporation Limited (the "Company") advises that
the 2009 Annual General Meeting of the Company was held on September
25, 2009 at 1:00 p.m. at the Elbow Beach Hotel, 60 South Shore Road,
Paget PG04, Bermuda. The following resolutions were passed:

1) To set the maximum number of Directors to be not more than
eight.

2) That vacancies in the number of Directors be designated casual
vacancies and that the Board of Directors be authorized to fill such
casual vacancies as and when it deems fit.

3) To re-elect Tor Olav Trøim as a Director of the Company.

4) To re-elect Kate Blankenship as a Director of the Company.

5) To re-elect Inger M. Klemp as a Director of the Company.

6) To re-elect Kathrine Fredriksen as a Director of the Company.

7) To re-appoint PricewaterhouseCoopers AS of Oslo, Norway as
auditors and to authorise the Directors to determine their
remuneration.

8) That the remuneration payable to the Company's Board of
Directors of a total amount of fees not to exceed US$100,000 be
approved for the year ended December 31, 2009.

In addition, the audited consolidated financial statements for the
Company for the year ended December 31, 2008 were presented to the
Meeting.



Hamilton, Bermuda
September 25, 2009


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Notice of Annual General Meeting 2009

Company news

2009-09-04 16:30:03

Independent Tankers Corporation Limited (the "Company") announces
that its 2009 Annual General Meeting will be held on September 25,
2009. A copy of the Notice of Annual General Meeting and associated
information including the Company's Annual Report can be found on our
website at http://www.itcl.bm/ and attached to this press release.

Hamilton, Bermuda
September 4, 2009


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Notification of date of release Q2 2009 results

Company news

2009-08-25 09:40:03

Independent Tankers Corporation Limited will release their second
quarter 2009 earnings results on August 28, 2009. A press release and
a presentation will be distributed in connection with the release.

Bermuda,
August 25, 2009

ITCL website: http://www.itcl.bm


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Extension of Charter

Company news

2009-07-16 09:00:03

Independent Tankers Corporation Limited ("ITCL") is pleased to
announce that BP Shipping Limited ("BP") has extended the charter for
the VLCC British Purpose for one year after the fixed period ends in
July 2010. The vessel will continue on a bareboat rate of $24,895 per
day until the fixed period ends in July 2010, followed by a market
rate with a minimum of $20,000 per day until July 2011.

As a consequence of the charter extension, the charter coverage for
the four VLCCs with BP is 100 percent in 2009, 100 percent in 2010
and 30 percent in 2011.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
July 16, 2009


Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management
AS
+47 924 99 386


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Annual Reports 2008

Company news

2009-06-15 09:50:03

Independent Tankers Corporation Limited (the "Company") and its ten
subsidiaries announce the filing of annual reports for the year ended
December 31, 2008.

The Company's and the four Windsor Group subsidiaries' annual reports
can be downloaded from the Reports section on the Company's website
www.itcl.bm. The remaining six subsidiaries in the Golden State Group
and the Cal Petro Group have filed on Form 20-F and the reports can
be downloaded from the SEC filing section on our website.

June 15, 2009
The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda

Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 00


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Q1 Presentation 2009

Company news

2009-05-29 11:40:03

Independent Tankers Corporation Limited advises that a presentation
of its first quarter 2009 results, that were released May 29, 2009,
is available on the Company's website: http://www.itcl.bm and in the
link enclosed.

Oslo, May 29, 2009


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - First Quarter 2009 Results

Company news

2009-05-29 08:40:02

Highlights

* Independent Tankers reports net income of $3.9 million, equivalent
to earnings per share of $0.05 for the first quarter of 2009.
* In March 2009, Front Voyager Inc. declared a one year extension of
the charter for the Suezmax tanker Front Voyager.
* In April 2009, Chevron Transport Corporation chose not to declare
the termination option for the Suezmax tanker Altair Voyager and
the bareboat charter will continue until 2015.

Introduction

Independent Tankers Corporation Limited (the "Company" or
"Independent Tankers") was incorporated in Bermuda on January 18,
2008 and the shares have traded on the Norwegian over-the-counter
market since March 7, 2008. Independent Tankers' business is mainly
concentrated on the ownership and operation of crude oil tankers on
long term bareboat contracts, which include certain cancellation
options to major oil companies. Independent Tankers owns or leases in
six VLCCs and four Suezmax tankers. All vessels are financed through
bonds in the US market and some of the vessels are also subject to
financial lease arrangements. The main shareholder is Frontline Ltd.
("Frontline") with an ownership of approximately 83 percent.


First Quarter 2009 Results

The Board of Independent Tankers Corporation Limited (the "Company"
or "Independent Tankers") announces net income of $3.9 million,
equivalent to earnings per share of $0.05 for the first quarter of
2009. This compares with a net income of $5.3 million, equivalent to
earnings per share of $0.07 for the fourth quarter of 2008. The
decrease in net income is primarily due to foreign exchange movements
offset by a net reduction in interest expense following the
termination of the British Pioneer lease on January 2, 2009.

The average daily bareboat rates earned in the first quarter by the
Company's VLCCs and the Suezmax tanker Front Voyager were
approximately $25,700 and $8,000, respectively, compared with
approximately $26,100 and $7,800, respectively, in the preceding
quarter.

Net interest expense was $5.2 million (fourth quarter 2008: $6.3
million). At March 31, 2009, all of the Company's bond debt of $335.7
million is fixed with interest rates ranging from 6.63% to 8.52%. In
addition, the Company has previously established short term bank
facilities of $40.6 million in order to repurchase part of its own
Windsor term notes. These facilities mature in June and August 2009.

The Company has reclassified some of its restricted cash balances to
long-term. These balances relate to the restricted cash that are
segregated for the settlement of long-term lease obligations. The
amount reclassified as of December 31, 2008 and March 31, 2008 to
conform to the current year presentation was $184.7 million and
$246.6 million respectively.

In May 2009, the Company has an average cash breakeven rate for its
VLCCs and Suezmax tanker of approximately $19,100 and $4,200 per
vessel, respectively.


Chartering Summary

On November 13, 1997, the Company's subsidiary Buckingham Shipping
Plc entered into a 20 year bareboat charter with BP Shipping Limited
("BP") for the VLCC British Pioneer. The fixed charter period with a
bareboat rate of $24,895 ended on January 2, 2009 and is followed by
four one year extensions at market related charter rates. During the
market related period, the Company's ship owning subsidiary will
receive the greater of a base daily rate of $20,000 per day or a spot
market rate. After inclusion of daily operating expenses of $12,900
for 2009, the spot market rate must be greater than $32,900 per day,
in order for the Company's subsidiary to receive any additional hire.
The additional hire calculation, while calculated quarterly, is
cumulative on a four year basis or shorter if BP terminates the
charter earlier. Although the spot market rate was $41,400 per day
for the first quarter of 2009 as quoted by the London Tanker Broker
Panel, the Company has not recorded any additional hire in the first
quarter of 2009. BP has extended the vessel until January 2011, and
has two annual options to extend this market related charter.

On February 2, 2009, BP extended the charter for the double hull VLCC
British Progress for one year after the fixed period ends in February
2010. The vessel will continue on a bareboat rate of $24,895 per day
until the fixed period is finished in February 2010, followed by the
same rate structure as for British Pioneer until February 2011.

The two double hull VLCCs, British Purpose and British Pride, are on
bareboat contracts to BP at a fixed rate of $24,895 per day until the
fixed periods end in July 2010 and July 2011, respectively. BP is
required to notify the Company 12 months in advance of the fixed
period ending if they intend to terminate the charter. As a
consequence of the charter extensions, the charter coverage with BP
is 100 percent in 2009 and 88 percent in 2010 for the four VLCCs.

In March 2009, Front Voyager, Inc., a subsidiary of Frontline,
extended the charter party with CalPetro Tankers (Bahamas III) Ltd.
for the single hull Suezmax tanker, Front Voyager, for one year from
April 1, 2009 at an average daily bareboat rate of $4,988.

In April 2009, Chevron Transport Corporation ("Chevron") chose not to
declare the termination option for the double hull Suezmax tanker
Altair Voyager, and the bareboat charter will continue until 2015.
The bareboat rate averages approximately $13,900 per day in 2009,
reducing to approximately $9,500 per day in 2015. As a consequence of
the charter extension with Chevron, the charter coverage for the two
double hull Suezmax tankers, Altair Voyager and Cygnus Voyager, is
100 percent until 2015. The third double hull Suezmax, Sirius
Voyager, is 100 percent fixed until April 2011 with Chevron. These
three vessels are owned by subsidiaries, which the Company accounts
for under the equity method.

The full report is available for download in the link enclosed and on
the Company's website: www.itcl.bm


The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
May 28, 2009


Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37 or +47 924 99 386


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Notification of date of release Q1 2009 results

Company news

2009-05-26 11:10:03

Independent Tankers Corporation Limited's first quarter 2009 results
will be released on May 29, 2009. A press release and a presentation
will be distributed in connection with the release.

Bermuda,
May 26, 2009

ITCL website: http://www.itcl.bm


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Extension of Charters

Company news

2009-04-07 09:10:02

In the end on March 2009, Front Voyager, Inc., a subsidiary of
Frontline Ltd., has extended the charter party with Calpetro Tankers
(Bahamas III) Ltd. for the single hull Suezmax tanker, Front Voyager,
for one year from April 1, 2009 at an average daily bareboat rate of
$4,988.

In April 2009, Chevron Transport Corporation chose not to declare the
termination option for the double hull Suezmax tanker Altair Voyager,
and the bareboat charter will continue until 2015. The bareboat rate
averages approximately $13,900 per day in 2009, reducing to
approximately $9,500 per day in 2015.

As a consequence of the charter extension with Chevron Transport
Corporation, the charter coverage for the two double hull Suezmax
tankers Altair Voyager and Cygnus Voyager is 100 percent until 2015.
The third double hull Suezmax Sirius Voyager is 100 percent fixed
until April 2011 with Chevron Transport Corporation.


The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
April 7, 2009

Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management
AS
+47 23 11 40 37


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Q4 Presentation 2008

Company news

2009-02-27 10:30:03

Independent Tankers Corporation Limited (the "Company") advises that
a presentation of its fourth quarter 2008 results, that were
released February 27, 2009, is available on the Company's website:
http://www.itcl.bm and in the link enclosed.

Oslo, February 27, 2009


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Preliminary Fourth Quarter and Financial Year 2008 Results

Company news

2009-02-27 09:00:03

Highlights

* Independent Tankers reports net income of $5.3 million, equivalent
to earnings per share of $0.07 for the fourth quarter of 2008.
* Independent Tankers reports net income of $15.3 million, equivalent
to earnings per share of $0.21 for 2008.
* In January 2009, the leasing arrangement for the VLCC British
Pioneer was terminated.
* In January 2009, BP Shipping Limited extended the bareboat charter
for the VLCC British Pioneer for one additional year.
* In February 2009, BP Shipping Limited extended the bareboat charter
for the VLCC British Progress for one year after the fixed period
ends in February 2010.


Introduction

Independent Tankers Corporation Limited (the "Company" or
"Independent Tankers") was incorporated in Bermuda on January 18,
2008 and the shares have traded on the Norwegian over-the-counter
market since March 7, 2008. Independent Tankers' business is mainly
concentrated on the ownership and operation of crude oil tankers on
long term bareboat contracts, which include certain cancellation
options to major oil companies. Independent Tankers owns or leases in
six VLCC's and four Suezmax tankers. All vessels are financed through
bonds in the US market and some of the vessels are also subject to
financial lease arrangements. The main shareholder is Frontline Ltd.
with an ownership of approximately 83 percent.


Preliminary Fourth Quarter and Financial Year 2008 Results

The Board of Independent Tankers announces net income of $5.3
million, equivalent to earnings per share of $0.07 for the fourth
quarter of 2008. This compares with a net income of $3.1 million,
equivalent to earnings per share of $0.04 for the fourth quarter of
2007 based on predecessor accounts.

The average daily bareboat rates earned in the fourth quarter by the
Company's VLCCs and the Suezmax tanker Front Voyager were
approximately $26,100 and $7,800, respectively, compared with
approximately $26,100 and $7,800, respectively, in the preceding
quarter.

Independent Tankers accounts for three wholly-owned subsidiaries
within the California Petroleum Transport Corporation group under the
equity method as the Company has determined that it is not the
primary beneficiary of these companies under US general accepted
accounting principles, mainly due to the fact that Chevron Texaco
Transport Corporation ("Chevron") has a $1 purchase option for each
vessel at the end of the charter in 2015. These subsidiaries are the
owner of the double hull Suezmax tankers Cygnus Voyager, Altair
Voyager and Sirius Voyager.

For the year ended December 31, 2008, the Company announces net
income of $15.3 million, equivalent to earnings per share of $0.21
(2007: $14.0 million, equivalent to earnings per share of $0.19). Net
interest expense was $23.1 million (2007: $25.9 million). At December
31, 2008, all of the Company's US bond debt of $338.7 million is at
fixed interest rates ranging from 6.63% to 8.52%. In addition, the
Company has previously established short term bank facilities of
$40.6 million in order to repurchase part of its own Windsor term
notes. These facilities mature in June and August 2009. The reduction
in restricted cash and lease obligations at the year end compared
with December 31, 2007 is mainly due to foreign currency movements
and the translation of sterling denominated balances in the Windsor
companies.

In February 2009, the Company has average cash breakeven rates for
its VLCCs and Suezmax tanker of approximately $19,100 and $4,200 per
vessel, respectively.


Chartering Summary

On November 13, 1997, the Company's subsidiary Buckingham Shipping
Plc entered into a 20 year bareboat charter with BP Shipping Limited
("BP") for the VLCC British Pioneer. The fixed charter period with a
bareboat rate of $24,895 ended on January 2, 2009 and was followed by
four one year extensions at market related charter rates. During the
market related period, the Company's ship owning subsidiary will
receive the greater of a Base Daily Rate of $20,000 per day or a spot
market rate. After inclusion of a daily component for operating
expenses (shortly to be agreed by the parties), the spot market rate
must exceed the Base Daily Rate and the agreed operating expenses, in
order for the Company's subsidiary to receive any additional hire.
The spot market rate will be quoted by the London Tanker Broker Panel
on a quarterly basis. The additional hire calculation, while
calculated quarterly, is cumulative on a four year basis or shorter
if BP terminates the charter earlier. BP has extended the vessel
until January 2011, and has two annual options to extend this market
related charter.

On February 2, 2009, BP extended the charter for the VLCC British
Progress for one year after the fixed period ends in February 2010.
The vessel will continue on a bareboat rate of $24,895 per day until
the fixed period is finished in February 2010, followed by the same
rate structure as for British Pioneer until February 2011.

The two other VLCCs, British Purpose and British Pride are on
bareboat contracts to BP at a fixed rate of $24,895 per day until the
fixed periods end in July 2010 and July 2011, respectively. BP is
required to notify the Company 12 months in advance of the fixed
period ending if they intend to terminate the charter.

As a consequence of the charter extensions, the charter coverage with
BP is 100 percent in 2009 and 88 percent in 2010 for the four VLCCs.


Other Matters

On January 2, 2009 the UK tax lease arrangement between Buckingham
Shipping Plc and Dresdner Kleinwort Leasing relating to the VLCC
British Pioneer was terminated and the outstanding lease obligation
was settled in full using restricted cash. At December 31, 2008 the
lease obligation was $69.3 million and the termination was cash
neutral for the Company. The vessel was sold to Buckingham Petro
Limited, a previously dormant subsidiary of Independent Tankers,
which simultaneously entered into a lease with Buckingham Shipping
Plc.

74,825,166 ordinary shares were outstanding as of December 31, 2008
and the weighted average number of shares outstanding for the fourth
quarter was also 74,825,166.


The Market

The average market rate for VLCCs from MEG to Japan in the fourth
quarter was approximately WS 84 ($61,500 per day) compared to
approximately WS 148 ($96,500 per day) in the third quarter of 2008.
The average rate for Suezmax tankers from WAF to USAC in the fourth
quarter was approximately WS 145 ($56,000 per day), compared to
approximately WS 204 ($69,500 per day) in the third quarter of 2008.

Bunkers at Fujairah averaged $290/mt in the fourth quarter with a low
of approximately $206/mt and a high of approximately $552/mt. Bunkers
prices were quoted in Fujairah on the 24th of February at $240/mt.

The International Energy Agency ("IEA") reported in January 2009 an
average OPEC oil production, including Iraq, of 31.4 million barrels
per day during the fourth quarter, a decrease of about 1 million
barrels per day from the third quarter. The next OPEC meeting is
scheduled to take place on March 15, 2009.

IEA further estimates that world oil demand averaged 85.3 million
barrels per day in the fourth quarter of 2008, status quo more or
less from the third quarter. IEA predicts that the average demand for
2009 in total will be 84.7 million barrels per day, hence a 1.1
percent decline from 2008.

According to Fearnleys, the VLCC fleet totalled 501 vessels at the
end of the fourth quarter with eleven deliveries during the quarter.
There are six additional deliveries expected to take place in the
first quarter of 2009. The total order book amounted to 227 vessels
at the end of the fourth quarter, down from 238 vessels after the
third quarter of 2008. The current orderbook represents approximately
45 percent of the VLCC fleet. Two VLCC's were deleted from the
trading fleet and no VLCCs were ordered during the quarter. The
single hull fleet amounted to 110 vessels at the end of the fourth
quarter. Finally, a further six VLCC newbuilding contracts were
cancelled during the quarter and additional amendments to the
orderbook is expected.

The Suezmax fleet totalled 348 vessels at the end of the quarter, up
from 346 vessels after the third quarter of 2008, a 0.5 percent fleet
increase over the quarter. No Suezmax tankers were ordered and two
deliveries took place in the quarter. The total orderbook amounted to
172 vessels at the end of the quarter, a decrease of two from the end
of the third quarter. There are 73 deliveries expected in 2009
according to Fearnleys and the orderbook represents approximately 50
percent of the current Suezmax fleet. However, it must be stressed
that significant delays to the 2009 delivery schedule is expected.
Finally, the single hull fleet amounted to 37 vessels at the end of
the fourth quarter.


Strategy and Outlook

The Company's strategy will mainly be concentrated around long term
charters to reputable companies and for the time being BP Shipping
Limited, Chevron Transport Corporation and Frontline Ltd.

The main focus is to find solutions to get access to the locked up
future cash flows in the Company, however in the current financial
markets it is a challenge to pursue any alternatives.

Based on the new charter structure described above for the VLCC
British Pioneer in 2009, the Board anticipates improved results as a
consequence of the market related exposure and is satisfied with the
downside protection with the Base Daily Rate of $20,000 per day.

The Company's charter coverage for its six double hull VLCCs is 100
percent in 2009 and 96 percent 2010. For the three double hull
Suezmax tankers, the charter coverage is 100 percent in 2009 and 75
percent in 2010. Our strategy has been to focus on long term charters
to reputable companies and we are very satisfied in today's
challenging credit and shipping markets that BP and Chevron are our
main counterparties.

The Company has low cash breakeven rates and the vessels are financed
through the US bond market with maturity from 2015 to 2021. The
Company's focus at the moment is related to the refinancing of the
short term bank facilities of $40.6 million that mature in June and
August 2009. The latter was drawn in connection with the repurchase
of our own Windsor term notes in 2008.

The combination of fixed bareboat and market rates for the six VLCCs
in the years ahead and the fact that all the vessels are financed
creates a solid platform for the Company going forward.


Forward Looking Statements

This press release contains forward looking statements. These
statements are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including the Company's
management's examination of historical operating trends. Although the
Company believes that these assumptions were reasonable when made,
because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to
predict and are beyond its control, the Company cannot give assurance
that it will achieve or accomplish these expectations, beliefs or
intentions.

Important factors that, in the Company's view, could cause actual
results to differ materially from those discussed in this press
release include the strength of world economies and currencies,
general market conditions including fluctuations in charter hire
rates and vessel values, changes in demand in the tanker market as a
result of changes in OPEC's petroleum production levels and world
wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, drydocking and insurance costs,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political
events, and other important factors described from time to time in
the reports filed by the Company with the Norwegian over-the-counter
market in Oslo.

The full report is available for download in the link enclosed and on
the Company's website: www.itcl.bm

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
February 26, 2009


Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37 or +47 924 99 386


WEBSITE: WWW.ITCL.BM


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Notification of date of release Q4 2008 results

Company news

2009-02-20 11:10:02

Independent Tankers Corporation Limited's fourth quarter 2008 results
will be released on Friday 27 February, 2009. A press release and a
presentation will be distributed in connection with the release.

Bermuda,
February 20, 2009

ITCL website: http://www.itcl.bm


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Extension of Charter

Company news

2009-02-12 14:40:02

Independent Tankers Corporation (the "Company") is pleased to
announce that BP Shipping Limited ("BP") has extended the charter for
the VLCC British Pioneer for one additional year. As a result the
vessel will trade on a market rate with a minimum of $20,000 per day
from January 2009 until January 2011.

In February 2009, BP extended the charter for the VLCC British
Progress for one year after the fixed period ends in February 2010.
The vessel will continue on a bareboat rate of $24,895 per day until
the fixed period is finished in February 2010, followed by a market
rate with a minimum of $20,000 per day until February 2011.

The two other VLCCs, British Purpose and British Pride are on
bareboat contracts to BP at a fixed rate of $24,895 per day until the
fixed periods end in July 2010 and July 2011, respectively. BP is
required to notify the Company 12 months in advance of the fixed
period ending, if the charter is going to be terminated.

As a consequence of the charter extensions, the charter coverage for
the four VLCCs with BP is 100 percent in 2009 and 88 percent in 2010.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
February 11, 2009


Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management
AS
+47 23 11 40 37

Forward Looking Statements

This press release contains forward looking statements. These
statements are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including the Company's
management's examination of historical operating trends. Although the
Company believes that these assumptions were reasonable when made,
because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to
predict and are beyond its control, the Company cannot give assurance
that it will achieve or accomplish these expectations, beliefs or
intentions.

Important factors that, in the Company's view, could cause actual
results to differ materially from those discussed in this press
release include the strength of world economies and currencies,
general market conditions including fluctuations in charter hire
rates and vessel values, changes in demand in the tanker market as a
result of changes in OPEC's petroleum production levels and world
wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, drydocking and insurance costs,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political
events, and other important factors described from time to time in
the reports filed by the Company with the Norwegian over-the-counter
market in Oslo.


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Q3 Presentation 2008

Company news

2008-11-28 12:30:03

Independent Tankers Corporation Limited (the "Company") advises that
a presentation of its third quarter 2008 results, that were
released November 28, 2008, is available on the Company's website:
http://www.itcl.bm and in the link enclosed.

November 28, 2008


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Third Quarter 2008 Results

Company news

2008-11-28 08:10:02

Highlights

* Independent Tankers reports net income of $2.9 million, equivalent
to earnings per share of $0.04 for the third quarter of 2008.
* Independent Tankers reports net income of $10.0 million, equivalent
to earnings per share of $0.13 for the nine months ended September
30, 2008.
* Independent Tankers bought $38.0 million of Windsor 7.84% term
notes.
* Independent Tankers completes bank loan facilities of $40.6 million
to finance the purchase of the Windsor term notes.

Third Quarter and Nine Month Results 2008

The Board of Independent Tankers Corporation Limited (the "Company"
or "Independent Tankers") announces net income of $2.9 million,
equivalent to earnings per share of $0.04 for the third quarter of
2008. This compares with net income of $3.6 million, equivalent to
earnings per share of $0.05 for the third quarter of 2007 based on
predecessor accounts. The third quarter results include a charge of
$1.8 million in respect of the premium paid on the purchase of
Windsor term notes and $0.2 million in respect of financing charges
in relation to new loan facilities.

The average daily bareboat rate earned in the third quarter by the
Company's VLCCs and the Suezmax tanker Front Voyager were
approximately $26,100 and $7,800, respectively, compared with
approximately $26,100 and $7,900, respectively, in the preceding
quarter.

For the nine months ended September 30, 2008 the Company announces
net income of $10.0 million, equivalent to earnings per share of
$0.13 (2007 comparable nine months: $10.8 million, equivalent to
earnings per share of $0.14). Net interest expense was $16.7 million
(2007 comparable nine months: $19.5 million). At September 30, 2008,
all of the Company's bond debt of $338.7 million is fixed with
interest rates ranging from 6.63% to 8.52%.

In November 2008, the Company has an average cash breakeven rate for
its VLCCs and Suezmax tanker of approximately $21,500 and $5,000 per
vessel, respectively.

Chartering Summary

The double hull VLCCs, Antares Voyager and Phoenix Voyager are on
bareboat contracts to Chevron Transport Corporation and at a fixed
rate of $28,500 per day until December 2010 and March 2011,
respectively. Chevron Transport Corporation has termination options
every second year and the next notice of exercise of options must be
given nine months before December 2010 and March 2011. The final
termination options are in December 2014 and March 2015.

The double hull VLCCs, British Pioneer, British Progress, British
Purpose and British Pride are on bareboat contracts to BP Shipping
Limited and at a fixed rate of $24,895 per day until January 2009,
February 2010, July 2010 and July 2011, respectively. After the fixed
rate all the vessels will start trading at a market rate with a
minimum rate of $20,000 per day.

Until April 2009, the single hull Suezmax tanker Front Voyager is on
a bareboat rate of $4,242 per day on a cash basis to Frontline Ltd.
("Frontline"). Frontline has a right to extend for one more year on a
cash basis at $4,988 until April, 2010 and thereafter five annual
options. The charter party is being accounted for as a four year
operating lease from April 1, 2006 and the estimated income is being
amortized on a straightline basis giving a rate of $7,900 per day.

Other Matters

In October 2008, Dresdner Kleinwort Leasing gave notice of
termination for the UK tax lease agreement for the VLCC British
Pioneer. The leasing agreement will effectively be terminated January
2, 2009. At September 30, 2008 the obligation under the lease was
$79.2 million and the termination is cash neutral for the Company.
The Company will acquire the vessel concurrent with the lease
termination and the existing bareboat to BP Shipping Limited will
remain in place.

In July and August 2008, Independent Tankers purchased as part of the
restructuring process of the Company $38 million of the $239.1
million Windsor term notes at a premium of 104.75% over par value,
equivalent to approximately $1.8 million. Independent Tankers
completed two short term bank loan facilities for a total of $40.6
million in order to finance the purchase of the term notes.

The Company has also entered into a short term overdraft facility of
$5 million in order to cover short term liquidity requirements.

74,825,166 ordinary shares were outstanding as of September 30, 2008,
and the weighted average number of shares outstanding for the quarter
was 74,825,166.

The Market

The average market rate for VLCCs from MEG to Japan in the third
quarter was approximately WS 148 ($96,500 per day) compared to
approximately WS 173 ($130,000 per day) in the second quarter of
2008. The average rate for Suezmaxes from WAF to USAC in the third
quarter was approximately WS 204 ($69,500 per day), compared to
approximately WS 213 ($78,800 per day) in the second quarter of 2008.

In November, 2008 the International Energy Agency ("IEA") reported an
average OPEC oil production, including Iraq, of 32.4 million barrels
per day during the third quarter of the year, a 0.2 million barrels
per day increase from the second quarter. The next OPEC meeting is
scheduled to take place on December 17, 2008.

IEA further estimates that world oil demand averaged 85.5 million
barrels per day in the third quarter, a 0.3 percent decrease from the
second quarter of 2008. IEA predicts that the average demand for 2008
in total will be 86.2 million barrels per day, or a 0.1 percent
growth from 2007. The growth for 2009 is estimated to 0.4 percent.

According to Fearnleys, the VLCC fleet totalled 490 vessels at the
end of the third quarter with five deliveries during the quarter.
There are 16 additional deliveries expected in 2008. The total order
book amounted to 241 vessels at the end of the third quarter, up from
215 vessels after the second quarter of 2008. The current orderbook
represents about 49 percent of the VLCC fleet. One VLCC was deleted
from the trading fleet whilst 31 VLCCs were ordered during the
quarter. The single hull fleet amounted to 113 vessels at the end of
the third quarter.

The Suezmax fleet totalled 346 vessels at the end of the quarter, up
from 344 vessels after the second quarter of 2008, a 0.6 percent
fleet increase over the quarter. No Suezmaxes were deleted from the
trading fleet, 13 Suezmaxes were ordered and two deliveries took
place in the quarter. The total orderbook amounted to 174 vessels at
the end of the quarter, an increase of 11 from the end of the first
quarter. There are seven additional deliveries expected in 2008. The
orderbook represents approximately 50 percent of the current Suezmax
fleet. The single hull fleet amounted to 37 vessels at the end of the
third quarter.

Strategy

The Company's strategy will mainly be concentrated around long term
charters to reputable companies and for the time being BP Shipping
Limited, Chevron Transport Corporation and Frontline.

The Board still feels that the stock price is not reflecting the
value of the underlying assets in the Company and have been working
on different alternatives, including strategic options in order
reduce this differential. The Company has been involved in several
discussions regarding strategic changes during the quarter, but due
to the challenging financial and equity markets, no results have been
achieved in this dialogue.

Outlook

The quarterly earnings for the fourth quarter of 2008 are expected to
be in line with the third quarter of 2008. From 2009, the Board
anticipates improved results as a consequence of the VLCC British
Pioneer coming off a fixed charter rate in January 2009 and starting
to trade at a market rate with a minimum rate of $20,000 per day. Two
more VLCCs will start trading at a market rate during 2010 and one
more in 2011.

The Company's charter coverage is 100 percent for the fourth quarter
2008. The Company has low cash breakeven rates and the vessels are
fully financed through the US bond market with maturity from 2015 to
2021.

The combination of fixed bareboat and market rates, for the six VLCCs
in the next couple of years and the fact that the Company is fully
financed creates a solid platform for the Company going forward.

The main focus of the Company going forward will be to find solutions
to get access to the locked up future cash flows.

Forward Looking Statements

This press release contains forward looking statements. These
statements are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including the Company's
management's examination of historical operating trends. Although the
Company believes that these assumptions were reasonable when made,
because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to
predict and are beyond its control, the Company cannot give assurance
that it will achieve or accomplish these expectations, beliefs or
intentions.

Important factors that, in the Company's view, could cause actual
results to differ materially from those discussed in this press
release include the strength of world economies and currencies,
general market conditions including fluctuations in charter hire
rates and vessel values, changes in demand in the tanker market as a
result of changes in OPEC's petroleum production levels and world
wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, drydocking and insurance costs,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political
events, and other important factors described from time to time in
the reports filed by the Company with the Norwegian over-the-counter
market in Oslo.

The full report is available for download in the link enclosed and on
the Company's website: www.itcl.bm

November 27, 2008
The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda

Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37 or +47 924 99 386


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Notification of date of release Q3 2008 results

Company news

2008-11-21 15:50:02

Independent Tankers Corporation Limited's third quarter 2008 results
will be released on Friday 28 November, 2008. A press release and a
presentation will be distributed in connection with the release.

Bermuda,
November 21, 2008

ITCL website: http://www.itcl.bm


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

ITCL - Notification of trade

Company news

2008-08-28 09:10:03

Bengt Neteland, Vice President Finance in Frontline Management AS,
has on August 27, 2008 acquired 35,000 shares in Independent Tankers
Corporation Limited (ITCL) at a price of NOK 8.00 per share. After
this trade, Mr. Neteland owns 65.000 shares in the company. In
addition, Mr. Neteland has options for 1.000.000 shares.

Oslo, 28 August 2008

ITCL - Q2 Presentation 2008

Company news

2008-08-27 14:30:02

Independent Tankers Corporation Limited (the "Company") advises that
a presentation of its second quarter 2008 results, that were
released August 27, 2008, is available on the Company's website:
http://www.itcl.bm and in the link enclosed.

Hamilton, Bermuda
August 27, 2008

ITCL - Second Quarter 2008 Rersults

Company news

2008-08-27 08:50:02

Highlights

* Independent Tankers reports net income of $3.5 million, equivalent
to earnings per share of $0.05 for the second quarter of 2008.
* Independent Tankers reports net income of $7.2 million, equivalent
to earnings per share of $0.10 for the six months ended June 30,
2008.
* In June 2008, Chevron Transport Corporation chose not to declare
the termination option for the VLCC Phoenix Voyager.

Introduction

Independent Tankers Corporation Limited (the "Company" or
"Independent Tankers") was incorporated on Bermuda on January 18,
2008 and the shares have traded in the Norwegian over-the-counter
market since March 7, 2008. Independent Tanker's business is mainly
concentrated around the ownership and operation of crude oil tankers
on long term bareboat contracts, which include certain cancellation
options to major oil companies. Independent Tankers owns or leases
six VLCC's and four Suezmax tankers. All vessels are financed through
bonds in the US market and some of the vessels are also subject to
financial lease arrangements. Our main shareholder Frontline Ltd.
("Frontline") owns approximately 83% of the Company.

Second Quarter and Six Month Results 2008

The Board of Independent Tankers announces a net income of $3.5
million, equivalent to earnings per share of $0.05 for the second
quarter of 2008. This compares with a net income of $4.0 million,
equivalent to earnings per share of $0.05 for the second quarter of
2007 based on predecessor accounts.

The average daily bareboat rate earned in the second quarter by the
Company's VLCCs and the Suezmax tanker Front Voyager were
approximately $26,100 and $7,900 respectively compared with
approximately $26,100 and $8,000, respectively in the preceding
quarter.

For the six months ended June 30, 2008 the Company announces net
income of $7.2 million, equivalent to earnings per share of $0.10
(2007 comparable six months $7.3 million, equivalent to earnings per
share of $0.10). Net interest expense was $12.2 million (2007
comparable six months: $13.0 million). At June 30, 2008 all of the
Company's bond debt of $390.5 million is fixed with interest rates
ranging from 6.56% to 8.52%.

As all cash is restricted there was no movement in cash and cash
equivalents in the quarter. In August 2008, the Company has an
average cash breakeven rate for its VLCCs and Suezmax tanker of
approximately $21,400 and $4,900 per vessel, respectively.

Charter development

In April 2008, Front Voyager, Inc., a subsidiary of Frontline, has
extended the charter party with Calpetro Tankers (Bahamas III) Ltd.
for the single hull Suezmax tanker, Front Voyager, for one year from
April 1, 2008 at a bareboat rate of $4,242 per day on a cash basis.
The charter party is being accounted for as a four year operating
lease from April 1, 2006 and the estimated income is being amortized
on a straightline basis giving a rate of $7,900 per day.

In June 2008, Chevron Transport Corporation chose not to declare the
termination option for the VLCC Phoenix Voyager, and the vessel will
continue to be on a bareboat rate of $28,500 per day until March
2011.

Other Matters

In July 2008, the Board of Independent Tankers approved a grant of
300,000 share options to the board member Ajay Khandelwal, with a
subscription price of NOK 10.0 per share. The options vest one third
each year over three years, and the option period is set to five
years.

74,825,166 ordinary shares were outstanding as of June 30, 2008 and
the weighted average number of shares outstanding for the quarter was
also 74,825,166.


The Market

The tanker market has shown high volatility so far in the third
quarter. Average day rates for VLCC have according to Clarkson been
$108,000 so far in the third quarter compared to $30,000 in the third
quarter 2007. The market has during the last weeks shown a temporary
negative development.

Bunkers at Fujairah averaged approximately $578/mt in the second
quarter with a low of approximately $495/mt and a high of
approximately $680/mt. The average bunker price at Fujairah so far in
the third quarter is $713/mt, according to Platts, while present
quotes are $657/mt.

The International Energy Agency (IEA) reported in August 2008 an
average OPEC oil production, including Iraq, of 32.2 million barrels
per day during the second quarter of the year, a 0.2 million barrels
per day decrease from the first quarter. The next OPEC meeting is
scheduled to take place on September 9, 2008.

IEA further estimates that world oil demand averaged 86.1 million
barrels per day in the second quarter, a 0.8 percent decrease from
the first quarter of 2008. IEA predicts that the average demand for
2008 in total will be 86.9 million barrels per day, or a 0.9 percent
growth from 2007, hence showing a continued demand growth.

According to Fearnleys, the VLCC fleet totalled 486 vessels at the
end of the second quarter with five deliveries during the quarter.
There are 24 additional deliveries expected in 2008. The total order
book amounted to 208 vessels at the end of the second quarter, up
from 185 vessels after the first quarter of 2008. The current
orderbook represents about 43 percent of the VLCC fleet. Seven VLCCs
were deleted from the trading fleet whilst 28 VLCCs were ordered
during the quarter. The single hull fleet amounted to 117 vessels at
the end of the second quarter.

Strategy

The Company's strategy will mainly be concentrated around long term
charters to reputable companies and for the time being BP Shipping
Limited, Chevron Transport Corporation and Frontline.

The Board feels that the stock price is not reflecting the value of
the underlying assets in the Company, and is working on different
alternatives including strategic options in order reduce this
differential.

Outlook

The quarterly earnings for the remainder of the year are expected to
be in line with the second quarter of 2008. From January 2009 the
Board anticipates stronger results as a consequence of the VLCC
British Pioneer coming off a fixed charter rate and starting to trade
at a market rate with a minimum rate of $20,000 per day. On the basis
of the Imarex TD3 forward rate (CAL 09) as per August 26, 2008
including an increase in forward flat rate of 38.1%, the estimated
charter rate is approximately $68,000 per day, compared to present
charter today of approximately $33,000 (including opex) per day. The
difference on a yearly basis of $12.8 million is equivalent to
incremental earnings per share of approximately $0.17. In addition,
three further VLCC vessels will start trading at a market rate during
2010.

The Company is well financed and anticipates strong increase in cash
flow in the years to come.

Forward Looking Statements

This press release contains forward looking statements. These
statements are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including the Company's
management's examination of historical operating trends. Although the
Company believes that these assumptions were reasonable when made,
because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to
predict and are beyond its control, the Company cannot give assurance
that it will achieve or accomplish these expectations, beliefs or
intentions.

Important factors that, in the Company's view, could cause actual
results to differ materially from those discussed in this press
release include the strength of world economies and currencies,
general market conditions including fluctuations in charter hire
rates and vessel values, changes in demand in the tanker market as a
result of changes in OPEC's petroleum production levels and world
wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, drydocking and insurance costs,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political
events, and other important factors described from time to time in
the reports filed by the Company with the Norwegian over-the-counter
market in Oslo.

The full report is available in the link below and on the Company's
website: http://www.itcl.bm

August 26, 2008
The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda

Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37 or +47 924 99 386

ITCL - Notification of date of release Q2 2008 results

Company news

2008-08-19 10:00:04

Independent Tankers Corporation Limited's second quarter 2008 results
will be released on Wednesday 27 August, 2008. A press release and a
presentation will be distributed in connection with the release.

Bermuda,
August 19, 2008

ITCL - Filing of Annual Reports on Form 20-F

Company news

2008-07-01 13:50:02

Independent Tankers Corporation Limited (the "Company") announces
that the following companies have filed the annual report on Form
20-F for the year ended December 31, 2007:

GOLDEN STATE PETRO (IOM I - A) PLC - Owner of Antares Voyager
GOLDEN STATE PETRO (IOM I - B) PLC - Owner of Phoenix Voyager
CALPETRO TANKERS (BAHAMAS I) LIMITED - Owner of Cygnus Voyager
CALPETRO TANKERS (BAHAMAS II) LIMITED - Owner of Altair Voyager
CALPETRO TANKERS (BAHAMAS III) LIMITED - Owner of Front Voyager
CALPETRO TANKERS (IOM) LIMITED - Owner of Sirius Voyager

The annual reports can be downloaded from the Company's website
www.itcl.bm -> Investor Relations -> SEC Filings.

July 1, 2008
The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda

Questions should be directed to:

Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 00

ITCL - Q1 Presentation 2008

Company news

2008-05-30 11:10:03

Independent Tankers Corporation Limited (ITCL) advises that a
presentation of its first quarter 2008 results, that were released
May 30, 2008, is available on the Company's website:
http://www.itcl.bm and in the link enclosed.

Hamilton, Bermuda
May 30, 2008

ITCL - First Quarter 2008 Results

Company news

2008-05-30 09:20:03

Highlights

* Independent Tankers was established on January 18, 2008.
* Shares in Independent Tankers were registered on the Norwegian
over-the-counter market on March 7, 2008.
* Independent tankers reports net income of $3.7 million and earnings
per share of $0.05 for the first quarter of 2008.
* In January 2008, BP Shipping Limited extended the charter for the
VLCC British Pioneer for one year after the fixed period ends in
January 2009. After January 2009, the vessel will trade on a market
rate, with a minimum of $20,000 per day.
* In March 2008, Chevron Transport Corporation chose not to declare
the termination option for the VLCC Antares Voyager.
* In April 2008, Chevron Transport Corporation chose not declare the
termination option for the Suezmax vessel Cygnus Voyager.
* In April 2008, Front Voyager Inc. declared a one year extension of
the charter for the Suezmax vessel Front Voyager.

Introduction

Independent Tankers Corporation Limited (the "Company" or
"Independent Tankers") was incorporated on Bermuda on January 18,
2008 and the shares have traded on the Norwegian over-the-counter
market, since March 7, 2008. Independent Tanker's business is mainly
concentrated on the ownership and operation of crude oil tankers on
long term bareboat contracts, which include certain cancellation
options to major oil companies. Independent Tankers owns or leases
six VLCC's and four Suezmax tankers. All vessels are financed through
bonds in the US market and some of the vessels are also subject to
financial lease arrangements.

First Quarter 2008 Results

The Board of Independent Tankers announces a net income of $3.7
million and earnings per share of $0.05 for the first quarter of
2008. This compares with a net income of $3.1 million and earnings
per share of $0.04 for the first quarter of 2007 based on predecessor
combined accounts.

The average daily bareboat rate earned by the Company's VLCCs and the
Suezmax tanker were approximately $26,100 and $7,800, respectively
compared with approximately $26,100 and $7,700, respectively in the
preceding quarter.

Net operating income for the first quarter was $10.0 million (2007
comparable quarter predecessor combined accounts: $9.9 million) and
net interest expense for the quarter was $6.2 million (2007
comparable quarter predecessor combined accounts: $6.8 million). At
March 31, 2008, all of the Company's debt is fixed rate with interest
rates ranging from 6.56% to 8.52%.

British Pioneer owned by Buckingham Shipping PLC lease ends on
January 15, 2009. The lease obligation of $86.9 million has therefore
been classified as a current lease obligation.

As all cash is restricted there was no movement in cash and cash
equivalents in the quarter. In May 2008, the Company has an average
cash breakeven rate for its VLCCs and Suezmax tanker (Front Voyager)
of approximately $21,900 and $4,900 per vessel, respectively.

Charter development

In January 2008, BP Shipping Limited extended the charter for the
VLCC British Pioneer for one year after the fixed period ends in
January 2009. The vessel will continue to be on a bareboat rate of
$24,895 per day until the fixed period is finished in January 2009
and then followed by a market rate with a minimum of $20,000 per day
until January 2010.

In March 2008, Chevron Transport Corporation chose not to declare the
termination option for the VLCC Antares Voyager and the vessel will
continue to be on a bareboat rate of $28,500 per day until December
2010.

In April 2008, Chevron Transport Corporation chose not to declare the
termination option for the Suezmax vessel Cygnus Voyager, and the
bareboat charter will continue until 2015.

In April 2008, Front Voyager, Inc., a subsidiary of Frontline Ltd.,
has extended the charter party with Calpetro Tankers (Bahamas III)
Ltd. for the single hull Suezmax tanker, Front Voyager, for one year
from April 1, 2008 at an average daily bareboat rate of $4,242.

Other Matters

The Board of Independent Tankers has engaged the Vice President
Finance in Frontline Management AS Bengt Neteland (35) as the
dedicated person to focus on the restructuring process of the
Company. Mr. Neteland holds an MSc from the Norwegian School of
Economics and Business Administration (NHH) and has worked for
Frontline Management AS the last three years.

In May, 2008 the Board of Independent Tankers approved a grant of
1,000,000 share options to Mr. Neteland with a subscription price of
NOK 10.0 per share. The options vest one third each year over three
years, and the option period is set to five years. In addition,
500,000 share options have been reserved at the same subscription
price and will be allocated on the Board's discretion.

74,825,166 ordinary shares were outstanding as of March, 31 2008 and
the weighted average number of shares outstanding for the quarter was
also 74,825,166.

The Market

The average market rate for VLCCs from MEG to Japan in the first
quarter was approximately WS 126 ($86,000 per day) compared to
approximately WS 117 ($78,900 per day) in the fourth quarter of 2007.
The average rate for Suezmaxes from WAF to USAC in the first quarter
was about WS 145 ($47,400 per day), compared to about WS 140 ($45,800
per day) in the fourth quarter of 2007.

Bunkers at Fujairah averaged about $485/mt in the first quarter with
a low of about $447/mt and a high of approximately $515/mt.

The International Energy Agency (IEA) reported in May 2008 an average
OPEC oil production, including Iraq, of 32.3 million barrels per day
during the first quarter of the year, a 0.8 million barrels per day
increase from the fourth quarter. The next OPEC meeting is scheduled
to take place on September 9, 2008.

IEA further estimates that world oil demand averaged 86.6 million
barrels per day in the first quarter, a 0.4 percent decrease from the
fourth quarter of 2007. IEA predicts that the average demand for 2008
in total will be 86.8 million barrels per day, or a 1.2 percent
growth from 2007, hence showing a firm belief in continued demand
growth.

According to Fearnleys, the VLCC fleet totalled 486 vessels at the
end of the first quarter with seven deliveries during the quarter.
There are 32 additional deliveries expected in 2008. The total
orderbook amounted to 184 vessels at the end of the first quarter, up
from 177 vessels after the fourth quarter of 2007. The current
orderbook represents about 38 percent of the VLCC fleet. Seven VLCCs
were deleted from the trading fleet whilst 14 VLCCs were ordered
during the quarter. The single hull fleet amounted to 126 vessels at
the end of the first quarter.

The Suezmax fleet totalled 339 vessels at the end of the quarter,
down from 344 vessels after the fourth quarter of 2007, a 1.4 percent
fleet decrease over the quarter. Seven Suezmaxes were deleted from
the trading fleet, no Suezmaxes were ordered and two deliveries took
place in the quarter. The total orderbook amounted to 134 vessels at
the end of the quarter, a decrease of two from the end of the fourth
quarter. There are 17 additional deliveries expected in 2008. The
orderbook represents approximately 39 percent of the current Suezmax
fleet. The single hull fleet amounted to 38 vessels at the end of the
first quarter.

Strategy

The Company's strategy will mainly be concentrated around long term
charter to reputable companies, for the time being BP Shipping
Limited, Chevron Transport Corporation and Frontline Ltd. In order to
enhance shareholder value the Company's short and medium strategy
would be to focus on restructuring the Company's debt as well as
trying to renegotiate charter terms.

Outlook

The quarterly earnings for the remainder of the year will be in line
with first quarter of 2008. From January 2009 the Board anticipate
stronger results as a consequence of the VLCC vessel British Pioneer
coming off a fixed charter rate and staring to trade at a market
rate. The Imarex TD3 forward market rate for 2009, as of 28 May 2008,
was approximately $76,000 per day, which is favorable compared to
present charter of approximately $33,000 (including opex) per day.
Further three VLCC vessels will start trading at a market rate during
2010.

Forward Looking Statements

This press release contains forward looking statements. These
statements are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including the Company's
management's examination of historical operating trends. Although the
Company believes that these assumptions were reasonable when made,
because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to
predict and are beyond its control, the Company cannot give assurance
that it will achieve or accomplish these expectations, beliefs or
intentions.

Important factors that, in the Company's view, could cause actual
results to differ materially from those discussed in this press
release include the strength of world economies and currencies,
general market conditions including fluctuations in charter hire
rates and vessel values, changes in demand in the tanker market as a
result of changes in OPEC's petroleum production levels and world
wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, drydocking and insurance costs,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political
events, and other important factors described from time to time in
the reports filed by the Company with the Norwegian over-the-counter
market in Oslo.

The full report is available in the link below and on the Company's
website: http://www.itcl.bm

May 29, 2008
The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda

Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37 or +47 924 99 386

ITCL - Notification of date of release of Q1 2008 Results

Company news

2008-05-26 16:20:03

Independent Tankers Corporation Limited's first quarter 2008 results
will be released on Friday May 30, 2008. A press release and a
presentation will be sent out before the market opens.

Bermuda
May 26, 2008

ITCL: Independent Tankers Corporation Limited is registered on the NOTC-list

Company news

2008-03-06 16:40:35

Independent Tankers Corporation Limited is registered on the NOTC-list as from the 7th of March 2008.
Ticker: ITCL. ISIN: BMG4758V1000. The company has issued 74 825 169 shares. Par value per share is USD 0.3.
The company has entered into an agreement whereby it will be able to use the reporting system as from the 7th of March 2008.
ITC owns all the issued and outstanding shares of the three ship-owning companies; California Petroleum Transport Corporation, Golden State Petroleum Transport Corporation, and Windsor Petroleum Transport Corporation. ITC’s business is concentrated around the ownership of tankers on long term bareboat contracts to major oil companies, including certain cancellation options. All vessels are financed through bonds and some of the vessels are also subject to lease arrangements. ITC purchases all necessary management services from Frontline.