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On July 1, 2003, Frontline purchased a call option for $10.0 million to acquire all of the shares of Independent Tankers Corporation, Cayman Island or ITC from Hemen Holding Ltd., or Hemen for a total consideration of $4.0 million plus 4% interest per year. Hemen is indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family.

On May 27, 2004 Frontline Ltd. exercised this purchase option and acquired all of the shares of ITC. ITC operates a total of six VLCCs and four Suezmax tankers, which are mainly on long-term charters to subsidiaries of BP Shipping Limited and Chevron Transport Corporation, or Chevron.

In 2006, the Front Voyager was redelivered from Chevron and is now on bareboat charter to Front Voyager Inc, a subsidiary of Frontline Ltd.

On 18 January 2008, Frontline Ltd. incorporated Independent Tankers Corporation Limited ("ITCL") in Bermuda with authorized share capital of $200 million being 666,666,667 shares at par value of $0.30.

The shares in ITCL were registered on the Norwegian over-the-counter market on March 7, 2008.

Our main shareholder Frontline Ltd. currently owns 82.47% of our outstanding shares.

ITC subsidiaries are financed by Term and Serial Notes. These notes mature between 2008 and 2021 and are secured by ITCL's vessels and long-term charters. Interest is payable on the Notes at fixed rates which range between 6.6% and 8.52%.