ITLC - Second Quarter and Six Months 2014 Results

 Highlights

• Independent Tankers reports a net loss of $4.7 million, equivalent to a loss per share of $0.06, for the second quarter of 2014.
• Independent Tankers reports a net loss of $23.1 million, equivalent to a loss per share of $0.31, for the six months ended June 30, 2014.

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 and has four vessels operating in the spot market. Independent Tankers owns five VLCC's and three Suezmax tankers. All vessels are financed through bonds in the U.S. market. The main shareholder is Frontline Ltd. ("Frontline") with an ownership of approximately 83 percent.

Second Quarter and Six Months 2014 Results

The Board of Independent Tankers announces a net loss of $4.7 million, equivalent to a loss per share of $0.06, for the second quarter of 2014 compared with a loss of $18.5 million, equivalent to a loss per share of $0.25, for the preceding quarter. The net loss in the first quarter includes a loss on the sale of the Ulysses of $15.7 million. The average daily time charter equivalent rate earned in the second quarter by the VLCCs trading in the spot market was $15,100 compared with $26,100 in the preceding quarter. The average daily bareboat rate earned in the second quarter by the Company's VLCCs was $19,900 compared with $20,000 in the preceding quarter.

The Board of Independent Tankers announces a net loss of $23.1 million, equivalent to a loss per share of $0.31, for the six months ended June 30, 2014. This compares with a net loss of $5.9 million, equivalent to a loss per share of $0.08 for the six months ended June 30, 2013. The increase in the loss is primarily attributable to the loss on the sale of the Ulysses of $15.7 million in the first quarter. The average daily time charter equivalent rate earned in the six months ended June 30, 2014 by the VLCCs trading in the spot market was $20,300 compared with $12,900 in the six months ended June 30, 2013. The average daily bareboat rate earned in the six months ended June 30, 2014 by the Company's VLCCs was $21,000 which was the same as in six months ended June 30, 2013.