Independent Tankers Corporation Limited announced preliminary earnings results for the fourth quarter and full year ended December 31, 2009. For the quarter, the company reported net income of $4.4 million or $0.06 per share compared 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. For the full year, the company reported 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.

Independent Tankers Corporation Limited reported earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income of $4.3 million, equivalent to earnings per share of $0.06. 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. For the nine months period, the company reported net income of $11.4 million, equivalent to earnings per share of $0.15 compared to $10.0 million, equivalent to earnings per share of $0.13 for the same period a year ago.

Independent Tankers Corporation Limited announced that they will report Q4, 2009 results on February 26, 2010.