|  Name                                   | Country      ofIncorporation | Ownership      andVoting      Percentage |
|----------------------------------------------|------------------------------|------------------------------------------|
|                                         |                         |                                     |
|                                         |                         |                                     |
| Frontline Shipping      Limited              | Bermuda                      | 100%                                     |
| Frontline Shipping II      Limited           | Bermuda                      | 100%                                     |
| Frontline Shipping III      Limited          | Bermuda                      | 100%                                     |
| Key Chartering      Inc                      | Liberia                      | 100%                                     |
| Frontline Chartering Services      Inc       | Bermuda                      | 100%                                     |
| Frontline Management (Bermuda)      Ltd      | Bermuda                      | 100%                                     |
| ICB Shipping (Bermuda)      Limited          | Bermuda                      | 100%                                     |
| Frontline Tankers      Limited               | Bermuda                      | 100%                                     |
| Frontline Corporate Services      Ltd        | United    Kingdom            | 100%                                     |
| Independent Tankers Corporation      Limited | Bermuda                      | 82.47%                                   |
| Independent Tankers      Corporation         | Cayman    Islands            | 100%                                     |
| Buckingham Shipping      Plc                 | Isle of Man                  | 100%                                     |
| Caernarfon Shipping      Plc                 | Isle of Man                  | 100%                                     |
| CalPetro Tankers (IOM)      Ltd              | Isle of Man                  | 100%                                     |
| CalPetro Tankers (Bahamas I)      Ltd        | Bahamas                      | 100%                                     |
| CalPetro Tankers (Bahamas II)      Ltd       | Bahamas                      | 100%                                     |
| CalPetro Tankers (Bahamas III)      Ltd      | Bahamas                      | 100%                                     |
| Golden State Petro (IOM      I-A) PLC        | Isle of Man                  | 100%                                     |
| Golden State Petro (IOM      I-B) PLC        | Isle of Man                  | 100%                                     |
| Holyrood Shipping      Plc                   | Isle of Man                  | 100%                                     |
| Sandringham Shipping      Plc                | Isle of Man                  | 100%                                     |
| Front Dawn    Inc                            | Liberia                      | 100%                                     |
| Front Delight      Inc                       | Liberia                      | 100%                                     |
| Front Destiny      Inc                       | Liberia                      | 100%                                     |
| Front Dragon      Inc                        | Liberia                      | 100%                                     |
| Front Dynamic      Inc                       | Liberia                      | 100%                                     |
| Front Dynasty      Inc                       | Liberia                      | 100%                                     |
| Front King    Inc                            | Liberia                      | 100%                                     |
| Front Loki    Inc                            | Liberia                      | 100%                                     |
| Front Njord    Inc                           | Liberia                      | 100%                                     |
| Front Odin    Inc                            | Liberia                      | 100%                                     |
| Front Queen    Inc                           | Liberia                      | 100%                                     |
| Front Thor    Inc                            | Liberia                      | 100%                                     |
| Front Alfa    Inc                            | Liberia                      | 100%                                     |
| Front Beta    Inc                            | Liberia                      | 100%                                     |
| Front Delta    Inc                           | Liberia                      | 100%                                     |
| Front Fighter      Inc                       | Liberia                      | 100%                                     |
| Front Hunter      Inc                        | Liberia                      | 100%                                     |
| Front Shanghai      Inc                      | Liberia                      | 100%                                     |
| Front Eagle      Corporation                 | Liberia                      | 100%                                     |
| Golden Channel      Corporation              | Liberia                      | 100%                                     |
| Kea Navigation      Ltd                      | Liberia                      | 100%                                     |
| Otina Inc.                                   | Liberia                      | 100%                                     |
| Optimal Shipping      SA                     | Liberia                      | 100%                                     |
| Pablo Navigation      SA                     | Liberia                      | 100%                                     |
| Ryan Shipping      Corporation               | Liberia                      | 100%                                     |
| Saffron Rose Shipping      Limited           | Liberia                      | 100%                                     |
| Tidebrook Maritime      Corporation          | Liberia                      | 100%                                     |
| Bandama Investment      Ltd                  | Liberia                      | 100%                                     |
| Frontline Management      AS                 | Norway                       | 100%                                     |