|  Name                              | Country ofIncorporation | Ownership andVoting Percentage |
|-----------------------------------------|-------------------------|--------------------------------|
|                                    |                    |                           |
| Frontline Shipping Limited              | Bermuda                 | 100%                           |
| Frontline Shipping II Limited           | Bermuda                 | 100%                           |
| Key Chartering Inc                      | Liberia                 | 100%                           |
| Frontline Chartering Services Inc       | Liberia                 | 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%                         |
| Buckingham Shipping Plc                 | Isle of Man             | 100%                           |
| Buckingham Petro Limited                | Isle of Man             | 100%                           |
| Caernarfon Shipping Plc                 | Isle of Man             | 100%                           |
| Caernarfon Petro Limited                | 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%                           |
| 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%                           |
| Holyrood Petro Limited                  | Isle of Man             | 100%                           |
| Sandringham Shipping Plc                | Isle of Man             | 100%                           |
| Sandringham Petro Limited               | Isle of Man             | 100%                           |
| Front Hermod Inc                        | Liberia                 | 100%                           |
| Front Ran Inc                           | Liberia                 | 100%                           |
| Golden Channel Corporation              | Liberia                 | 100%                           |
| Kea Navigation Ltd                      | Liberia                 | 100%                           |
| Otina Inc.                              | Liberia                 | 100%                           |
| Optimal Shipping SA                     | Liberia                 | 100%                           |
| Bandama Investment Ltd                  | Liberia                 | 100%                           |
| Sea Team Management Pte. Ltd            | Singapore               | 75%                            |
| Sea Team Management (India) Pvt. Ltd    |  India             |  99%                      |
| Chatham Ship Management, Inc.           | Liberia                 | 100%                           |
| Frontline Management AS                 | Norway                  | 100%                           |
| Orion Tankers Limited                   | Bermuda                 | 50%                            |
| Frontline 2012 Ltd.                     | Bermuda                 | 8.8%                           |