|  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       | 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%                         |
| Independent      Tankers Corporation         | Cayman      Islands     | 100%                           |
| 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%                           |
| 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      Sovereign Inc.                    | Liberia                 | 100%                           |
| Front      Monarch 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%                           |
| Front      Voyager Inc.                      | 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%                           |
| Sea      Team Management Pte. Ltd            | Singapore               | 100%                           |
| Sea      Team Management (India) Pvt. Ltd    |  India             |  99%                      |
| Vista      International Finance, Inc.       | Liberia                 | 100%                           |
| Chatham      Ship Management, Inc.           | Liberia                 | 100%                           |
| Frontline      Management AS                 | Norway                  | 100%                           |