Independent Tankers Corporation Limited reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company reported total operating revenues of $17,438,000 compared to $15,758,000 a year ago. Operating income was $4,288,000 compared to $3,735,000 a year ago. Net loss was $1,396,000 or $0.02 basic and diluted per share compared to $2,341,000 or $0.03 basic and diluted per share a year ago. Net cash provided by operating activities was $265,000 compared to net cash used in operating activities of $11,834,000 a year ago. The increase in the loss is primarily due to a decrease in the earnings from the two vessels operating in the spot market.

For the nine months period, the company reported total operating revenues of $52,194,000 compared to $54,010,000 a year ago. Operating income was $14,996,000 compared to $12,843,000 a year ago. Net income was $5,781,000 or $0.08 basic and diluted per share compared to net loss of $4,685,000 or $0.06 basic and diluted per share a year ago. Net cash used in operating activities was $10,364,000 compared to $228,000 a year ago.