Independent Tankers Corporation Limited announced earnings results for the first quarter of 2014. The company reported a net loss of $18.5 million, equivalent to a loss per share of $0.25, for the first quarter of 2014 compares with a net loss of $5.8 million, equivalent to a loss per share of $0.08 for the preceding quarter. The net loss in the first quarter includes a loss on the sale of the Ulysses of $15.7 million.

The company reported a net loss of $2.7 million when excluding loss on the sale of vessels, equivalent to a loss per share of $0.04.