Independent Tankers Corporation Limited reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported net loss of $2,277,000 or $0.03 basic loss per share on total operating revenue of $15,421,000 compared to net profit of $5,512,000 or $0.07 basic earnings per share on total operating revenue of $12,328,000 for the same period a year ago. Operating income was $4,066,000 compared to $7,482,000 for the same period a year ago. Net cash provided by operating activities was $9,935,000 compared to $15,017,000 for the same period a year ago. For the year, the company reported net profit of $3,504,000 or $0.05 basic earnings per share on total operating revenue of $67,615,000 compared to net profit of $15,479,000 or $0.20 basic earnings per share on total operating revenue of $55,097,000 for the same period a year ago. Operating income was $19,062,000 compared to $36,245,000 for the same period a year ago. Net cash used in operating activities was $429,000 compared to net cash provided by operating activities of $20,174,000 for the same period a year ago. The decrease in net income is mainly attributable to a reduction in vessel earnings of $17.3 million, due mainly to two vessels switching from fixed bareboat charters to the spot market, offset by an increase of $5.2 million relating to the termination of funding agreements.