Crude Carriers Corp. Announces Shareholder Approval of
Merger Agreement with Capital Product Partners L.P.

Athens, Greece – September 20, 2011 – Crude Carriers Corp. (“Crude”) (NYSE: CRU) announced today that, at a special meeting of Crude shareholders held today in Piraeus, Greece, its shareholders have approved the proposal to adopt the merger agreement dated May 5, 2011 providing for the acquisition of Crude by Capital Product Partners L.P. (“CPLP”) in a unit-for-share transaction with Crude shareholders receiving 1.56 CPLP common units for each Crude share.

The consummation of the merger was subject to approval by: (i) the holders of a majority of the voting power of the shares of Crude common stock and Crude Class B stock, voting together as a single class; (ii) the sole holder of the shares of Crude Class B stock, voting as a separate class; and (iii) the holders of a majority of the voting power of the shares of Crude common stock held by unaffiliated shareholders who are not affiliates of either Crude or CPLP, voting separately.

According to the final tally of shares voted, approximately 8,447,729 shares of Crude common stock and 2,105,263 shares of Crude Class B stock voted for the approval of the proposal to adopt the merger agreement, representing approximately 60.8 percent and 100 percent, respectively, of the shares outstanding and entitled to vote. Also, approximately 8,293,729 shares of Crude common stock held by unaffiliated shareholders voted for the approval of the proposal to adopt the merger agreement, representing approximately 60.3 percent of such shares outstanding and entitled to vote and 97.9 percent of the votes cast.

Crude expects that the merger will be completed on or about September 30, 2011.

About Crude Carriers Corp.
Crude Carriers Corp. (NYSE: CRU) is a Marshall Islands corporation focusing on the maritime transportation of crude oil cargoes. The company owns a modern, high specification fleet of crude oil tankers, which currently comprises two VLCC (Very Large Crude Carrier) and three Suezmax tankers. The Company’s fleet is employed in the crude oil spot tanker market. Crude Carriers Corp.’s common shares trade on The New York Stock Exchange under the symbol “CRU”.

Crude Carriers Corp.