Crude Carriers Corp. Announces Acquisition of Two Modern Suezmax Tankers and Expansion of Its Revolving Credit Facility

ATHENS, GREECE--(Marketwire - April 20, 2010) - Crude Carriers Corp. (NYSE: CRU) today announced that it has agreed to acquire two modern sistership Suezmax-class oil tankers, the M/T Amoureux (150,393 dwt) and the M/T Aias (150,096 dwt) from unrelated third parties, for a total purchase price of $66.2 million per vessel. Crude Carriers expects to take delivery of both vessels, which were built in 2008 at Universal Shipbuilding Corporation in Japan, during May 2010. The Company will finance the acquisition with cash and debt from its revolving credit facility and expects that the two vessels will trade in the spot market or under spot related employment terms. The acquisition of the two vessels was unanimously approved by Crude Carriers' Board of Directors, including the unanimous approval of the Company's Independent Directors.

Crude Carriers also announced that it has reached an agreement with Nordea Bank Finland Plc, London branch to expand its $100 million revolving credit facility to a $150 million revolving credit facility, including $10 million which can be used for working capital purposes.

"We are very pleased that Crude Carriers has acquired two sistership modern Suezmaxes and is adding to its initial fleet, shortly after its IPO," commented Mr. Evangelos Marinakis, Crude Carriers' Chairman and Chief Executive Officer. "This transaction is in-line with our strategy of growing our fleet through accretive acquisitions and acquiring vessels at a cost significantly below average historical values. Importantly, these two additional vessels are expected to start generating income promptly, within approximately one month from today."

Following the delivery of the 'Amoureux' and the 'Aias' in May 2010, and the delivery of the 'Achilleas', the third vessel of the Crude Carriers IPO fleet in the second half of June 2010, the Company's fleet will consist of two VLCCs and three Suezmaxes with an average weighted age of approximately 1 year and total carrying capacity of approximately 1,050,000 dwt.

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's common shares trade on The New York Stock Exchange under the symbol "CRU".

Crude Carriers Corp.