Crude Carriers Corp. Announces Delivery of the M/T Amoureux

ATHENS, Greece – May 11, 2010 – Crude Carriers Corp. (NYSE: CRU) announced today that it took successful delivery of the M/T Tango to be renamed M/T ‘Amoureux (150,393 dwt) yesterday, May 10, 2010. Immediately after its delivery to Crude Carriers, the vessel commenced a spot voyage charter with Repsol-YPF Trading Y Transporte S.A. (‘Repsol’) with expected duration of approximately 30 - 40 days. The M/T ‘Amoureux' was acquired at a purchase price of $66.2 million and is the third vessel of the Company's fleet to be delivered and the first of the two modern Suezmax-class oil tanker sisterships built in 2008 at Universal Shipbuilding Corporation in Japan whose acquisition was announced on April 20, 2010,.

Mr. Evangelos Marinakis, Crude Carriers’ Chairman and Chief Executive Officer commented: “We are very pleased to have taken successful delivery of the M/T Amoureux within less than a month from its acquisition. The addition of this vessel to Crude Carriers’ fleet demonstrates our ability to swiftly exploit attractive commercial opportunities to purchase high-specification vessels through accretive acquisitions at a cost significantly below average historical values. In line with our track record of deploying our vessels promptly in the spot market with oil majors and reputable counterparties, the vessel commenced generating income immediately after its delivery to Crude Carriers through its voyage charter with Repsol. Our first vessel, M/T “Alexander the Great” was also employed immediately on delivery from the shipyard on an index linked voyage charter to Shell Trading & Shipping Co. (‘Shell’) and the M/T ‘Miltiadis M II’, our second vessel, is currently employed on a spot voyage with Repsol after completing its first voyage charter to Shell.”

Following the scheduled deliveries of the M/T ‘Aias’ in May 2010, and the M/T ‘Achilleas’, in the second half of June 2010, the Company’s fleet will consist of five vessels, comprised of two VLCCs and three Suezmaxes with an average weighted age of approximately 1.2 years and a total carrying capacity of approximately 1,060,000 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.