Crude Carriers Corp. Announces Delivery of M/T `Achilleas` and Immediate Employment on Index Linked Voyage Charter
News Release
Crude Carriers Corp
June 30, 2010
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<P align=left>ATHENS, Greece, June 30, 2010 – Crude Carriers Corp. (NYSE: CRU)
announced today that on Friday, June</P>
<P align=left>25, 2010, it took successful delivery of the M/T ‘Achilleas’, a
Very Large Crude Carrier (“VLCC”) with carrying</P>
<P align=left>capacity of 297,863 dwt, from Universal Shipbuilding Corporation
at the Ariake Shipyard in Japan.</P>
<P align=left>The M/T ‘Achilleas’ was immediately employed on an index related
voyage charter with Shell Trading &</P>
<P align=left>Shipping Co. linked to the Baltic Dirty Tanker Route 3 (“TD3”)
commencing on delivery of the vessel from the</P>
<P align=left>shipyard. This arrangement allows Crude Carriers to earn the
average of the TD3 spot market index for the</P>
<P align=left>duration of the voyage.</P>
<P align=left>With the delivery of the M/T ‘Achilleas’, Crude Carriers completed
the acquisition of its initial three-vessel IPO</P>
<P align=left>fleet. The company also acquired two modern Suezmax vessels
shortly following its IPO, expanding its fleet to</P>
<P align=left>five tankers. All five vessels were employed immediately upon
delivery on spot or index related voyage</P>
<P align=left>charters, in line with the company’s strategy of providing its
investors exposure to the spot crude tanker market.</P>
<P align=left>Crude Carriers has been also granted a no-cost option exercisable
until June 1, 2011, to acquire the newly built</P>
<P align=left>VLCC M/T ‘Atlantas’, currently employed in the spot market, for
$108 million plus delivery expenses.</P></FONT></FONT><FONT size=2
face=ArialMT><FONT size=2 face=ArialMT>
<P align=left>Mr. Evangelos Marinakis, Crude Carriers’ Chairman and Chief
Executive Officer, commented: “We are</P>
<P align=left>very pleased to have taken delivery of all our vessels in a timely
manner and to have employed them</P>
<P align=left>immediately upon their respective deliveries in the crude spot
tanker market with major oil companies by</P>
<P align=left>utilizing our strong in house commercial and technical teams and
the extensive network of our industry</P>
<P align=left>relationships.</P>
<P align=left>The average acquisition cost of $96.5 million each for our newly
built VLCCs and of approximately $68</P>
<P align=left>million each for our Suezmaxes compares very favorably with
current asset prices, and underpins our</P>
<P align=left>strategy of acquiring vessels at what we believe to be the lower
end of the current shipping cycle. We</P>
<P align=left>shall continue to execute our business model of growing Crude
Carriers through acquisitions in the crude</P>
<P align=left>tanker segment, provided that they are accretive to earnings and
cash flow.”</P></FONT></FONT></BODY></HTML>
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<P align=left>ATHENS, Greece, June 30, 2010 – Crude Carriers Corp. (NYSE: CRU)
announced today that on Friday, June</P>
<P align=left>25, 2010, it took successful delivery of the M/T ‘Achilleas’, a
Very Large Crude Carrier (“VLCC”) with carrying</P>
<P align=left>capacity of 297,863 dwt, from Universal Shipbuilding Corporation
at the Ariake Shipyard in Japan.</P>
<P align=left>The M/T ‘Achilleas’ was immediately employed on an index related
voyage charter with Shell Trading &</P>
<P align=left>Shipping Co. linked to the Baltic Dirty Tanker Route 3 (“TD3”)
commencing on delivery of the vessel from the</P>
<P align=left>shipyard. This arrangement allows Crude Carriers to earn the
average of the TD3 spot market index for the</P>
<P align=left>duration of the voyage.</P>
<P align=left>With the delivery of the M/T ‘Achilleas’, Crude Carriers completed
the acquisition of its initial three-vessel IPO</P>
<P align=left>fleet. The company also acquired two modern Suezmax vessels
shortly following its IPO, expanding its fleet to</P>
<P align=left>five tankers. All five vessels were employed immediately upon
delivery on spot or index related voyage</P>
<P align=left>charters, in line with the company’s strategy of providing its
investors exposure to the spot crude tanker market.</P>
<P align=left>Crude Carriers has been also granted a no-cost option exercisable
until June 1, 2011, to acquire the newly built</P>
<P align=left>VLCC M/T ‘Atlantas’, currently employed in the spot market, for
$108 million plus delivery expenses.</P></FONT></FONT><FONT size=2
face=ArialMT><FONT size=2 face=ArialMT>
<P align=left>Mr. Evangelos Marinakis, Crude Carriers’ Chairman and Chief
Executive Officer, commented: “We are</P>
<P align=left>very pleased to have taken delivery of all our vessels in a timely
manner and to have employed them</P>
<P align=left>immediately upon their respective deliveries in the crude spot
tanker market with major oil companies by</P>
<P align=left>utilizing our strong in house commercial and technical teams and
the extensive network of our industry</P>
<P align=left>relationships.</P>
<P align=left>The average acquisition cost of $96.5 million each for our newly
built VLCCs and of approximately $68</P>
<P align=left>million each for our Suezmaxes compares very favorably with
current asset prices, and underpins our</P>
<P align=left>strategy of acquiring vessels at what we believe to be the lower
end of the current shipping cycle. We</P>
<P align=left>shall continue to execute our business model of growing Crude
Carriers through acquisitions in the crude</P>
<P align=left>tanker segment, provided that they are accretive to earnings and
cash flow.”</P></FONT></FONT></BODY></HTML>