CRUDE CARRIERS CORP. REPORTS SECOND QUARTER 2011 RESULTS

News Release Crude Carriers Corp August 5, 2011

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Highlights: 
 Reported second quarter net loss of $7.5
million or $0.48 per share ("EPS"). 
 Earned average Time Charter Equivalent ("TCE") of $13,499 per day for the
two Very Large Crude Carriers ("VLCCs") and $12,173 per day for the three
Suezmaxes in the Company’s fleet. 
 Announced on May 5, 2011 that Crude Carriers Corp. entered into a
definitive agreement to merge with Capital Product Partners L.P. ("CPLP"). 
ATHENS, Greece – August 5, 2011 – Crude Carriers Corp. ("Crude
Carriers" or the "Company") (NYSE: CRU), today reported its financial results
for the second quarter of 2011. 
The Company reported a net loss for the quarter of $7.5 million or $0.48 per
share, which compares with a $0.37 net income per share from the second quarter
of 2010. The Company’s reported net loss for the quarter includes $1.7 million
in general and administrative expenses related to the definitive merger
agreement with CPLP and the proxy statement on Form F-4 filed with the
Securities and Exchange Commission. 
Revenues for the second quarter 2011 amounted to $9.8 million, which is lower
compared to the $20.7 million in the second quarter of 2010. The Company’s drop
in revenues reflects primarily the weaker crude tanker spot market, when
compared to a year ago. 
Total voyage and vessel operating expenses for the quarter amounted to $9.0
million, lower by $2.2 million compared to $11.2 million in the second quarter
of 2010, as a result of the increased number of vessels under voyage charters at
the time, which increased voyage expenses in the second quarter of 2010. Vessel
operating expenses for the second quarter amounted to $4.1 million, which is
$1.6 million higher when compared to the second quarter of 2010 as a result of
the higher average number of vessels in operation in the second quarter 2011.

General and administrative expenses were $3.0 million for the quarter, of
which $0.5 million was a non-cash charge related to the Equity Incentive Plan
and $1.7 million relate to the expenses for the definitive merger agreement with
CPLP and the proxy statement on Form F-4 filed with the Securities and Exchange
Commission. The general and administrative expenses in the second quarter of
2010 stood at $0.6 million. 
Interest expense and finance cost for the second quarter of 2011 was $1.4
million which is $0.5 million higher than the interest expense paid in the
second quarter of 2010, as the interest expenses a year ago were incurred for
only a part of the quarter following the debt drawdown in June 2010.

Quarterly Dividend Per Share 
Due to the charter rate environment and the expenses related to the
definitive merger agreement, the Company did not generate any cash available for
distribution during the quarter. As a result, the Board has determined not to
declare a dividend with respect to the quarter from April 1 to June 30, 2011.

Cash available for distribution is a non US GAAP financial measure described
on Appendix A of this earnings release. 
Crude Tanker Market Overview 
The VLCC and Suezmax spot markets remained close to multi year lows, as
increased demand for crude oil imports in the East was offset by oversupply of
tonnage, higher bunker prices and weak US crude oil imports in the first half of
2011. 
During the second quarter 2011, the TD3 (Middle East – Japan) and the TD5
(West Africa – US East Coast) indices average TCE earnings were $9,400 and
$9,646 per day, respectively, compared to $13,499 and $ 12,173 per day,
respectively, earned by the Company’s VLCC and Suezmax fleets. 
Activity in the crude tanker period market remains limited due to the poor
performance of the spot market. 
On a positive note, orderbook slippage remains at high levels, as
approximately 35% of the expected VLCC and Suezmax newbuildings have not been
delivered in the first half of 2011. 
Definitive Merger Agreement With Capital Product Partners L.P. 
As announced on May 5, 2011, the Partnership entered into a definitive
agreement to merge with Crude Carriers in a unit for share transaction. The
exchange ratio was set at 1.56 CPLP common units for each Crude Carriers share.
CPLP will be the surviving entity in the merger and will continue to be
structured as a master limited partnership but will remain a corporation for US
tax purposes and unit holders will continue to receive the standard 1099 form.
The merger must be approved by: (i) holders of a majority of the voting power of
the shares of Crude common stock and Crude Class B stock outstanding and
entitled to vote at the Special Meeting, voting together as a single class; (ii)
by the sole holder of the shares of Crude Class B stock outstanding and entitled
to vote at the Special Meeting, voting as a separate class; and (iii) by the
holders of a majority of the voting power of the shares of Crude common stock
outstanding and entitled to vote at the Special Meeting that are held by the
Unaffiliated Shareholders, voting as a separate class, such majority being
49.45% or more of the outstanding shares of Crude common stock. With respect to
the merger, Evangelos M. Marinakis, Chairman of the Board and CEO of Crude,
Ioannis E. Lazaridis, President of Crude, Gerasimos G. Kalogiratos, CFO of
Crude, and Crude Carriers Investment Corp, the holder of all of the outstanding
shares of Crude Class B stock, have entered into a support agreement pursuant to
which they have agreed to vote their shares in favor of the merger. Assuming the
requisite shareholder approval is received, Crude expects that the merger will
occur during the third quarter of 2011. 
Management Commentary 
Mr. Evangelos Marinakis, the Company’s CEO commented: "Our second quarter
results have been affected by the weakness of the crude tanker market and by the
costs related to the merger process with CPLP. However, our commercial
arrangements and our high specification fleet allow us to perform more
favorably, when compared to the TD3 and TD5 routes in particular." 
Mr. Marinakis continued: "During the second quarter, the respective boards of
CPLP and Crude Carriers agreed to enter into a definitive merger agreement as
previously announced. We believe that the merger is to the benefit of the
shareholders of Crude Carriers as it will allow them to receive attractive
distributions, based on the $0.93 per common unit annual distribution guidance
of CPLP, which translates to $1.45 per Crude Carriers share under the agreed
exchange ratio. The combined fleet of the two merged entities will be
diversified in both the product and crude tanker space. Together, having one of
the youngest, high specification tanker fleets, along with the technical and
commercial support of Capital Maritime & 
Trading Corp., which brings with it the vetting qualifications of oil majors
around the world, will allow the new unit holders of CPLP to benefit from a
recovery in both segments." 
Conference Call and Webcast 
Today August 5, 2011, at 10:00 a.m. EDT, the Crude Carriers management team
will hold a conference call to discuss the financial results.

Conference Call Details: 
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: by dialing 1 866 819 7111 (US Toll Free Dial In),
0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard
International Dial In). Please quote "Crude Carriers". 
A telephonic replay of the conference call will be available until August 12,
2011 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll
Free Dial In) or +44 (0)1452 55 00 00 (Standard International Dial In). Access
Code required for the reply is: 70469247# 
Slides and Audio Webcast: 
There will also be a live, and then archived, webcast of the conference call,
available through the Company’s website (www.crudecarrierscorp.com).
Participants to the live webcast should register on the website approximately 10
minutes prior to the start of the webcast. 
Important Information For Investors And Shareholders 
This communication does not constitute an offer to sell or the solicitation
of an offer to buy any securities or a solicitation of any vote or approval. The
proposed merger transaction between Crude Carriers and CPLP will be submitted to
the shareholders of Crude Carriers for their consideration. CPLP has filed with
the Securities and Exchange Commission ("SEC") a registration statement on Form
F-4 that includes a proxy statement of Crude Carriers that also constitutes a
prospectus of CPLP. Crude Carriers and CPLP also plan to file other documents
with the SEC regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS OF CRUDE CARRIERS ARE URGED TO READ THE
PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH
THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Investors and shareholders will be able
to obtain free copies of the proxy statement/prospectus and other documents
containing important information about Crude Carriers, 
through the website maintained by the SEC at http://www.sec.gov. Copies of
the documents filed with the SEC by Crude Carriers will be available free of
charge on Crude Carriers’ website at www.crudecarrierscorp.com under the tab
"Investor Relations" or by contacting Crude Carriers’ Investor Relations
Department at (212) 661-7566. 
Crude Carriers and certain of its directors and executive officers may be
deemed to be participants in the solicitation of proxies from the shareholders
of Crude Carriers in connection with the proposed transaction. Information about
the directors and executive officers of Crude Carriers is set forth in its
Annual Report on Form 20-F, which was filed with the SEC on April 18, 2011. This
document can be obtained free of charge from the sources indicated above. Other
information regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security holdings or
otherwise, will be contained in the proxy statement/prospectus and other
relevant materials to be filed with the SEC when they become available.
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