CRUDE CARRIERS CORP. ANNOUNCES DELIVERY OF M/T ‘ACHILLEAS’ AND
EMPLOYMENT ON INDEX LINKED VOYAGE CHARTER
ATHENS, Greece, June 30, 2010 — Crude Carriers Corp. (NYSE: CRU), announced today that on Friday,
June 25, 2010, it took successful delivery of the M/T ‘Achilleas’, a Very Large Crude Carrier (“VLCC”) with
carrying capacity of 297,863 dwt, from Universal Shipbuilding Corporation at the Ariake Shipyard in Japan.
The M/T ‘Achilleas’ was immediately employed on an index related voyage charter with Shell Trading &
Shipping Co. linked to the Baltic Dirty Tanker Route 3 (“TD3”) commencing on delivery of the vessel from the
shipyard. This arrangement allows Crude Carriers to earn the average of the TD3 spot market index for the
duration of the voyage.
With the delivery of the M/T ‘Achilleas’, Crude Carriers completed the acquisition of its initial three-vessel IPO
fleet. The company also acquired two modern Suezmax vessels shortly following its IPO, expanding its fleet to
five tankers. All five vessels were employed immediately upon delivery on spot or index related voyage charters,
in line with the company’s strategy of providing its investors exposure to the spot crude tanker market. Crude
Carriers has been also granted a no-cost option exercisable until June 1, 2011, to acquire the newly built VLCC
M/T ‘Atlantas’, currently employed in the spot market, for $108 million plus delivery expenses.
Mr. Evangelos Marinakis, Crude Carriers’ Chairman and Chief Executive Officer commented: “We are very
pleased to have taken delivery of all our vessels in a timely manner and to have employed them immediately upon
their respective deliveries in the crude spot tanker market with major oil companies by utilizing our strong in
house commercial and technical teams and the extensive network of our industry relationships.
The average acquisition cost of $96.5 million each for our newly built VLCCs and of approximately $68 million
each for our Suezmaxes compares very favorably with