CRUDE CARRIERS CORP. ANNOUNCES NEW SPOT-RELATED TIME CHARTERS FOR TWO
ITS TANKERS WITH SHELL TRADING & SHIPPING CO. AND APPOINTMENT OF CHIEF
ATHENS, Greece — September 2, 2010 — Crude Carriers Corp. (NYSE: CRU) (the “Company”) announced
today that it has reached an agreement with Shell Trading & Shipping Co., the world’s largest charterer of oil
tonnage, to charter an additional two of its crude tankers under spot-related time charters.
The Company has agreed to employ the Suezmax vessels, M/T ‘Amoureux’ (150,393 dwt, built 2008, Universal
Shipbuilding) and M/T ‘Aias’ (150,096 dwt, built 2008, Universal Shipbuilding) under spot index-related time
charters for a period of approximately 12 months (+/- 30 days) each. Under the terms of the spot related time
charter agreements, the minimum base rate received by the vessels shall be the monthly average of the Baltic
Dirty Tanker Route 5 (TD5) (West Africa — US East Coast), one of the main spot Suezmax trading routes. In
addition, both charters are also subject to a profit sharing arrangement, settled quarterly, allowing the Company
to receive 50 percent of any additional revenues earned by the vessels in excess of the index related minimum
base rate over the period that the actual voyage took place.
The ‘Amoureux’ and the ‘Aias’ commenced their employment under these charters on August 11 th and
August 28 th , respectively. Currently, three of the Company’s five tankers are employed under similar index-
related time charter arrangements which provide exposure to the tanker spot market, ensure high fleet utilization
and demonstrate the Company’s ability to leverage its network of relationships with oil majors.
In addition, the Company is pleased to announce the appointment of Mr. Karsten Djuve as Chief Commercial
Officer of the Company as of September 1, 2010. Mr. Djuve has 17 years of experience in the shipping industry
and comes to the Company after six successful years as Regional Chartering Manager for