Evangelos M Marinakis News

Crude Carriers Corp. (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.

ATHENS, Greece, March 14, 2011 – Crude Carriers Corp. (NYSE: CRU)  today announced that its Board of Directors has elected Dimitris P. Christacopoulos to serve as a Director on the Company’s Board. He will be an independent Board member and will serve on the Board's Audit and Independent Directors’ committees. Mr. Christacopoulos, 40, joined the Company’s Board on March 11th, 2011. Mr. Christacopoulos currently serves as a Partner at Octane Management Consultants. He started his…