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Crude Carriers Corp News

13 Jun 2015

Jerry Kalogiratos New CEO for Capital Product Partners

Gerasimos (Jerry) Kalogiratos, the Partnership's current Chief Operating Officer and a director of the Partnership, will be appointed as the CEO and CFO effective June 30. Capital Product Partners has announced that Petros Christodoulou, who held the role of CEO and CFO, will leave the company as of the same day. Ioannis Lazaridis, Chairman of the Board of the Partnership, stated: "We thank Petros Christodoulou for his service to the Partnership and we wish him well in his future endeavors. We welcome Jerry Kalogiratos to lead the Partnership to its next phase. The Board and I have worked successfully with Jerry over the past eight years. Jerry has been involved in the day-to-day operations of the Partnership and in all its asset and financing transactions since the Partnership's 2007 IPO.

20 Sep 2011

Crude Carriers: Approval of Merger with CPP

Crude Carriers Corp. acquisition of Crude by Capital Product Partners L.P. (CPLP) in a unit-for-share transaction with Crude shareholders receiving 1.56 CPLP common units for each Crude share. (iii) the holders of a majority of the voting power of the shares of Crude common stock held by unaffiliated shareholders who are not affiliates of either Crude or CPLP, voting separately. According to the final tally of shares voted, approximately 8,447,729 shares of Crude common stock and 2,105,263 shares of Crude Class B stock voted for the approval of the proposal to adopt the merger agreement, representing approximately 60.8 percent and 100 percent, respectively, of the shares outstanding and entitled to vote.

05 Aug 2011

Crude Carriers Corp. Reports 2Q Resultes

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.

13 May 2011

Crude Carriers Reports First Quarter Results

* Declared a cash dividend of $0.25 per share for the first quarter of 2011. * Reported first quarter net loss of $0.5 million or $0.03 per share (“EPS”). * Earned average Time Charter Equivalent (“TCE”) of $30,050 per day for the two Very Large Crude Carriers (“VLCCs”) and $18,536 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”). Crude Carriers Corp.

05 May 2011

Capital Product Partners Merger with Crude Carriers

CAPITAL PRODUCT PARTNERS L.P. ATHENS, GREECE, May 5, 2011 -Capital Product Partners L.P. (the "Partnership") (NASDAQ: CPLP), an international owner of modern double-hull tankers, today announces two important transactions, an increase in the investment of our Sponsor, Capital Maritime and Trading Corp. (“Capital Maritime”) in the Partnership and releases its financial results for the first quarter ended March 31, 2011. The Partnership is pleased to announce that on May 5, 2011 it entered into a definitive agreement to merge with Crude Carriers Corp. in a unit for share transaction.

14 Mar 2011

CRUDE CARRIERS CORP. APPOINTS DIMITRIS P. CHRISTACOPOULOS TO ITS BOARD OF DIRECTORS

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…

11 Feb 2011

Crude Carriers Corp. Q4 Report & Divident

· Reported fourth quarter net profit of $2.4 million or $0.15 per share (‘EPS’). · Earned average Time Charter Equivalent (‘TCE’) of $26,575 per day for the two Very Large Crude Carriers (‘VLCCs’) and $23,826 per day for the three Suezmaxes in the Company’s fleet. Crude Carriers Corp. (NYSE: CRU) reported its financial results and declared a cash dividend of $0.30 per share for the fourth quarter of 2010 payable on March 2, 2011 to shareholders of record on February 23, 2011. The Company’s net profit for the quarter was $2.4 million or $0.15 per share, principally as a result of the commercial operations of our vessels that earned above the TD 3 and TD 5 indices that prevailed in the  crude tanker market during the fourth quarter of 2010…

12 Aug 2010

Crude Carriers Q2 Results

Crude Carriers Corp. (NYSE: CRU) reported its financial results and declared a cash dividend of $0.50 per share for the second quarter ended June 30th, 2010. These results are based on 267 total fleet available days due to the staggered delivery schedule of the vessels to the company during the quarter. Had all five vessels that comprised the company’s fleet at the end of June 2010 been delivered at the beginning of the quarter, total fleet available days would have been 455. On March 17 2010, Crude Carriers completed its initial public offering (“IPO”) of 13.5 million common shares at $19.00 per share, raising net proceeds of approximately…

04 Jun 2010

Crude Carriers Receives M/T Aias, Option on M/T Atlantas

Crude Carriers Corp. (NYSE: CRU) announced that it took delivery of the M/T Waltz to be renamed M/T Aias (150,096 dwt), June 3, 2010. In addition, the 12-month fixed-price option to acquire the M/T Atlantas from Capital Maritime & Trading Corp. commenced on June 1, 2010. The M/T Aias, a modern, high-specification Suezmax-class oil tanker was built in 2008 at Universal Shipbuilding Corporation in Japan, the same yard as its sister ship M/T Amoureux which was delivered to the company on May 10, 2010. The vessel was acquired at a purchase price of $66.2m, a cost significantly below the average 10-year historical values and is the fourth vessel of the Company's fleet to be delivered.

31 Mar 2010

Delivery of Crude Carriers VLCC

Crude Carriers Corp. (NYSE: CRU) announced that on March 26 it took delivery of the M/T Alexander the Great, a very large crude carrier (VLCC) with carrying capacity of 297,958 mt, from Universal Shipbuilding Corporation at the Ariake Shipyard in Japan. The M/T Alexander the Great is the first of the three vessels comprising the company's initial fleet and was acquired at a purchase price of $96.5m. The remaining two vessels, the M/T Miltiadis M II, a 2006-built high specification Suezmax tanker and the M/T Achilleas, a sister newbuilding VLCC currently under construction at Universal Shipbuilding Corporation in Japan, are expected to be delivered within the next few days and at the end of June 2010, respectively.

15 Mar 2010

Crude Carries Pricing, Initial Public Offering

Crude Carriers Corp. announced that it has priced its initial public offering of 13,500,000 common shares at $19 per share. The underwriters have an option to purchase up to an additional 2,025,000 common shares to cover overallotments. Crude Carriers Corp. will use substantially all the proceeds from the offering, together with a $40m capital contribution from Crude Carriers Investments Corp., to acquire one 2006-built high specification Suezmax vessel from Capital Maritime & Trading Corp. at a price of $71.3m and two newbuilt very large crude carrier (VLCC) tankers for $96.5m each upon their delivery from the yard. The company’s common shares will trade on The New York Stock Exchange under the symbol CRU.