Maritrans Part (NYSE:TUG)
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From Sep 2019 to Sep 2024
Maritrans Inc. (NYSE: TUG), a leading U.S. flag marine
petroleum transportation company, today issued comments on the impact
from Hurricane Katrina. The Company indicated that, after a brief
interruption at the height of the storm, all of its vessels are
operating at pre-storm utilization levels and that there was no
physical damage to its fleet or injury to the crews aboard the
vessels. In anticipation of Katrina, Maritrans either positioned its
vessels in the western Gulf of Mexico or kept the vessels in port,
which reduced any potential for impact from the hurricane. In total,
the Company estimates it lost approximately 22 vessel operating days
to Katrina related delays. For those areas that have been impacted by
Katrina, such as the refineries in Louisiana and Mississippi,
Maritrans is currently loading at alternative ports to meet its
customers' needs.
Jonathan Whitworth, Chief Executive Officer of Maritrans,
commented, "During this challenging time, our thoughts are with all
those impacted by Hurricane Katrina and the tremendous human toll
caused by the storm. We are relieved that there were no injuries to
our crew and are working to contact crew members who live in the
affected areas and who were not aboard a vessel during the storm. So
far, we have successfully contacted nearly all of these individuals
and are pleased to have learned of their safety. We hope to make
contact shortly with the very few who do not yet have phone
accessibility."
ABOUT MARITRANS
Maritrans Inc. is a U.S. based company with a 77-year commitment
to building and operating petroleum transport vessels for the U.S.
domestic trade. With 16 units, Maritrans has the largest fleet in its
size category and one of the largest serving the U.S. coastwise trade.
The fleet consists of five oil tankers and eleven oceangoing married
tug/barge units with an aggregate fleet capacity of approximately 3.9
million barrels, of which 63 percent is double-hulled. Maritrans has
two primary areas of focus: transporting refined products in the Gulf
of Mexico to growth areas such as Florida and supplying Philadelphia
area refineries with crude oil lightering from large foreign tankers.
Maritrans is headquartered in Tampa, Florida, and maintains an office
in the Philadelphia area.
SAFE HARBOR STATEMENT
The information in this news release includes certain
forward-looking statements. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual results,
levels of activity, growth, performance, and earnings per share or
achievements to be materially different from those expressed in or
implied by such forward-looking statements. These statements are based
on assumptions the Company believes are reasonable, but a variety of
factors could cause the Company's actual results, goals, targets or
objectives to differ materially from those contemplated, projected,
forecast, estimated, anticipated, planned or budgeted. Such factors
include, among others, changes in oil companies' decisions as to the
type and origination point of the crude that it processes, changes in
the amount of imported petroleum products, competition for marine
transportation, domestic oil consumption, the continuation of federal
law restricting United States point-to-point maritime shipping to U.S.
vessels (the Jones Act), the timing and success of our double-hull
rebuilding program, demand for petroleum products, future spot market
rates, demand for our services, levels of foreign imports, changes in
interest rates, the effect of war or terrorist activities and the
general financial, economic, environmental and regulatory conditions
affecting the oil and marine transportation industry in general. The
Company is under no duty to update any of these forward-looking
statements after the date of this release to conform such statements
to actual results.