Maritrans Part (NYSE:TUG)
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Maritrans Inc. (NYSE: TUG), a leading U.S. flag marine
petroleum transport company, today announced preliminary operating
data for the second quarter of 2006. This operating data may differ
from the Company's actual second quarter operating data and may not be
predictive of the Company's financial results for the second quarter,
which are expected to be announced on Tuesday, August 1, 2006.
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*T
PRELIMINARY SECOND QUARTER 2006 OPERATING DATA
YTD YTD
June June
Metric 2Q06 2Q05 1Q06 2006 2005
----------------------------------------------------------------------
Revenue days 1,127 1,117 1,144 2,271 2,223
----------------------------------------------------------------------
Vessel days out of service for
maintenance and capital projects,
including barge rebuilding 140 154 108 248 299
----------------------------------------------------------------------
Days idle in the spot clean product
fleet 52 7 80 132 12
----------------------------------------------------------------------
Days idle in the spot grain service
fleet 49 NA 0 49 NA
----------------------------------------------------------------------
Hurricane days lost - Revenue days
lost to named storms in the period 2 5 0 2 5
----------------------------------------------------------------------
Available days, the number of days
the vessels were not out of
service for maintenance or other
operational requirements 1,308 1,203 1,307 2,615 2,392
----------------------------------------------------------------------
Fleet utilization, calculated as
total revenue days divided by
total vessel calendar days 77.5% 81.8% 79.5% 78.5% 81.8%
----------------------------------------------------------------------
Lightering fleet volumes (Mil BBLS) 21.0 26.8 23.9 45 54
----------------------------------------------------------------------
Total volumes (Mil BBLS) 40.7 44.4 43.6 84 90
----------------------------------------------------------------------
Fuel cost, using MDO Bunker Houston
as indicative benchmark($/Mton)(1) 569 478 548 559 446
----------------------------------------------------------------------
Spot market AR rates (2006 terms) 268 252 264 266 242
----------------------------------------------------------------------
(1)-Clarksons Research Services
*T
Commenting on the Company's preliminary second quarter 2006
operating data, Jonathan Whitworth, Chief Executive Officer, said,
"During the second quarter the Gulf Coast refineries, as anticipated,
have come back on-line. We had previously noted the unusually high
periods of refinery out of service time in the first half of the year
due to maintenance turnarounds, retooling to produce ultra low sulfur
diesel, as well as a number of refinery outages from the 2005
hurricane season. As a result of more refinery output being produced
and available to move, combined with strong product demand, the
Company's idle time in the spot clean fleet declined from the first
quarter of 2006, but was higher than in the second quarter of 2005.
During the second quarter, rates in the US Jones Act spot market
remained stable compared to the first quarter of 2006, although higher
fuel costs have reduced the net margins in that trade."
Mr Whitworth continued, "For the remainder of 2006, we expect spot
market rates to increase as a result of continued strong product
demand in the markets the Company serves and the lower supply of Jones
Act vessels. In the Company's Delaware River lightering operation,
refinery maintenance at one Delaware River refinery, as well as
changes in the crude oil sourcing patterns of two lightering
customers, resulted in lightering volumes that were lower than the
first quarter of 2006 and the second quarter of 2005. We expect less
Delaware River refinery maintenance activity in upcoming quarters, and
are working with our customers towards increasing our lightering fleet
volume. The vessel Allegiance, which we anticipated could be idle for
two full months, experienced 49 idle days in the quarter before
embarking on a grain cargo from Corpus Christi to Port Sudan, which
will occupy the vessel until mid to late August."
SECOND QUARTER 2006 EARNINGS RELEASE AND CONFERENCE CALL
The Company also announced that it will release its second quarter
2006 earnings on the afternoon of Tuesday, August 1, 2006. Maritrans'
management will host an investor conference call on Wednesday, August
2, 2006, at 9:00 a.m. eastern time to discuss the results. To access
the conference call, dial (800) 732-8451. Following the
teleconference, a replay of the call may be accessed by dialing (800)
633-8284 and entering the reservation number 21299278. The replay will
be available from 11:00 a.m. eastern time on Wednesday, August 2, 2006
to 11:00 a.m. eastern time on Wednesday, August 16, 2006. The
conference call will also be webcast live on Maritrans' website,
www.maritrans.com, and a replay will be available on the site
immediately following the call through Wednesday, August 16, 2006.
ABOUT MARITRANS
Maritrans Inc. is a U.S.-based company with a 78-year commitment
to building and operating petroleum transport vessels for the U.S.
domestic trade. Maritrans employs a fleet of tug/barge units and
tankers. One of these vessels, our tanker Allegiance, was redeployed
in December 2005 to the transportation of non-petroleum cargo.
Approximately 69 percent of our oil carrying fleet capacity is
double-hulled. Our current oil carrying fleet capacity aggregates
approximately 3.6 million barrels, 72 percent of which is barge
capacity. Maritrans is headquartered in Tampa, Florida, and maintains
an office in the Philadelphia area.
SAFE HARBOR STATEMENT
Certain statements in this news release are forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended and Section 21E of the Securities Exchange Act of
1934, as amended, including statements made with respect to present or
anticipated utilization, future revenues and customer relationships,
capital expenditures, future financings, and other statements
regarding matters that are not historical facts, and involve
predictions. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, levels
of activity, growth, performance, earnings per share or achievements
to be materially different from any future results, levels of
activity, growth, performance, earnings per share or achievements
expressed in or implied by such forward-looking statements. In some
cases you can identify forward-looking statements by terminology such
as "may," "seem," "should," "believe," "future," "potential,"
"estimate," "offer," "opportunity," "quality," "growth," "expect,"
"intend," "plan," "focus," "through," "strategy," "provide," "meet,"
"allow," "represent," "commitment," "create," "implement," "result,"
"seek," "increase," "establish," "work," "perform," "make,"
"continue," "can," "will," "include," or the negative of such terms or
comparable terminology. These forward-looking statements inherently
involve certain risks and uncertainties, although they are based on
our current plans or assessments that are believed to be reasonable as
of the date of this prospectus supplement. The forward-looking
statements are subject to a number of risks and uncertainties and
include the following: demand for, or level of consumption of, oil and
petroleum products; future spot market charter rates; ability to
attract and retain experienced, qualified and skilled crewmembers;
competition that could affect our market share and revenues; risks
inherent in marine transportation; the cost and availability of
insurance coverage; delays or cost overruns in the building of new
vessels, the double-hulling of our remaining single hulled vessels and
scheduled shipyard maintenance; decrease in demand for lightering
services; environmental and regulatory conditions; reliance on a
limited number of customers for revenue; the continuation of federal
law restricting United States point-to-point maritime shipping to US
vessels (the Jones Act); asbestos-related lawsuits; fluctuating fuel
prices; high fixed costs; capital expenditures required to operate and
maintain a vessel may increase due to government regulations; reliance
on unionized labor; federal laws covering our employees that may
subject us to job-related claims; and significant fluctuations of our
stock price. Given these uncertainties, you should not place undue
reliance on these forward-looking statements. You should read this
news release completely and with the understanding that our actual
future results may be materially different from what we expect. These
forward-looking statements represent our estimates and assumptions
only as of the date of this news release. Except for our ongoing
obligations to disclose material information under the federal
securities laws, we are not obligated to update these forward-looking
statements, even though our situation may change in the future. We
qualify all of our forward-looking statements by these cautionary
statements.