Maritrans Provides Update on Tugboat Incident

Maritrans Operating Company L.P. announced today that
the US Coast Guard has suspended any further search and rescue efforts
following the sinking of its tug VALOUR and confirmed that the missing
crewman is presumed lost at sea. A total of three crewmen lost their
lives in the incident. They were Chief Mate Fred Brenner, 53, of
Baltimore, Maryland, Chief Engineer Richard Smoot, 50, of South Point,
Ohio, and AB/Tankerman Ron Emory, 56, of Milford, Delaware.
   There are six other crewmembers who were rescued and who were
reunited with their families on Thursday morning.
   "This tragedy saddens all of us at Maritrans and we continue to
keep the families of all of the crewmembers in our thoughts and
prayers," said Jonathan Whitworth, President of Maritrans Operating
Company L.P.
   Maritrans said its barge M 192 safely reached the Cape Fear River
under tow this afternoon and is en route to Wilmington, N.C.,
following an incident on Wednesday in which its tug, VALOUR, sank off
the North Carolina coast. The barge will receive a complete condition
assessment for possible damage before it returns to operations.
However, the Coast Guard's preliminary assessment did not find any
damage to the barge. There continues to be no indication of any loss
of cargo from the barge, which is carrying a type of heavy fuel oil.

   Maritrans Operating Company L.P. has its headquarters in Tampa,
FL, and operates a fleet of oil tankers, oil barges, and tug boats.
Maritrans Operating Company L.P. is a wholly owned subsidiary of
Maritrans Inc. (NYSE:TUG)