Maritrans Part (NYSE:TUG)
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From Oct 2019 to Oct 2024
Maritrans Inc. (NYSE:TUG) today announced that at a special meeting held
today in Philadelphia, Pennsylvania, its stockholders approved the
agreement pursuant to which Overseas Shipholding Group, Inc. will
acquire Maritrans for $37.50 per share. The companies intend to close
the merger later today, subject to the satisfaction of remaining closing
conditions.
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 11 tug/barge units and 5 tankers.
Two of these tankers were redeployed to the transportation of
non-petroleum cargo. Approximately 75 percent of our oil carrying fleet
capacity is double-hulled. Our current oil carrying fleet capacity
aggregates approximately 3.4 million barrels, 79 percent of which is
barge capacity. Maritrans is headquartered in Tampa, Florida, and
maintains an office in the Philadelphia area. More information is
available at the Maritrans website, http://www.maritrans.com.
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 the satisfaction of
the conditions to closing of the merger. 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: satisfaction of conditions to
closing of the proposed merger with OSG, 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; 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. Except for our ongoing obligations to disclose material
information under the federal securities laws, the Company is not
obligated to update these forward-looking statements, even though our
situation may change in the future. The Company qualifies all of its
forward-looking statements by these cautionary statements.
Maritrans Inc. (NYSE:TUG) today announced that at a special
meeting held today in Philadelphia, Pennsylvania, its stockholders
approved the agreement pursuant to which Overseas Shipholding Group,
Inc. will acquire Maritrans for $37.50 per share. The companies intend
to close the merger later today, subject to the satisfaction of
remaining closing conditions.
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 11 tug/barge units and 5
tankers. Two of these tankers were redeployed to the transportation of
non-petroleum cargo. Approximately 75 percent of our oil carrying
fleet capacity is double-hulled. Our current oil carrying fleet
capacity aggregates approximately 3.4 million barrels, 79 percent of
which is barge capacity. Maritrans is headquartered in Tampa, Florida,
and maintains an office in the Philadelphia area. More information is
available at the Maritrans website, http://www.maritrans.com.
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 the
satisfaction of the conditions to closing of the merger. 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:
satisfaction of conditions to closing of the proposed merger with OSG,
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;
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. Except for
our ongoing obligations to disclose material information under the
federal securities laws, the Company is not obligated to update these
forward-looking statements, even though our situation may change in
the future. The Company qualifies all of its forward-looking
statements by these cautionary statements.