Maritrans Tug Sinks off Cape Hatteras, Barge Adrift; Coast Guard Coordinating Rescue of Crew

At approximately 11:50 p.m. on January 17, 2006, the
Maritrans (NYSE: TUG) Tug VALOUR, towing the Maritrans tank barge M
192, began taking on water in heavy seas approximately 20 miles east
of Cape Fear, North Carolina. The tug separated from the barge and
reportedly sank around 2:30 a.m.
   Initial reports are that some members of the 9-man crew were
injured, and the crew abandoned ship. No information is currently
available on the cause of the incident.
   The M 192, a double-hulled petroleum barge, is carrying 135,000
barrels of #6 oil, and is adrift. No damage has been reported to the
barge. The company activated its oil spill emergency response plan to
respond to the incident. The barge was destined for Corpus Christi,
TX.
   The U.S. Coast Guard was notified and a Coast Guard rescue
helicopter was dispatched to the scene. Other vessels in the vicinity
are rendering assistance.

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

   For further information, contact Harry Costello of Hill and
Knowlton at [phone].