Crowley Announces Executive Changes

Tuesday, February 26, 2002
Tom Crowley Jr., Chairman, President and Chief Executive Officer of Crowley Maritime Corporation and Richard du Moulin, president of Marine Transport Corporation (MTC), jointly announced that with the successful integration of MTC into Crowley, du Moulin will be resigning from MTC to pursue other business interests. Crowley acquired Weehawken, N.J.-based MTC in February 2001. Mark Filanowski, senior vice president and chief financial officer of MTC, will also be leaving the company. Both resignations will take effect April 1, 2002. du Moulin had been Chairman of MTC since 1989 when he and Filanowski, utilizing their company Intrepid Shipping, acquired what was then NASDAQ-listed Marine Transport Lines, Inc. (MTL). In 1998, working in conjunction with Craig Stevenson, Chairman of the Board of Directors of OMI Corp., du Moulin and Filanowski merged MTL into OMI, followed immediately by a separation of OMI into a US-flag, NASDAQ-listed company called Marine Transport Corporation and foreign-flagged, NYSE-listed company called new OMI. In the three years that followed MTC acquired the US-flag tanker interests of Occidental Petroleum and Mormac Group, Inc., making MTC one of the largest US ship operators. In February 2001, with the acquisition of MTC, Crowley became America's largest US-flag shipping company. du Moulin has served in many industry leadership positions including Chairman of Intertanko, a tanker industry organization, and he serves on the boards of directors of the American Bureau of Shipping (ABS), the Seamen's Church Institute of New York/New Jersey, and the National Maritime Historical Society. Mark Filanowski is Chairman of the Board of Directors of the Shoreline Mutual (Bermuda) Ltd., and is a member of ABS.

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