Maritrans Inc. announced that it has entered into a three year agreement with Seabrook Carriers Inc., a wholly owned subsidiary of Fairfield-Maxwell LTD. to time charter the M/V Seabrook, a single-hull oil tanker with a carrying capacity of 230,000 barrels. The agreement will expire in July 2008, after which time the vessel will no longer be eligible to transport petroleum products in accordance with the Oil and Pollution Act of 1990. Subject to delivery and meeting required compliances, the M/V Seabrook will enter Maritrans' service on or about October 1, 2005 and will be deployed into the Company's clean products trade route along the Gulf Coast. The M/V Seabrook will also be available for voyages to the U.S. West Coast and the Northeast.
Jonathan Whitworth, Chief Executive Officer of Maritrans, commented, "Building on our recent initiatives to re-enter the Northeast barge market as well as to optimize our fleet deployment, we are pleased to have made further progress on the strategic plan that
we laid out earlier in the year. The addition of the M/V Seabrook provides us with an immediate increase in carrying capacity during a time of decreasing supply of vessels in the U.S. Jones Act trade. At the same time, Maritrans has enhanced its position to serve the strong demand in the clean products market and take advantage of the attractive rate environment."