Maritrans Announces Insider Block Trade

Friday, August 08, 2003
Maritrans Inc. today announced the sale of securities by insiders in a block trade. Maritrans' Chairman, Stephen A. Van Dyck, and Secretary, Janice M. Van Dyck, sold a combined 81,000 shares of Maritrans Inc. common stock to Merrill Lynch at a price per share of $14.00. Stephen A. Van Dyck, Chairman of Maritrans, commented, "A substantial portion of both Janice's and my personal net worth is invested in Maritrans stock. We decided it was prudent to provide some diversification in our portfolios. Although the sale reduces our total Maritrans stock holdings by 81,000 shares, we continue to own over 350,000 shares and have a beneficial interest in over 650,000 shares through restricted shares and stock options. While we may engage in other appropriate diversification transactions from time to time, we expect to remain a substantial stockholder of Maritrans for the foreseeable future."
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