Maritrans Announces Preliminary Results of Tender Offer

Maritrans Inc., announced the preliminary results of its modified Dutch auction tender offer, which expired at 5:00 p.m., New York City time, on January 18, 2002. Maritrans expects to purchase 2,203,204 shares of its Common Stock at a purchase price of $11.50 per share, or a total of $25,336,846. The 2,203,204 shares expected to be purchased are comprised of the 2,000,000 shares Maritrans offered to purchase and 203,204 shares, which represent an additional 2 percent of the shares outstanding immediately prior to the commencement of the tender offer. Due to over-subscription, Maritrans expects the final proration factor for shares tendered at $11.50 per share to be approximately 98.8 percent. For this purpose, shares tendered at $11.50 per share will include shares tendered by those persons who indicated, in their letter of transmittal, that they are willing to accept the price determined in the offer. All shares purchased in the tender offer will receive the same price. Maritrans Inc. commenced the tender offer on December 17, 2001, when it offered to purchase up to 2,000,000 shares of its Common Stock at a price between $11.00 and $12.50 per share, net to the seller in cash, without interest. As a result of the completion of the tender offer, Maritrans expects to have approximately 7,959,000 shares issued and outstanding as of the time immediately following payment for the tendered shares.