Maritrans Comments on Impact of Three Storms

Tuesday, September 21, 2004
Maritrans Inc., announced that following Hurricane Ivan, the Company's fleet is operating under regular conditions and servicing ports in both the Southeast and Northeast. The severe weather conditions caused by Hurricane Ivan as well as Hurricanes Charley and Frances resulted in temporary delays in service. Jonathan Whitworth, CEO of Maritrans, commented, "Consistent with Maritrans' commitment to adhere to the highest safety and environmental standards, we implemented precautionary procedures that protected our crews, our vessels and our customers' cargos during these three storms. While erratic weather is not unusual during the third quarter, we experienced three significant storms in a five-week period that will result in losing a total of approximately 60 operating days across the fleet. Despite a stronger spot rate environment in the third quarter of 2004 relative to the same period in 2003, we expect the storms to have an impact on earnings for the quarter. We do not anticipate any long-term effects from the storm and continue to effectively meet the demand for petroleum product in Florida and lightering services in the Delaware Bay."

Maritrans also announced that the OCEAN 193 commenced its rebuilding process on September 5, 2004. The OCEAN 193, which will be renamed the M209, is the sixth vessel to be rebuilt out of the nine single-hull barges requiring conversion to a double-hull structure. The M209 rebuild is expected to be completed in the spring of 2005. The vessel's carrying capacity will be increased by approximately 30,000 barrels by inserting a midbody during the rebuilding process.

Mr. Whitworth added, "We are pleased to further implement our patented rebuilding program and remain well ahead of competitors in operating an OPA-compliant double-hull fleet. With over 64% of our vessels double-hulled compared to an industry average of 45%, we are poised to benefit from the expected long-term shortage in Jones Act tonnage. Maritrans will continue to focus on providing customers with a quality fleet that meets their exacting requirements."

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Aftermath of Scotland Independence Referendum: Platten Speculates

After the referendum debate on Scottish independence Guy Platten, Chief Executive Officer of the UK Chamber of Shipping has called for the divisions created by the campaign to be healed.

Impact of CITGO Oil Refineries Sale: Analysis

A sale of Venezuelan state oil company PDVSA’s Citgo refining assets could dramatically change crude oil flows: Poten & Partners consider the outcomes in their latest 'Tanker Opinion'.

MSC Award Two Time-Charter Contract Modifications

The US Department of Defense informs that Offshore Service Vessels, Inc., and Sealift, Inc., have each been awarded time charter option extensions by the US Navy's

Container Ships

Naming of M/V “SITC SHANDONG” at CSBC Shipyard

The Naming Ceremony of M/V “SITC SHANDONG” was held yesterday in Keelung Factory of CSBC Corporation, Taiwan, by SITC International Holdings Co., Ltd. (SITC International) and CSBC Corporation,

TOTE, Saltchuk Secure Financing for Marlin Class Vessels

Maritime Administration to Provide Title XI Loan Guarantee for World’s First LNG Containerships Today, the U.S. Maritime Administration (MARAD) announced a $324.

TOTE Receives $324.6m Title XI Loan Guarantee

New vessels will create jobs, increase amount of cargo moved between Florida and Puerto Rico U.S. Transportation Secretary Anthony Foxx today announced the approval of a $324.

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1782 sec (6 req/sec)