Maritrans News

Derecktor Shipyards announced on Thursday that Richard Steady will be joining the U.S. shipbuilding and repair company as chief operating officer.Steady has held many executive maritime positions prior to joining Derecktor. He began his career at Maritrans, the global shipping and transportation company, where he rose to the position of director of government and regulatory affairs. He also held key roles at marine construction and dredging operator Weeks Marine, where he was director of marine services…

Gulf Copper and Manufacturing Corporation has appointed Jonathan Whitworth as a member to its board of directors.Whitworth, a graduate of Texas A&M University at Galveston (TAMUG), brings his extensive working history and experience back to Texas. He holds an MBA in Finance with a focus on marine business and currently serves as vice chairman of the TAMUG Board of Visitors.“I feel very fortunate to have retired and moved back to Galveston Island, a city which has a rich maritime history and a place with great memories for both me and my wife,” said Whitworth.

Marcon International has announced to report the recent sales of the following two U.S. flag tugs as sellers continue to upgrade their fleets.The U.S. flag, 4,800 HP twin screw, flush-deck, articulated pusher tug “Java Sea” has been sold by Kirby Offshore Marine of Houston, Texas to private buyers. The tug was originally built by the well-respected Main Iron Works of Houma, Louisiana as the “Patriot” (Hull 360) - a 3,000 HP, EMD 12-645E6 powered, conventional twin screw tug with a raised 49.3’ height of eye pilothouse.

Today’s ATB play seemingly has legs for the long haul, as operators build and market needs fluctuate. The refined product trades are always in flux. Similarly, the supply patterns for products (and for chemicals derived from oil refining) are subject to constant change. At the same time, the distribution of refined petroleum products sees great benefit from the efficiency of Articulated Tug Barges (ATBs), which have the flexibility to adjust to dynamic supply programs between refineries and myriad distribution facilities dotting the coastline. It wasn’t always like that.

Matt Yacavone joins Crowley as Vice President of Sales and Chartering, Petroleum Services. He will be domiciled in the company's Jacksonville headquarters and report to Rob Grune, senior vice president and general manager, petroleum services. Yacavone, who assumes his new position Jan. 7, will be responsible for the planning and direction of sales and chartering initiatives, overseeing development of policies and procedures, coordinating and negotiating customer contracts and developing business relations, particularly in the company's articulated-tug barge (ATB) and tanker programs.

The US Court of Appeals for the Ninth Circuit upheld the determination of the federal district court regarding allocation of liability in a collision case where both ships had violated the International Regulations for Preventing Collisions at Sea (COLREGS). In the instant case, defendant’s tanker was entering Puget Sound. In accordance with federal law, it hired two of plaintiff’s vessels to provide escort service. In accordance with the pre-arranged transit plan, one of the escort vessels was to be tethered to the stern of the tanker and the other escort vessel was to position itself on the tanker’s port shoulder. Plans called for the two escort vessels to rendezvous with the tanker by proceeding on a course of 058 degrees true at 12.5 knots while the tanker…

Maritrans Inc. reported its net income for the third quarter 2001 and announced an early pay-down of its long-term debt. on the issues. Maritrans Inc. revenues of $28.3 million,compared to net income of $2.7 million, or $.24 diluted earnings per share, on revenues of $32.7 million for the quarter ended September 30, 2000. Net income for the nine months ended September 30, 2001 is $7.0 million, or $.66 diluted earnings per share, on revenues of $91.7 million, compared to net income of $2.7 million, or $.24 diluted earnings per share, on revenue of $91.5 million for the nine months ended September 30, 2000. payoff of $33 million of 9.25 percent long-term debt.

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.

The U.S. Court of Appeals for the Fifth Circuit ruled that a ship owner whose vessel was damaged due to negligence is entitled to recover lost profits for the period the vessel was out of service if the vessel was active in a market ready for its services. In the instant case, plaintiff's barge grounded in the Pascagoula channel. The trial court found the government to be partially negligent because the channel as marked was inconsistent with the channel as dredged. The appellate court ruled that it is not necessary for a ship owner to show that it lost particular charters in order to recover lost profits. Maritrans Operating Partners, LP v. Port of Pascagoula Source: HK Law

On September 9, 2003, the Court of Appeals for the Federal Circuit rejected Maritrans' claim that the double hull requirement of the Oil Pollution Act of 1990 constituted a "taking" of its single hull barges under the 5th Amendment to the U.S. Constitution. The Court concluded that, because Congress permitted Maritrans' vessels to operate for several years before requiring their removal from service, Maritrans was able to recoup part of its investment in the vessels; and therefore no taking occurred. Stephen A. VanDyck, Chairman of Maritrans Inc. stated, "Maritrans believed that it had an obligation to our shareholders to attempt recovery for the costs imposed by the requirement.

Maritrans Inc. announced that the company recently entered into new financing agreements to replace $36.8 million of its existing term debt. This move allows Maritrans to extend its overall debt amortization profile while taking advantage of current low long-term interest rates. The new debt facility consists of two pieces: $7.3 million with a 5-year amortization and $29.5 million with a 9.5-year amortization and a 50 percent balloon payment at the end of the term. The new debt accrues interest at an average fixed rate of 5.53 percent, replacing existing term debt that matured through 2007 with an average current floating rate of 3.22 percent. The new debt is collateralized by two barges and three tugs.

It's been a year since MarineNews linked the dual tugmeets of the first week of September, one in New York City, the other upstate, at Waterford. Coupled, they make an interesting study, for their differences as much as their similarities. The tugs of New York City come in all sizes, but are typically large. Just as New York is a city of (many) skyscrapers, so it's a city of (many) monster tugboats, as harbor craft go. Waterford, a few miles north of Albany, is the gateway to the Erie Canal - is actually on the canal. While New York State's canals have renewed potential for commercial service, they're known most widely as recreational attractions for people who drive (many) large and pricey boats.

Maritrans Inc. announced it will release December 31, 2003 quarterly earnings on the afternoon of Monday, February 9, 2004. Walter Bromfield, Chief Financial Officer, joined by Stephen Van Dyck, Chairman, and Philip Doherty, Chief Executive Officer, will host an investor conference call on Tuesday, February 10, 2004, at 10:00 am eastern time to discuss the results. To access the conference call, dial 1-800-731-1045. Following the teleconference, a replay of the call may be accessed by dialing 1-800-633-8284 and entering the reservation number 21183827. The replay will be available from 12:00 pm eastern time on Tuesday, February 10, 2004, to 5:00 pm eastern time on Tuesday, February 17, 2004

As intrusive, costly and arcane as some rules that regulate our industry may seem, I have an entirely different perspective . I love them. To me, new rules and regulations mean an endless array of interesting articles to pursue and publish in our pages. It is a given that new regulations mean an increased cost of doing business. Trust me in that I do not wish increased cost on our readers and customers. Pick up your favorite business newspaper or magazine, flick on the television or computer, or simply talk with a colleague or friend, and I think that you will agree that intense competition and consolidation have severely challenged companies of all shape and size to build and maintain profitability.

Since then Maritrans has successfully rebuilt three similar size barges and is currently working on a fifth that includes a 60-ft. lengthening. Maritrans patented barge process was described in detail in our earlier article. As is shown in Figure 2, an inner bottom and double side is built upon the existing single hull structure. (Red is new and blue is existing.) New lower bulkheads are also constructed. The existing deck and upper bulkheads are returned in such a fashion as to create a raised trunk to retain the original cargo volume. Maritrans learned a great deal from its barge rebuild program in terms of pre-measurement, modularization, assembly process, and efficient detailing. Now the company is ready to apply these lessons to an even greater challenge: rebuilding tankers.

The Council of Intertanko elected Mr Stephen Van Dyck, Chairman of Maritrans Inc., as its new chairman, as nominated by the Executive Committee. Van Dyck said "It is an honor for me to be entrusted with the Intertanko chairmanship. While the buoyancy of the current freight market raises our spirits, there remains much work to be done in the next few years. My initial focus will be on sharpening our processes for guiding Intertanko; implementing a review of our mission and strategy; and expanding our membership. Van Dyck is Chairman of Maritrans Inc., a company based in Florida in the U.S. operating a fleet of over 475,000 dwt and 3.5m barrels capacity…

Maritrans Inc. has obtained a patent on its proprietary process for rebuilding single-hull tank ships and converting them into double-hull vessels. With the most recent patent, Maritrans has now patented the double-hull conversion process for both barges and tank ships. The U.S. Oil Pollution Act of 1990, as well as the International Convention for the Prevention of Pollution from Ships (MARPOL), each require the retirement of single-hull tank vessels. In January of 2001, Maritrans announced that it had received the first of three patents for internal double-hull conversions of single-hull barges. These Maritrans patents involved pre-fabrication of large tank structures that are inserted into the existing hull, with a trunk deck extending above the pre-existing deck.

INTERTANKO's Council unanimously elected Stephen Van Dyck as the Association's new Chairman during the recent Dubai Tanker Event. Van Dyck is chairman of Florida-based Maritrans Inc. which operates over 475,000 dwt of ocean-going Super Barges (11) of 21,000-56,000 dwt and handy tankers (4) of 35-40,000 dwt. He has been with the company since 1974, became COO in 1975 , President in 1981 and CEO and Chairman in 1987. Over thirty years he has built a shipping operation widely respected for its high quality operations and strong financial performance. His "Not One Drop" programme has now been going for 15 years and has led to zero oil spills in 2002 and just 16 gallons in 2003 including deck spills…

Maritrans Inc. announced that they have entered into a new five-year financing agreement with a syndicate of financial institutions. Mellon Bank led the transaction and was joined by Fleet Bank, Hibernia Bank and SunTrust Bank. The new facility consists of a $45 million term loan and a $40 million revolving credit facility. The new debt will have floating interest rates and should cost significantly less than the previous 9.25 percent fixed-rate indenture that was paid off in October. This new financing is another step in Maritrans' efforts to improve the efficiency of its balance sheet and will facilitate the ongoing capital reinvestment program.

Maritrans Inc. announced that its board of directors has approved the initiation of a modified "Dutch auction" tender offer by Maritrans to purchase up to 2,000,000 shares of its outstanding common stock at a price per share of not less than $11.00 per share nor in excess of $12.50 per share. The tender offer is expected to commence on Monday, December 17, 2001 and to expire, unless extended, at 5:00 p.m., New York City time, on Friday, January 18, 2002. Under the tender offer, stockholders will have the opportunity to tender some or all of their shares at a price within the $11.00 to $12.50 price range. Based on the number of shares tendered and the prices specified by the tendering stockholders…

Maritrans Inc. announced that its Board of Directors has approved the initiation of a modified "Dutch auction" tender offer by Maritrans to purchase up to 2,000,000 shares of its outstanding common stock at a price per share of not less than $11.00 per share nor in excess of $12.50 per share. The tender offer is expected to commence on Monday, December 17, 2001 and to expire, unless extended, at 5:00 P.M., New York City Time, on Friday, January 18, 2002. Under the tender offer, stockholders will have the opportunity to tender some or all of their shares at a price within the $11.00 to $12.50 price range. Based on the number of shares tendered and the prices specified by the tendering stockholders…

The U.S. Court of Federal Claims ruled on December 21, 2001 that the double hull requirement of the Oil Pollution Act of 1990 ("OPA") does not constitute a "taking" of Maritrans' petroleum barges. Maritrans is currently evaluating whether to take an appeal. OPA prohibits existing single-hull tank vessels from continuing operation through their useful life, mandating a phase-out schedule over a period of years. In 1996, Maritrans filed a lawsuit alleging that the forced retirement of its predominantly single-hulled vessel fleet represents a "taking" under the Fifth Amendment of the United States Constitution, which prohibits the taking of property by the government without just compensation.

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.