Stephen A Van Dyck News

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.

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.

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 that Fred Haab has been appointed to the Board of Directors, effective April 30, 2002. Stephen A. Van Dyck, Chairman and Chief Executive Officer of Maritrans commented, "We are very happy to welcome Fred to our board. Haab, one of five outside directors for Maritrans Inc., is President and Chief Executive Officer of F.C. Haab Co., Inc., a 57-year-old firm that markets petroleum products and provides HVAC services in the Mid-Atlantic area. In accepting the appointment, Haab remarked, "Having been in the petroleum business for over 39 years, I hope to bring this experience to the Maritrans Board of Directors. Haab is being appointed by the Board to fill a vacancy on the Board of Directors.

Maritrans Inc. reported a net loss for the quarter ended March 31, 2000, of $67 thousand or $.01 diluted loss per share, on revenues of $30.7 million. This compares to the quarter ended March 31, 1999 results of $2.1 million, or $.17 diluted earnings per share, on revenues of $38.4 million. Results in the first quarter of 1999 included a gain of approximately $.19 per share, net of tax, related to non-strategic asset sales, while there were no comparable transactions in the first quarter of 2000. Maritrans also announced its quarterly dividend of $.10 per share, payable on June 7, 2000, to shareholders of record on May 24, 2000. Maritrans has reacquired 869,400 shares through March 31, 2000, under the stock buyback plan begun in February 1999.

Conoco Inc. and Maritrans Inc. are jointly developing advanced shuttle tanker technologies to safely transport newly discovered deepwater Gulf of Mexico crude oil reserves to U.S. refineries more economically than current pipeline alternatives. Technologies being evaluated have the potential to greatly reduce the time between discovery and production of deepwater crude reserves. "The industry is actively exploring for the 10 billion barrels of crude oil reserves that are estimated to be contained in the deepwater Gulf of Mexico," said Rob McKee, Conoco executive vice president for exploration production. "Operations in deepwater are expensive, and we are continuously seeking ways to improve the economics of our deepwater program.

Maritrans Operating Partners L.P., a subsidiary of Maritrans Inc., has obtained a patent on its proprietary process for rebuilding single hull tank vessels with internal double hulls. Together with M. Daniel Jones of the Houston-based naval architecture firm Schuller & Allan, Maritrans developed an innovative double-hull manufacturing process to rebuild single-hulled tank vessels with the double hulls required by the federal Oil Pollution Act of 1990. The unique process utilizes computer-assisted design for fabricating modular internal hull sections. In 1998, Maritrans used the process to complete the rebuilding of the 10,549 gross-ton tank barge Maritrans 192 (formerly Ocean 192), which marked the first large single hull tank vessel to be rebuilt with a double hull to meet OPA's mandate.

Maritrans Inc. reports net income for the quarter ended December 31, 2000 of $2.3 million on revenues of $32.2 million. Net income for the year ended December 31, 2000 was $5 million on revenues of $123.7 million. Commenting on the results, Stephen A. Van Dyck, Chairman and CEO, said “The year 2000 was the first full year of operating with a smaller fleet and a reduced shoreside staff. Our lower operating costs reflect this. The results in the second half are more representative of our expectations for the next several quarters. In December 2000, Maritrans 244 went back into service after her successful double hull rebuild.

Maritrans Inc. announced its second quarter financial results and increased its quarterly dividend. Maritrans also announced an investor teleconference to discuss the quarter's results. Net income for the quarter ended June 30, 2002, was $2.8 million, or $0.32 diluted earnings per share, on revenues of $32.5 million. This compares with net income of $3.0 million, or $0.28 diluted earnings per share, on revenues of $28.1 million for the quarter ended June 30, 2001. The Maritrans Board of Directors voted today to increase the quarterly dividend by one cent to $0.11 per share, beginning with the dividend payable on September 4, 2002, to shareholders of record on August 21, 2002. The Board cited confidence in the Company's future prospects as the principal basis for its decision.

The Board of Directors of Maritrans Inc. has appointed Philip J. Doherty to chief executive officer effective April 1, 2003. Stephen A. Van Dyck, former chief executive officer, will continue to be employed by the company as chairman of Maritrans Inc. Stephen A. Van Dyck, chairman of the board of directors, commented, "I am proud to have served as the leader of Maritrans and its predecessors for over 28 years. We have achieved a strong reputation with our customers and the confidence of our investors and stakeholders. We have an innovative fleet renewal program and a safety record that has been honored repeatedly by the United States Coast Guard. It is satisfying and exciting to be passing leadership of this respected company to Phil Doherty.

Maritrans Inc. reported net income of $900,000 on revenues of $39.8 million for the quarter ended June 30. For the same period last year, net income was $1.3 million, on revenues of $38.1 million. Maritrans also announced its quarterly dividend of $.10 per share, payable on Sept. 8, to shareholders of record on Aug. 25. Net income for the six months ended June 30 is $3.0 million on revenues of $78.2 million, compared to net income of $2 million on revenues of $74 million for the same period a year ago. Results in the first half of 1999 included approximately $.19 per share in income, net of tax, related to non-strategic asset sales, while there were no comparable transactions in the first half of 1998.