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.

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 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

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…

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 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.

INTERTANKO commends the agreement between the members of the International Association of Classification Societies (IACS) that the new Common Structural Rules for tankers and for bulk carriers will be adopted by all IACS members. More than five years ago, INTERTANKO played a major role in calling for such rules, and has since been actively involved with the class societies, and with the Tripartite talks between shipowners, shipbuilders and class, to help transform these important changes from theory into reality. When this association called earlier this year for good rules and common rules as quickly as possible, its Chairman Stephen Van Dyck added that the speed of completion should be achieved without sacrificing their quality and efficiency.

INTERTANKO’s fleet has grown by 12.5% or 21.3m deadweight tons to 194m dwt owned by independent tanker owners as tankers belonging to fifteen owners put up to its Council for their consideration were approved. 16 applications for associate membership were also considered and approved by Council. The two biggest owners entering are Frontline (13.3m dwt) and American Eagle Tankers (6.1m dwt). The next six largest entries are Marmaras Navigation, Sea Fortune Shipping, Estoril Navigation, A.K.Shipping and Trading, Eastwind Shipmanagement, FR8 Shipmanagement, and Calisa SpA, with 1.6m dwt between them. Also JB Ugland, Zest Shipping, FAL Shipping, Transmarine Management, Chemmariner Shipping, with 250,000 dwt between them.

Maritrans Inc. will release June 30, 2003 quarterly earnings on the afternoon of Wednesday, July 30, 2003. Walter Bromfield, Chief Financial Officer, joined by Stephen Van Dyck, Chairman, and Philip Doherty, Chief Executive Officer, will host an investor conference call on Thursday, July 31, 2003, at 2:30 pm eastern time to discuss the results. To access the conference call, dial 1-888-328-2938. Following the teleconference, a replay of the call may be accessed by dialing 1-800-633-8284 and entering the reservation number 21154391. The replay will be available from 4:30 pm eastern time on Thursday, July 31, 2003, to 5:00 pm eastern time on Tuesday, August 5, 2003.

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.

For the past 75 years, Maritrans has maintained a high level of customer satisfaction due to its constant vigilance regarding safety and performance. In order to instill and maintain these efforts, the company has always been quick to pursue individuals who can maintain this level of excellence. Most recently with Phil Doherty, who took over the head post at the Tampa, Fla.-based company this past April 1, 2003. No April Fool's joke here, as Doherty, who credits his passion and commitment to Maritrans and the offshore industry, has big plans for the tug and tanker company - the fate of which now lies within his hands. While Maritrans' business platform may have begun on its 75-year traditions, the company has never balked at the opportunity to embrace new technology.

Tampa Bay Shipbuilding & Repair Company was recently chosen by Maritrans Operating Partners L.P., a subsidiary of Maritrans, Inc., to retro-fit the company's second single-hull vessel, Ocean 244, to meet the requirements of OPA 90, through double-hull conversion. Tampa Bay Shipbuilding & Repair Company will utilize the same Maritrans innovative CAD and manufacturing process (patent pending by Maritrans) used on Tampa's first conversion of Maritrans 192 (former Ocean 192). "We've earned the importance of internal measurement [since the first conversion]," says Tom Hagner, double hull program manager for Maritrans. "As a result, we'lll be pre-fabricating modules in October…

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.