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Maritrans Inc News

10 Mar 2021

Whitworth Joins Gulf Copper Board

Jonathan Whitworth (Photo: Gulf Copper and Manufacturing Corporation)

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.

07 Jul 2008

Liability when Both Vessels Violate COLREGS

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…

16 Oct 2001

Maritrans Reports Results for Quarter

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.

08 Aug 2003

Maritrans Announces Insider Block Trade

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.

11 Sep 2003

Maritrans "Taking" Claim Denied by Court

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.

10 Oct 2003

Maritrans Announces New Financing Agreements

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.

03 Feb 2004

Maritrans Announces Fourth Quarter 2003 Earnings Release and Conference Call

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

31 Mar 2004

Van Dyck Takes the Helm at Intertanko

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…

02 Apr 2004

Maritrans Secures Patent for Converting Single-Hull Tank Ships

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.

13 Apr 2004

INTERTANKO Welcomes New Chairman

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…

03 Dec 2001

Maritrans Announces New Financing Arrangement

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.

14 Dec 2001

Maritrans Announces Tender Offer

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…

14 Dec 2001

Maritrans Inc. Announces Tender Offer

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…

22 Jan 2002

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.

28 Jan 2002

Maritrans Announces Final Results of Tender Offer

Maritrans Inc. announced the final results of its modified Dutch auction tender offer, which expired at 5:00 p.m., New York City time, on January 18, 2002. Maritrans will purchase 2,176,296 shares of Maritrans Common Stock at a purchase price of $11.50 per share, or a total of $25,027,404. The 2,176,296 shares to be purchased are comprised of the 2,000,000 shares Maritrans offered to purchase and 176,296 shares to be purchased pursuant to Maritrans' right to purchase up to an additional 2 percent of the shares outstanding immediately prior to the commencement of the tender offer. Due to the exercise of such option, there will be no proration and all shares tendered at $11.50 per share or lower will be purchased.

01 May 2002

Haab Joins Maritrans Inc. Board of Directors

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.

03 May 2002

Maritrans Reports First Quarter Earnings

Maritrans Inc., today announced its first quarter financial results and declared a quarterly dividend. Maritrans also announced an investor teleconference to discuss the quarter's results. Net income for the quarter ended March 31, 2002, was $3.0 million, or $0.32 diluted earnings per share, on revenues of $31.3 million. This compares with net income of $2.7 million, or $0.24 diluted earnings per share, on revenues of $31.6 million for the quarter ended March 31, 2001. In the quarter, Maritrans completed a self-tender offer resulting in the purchase of 2,176,296 shares of common stock. In addition, the company has authorization to purchase an additional 601,300 shares under the existing stock buyback program.

12 May 2000

Maritrans Reports Loss

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.

18 Aug 2000

Companies to Develop GOM Shuttle Tanker Technology

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.

02 Aug 2000

Conoco, Maritrans To Develop Gulf of Mexico Shuttle Tanker Technology

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.

24 Jan 2001

Maritrans' Double Hull Process Receives Patent

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.

20 Feb 2001

Maritrans Reports Good Quarter Results

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.

02 Aug 2002

Maritrans Reports Second Quarter Earnings

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.

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