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Titan Receives Recognition

Maritime Activity Reports, Inc.

October 7, 2002

On Tuesday, September 24th, 2002 California State Senator Tom Torlakson honored Titan Maritime, its subcontractors, the USCG, and the California Office of Spill Prevention and Response (OSPR) for their success with the underwater oil cleanup of the freighter SS “Jacob Luckenbach”. Senator Torlakson presented Titan with a plaque in recognition for their successful efforts in protecting the sensitive California coastline and the Farallones National Marine Sanctuary from further oil pollution damage from this wreck. Titan has just completed a contract with the U.S. Coast Guard to recover oil from the SS “Jacob Luckenbach”, an ocean freight vessel built in 1944. The vessel sank in the environmentally sensitive California waters on July 14, 1953 as the result of a collision with the SS “Hawaiian Pilot”. The Luckenbach now rests in 176 feet of water broken into 3 pieces. Titan recovered approximately 85,000 gallons of extremely heavy bunker C oil. The “Luckenbach” operation clearly demonstrates Titan’s positive working relationship with the state of California and the U.S. Coast Guard, which enhances Titan’s ability to provide first class service to its clients operating vessels in U.S. Coast Guard Captain of the Port Zones. California currently enforces State regulations requiring all tankers to have a pre-contract with approved salvors to respond to any vessel casualty. Effective October 28, 2002, these rules will also apply to non-tank vessels trading in California waters. To further augment Titan’s credo, “Response & Results”, Titan joined the Marine Response Alliance (MRA) in January 2002. The MRA is a comprehensive provider of emergency response services offering OPA 90 compliant capabilities for rescue towing, lightering, fendering, salvage and firefighting services in all U.S. Coast Guard Captain of The Port Zones. Operating as a joint venture with Crowley Marine Services and Marine Pollution Control, Titan has direct access to tugs, barges, high capacity pumping systems and firefighting support equipment throughout the world.

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