September 4, 2003

Tug barge order for Manitowoc
The Manitowoc Company, Inc. (NYSE: MTW) and its Bay Shipbuilding Co.unit have been awarded a contract from Penn Maritime, Inc. to build an ocean-class tug and a 140,000-barrel, double-hull hot oil barge. The contract allows Penn to purchase a second tug/barge combination within 120 days. Other contract terms were not disclosed.

Penn Maritime, based in Stamford, CT, and Staten Island, NY, is the largest U.S. coastal transporter of liquid asphalt and residual fuel products. Penn currently operates 13 tugs and 21 barges.

The tug and barge are scheduled for delivery by December 2004. The barge will measure 480 ft x 78 ft x 36.5 ft and will be equipped with a system of heating coils to maintain cargo temperatures at or above 135 degrees F. The 123 ft x 38 ft tug will be powered by a 6,000-horsepower engine and features an Intercon coupler to link both vessels into a 564 ft overall length unit. Both tug and barge will be ABS, U.S. Coast Guard, and OPA-90 compliant.

"We are very pleased to have won this contract, which marks the fourth OPA-90 vessel built by Bay Shipbuilding," said Dennis McCloskey, president of Manitowoc's Marine Group. "We are optimistic that the pace of orders for OPA- 90 double-hull tank barges will increase over the next few years, and we should benefit from those opportunities given our proven experience in this area."

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