June 13, 2005
Maritrans takes delivery of sixth d/h barge rebuild
Maritrans Inc. (NYSE:TUG) today announced the redelivery of the M209 double-hull barge and its married tug ENTERPRISE.
Using its patented process, Maritrans has now rebuilt six barges to double-hull OPA-compliant standards.
The company also took advantage of the time out of service to lengthen the M209 to add approximately 30,000 barrels of cargo-carrying capacity, an increase of approximately 17 percent.
With the completion of the rebuild of the M209, 69 percent of Maritrans' aggregate fleet capacity is now double-hulled, compared to the Jones Act fleet average of 45 percent.
The M209/ENTERPRISE, unit is now service for Valero Marketing and Supply Company transporting refined petroleum products in the U.S. Gulf to Florida market.
Maritrans CEO Jonathan Whitworth commented, "We are pleased to have received redelivery of the M209 and continue to maintain a significant lead over peers in operating an OPA compliant double-hull fleet. Maritrans' proactive approach to rebuilding our fleet while delivering strong financial results underscores Maritrans' leadership in the Jones Act industry as well as our fleet's significant earnings power. Going forward, as we continue to invest in our fleet for the benefit of customers and stockholders, we remain focused on delivering profitable growth by executing on our strategic initiatives."