The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.

MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004

Make sure you know how the new tax rules work!

February 16, 2005

Van Dyck steps down as Maritrans Chairman

Maritrans Inc. yesterday announced the retirement of Stephen A. Van Dyck as Chairman of the Board. He is succeeded by William A. Smith, who was elected by the Board to serve as a non-executive Chairman of the Board of Directors.

Smith has served on Maritrans' Board since 2003 and most recently was a member of its Audit and Compensation Committees. He has over 30 years of experience in the energy industry, including his current position as Managing Director at investment banking and energy consulting firm Galway Group, L.P. where he has worked since 2002. Previous to this, he Smith held various executive positions at Sonat Inc., the former parent (prior to 1987) of Maritrans, and El Paso Corporation, and most recently was Chairman of El Paso Merchant Energy's Global Gas Group.

Van Dyck will no longer be an employee or officer of the company, but will remain as a consultant to the Board. In addition, Van Dyck will continue to represent Maritrans' interests in various industry trade associations and insurance clubs, including Board Chairman of INTERTANKO, West of England P&I Club, and the Chamber of Shipping America and as a member of the Board of the American Petroleum Institute.

Van Dyck was originally hired by Interstate Oil Transport, predecessor to Maritrans, in 1974. He later became Chief Executive Officer and Chairman of the Board of Maritrans when the company went public in April 1987.

Smith commented, "The Board and I would like to thank Stephen for the contributions he has made to Maritrans and we wish him the best in all future endeavors. We respect his decision to retire in order to concentrate on other industry commitments, such as his position as Chairman of INTERTANKO. Under Stephen's leadership, the company embarked on an innovative rebuild project, which will keep Maritrans in a pre-eminent position in the US Jones Act Trade. During his 31-year tenure, Maritrans successfully committed itself to earning a reputation for providing customers with economic high quality tonnage and achieving service, safety and environmental excellence. The strong management team Stephen leaves behind is committed to not only continuing those high standards, but taking them to new levels. Maritrans' core operational strengths combined with its renewed commitment to profitable growth make this a time of great opportunity for the company."


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