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March 31, 2004

The Council of INTERTANKO has elected Stephen Van Dyck as its new chairman, succeeding Lars Carlsson.

Arriving in Dubai for the tanker owners' association's annual gathering, Van Dyck commented that "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," he said, "will be on sharpening our processes for guiding INTERTANKO; implementing a review of our mission and strategy; and expanding our membership. My vision is for the respect accorded to INTERTANKO in Washington DC and in Brussels to grow further and to extend to political capitals right around the world."

Van Dyck is Chairman of Florida-based Maritrans Inc., which operates a fleet of over 475,000 dwt and 3.5 million barrels capacity. It includes the world's largest oil barge the 56,174 dwt double-hulled Ocean 400, and four handy tankers of 35-40,000 dwt.

Founded in 1928 as the Interstate Oil Transport Company, Maritrans has been transporting crude oil and petroleum products around the U.S. coast for over 75 years.

Van Dyck joined the company in 1974, became Chief Operating Officer in 1975 and President in 1981. In 1987 he became CEO and Chairman of the Board, making him one of the longest-serving CEO's in any U.S. shipping company.

Van Dyck says safe operations is the real measure of success in transporting oil. His "Not One Drop" program, now in its fifteenth year, led to zero oil spills in 2002 and just 16 gallons in 2003 including deck spillage, out of more than 7 billion gallons (24 million tons) of crude oil and petroleum products carried by Maritrans in a year, involving about 2,000 cargo operations (more than five a day).

His commitment to the environment stems from Van Dyck's close-up view of the ocean from ocean-going racing yachts. Having raced all over the world, his greatest sailing achievement was as tactician on the 12 meter Intrepid which successfully defended the Americas Cup for the second time in 1970.

A former lieutenant in the U.S. Navy, Van Dyck received a degree in Business Administration from Wilkes College in Pennsylvania and is a Graduate of the Advanced Management Program at Harvard University School of Business Administration.He has been Chairman of the West of England P&I Club for the past eighteen years, is Chairman of the Chamber of Shipping of America, and is on the boards of the American Petroleum Institute and Amerigas Propane. He is a Trustee at Connecticut College and at the Webb Institute of Naval Architecture.

Van Dyck served for four years 1995-1999 as Chairman of the financial oversight board for the City of Philadelphia which monitored and approved the financial management of the city as it teetered on the edge of bankruptcy. He has been a director of the Philadelphia Orchestra Association and the Curtis Institute of Music.

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