TUG Maritrans Part

At approximately 11:50 p.m. on January 17, 2006, the Maritrans (NYSE: TUG) Tug VALOUR, towing the Maritrans tank barge M 192, began taking on water in heavy seas approximately 20 miles east of Cape Fear, North Carolina. The tug separated from the barge and reportedly sank around 2:30 a.m. Initial reports are that some members of the 9-man crew were injured, and the crew abandoned ship. No information is currently available on the cause of the incident. The M 192, a double-hulled petroleum barge, is carrying 135,000 barrels of #6 oil, and is adrift. No damage has been reported to the barge. The company activated its oil spill emergency response plan to respond to the incident. The barge was destined for Corpus Christi, TX. The U.S. Coast Guard was notified and a Coast Guard rescue helicopter was dispatched to the scene. Other vessels in the vicinity are rendering assistance. Maritrans Operating Company L.P. is headquartered in Tampa, FL, and operates a fleet of oil tankers, oil barges, and tug boats. Maritrans Operating Company is a wholly owned subsidiary of Maritrans, Inc. (NYSE: TUG) For further information, contact Harry Costello of Hill and Knowlton at (813) 245-5535.