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MARITRANS PARTNERS L.P. ANNOUNCES RESULTS FOR QUARTER ENDED MARCH 31, 1992, QUARTERLY DISTRIBUTION, INTENTION TO CONVERT TO CORPORATE FORM

MARITRANS PARTNERS L.P. ANNOUNCES RESULTS FOR QUARTER ENDED MARCH 31,

1992, QUARTERLY DISTRIBUTION, INTENTION TO CONVERT TO CORPORATE FORM
 PHILADELPHIA, April 29 /PRNewswire/ -- Maritrans Partners L.P. (NYSE: TUG) today announced financial results and its cash distribution for the quarter ended March 31, 1992, and commented that distributions will be substantially reduced or possibly eliminated for subsequent periods.
 The company also announced its intention to seek unitholder approval to convert Maritrans to a corporation from its present partnership form.
 Maritrans announced net income for the quarter ended March 31, 1992, of $0.1 million compared to $1.6 million for the quarter ended March 31, 1991, on revenues of $34.0 million and $37.6 million, respectively. As a measure of cash-generating capability, a critical factor for master limited partnerships such as Maritrans, net income before interest, depreciation and amortization for the quarter ended March 31, 1992, was $6.9 million compared to $8.1 million for the quarter ended March 31, 1991.
 Stephen A. Van Dyck, chairman and chief executive officer of Maritrans GP Inc., commented, "Demand for our services continued at lower levels as compared to prior periods because of the recession and other factors. While we have been reducing costs without affecting the safety or quality of our operations, earnings continue to suffer. The payment of a $.07 per unit distribution for the second quarter which the board had hoped to make is dependent upon Maritrans' earnings improving from the disappointing levels achieved in the first quarter. Further, given the current industry outlook, it appears unlikely that there will be any distribution for the third quarter."
 Van Dyck further commented, "The board has determined that conversion to corporate form is the appropriate course of action to deal with our substantially changed business environment and to better position us to take advantage of the opportunities that we expect will develop. Accordingly, we expect to file preliminary proxy material relating to the conversion in the near future."
 The board of directors of Maritrans GP Inc., the managing general partner of Maritrans Partners L.P., declared a cash distribution of $.2875 per outstanding limited partnership unit with respect to the quarter ended March 31, 1992. The distribution will be payable on May 27, 1992, to unitholders of record at the close of business on May 11. The distribution is the 20th consecutive quarterly distribution to be made by Maritrans since going public in April 1987 without distribution support from Sonat Inc., the former owning company. The five-year distribution support period under which Sonat was required (subject to specified terms and conditions) to make contributions to Maritrans, if necessary, in order to support its ability to make cash distributions, expired on March 31, 1992, and will not be applicable to future distributions.
 Maritrans Partners L.P. is a master limited partnership formed in 1987 to purchase and operate, through Maritrans Operating Partners L.P., a fleet of tugboats and oceangoing tank barges along the Gulf and Atlantic coasts. Maritrans is the largest independent U.S. flag marine transporter of petroleum products in the coastal trade. The Maritrans Partners L.P. limited partnership units are listed on the New York Stock Exchange under the symbol "TUG".
 MARITRANS PARTNERS L.P.
 (Unaudited; dollars in millions, except per-unit amounts)
 Three months ended March 31 1992 1991
 Revenue $34.0 $37.6
 Operating income 2.7 3.6
 Net income 0.1 1.6
 Depreciation and amortization 3.9 3.8
 Net income plus interest,
 depreciation and amortization 6.9 8.1
 Distributions to partners pertaining
 to period 3.6 3.6
 Capital expenditures 1.7 1.3
 Net income allocated to limited
 partners per limited partner unit
 based on 12,250,000 units .01 .13
 /delval/
 -0- 4/29/92
 /CONTACT: Gary Schaefer of Maritrans, 215-864-1288/
 (TUG) CO: Maritrans Partners L.P. ST: Pennsylvania IN: MAR SU: ERN DIV


MK-CC -- PH027 -- 4369 04/29/92 12:17 EDT
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