Maritrans Inc. Announces Preliminary Second Quarter 2006 Operating Data; Schedules Second Quarter 2006 Earnings Release and Conference Call.TAMPA, Fla. -- Maritrans Inc. (NYSE NYSE See: New York Stock Exchange : TUG), a leading U.S. flag marine petroleum transport company, today announced preliminary operating data for the second quarter of 2006. This operating data may differ from the Company's actual second quarter operating data and may not be predictive of the Company's financial results for the second quarter, which are expected to be announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. on Tuesday Tuesday: see week. , August 1, 2006.
PRELIMINARY SECOND QUARTER 2006 OPERATING DATA
YTD YTD
June June
Metric 2Q06 2Q05 1Q06 2006 2005
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Revenue days 1,127 1,117 1,144 2,271 2,223
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Vessel days out of service for
maintenance and capital projects,
including barge rebuilding 140 154 108 248 299
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Days idle in the spot clean product
fleet 52 7 80 132 12
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Days idle in the spot grain service
fleet 49 NA 0 49 NA
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Hurricane days lost - Revenue days
lost to named storms in the period 2 5 0 2 5
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Available days, the number of days
the vessels were not out of
service for maintenance or other
operational requirements 1,308 1,203 1,307 2,615 2,392
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Fleet utilization, calculated as
total revenue days divided by
total vessel calendar days 77.5% 81.8% 79.5% 78.5% 81.8%
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Lightering fleet volumes (Mil BBLS) 21.0 26.8 23.9 45 54
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Total volumes (Mil BBLS) 40.7 44.4 43.6 84 90
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Fuel cost, using MDO Bunker Houston
as indicative benchmark($/Mton)(1) 569 478 548 559 446
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Spot market AR rates (2006 terms) 268 252 264 266 242
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(1)-Clarksons Research Services
Commenting on the Company's preliminary second quarter 2006 operating data, Jonathan Jonathan (jŏn`əthən) [short for Jehonathan, Heb.,=Yahweh has given]. 1 In the Bible, Saul's son and David's friend, both killed at the battle of Mt. Gilboa. David showed kindness to his son Mephibosheth. Whitworth Whit·worth , Kathrynne Ann Known as "Kathy." Born 1939. American golfer who had 88 career wins and was the Ladies Professional Golf Association Player of the Year seven times (1966-1969 and 1971-1973). , Chief Executive Officer, said, "During the second quarter the Gulf Coast refineries, as anticipated, have come back on-line. We had previously noted the unusually high periods of refinery out of service time in the first half of the year due to maintenance turnarounds, retooling to produce ultra low sulfur sulfur or sulphur (sŭl`fər), nonmetallic chemical element; symbol S; at. no. 16; at. wt. 32.06; m.p. 112.8°C; (rhombic), 119.0°C; (monoclinic), about 120°C; (amorphous); b.p. 444.674°C;; sp. gr. at 20°C;, 2. diesel, as well as a number of refinery outages from the 2005 hurricane season Hurricane season refers to a period in a year when hurricanes usually form. For more information see: Tropical cyclone#Times of formation. For a lists of past seasons, see:
Mr Whitworth continued, "For the remainder of 2006, we expect spot market rates to increase as a result of continued strong product demand in the markets the Company serves and the lower supply of Jones Act vessels. In the Company's Delaware River Delaware River River in Pennsylvania, Delaware, New Jersey, and New York, U.S. Formed by the junction of its eastern and western branches in southern New York, it flows about 405 mi (650 km) to empty into the Atlantic Ocean at Delaware Bay. Navigable to Trenton, N.J. lightering operation, refinery maintenance at one Delaware River refinery, as well as changes in the crude oil sourcing patterns of two lightering customers, resulted in lightering volumes that were lower than the first quarter of 2006 and the second quarter of 2005. We expect less Delaware River refinery maintenance activity in upcoming quarters, and are working with our customers towards increasing our lightering fleet volume. The vessel Allegiance allegiance, in political terms, the tie that binds an individual to another individual or institution. The term usually refers to a person's legal obligation of obedience to a government in return for the protection of that government, although it may have reference , which we anticipated could be idle for two full months, experienced 49 idle days in the quarter before embarking on a grain cargo from Corpus Christi Corpus Christi, in Christianity Corpus Christi [Lat.,=body of Christ], feast of the Western Church, observed on the Thursday after Trinity Sunday (or on the following Sunday). to Port Sudan Port Sudan (s  dăn`), city (1993 pop. 308,195), NE Sudan, on the Red Sea. The country's major seaport, it handles the bulk of Sudan's foreign trade. , which will occupy the vessel
until mid to late August."SECOND QUARTER 2006 EARNINGS RELEASE AND CONFERENCE CALL The Company also announced that it will release its second quarter 2006 earnings on the afternoon of Tuesday, August 1, 2006. Maritrans' management will host an investor conference call on Wednesday, August 2, 2006, at 9:00 a.m. eastern time to discuss the results. To access the conference call, dial (800) 732-8451. Following the teleconference, a replay of the call may be accessed by dialing (800) 633-8284 and entering the reservation number 21299278. The replay will be available from 11:00 a.m. eastern time on Wednesday, August 2, 2006 to 11:00 a.m. eastern time on Wednesday, August 16, 2006. The conference call will also be webcast live on Maritrans' website, www.maritrans.com, and a replay will be available on the site immediately following the call through Wednesday, August 16, 2006. ABOUT MARITRANS Maritrans Inc. is a U.S.-based company with a 78-year commitment to building and operating petroleum transport vessels for the U.S. domestic trade. Maritrans employs a fleet of tug/barge units and tankers. One of these vessels, our tanker Allegiance, was redeployed in December 2005 to the transportation of non-petroleum cargo. Approximately 69 percent of our oil carrying fleet capacity is double-hulled. Our current oil carrying fleet capacity aggregates approximately 3.6 million barrels, 72 percent of which is barge barge, large boat, generally flat-bottomed, used for transporting goods. Most barges on inland waterways are towed, but some river barges are self-propelled. There are also sailing barges. capacity. Maritrans is headquartered in Tampa, Florida “Tampa” redirects here. For other uses, see Tampa (disambiguation). Tampa is a United States city in Hillsborough County, on the west coast of Florida. It serves as the county seat for Hillsborough County.GR6. , and maintains an office in the Philadelphia area. SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. STATEMENT Certain statements in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and Section 21E of the Securities Exchange Act of 1934, as amended, including statements made with respect to present or anticipated utilization, future revenues and customer relationships, capital expenditures, future financings, and other statements regarding matters that are not historical facts, and involve predictions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, growth, performance, earnings per share or achievements to be materially different from any future results, levels of activity, growth, performance, earnings per share or achievements expressed in or implied by such forward-looking statements. In some cases you can identify forward-looking statements by terminology such as "may," "seem," "should," "believe," "future," "potential," "estimate," "offer," "opportunity," "quality," "growth," "expect," "intend," "plan," "focus," "through," "strategy," "provide," "meet," "allow," "represent," "commitment," "create," "implement," "result," "seek," "increase," "establish," "work," "perform," "make," "continue," "can," "will," "include," or the negative of such terms or comparable terminology. These forward-looking statements inherently involve certain risks and uncertainties, although they are based on our current plans or assessments that are believed to be reasonable as of the date of this prospectus supplement. The forward-looking statements are subject to a number of risks and uncertainties and include the following: demand for, or level of consumption of, oil and petroleum products; future spot market charter rates; ability to attract and retain experienced, qualified and skilled crewmembers; competition that could affect our market share and revenues; risks inherent in marine transportation; the cost and availability of insurance coverage; delays or cost overruns Noun 1. cost overrun - excess of cost over budget; "the cost overrun necessitated an additional allocation of funds in the budget" cost - the total spent for goods or services including money and time and labor in the building of new vessels, the double-hulling of our remaining single hulled vessels and scheduled shipyard maintenance; decrease in demand for lightering services; environmental and regulatory conditions; reliance on a limited number of customers for revenue; the continuation of federal law restricting United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. point-to-point maritime shipping to US vessels (the Jones Act); asbestos-related lawsuits; fluctuating fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. fuel prices; high fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). ; capital expenditures required to operate and maintain a vessel may increase due to government regulations; reliance on unionized labor; federal laws covering our employees that may subject us to job-related claims; and significant fluctuations of our stock price. Given these uncertainties, you should not place undue reliance on these forward-looking statements. You should read this news release completely and with the understanding that our actual future results may be materially different from what we expect. These forward-looking statements represent our estimates and assumptions only as of the date of this news release. Except for our ongoing obligations to disclose material information under the federal securities laws, we are not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. |
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