Maritrans Tug Sinks off Cape Fear, North Carolina; Fuel Barge Adrift; Six Crew Members Rescued; Two Deceased and One Missing; Maritrans and Coast Guard Coordinating Rescue Efforts.

TAMPA, Fla. -- -Maritrans Operating Company L.P. (NYSE: TUG), confirmed that six members of the 9-man crew of the sea-going tug VALOUR were rescued by the Coast Guard and a nearby tug after it sank in heavy seas off Cape Fear, North Carolina. Two crew members were known to be deceased and one crew member is still missing. The tug was towing the Maritrans tank barge M 192, and began taking on water in heavy seas late Tuesday evening. The tug separated from the barge and reportedly sank around 2:30 a.m., Wednesday morning. 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.

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 L.P. is a wholly owned subsidiary of Maritrans Inc. (NYSE: TUG)

For further information, contact Harry Costello at Maritrans, [phone].