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MARITRANS PARTNERS L.P. ANNOUNCES RESULTS FOR QUARTER AND YEAR ENDED DEC. 31, 1992, MAILING OF PROXIES TO UNITHOLDERS ON CORPORATE CONVERSION

 PHILADELPHIA, Jan. 29 /PRNewswire/ -- Maritrans Partners L.P. (NYSE: TUG) today announced financial results for the quarter and year ended Dec. 31, 1992.
 No distributions will be made for the quarter due to the level of current and expected near-term earnings, in addition to the necessity to retain appropriate reserves. The company called a special meeting of unitholders on March 31, 1993, to seek unitholder approval to convert Maritrans to a corporation from its present partnership form. Proxy materials related to that meeting are being mailed to unitholders today.
 Maritrans announced net income for the quarter ended Dec. 31, 1992, of $3.3 million compared to a net loss of $3.8 million for the quarter ended Dec. 31, 1991, on revenues of $34.6 million and $34.7 million, respectively.
 Net income for the 12 months ended Dec. 31, 1992, was $3.4 million compared to a net loss of $1.6 million for the 12 months ended Dec. 31, 1991, on revenues of $133.1 million and $146.6 million, respectively.
 Stephen A. Van Dyck, chairman and chief executive officer of Maritrans GP Inc., commented, "Maritrans fourth quarter results are very heartening. We earned $1.7 million before nonrecurring items which is the best we have done since the first quarter of 1991. This result was accomplished through the efforts of our people intensifying their focus on safety and cost effectiveness. Maritrans also recorded the receipt of the $3.0 million settlement from our suit against our former law firm. Offsetting these positive events was the recording of $1.4 million in costs from terminating a 13-year term lease commitment and moving to a much smaller headquarters office. We will be able to save this one-time cost within the next two years in lease savings alone."
 Maritrans owns and operates a fleet of tugboats and oceangoing tank barges along the Gulf and Atlantic coasts and 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)
 Periods ended Three months 12 months
 Dec. 31 1992 1991 1992 1991
 Revenue $34.6 $34.7 $133.1 $146.6
 Operating income 2.7 (1.0) 10.0 7.4
 Net income (loss) 3.3 (3.8) 3.4 (1.6)
 Depreciation and amortization 4.1 4.4 15.6 16.0
 Net income plus interest,
 depreciation and amortization 10.2 3.5 30.5 25.3
 Distributions to partners pertaining
 to period --- 3.6 3.6 14.4
 Capital expenditures 3.2 3.0 10.1 22.5
 Net income (loss) allocated to limited
 partners per limited partner unit
 based on 12,250,000 units $.27 ($.30) $.27 ($.13)
 /delval/
 -0- 1/29/93
 /CONTACT: Gary Schaefer, 215-864-1288, or Richard Carson, 215-864-1254, both of Maritrans/
 (TUG)


CO: Maritrans Partners L.P. ST: Pennsylvania IN: MAR SU: ERN

CC-MK -- PH045 -- 0980 01/29/93 17:41 EST
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Date:Jan 29, 1993
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