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MARITRANS PARTNERS L.P. ANNOUNCES RESULTS FOR THE QUARTER ENDED SEPT. 30, 1992

 MARITRANS PARTNERS L.P. ANNOUNCES
 RESULTS FOR THE QUARTER ENDED SEPT. 30, 1992
 PHILADELPHIA, Oct. 28 /PRNewswire/ -- Maritrans Partners L.P. (NYSE: TUG) today announced financial results for the quarter ended Sept. 30, 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 has previously announced that it will be seeking unitholder approval to convert Maritrans to a corporation from its present partnership form.
 Maritrans announced a net loss for the quarter ended Sept. 30, 1992, of $0.3 million compared to net income of $0.3 million for the quarter ended Sept. 30, 1991, on revenues of $32.2 million and $36.8 million, respectively.
 Net income for the nine months ended Sept. 30, 1992, was $0.1 million compared to $2.2 million for the nine months ended Sept. 30, 1991, on revenues of $98.4 million and $111.8 million, respectively.
 Stephen A. Van Dyck, chairman and chief executive officer of Maritrans GP Inc., commented, "The oil industry, and especially our part of it, continues to work through the radical impact of environmental regulation and economic malaise. In the face of these challenges, we continue to respond aggressively. For example, additional work force reductions required a one-time charge to earnings of $600,000; and this, combined with continued weak transportation markets, resulted in a loss of $300,000 for the quarter. At the same time, our focus on quality, safety and process improvement has brought real productivity increases. We are doing what is necessary to enhance our long-term strategic position."
 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 Condensed Combined Financial Highlights
 (dollars in millions, except per-unit amounts)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Revenue $32.2 $36.8 $98.4 $111.8
 Operating income 2.2 2.5 7.2 8.4
 Net income (loss) (0.3) 0.3 0.1 2.2
 Depreciation and amortization 3.8 4.0 11.5 11.6
 Net income plus interest, depreciation
 & amortization 6.1 7.0 19.9 21.8
 Distributions to partners pertaining
 to period --- 3.6 3.6 10.8
 Capital expenditures 3.3 3.6 6.9 19.5
 Net income (loss) allocated to limited
 partners per limited partner unit
 based on 12,250,000 units (.03) .02 .01 .17
 /delval/
 -0- 10/28/92
 /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


JS-LJ -- PH027 -- 6052 10/28/92 13:19 EST
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Date:Oct 28, 1992
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