UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
X Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
--- Exchange Act of 1934
For the Quarterly Period ended September 30, 2001
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or
Transition Report Pursuant to Section 13 or 15(d) of the Securities
--- Exchange Act of 1934
For the Transition Period from to
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Commission File Number 1-9063
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MARITRANS INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 51-0343903
-------------------------------- ----------
(State or other jurisdiction of (Identification No.
incorporation or organization) I.R.S. Employer)
TWO HARBOUR PLACE
302 KNIGHTS RUN AVENUE
SUITE 1200
TAMPA, FLORIDA 33602
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(Address of principal executive offices)
(Zip Code)
(813) 209-0600
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Registrant's telephone number, including area code
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such requirements
for the past 90 days.
Yes X No
--- ----
Common Stock $.01 par value, 10,160,226 shares outstanding as of
November 7, 2001
1
MARITRANS INC.
INDEX
Page
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets - September 30, 2001 and December 31, 2000 3
Condensed Consolidated Statements of Income - Three months ended
September 30, 2001 and 2000 4
Condensed Consolidated Statements of Income - Nine months ended
September 30, 2001 and 2000 5
Condensed Consolidated Statements of Cash Flows - Nine months ended
September 30, 2001 and 2000 6
Notes to Condensed Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 14
Item 6. Exhibits and Reports on Form 8-K 14
SIGNATURES 15
2
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (Unaudited)
MARITRANS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
($000)
September 30, December 31,
2001 2000
------------ -----------
(Unaudited) (Note 1)
ASSETS
Current assets:
Cash and cash equivalents $ 32,413 $ 36,598
Cash and cash equivalents - restricted -- 11,400
Trade accounts receivable 7,280 9,505
Other accounts receivable 5,211 4,279
Inventories 2,966 3,182
Deferred income tax benefit 9,176 9,176
Prepaid expenses 3,958 2,067
-------- --------
Total current assets 61,004 76,207
Vessels and equipment 292,415 289,447
Less accumulated depreciation 139,731 133,838
-------- --------
Net vessels and equipment 152,684 155,609
Note receivable 4,314 4,724
Other 4,146 5,820
-------- --------
Total assets $222,148 $242,360
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Debt due within one year $ 34,408 $ 7,872
Trade accounts payable 1,387 1,242
Accrued interest 1,678 1,052
Accrued shipyard costs 7,026 7,971
Accrued wages and benefits 3,261 2,527
Other accrued liabilities 5,206 8,552
-------- --------
Total current liabilities 52,966 29,216
Long-term debt 27,928 67,988
Deferred shipyard costs 10,539 11,956
Other liabilities 3,437 3,757
Deferred income taxes 38,997 38,997
Stockholders' equity 88,281 90,446
-------- --------
Total liabilities and stockholders' equity $222,148 $242,360
======== ========
See notes to financial statements.
3
MARITRANS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
($000, except per share amounts)
July 1 to July 1 to
September 30, 2001 September 30, 2000
------------------ ------------------
Revenues $ 28,284 $ 32,744
Costs and expenses:
Operation expense 15,474 17,663
Maintenance expense 4,036 3,744
General and administrative 1,607 2,354
Depreciation and amortization 4,483 4,299
-------- --------
Total operating expense 25,600 28,060
-------- --------
Operating income 2,684 4,684
Interest expense (1,099) (1,478)
Other income 654 1,067
-------- --------
Income before income taxes 2,239 4,273
Income tax provision 817 1,565
-------- --------
Net income $ 1,422 $ 2,708
======== ========
Basic earnings per share $ 0.14 $ 0.25
Diluted earnings per share $ 0.14 $ 0.24
Dividends declared per share $ 0.10 $ 0.10
See notes to financial statements.
4
MARITRANS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
($000, except per share amounts)
January 1 to January 1 to
September 30, 2001 September 30, 2000
------------------ ------------------
Revenues $ 91,685 $ 91,468
Costs and expenses:
Operation expense 48,440 51,638
Maintenance expense 11,524 13,800
General and administrative 5,408 6,459
Depreciation and amortization 13,396 12,856
-------- --------
Total operating expense 78,768 84,753
-------- --------
Operating income 12,917 6,715
Interest expense (4,086) (4,791)
Other income, net 2,463 2,458
-------- --------
Income before income taxes 11,294 4,382
Income tax provision 4,258 1,665
-------- --------
Net income $ 7,036 $ 2,717
======== ========
Basic earnings per share $ 0.70 $ 0.25
Diluted earnings per share $ 0.66 $ 0.24
Dividends declared per share $ 0.30 $ 0.30
See notes to financial statements.
5
MARITRANS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
($000)
Nine Months Ended September 30,
2001 2000
--------------------------
Cash flows from operating activities:
Net income $ 7,036 $ 2,717
Adjustments to reconcile net income to net cash provided by (used in)
operating activities:
Depreciation and amortization 13,396 12,856
Deferred income tax provision -- 10
Stock compensation 448 770
Changes in receivables, inventories and prepaid expenses (382) 3,562
Changes in current liabilities, other than debt (2,785) (2,785)
Non-current changes, net (2,331) 2,534
(Gain) loss on sale of fixed assets (192) 637
-------- --------
8,154 17,584
-------- --------
Net cash provided by operating activities 15,190 20,301
Cash flows from investing activities:
Release of cash and cash equivalents - restricted 13,500 21,548
Collections on notes receivable 369 --
Cash proceeds from sale of equipment 195 165
Purchase of vessels and equipment (10,266) (10,991)
-------- --------
Net cash provided by investing activities 3,798 10,722
-------- --------
Cash flows from financing activities:
Payment of long-term debt (13,524) (7,437)
Borrowings under revolving credit facility -- 2,500
Repayments of borrowing under revolving credit facilities -- (2,500)
Proceeds from exercise of stock options 298 129
Purchase of treasury stock (6,808) (4,617)
Dividends declared and paid (3,139) (3,420)
-------- --------
Net cash provided by (used in) financing activities (23,173) (15,345)
-------- --------
Net increase (decrease) in cash and cash equivalents (4,185) 15,678
Cash and cash equivalents at beginning of period 36,598 13,232
-------- --------
Cash and cash equivalents at end of period $ 32,413 $ 28,910
======== ========
Noncash investing and financing activities
Note receivable from sale of property $ -- $ 1,575
See notes to financial statements
6
MARITRANS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
1. Basis of Presentation/Organization
Maritrans Inc., through its subsidiaries, owns and operates oil tankers,
tugboats and oceangoing petroleum tank barges principally used in the
transportation of oil and related products, along the Gulf and Atlantic
coasts.
In the opinion of management, the accompanying condensed consolidated
financial statements of Maritrans Inc., which are unaudited (except for
the Condensed Consolidated Balance Sheet as of December 31, 2000, which
is derived from audited financial statements), include all adjustments
(consisting of normal recurring accruals) necessary to present fairly
the financial statements of the consolidated entities.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management
to make estimates and assumptions that affect the amounts reported in
the financial statements and accompanying notes. Actual results could
differ from those estimates.
Pursuant to the rules and regulations of the Securities and Exchange
Commission, the unaudited condensed consolidated financial statements do
not include all of the information and notes normally included with
annual financial statements prepared in accordance with generally
accepted accounting principles. These financial statements should be
read in conjunction with the consolidated historical financial
statements and notes thereto included in the Company's Form 10-K for the
period ended December 31, 2000.
7
2. Earnings per Common Share
The following data shows the amounts used in computing basic and diluted
earnings per share ("EPS"):
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
---- ---- ---- ----
(000's) (000's)
Income available to common stockholders
used in basic EPS $ 1,422 $ 2,708 $ 7,036 $ 2,717
Weighted average number of common
shares used in basic EPS 9,955 10,755 10,101 11,082
Effect of dilutive securities:
Stock options and restricted shares 543 304 580 288
Weighted number of common shares
and dilutive potential common
stock used in diluted EPS 10,498 11,059 10,681 11,370
3. Income Taxes
The Company's effective tax rate differs from the federal statutory rate
due primarily to state income taxes and certain nondeductible items.
4. Share Buyback Program
On February 9, 1999, the Board of Directors authorized a share buyback
program for the acquisition of up to one million shares of the Company's
common stock. This amount represented approximately 8 percent of the 12.1
million shares outstanding at the beginning of the program. In February
2000 and again in February 2001, the Board of Directors authorized the
acquisition of an additional one million shares in the program. The total
authorized shares under the program are three million. As of September
30, 2001, 2,368,700 shares have been repurchased under the plan.
5. Subsequent Events
In October 2001, the Company repaid $33.0 million of its 9.25% long-term
debt in advance of its due date. The Company will record an extraordinary
charge of approximately $2.6 million, net of taxes, or approximately
$0.24 per share, in prepayment penalties in the fourth quarter as a
result of the repayment.
8
6. Impact of Recent Accounting Pronouncements
In September 1998, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 133, Accounting for
Derivative Instruments and Hedging Activities ("Statement 133").
Statement 133 establishes accounting and reporting standards for
derivative instruments, including certain derivative instruments embedded
in other contracts (collectively referred to as derivatives), and for
hedging activities. The Company adopted Statement 133 on January 1, 2001,
and the effect of adoption was not material to the Company.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Forward Looking Information
Some of the statements in this Form 10-Q (this "10-Q") constitute
forward-looking statements under Section 27A of the Securities Act of 1933, as
amended, 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.
The forward-looking statements included in this 10-Q relate to future events or
the Company's future financial performance. In some cases, the reader can
identify forward-looking statements by terminology such as "may," "believe,"
"future," "potential," "estimate," "expect," "intend," "plan," "through,"
"provide," "meet," "allow," "represent," "result," "seek," "increase," "work,"
"perform," "make," "continue," "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 the Company's
current plans or assessments that are believed to be reasonable as of the date
of this 10-Q. Factors that may cause actual results, goals, targets or
objectives to differ materially from those contemplated, projected, forecast,
estimated, anticipated, planned or budgeted in such forward-looking statements
include, among others, the factors outlined in this 10-Q; industry related
factors including, without limitation, changes in oil companies operating and
sourcing decisions, competition for marine transportation, domestic oil
consumption, the continuation of federal law restricting United States
point-to-point maritime shipping to U.S. vessels (the Jones Act), demand for
petroleum products, future spot market rates and the impact of the early
pay-down of long-term debt on operating results and general financial, economic,
environmental and regulatory conditions affecting the oil and marine
transportation industry in general. These factors, either individually or
collectively in part or in whole, may cause the Company's actual results to
differ materially from any forward-looking statement. Given such uncertainties,
current or prospective investors are cautioned not to place undue reliance on
any such forward-looking statements.
9
Although the Company believes that the expectations in the forward-looking
statements are reasonable, the Company cannot guarantee future results, levels
of activity, performance, growth, earnings per share or achievements.
Furthernore, neither the Company nor any other person assumes responsibility for
the accuracy and completeness of such statements. The Company is under no duty
to update any of the forward-looking statements after the date of this 10-Q to
conform such statements to actual results.
The following discussion should be read in conjunction with the unaudited
financial statements and notes thereto included in Part I, Item 1 of this Form
10-Q and the audited financial statements and notes thereto and the Management's
Discussion and Analysis of Financial Condition and Results of Operations for the
year ended December 31, 2000 contained in the Company's Annual Report on Form
10-K for the year ended December 31, 2000.
Results of Operations
Three Month Comparison
Revenues of $28.3 million in the third quarter of 2001 deceased $4.4 million or
13 percent compared to $32.7 million in the third quarter of 2000. Revenues
decreased as a result of lower utilization and decreased spot market rates.
Vessel utilization, as measured by revenue days divided by calendar days
available, decreased from 86.7 percent in the third quarter of 2000 to 76.4
percent in the third quarter of 2001. Utilization decreased due to more vessel
out of service time for maintenance during 2001 than in the same period of 2000.
In both periods a vessel was out of service for a double hull rebuild.
Additionally, in the third quarter of 2001, two tankers also experienced
significant out of service time. One of the tanker's routine drydocking for
maintenance was accelerated to the third quarter due to a weak spot market and
the other tanker was converted to handle multiple grades of refined petroleum
products. Spot market rates decreased in the current quarter due to refinery
maintenance projects and less demand for refined products. The Company renewed
some of its term contracts in the quarter at increased rates. These increases
offset some of the decline in revenue that resulted from the lower utilization
and lower spot market rates. Barrels of cargo transported decreased from 49.0
million in the third quarter of 2000 to 43.4 million in the third quarter of
2001. Looking forward, the Company expects that high gasoline inventories in the
Gulf market and high distillate inventories in the Northeast will dampen spot
market demand in the fourth quarter. The Company expects that its increased
contract rates and less scheduled out of service time will result in higher
revenues in the fourth quarter of 2001 than it earned in the third quarter of
2001. Most of the contract terms extend into 2002 and are expected to result in
higher average revenues in 2002.
Operating expenses decreased from $28.1 million in the third quarter of 2000 to
$25.6 million in the third quarter of 2001, a decrease of $2.5 million or 9
percent. Due to the decrease in utilization discussed above, port charges and
fuel costs decreased in the third quarter of 2001 compared to the same quarter
of 2000. Fuel prices also decreased 12 percent in the third quarter of 2001 over
the comparable quarter in 2000. During the third quarter of 2001, one of the
Company's tankers was under a contract that passes fuel and other voyage costs
directly to the customer, resulting in a decrease in expenses. The tanker was
not under the same form of contract in the comparable period of 2000. Crew costs
increased in the third quarter of 2001 over the comparable quarter in 2000 as a
result of a higher volume of seminars and training and partially offset the
decrease in port charges and fuel costs. Overall maintenance expenses increased
in the third quarter of 2001 over the comparable quarter in 2000 due to the
vessels that were in the shipyard for maintenance, discussed above. In the third
quarter of 2000, the Company had incurred $0.5 million in relocation costs for
the move of its corporate headquarters from Philadelphia, PA to Tampa, FL that
were not incurred in the same quarter of 2001.
10
Operating income decreased in the third quarter of 2001 over the comparable
quarter in 2000 as a result of the aforementioned changes in revenue and
expenses.
Other income in the third quarter of 2001 includes interest income of $0.6
million compared to $1.0 million in the third quarter of 2000. Interest income
decreased in the third quarter of 2001 as a result of lower interest rates and a
lower cash balance compared to the same period in 2000.
Net income for the third quarter of 2001 decreased compared to the third quarter
of 2000 due to the aforementioned changes in revenue and expenses.
Nine Month Comparison
Revenues of $91.7 million in the nine months ended September 30, 2001 were
consistent with revenues of $91.5 million in the nine months ended September 30,
2000. Vessel utilization, as measured by revenue days divided by calendar days
available, decreased from 86.5 percent for the nine months ended September 30,
2000 to 83.7 percent for the nine months ended September 30, 2001. Utilization
decreased due to more vessel out of service time for maintenance during 2001
than in 2000. In both periods a vessel was out of service for a significant
portion of the year for a double hull rebuild. Overall for the nine month
period, spot market rates were higher than the same period in 2000. In addition,
contracts renewed with customers in 2001 were renewed at higher rates than those
experienced in 2000. Barrels of cargo transported decreased from 145.0 million
in the nine months ended September 30, 2000 to 138.5 million in the nine months
ended September 30, 2001. Looking forward, the Company expects that high
gasoline inventories in the Gulf market and high distillate inventories in the
Northeast will dampen spot market demand in the fourth quarter. The Company
expects that its increased contract rates and less scheduled out of service time
will result in higher revenues in the fourth quarter of 2001 than it earned in
the third quarter of 2001. Most of the contract terms extend into 2002 and are
expected to result in higher average revenues in 2002. The OCEAN CITIES went out
of service late in the second quarter of 2001 for its double hull rebuild and is
expected to return to service late in the fourth quarter. The Company expects
this vessel to contribute very little to utilization or revenues for the
remainder of 2001.
11
Operating expenses decreased from $84.8 million in the nine months ended
September 30, 2000 to $78.8 million in the nine months ended September 30, 2001,
a decrease of $6.0 million or 7 percent. Due to the decrease in utilization
discussed in revenue above, port charges and fuel costs decreased compared to
the same period in 2000. In 2001, one of the Company's tankers was under a
contract that passes all fuel and other voyage costs directly to the customer,
resulting in a decrease in expenses. The tanker was not under the same form of
contract in the comparable period of 2000. Crew costs increased as a result of a
higher volume of seminars and training that took place in 2001 compared to 2000.
Overall maintenance expense decreased as a result of the rebuilding of the
single-hulled barges to double-hulled barges, which allows certain procedures to
be performed while the vessel is in the shipyard for its double-hulling. In
2000, the Company had incurred $1.1 million in relocation costs as a result of
moving the corporate headquarters from Philadelphia, PA to Tampa, FL. No
relocation costs were incurred in 2001.
Operating income increased as a result of the aforementioned changes in revenue
and expenses.
Other income in the nine months ended September 30, 2001 includes interest
income of $2.2 million and a pre-tax gain of $0.2 million on the sale of a
barge. Other income in the nine months ended September 30, 2000 included
interest income of $3.0 million offset by a pre-tax loss of $0.7 million on the
sale of Philadelphia real estate and equipment.
Interest expense decreased from $4.8 million in the nine months ended September
30, 2000 to $4.1 million in the nine months ended September 30, 2001, a decrease
of $0.7 million or 15 percent. This decrease is the result of the prepayment of
$6 million of long-term debt in 2001 and decreased principal from normal debt
payments.
Net income for the nine months ended September 30, 2001 increased compared to
the nine months ended September 30, 2000 due to the aforementioned changes in
revenue and expenses.
Liquidity and Capital Resources
For the nine months ended September 30, 2001, funds provided by operating
activities were sufficient to meet debt service obligations and loan agreement
restrictions, to make capital acquisitions and improvements, to allow Maritrans
Inc. to pay a dividend of $0.10 per common share in the current quarter, to
prepay $6 million of long term debt and to make share repurchases. While
dividends have been made quarterly in each of the last three years, there can be
no assurance that the dividend will continue. The ratio of total debt to
capitalization is .41:1 at September 30, 2001.
Management believes that in 2001, funds provided by operating activities,
augmented by financing and investing transactions, will be sufficient to finance
operations, anticipated capital expenditures, lease payments and required debt
repayments.
12
On February 9, 1999, the Board of Directors authorized a share buyback program
for the acquisition of up to one million shares of the Company's common stock.
This amount represented approximately 8 percent of the 12.1 million shares
outstanding at that time. In February 2000 and again in February 2001, the Board
of Directors authorized the acquisition of an additional one million shares in
the program. The total authorized shares under the buyback program are three
million. As of September 30, 2001, 2,368,700 shares have been repurchased under
the plan and have been financed from internally generated funds. The Company
intends to hold the majority of the shares as treasury stock, although some
shares will be used for employee compensation plans and others may be used for
acquisition currency and/or other corporate purposes.
In August 2000, the Company awarded a contract to rebuild a third large single
hull barge, the OCEAN CITIES, to a double hull configuration, which is expected
to have a total cost of approximately $15.5 million. As of September 30, 2001,
$9.9 million has been paid to the shipyard contractor. The vessel entered the
shipyard in the second quarter of 2001 and is expected to return to service late
in the fourth quarter of 2001. The Company has financed, and expects to continue
the financing of, this project from internally generated funds.
In September 2001, the Company awarded a contract to rebuild a fourth large
single hull barge, the OCEAN 250, to a double hull configuration, which is
expected to have a total cost of approximately $16.4 million. As of September
30, 2001, $1.6 million has been paid to the shipyard contractor for
prefabrication and other advance design work. The Company has financed, and
expects to continue the financing of, this project from internally generated
funds.
In October 2001, the Company repaid $33.0 million of its 9.25% long-term debt in
advance of its due date. The Company will record an extraordinary charge of
approximately $2.6 million, net of taxes, or approximately $0.24 per share, in
prepayment penalties in the fourth quarter as a result of the repayment.
Debt Obligations and Borrowing Facility
At September 30, 2001, the Company had $62.3 million in total outstanding debt,
secured by mortgages on most of the fixed assets of the Company. The current
portion of this debt at September 30, 2001 was $34.4 million.
The Company has a $33 million revolving credit facility with Mellon Bank, N.A.
that expires in October 2002. This facility is collateralized by mortgages on
the tankers. At September 30, 2001, $22 million was outstanding under this
facility. In October 2001, the Company drew down the remaining $11 million under
this facility. The Company expects to have a new financing arrangement by
year-end.
13
Impact of Recent Accounting Pronouncements
In September 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 133, Accounting for Derivative Instruments
and Hedging Activities ("Statement 133"). Statement 133 establishes accounting
and reporting standards for derivative instruments, including certain derivative
instruments embedded in other contracts (collectively referred to as
derivatives), and for hedging activities. The Company adopted Statement 133 on
January 1, 2001, and the effect of adoption was not material to the Company.
Part II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In Maritrans Inc., et al v. United States, Maritrans sued the
United States in 1996 alleging that the double hull requirement
of the Oil Pollution Act of 1990 ("OPA") which requires
retirement of Maritrans' fleet of single-hulled barges, is a
"taking" under the fifth amendment to the U.S. Constitution.
Maritrans is seeking a total of up to $200 million in
compensation for this taking. A trial was held in July 1997 on
the preliminary issue of whether Maritrans had a cognizable
property interest that could be subject to taking. The Court
ruled in favor of Maritrans.
In April 1999, the United States Court of Federal Claims ("the
Court") ruled that the case was "ripe" only with respect to
vessels that OPA had forced out of service, which would include
vessels that Maritrans had sold, scrapped, or rebuilt. A trial
was held in January 2001, with respect to eight of the Company's
barges that are "ripe". Maritrans alleges that the value of
these assets, for which compensation is currently due, is
approximately $73 million. The trial concluded on February 13,
2001. A decision is expected from the Court by the end of 2001.
If Maritrans prevails, claims for other of the Company's barges
will be the subject of future legal proceedings as the vessels
are forced from service by OPA.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
(b) Reports on Form 8-K
No reports on Form 8-K were filed in the quarter ended September
30, 2001.
14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
MARITRANS INC.
(Registrant)
By: /s/ H. William Brown Dated: November 12, 2001
------------------------------
H. William Brown
Chief Financial Officer
(Principal Financial Officer)
By: /s/ Walter T. Bromfield Dated: November 12, 2001
------------------------------
Walter T. Bromfield
Treasurer and Controller
(Principal Accounting Officer)
15