UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 2, 2005
MARITRANS INC.
(Exact name of registrant specified in its charter)
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| Delaware
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1-9063
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51-0343903 |
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| (State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.) |
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| Two Harbour Place, Knights Run Avenue, Suite 1200, |
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| Tampa, Florida
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33602 |
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| (Address of principal executive offices)
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(Zip Code) |
Registrant’s telephone, including area code: (813) 209-0600
Not applicable.
(Former name and former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Registrant under any of the following provisions (see General
Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On September 2, 2005, Maritrans Operating Company L.P. (the “Company”), a subsidiary of
Maritrans Inc., entered into a shipbuilding contract (“Shipbuilding Contract”) with Bender
Shipbuilding & Repair Co., Inc., (“Builder”), and also entered into a ten-year contract of
affreightment (“COA”) with Sunoco Inc. (R&M) (“Sunoco”).
Pursuant to the terms of the Shipbuilding Contract, Builder will construct and deliver three
articulated tug-barge units, each having a carrying capacity of
335,000 barrels (98% capacity), for a total cost
to the Company, including owner-furnished materials, of approximately $232.5 million. The
tug-barge units are scheduled for delivery on October 1, 2007, May 1, 2008 and December 1, 2008,
subject in each case to permitted postponements under the Shipbuilding Contract.
The COA with Sunoco provides for the lightering of vessels that Sunoco brings into the
Delaware Bay and offshore lightering locations utilizing the carrying capacity of the
newly-constructed tug-barge units under the Shipbuilding Contract. The COA commences on the
delivery of the first tug-barge unit and continues, unless earlier terminated, for a term of 10
years. During the term of the COA, Sunoco guarantees certain monthly minimum volume commitments
for lightering services subject to the Company’s ability to provide the necessary vessels in the
time frame provided in the COA. Sunoco has the right, upon 180 days’ notice to the Company, to
cancel portions of or the entire monthly minimum volume commitments subject to its obligation to
compensate the Company in accordance with the terms of the COA or time charter the tug-barge unit
at the rates set forth in the COA.
Item 9.01 Financial Statements and Exhibits
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99.1
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Press Release, dated September 6, 2005, issued by Maritrans Inc. |