From the Wires
U.S. Shipping Vessels Achieve Remarkable Safety, Environmental Milestones
Receives Commendation by the American Maritime Officers
By: Marketwired .
May. 28, 2009 10:00 AM
EDISON, NJ -- (Marketwire) -- 05/28/09 -- U.S. Shipping Partners L.P. (PINKSHEETS: USSPZ) announced today that it has received a commendation by the American Maritime Officers for its strong safety and environmental record. Collectively, 10 vessels in the U.S. Shipping Partners fleet have gone a total of 44.5 years without a lost-time accident (LTA). The company and its fleet have also been recognized with several safety achievement and environmental awards as a result of their outstanding record.
Notably, the integrated tub barge, ITB New York has reached the remarkable safety milestone of 10 years without an LTA. The ITB Philadelphia has achieved 14 years of operation without an environmental incident, and several other vessels in the fleet have similarly operated for extended periods.
"Our track record for safety and performance have built a high level of trust with our customers," said Joe Gehegan, Chief Operating Officer at U.S. Shipping Partners. "Our on-going training programs for officers and engineers exceed all regulatory requirements and the American Maritime Officers, who man U.S. Shipping vessels in all licensed positions, are selected through a rigorous screening process."
An LTA is defined as an accident resulting in a crew member sustaining an injury requiring him or her to miss at least one shift, and the number of LTAs occurring onboard a ship serve as a maritime industry standard for measuring safety performance.
In 2008, U.S. Shipping received the 2008 William M. Benkert Silver Award for environmental excellence. The Benkert Award is the foremost national recognition of outstanding achievement, extending far beyond compliance with marine environmental regulatory standards. In 2007, U.S. Shipping was again recognized for its commitment to protecting the environment with the Chamber of Shipping of America's Environmental Achievement Award.
U.S. Shipping has also been recognized with the Green Flag Award from the Port of Long Beach for the company's contribution to improved air quality through vessel operations.
About U.S. Shipping Partners L.P.
U.S. Shipping Partners L.P. is a leading provider of long-haul marine transportation services for refined petroleum, petrochemical and commodity chemical products in the U.S. domestic "coastwise" trade. The Company's existing fleet consists of eleven tank vessels: four integrated tug barge units; one product tanker; three chemical parcel tankers and three ATBs, the first of which entered service in July 2007, the second entered service in August 2008 and the third entered service in early December 2008. The Company also operates one product tanker on behalf of its joint venture. The Company has embarked on a capital construction program to build additional ATBs and, through a joint venture, additional tank vessels that upon completion will result in the Company having one of the most modern versatile fleets in service. For additional information about U.S. Shipping Partners L.P., please visit www.usslp.com.
About American Maritime Officers
American Maritime Officers (AMO) is the largest union of merchant marine officers in the U.S. AMO officers work aboard U.S.-flagged merchant and military sealift vessels, and AMO holds an exclusive and expanding presence in the international energy transportation trades. For additional information about AMO, please visit www.amo-union.org.
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause its actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks and uncertainties are discussed in detail in the Company's filings with the SEC and include, among other things, the impact of our bankruptcy filing on our business, customers and employees, our ability to successfully restructure our operations under the bankruptcy code, our liquidity, future charter rates, demand in the spot market for vessels, timely and on-budget delivery of our remaining ATB and the joint venture tankers currently under construction and a successful resolution of our litigation with the other owners of, and lenders to, our joint venture.
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