Contact Information: Contact Information: Albert Bergeron Chief Financial Officer U.S. Shipping Partners L.P. 1-866-467-2400
U.S. Shipping Partners L.P. Announces Delivery of Second ATB on Schedule
| Source: U.S. Shipping Partners L.P.
EDISON, NJ--(Marketwire - August 25, 2008) - U.S. Shipping Partners L.P. (NYSE : USS ) (the
"Partnership") today announced the completion of its second Articulated Tug
Barge (ATB) unit on schedule with the delivery of the barge Petrochem
Producer from Bay Shipbuilding at Sturgeon Bay, Wisconsin. The Galveston,
the tug for the second unit, was delivered in July from Eastern
Shipbuilding, Panama City, Florida. The Galveston / Petrochem Producer is
currently enroute to the Gulf Coast and will enter service in early
September on long term charter to a major oil company. The third ATB in
the series is scheduled to be delivered in November of this year and the
fourth ATB in August of 2009.
About U.S. Shipping Partners L.P.
U.S. Shipping Partners L.P. is a leading provider of long-haul marine
transportation services, principally for refined petroleum products, in the
U.S. domestic "coastwise" trade. U.S. Shipping Partners L.P. is also
involved in the coastwise transportation of petrochemical and commodity
chemical products. The Partnership's existing fleet consists of twelve
tank vessels: six integrated tug barge units; one product tanker; three
chemical parcel tankers and two ATBs, one of which entered service in July
2007 and the second will enter service in early September 2008. The
Partnership 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 Partnership having one of the most
modern fleets in service. For additional information about U.S. Shipping
Partners L.P., please visit www.usslp.com.
The Partnership also announced that Standard & Poor's Rating Services
lowered the Partnership's corporate credit rating and its rating on the
Partnership's senior secured bank debt and senior secured notes, and
revised the CreditWatch status from negative to developing.
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 Partnership 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
Partnership 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 Partnership, 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 Partnership's filings with the SEC and include, among other
things, the willingness of our lenders to amend our credit agreement on
commercially acceptable terms and to continue to make advances to us under
our revolving credit facility to meet our working capital requirements,
increased financing costs, no occurrence of an event of default under our
credit agreement that would allow our lenders to demand immediate repayment
of all outstanding borrowings under the credit facility, our liquidity,
future charter rates, demand in the spot market for vessels and timely and
on-budget delivery of one ATB in November 2008.