SOURCE: U.S. Shipping Partners L.P.

February 20, 2008 09:32 ET

U.S. Shipping Partners L.P. Announces Launching of Tug Galveston

EDISON, NJ--(Marketwire - February 20, 2008) - U.S. Shipping Partners L.P. (NYSE: USS) (the "Partnership") today announced the launching of the tug portion of its second articulated tug barge, or ATB, on February 15, 2008 at the Eastern Shipbuilding Group, Inc. shipyard in Panama City, Florida. Outfitting and commissioning of the tug will take place over the coming months and is on schedule. Completion of the barge portion is proceeding at the Manitowoc Marine Group shipyard and the Partnership currently expects that the completed ATB will be delivered in August 2008, which is according to schedule.

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 eleven tank vessels: six integrated tug barge units; one product tanker; three chemical parcel tankers and one ATB that entered service in July 2007. 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.

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, future charter rates, demand in the spot market for vessels and timely delivery of two ATBs in 2008.

Contact Information

  • Contact Information:
    Albert Bergeron
    Chief Financial Officer
    U.S. Shipping Partners L.P.
    1-866-467-2400