U.S. Shipping Partners L.P. Announces That It Will Not Pay Second Quarter Distribution
July 30 2008 - 9:00AM
Marketwired
EDISON, NJ today announced that its review of strategic
alternatives and its negotiations with its lenders to amend certain
financial covenants under its senior credit facility are
continuing. In light of these continuing efforts, the Partnership
has determined that it will not pay a distribution on its units for
the quarter ended June 30, 2008.
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, petrochemical and commodity chemical products, in the
U.S. domestic "coastwise" trade. 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
was delivered in June 2007 and 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 may include "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 our 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, increased financing costs, future charter rates,
demand in the spot market for vessels and timely and on-budget
delivery in the second half of 2008 of two ATBs currently under
construction.
Contact Information: Albert Bergeron Chief Financial Officer
U.S. Shipping Partners L.P. 1-866-467-2400
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