Maritrans Partners LP said its net income for the quarter ended Dec. 31, 1988, totaled $3.9 million, compared with $4 million for the like period of 1987.
For the full year, the coastal tugboat and tank barge operator reported net income of $17.2 million, compared with pro forma net income of $9.6 million in 1987. The company was spun off in April 1987 by former parent Sonat Inc.Maritrans also declared a cash distribution of 28.75 cents a limited partnership unit. The distribution will be paid Feb. 24 to unit holders of record as of Feb. 10.
The payment is the company's seventh consecutive quarterly distribution since its spinoff, Maritrans said.
Stephen A. Van Dyck, Maritrans chairman and chief executive officer, called 1988 "a very successful year, with the highest number of barrels moved that Maritrans or its predecessor companies have ever achieved."