Crowley Announces Executive Resignations

(Weehawken, N.J.; Feb. 25, 2002) – Tom Crowley Jr., Chairman, President and Chief Executive Officer of Crowley Maritime Corporation, and Richard du Moulin, President of Marine Transport Corporation (MTC), jointly announced today that with the successful integration of MTC into Crowley, du Moulin will be resigning from MTC to pursue other business interests. Crowley acquired Weehawken, NJ-based MTC in February 2001. Mark Filanowski, senior vice president and Chief Financial Officer of MTC, will also be leaving the company. Both resignations will take effect April 1, 2002.

Du Moulin had been chairman of MTC since 1989 when he and Filanowski, utilizing their company Intrepid Shipping, acquired what was then NASDAQ-listed Marine Transport Lines, Inc. (MTL). In 1998, working in conjunction with Craig Stevenson, chairman of the board of directors of OMI Corp., du Moulin and Filanowski merged MTL into OMI, followed immediately by a separation of OMI into a US-flag, NASDAQ-listed company called Marine Transport Corporation and foreign-flagged, NYSE-listed company called new OMI. In the three years that followed MTC acquired the US-flag tanker interests of Occidental Petroleum and Mormac Group, Inc., making MTC one of the largest US ship operators. In February 2001, with the acquisition of MTC, Crowley became America’s largest US-flag shipping company.

Crowley complimented du Moulin and Filanowski for their leadership during the year of transition.

“Richard and Mark played a significant role in delivering a seamless transition of MTC into the Crowley family,” he said. “Under their able leadership, MTC continued to perform at the highest levels for its customers throughout the integration. Our new management team will be left with a strong foundation from which to operate. I wish Richard and Mark the best of luck in their new endeavors.”

Reflecting on his years with MTL/MTC, du Moulin said, “Mark and I have had a wonderful experience working with our colleagues at MTL. We had help from a great group of American seafarers, loyal banks, and industry customers and friends.

“MTL, started in 1816, is the oldest transportation company in America and we are pleased that it is now an important part of Crowley Maritime, itself having a storied legacy,” he said. “We are confident that MTC will continue to prosper with its new leadership.”

Du Moulin has served in many industry leadership positions including chairman of Intertanko, a tanker industry organization, and he serves on the boards of directors of the American Bureau of Shipping (ABS), the Seamen’s Church Institute of New York/New Jersey, and the National Maritime Historical Society. Filanowski is chairman of the board of directors of the Shoreline Mutual (Bermuda) Ltd., and is a member of ABS.

Oakland-based Crowley Maritime Corp., founded in 1892, is primarily a family- and employee-owned company engaged in worldwide logistics, liner services, contract towing and transportation, energy support services, ship assist and escort services, vessel management and petroleum and chemical marine transport. Additional information about Crowley, its subsidiaries and business units may be found on the Internet at www.crowley.com.

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