Ultrapetrol Appoints New Director at Annual General Meeting of Shareholders

Ultrapetrol Appoints New Director at Annual General Meeting of Shareholders

NASSAU, Bahamas, Dec. 7, 2012 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas)
Limited (Nasdaq:ULTR), an industrial transportation company serving marine
transportation needs in three markets (River Business, Offshore Supply
Business and Ocean Business), today announced the appointment of Eduardo Ojea
Quintana to its Board of Directors at the annual general meeting of its
shareholders. Mr. Ojea Quintana was proposed for election by the Named
Shareholders, which consists of Inversiones Los Avellanos S.A. and Hazels
(Bahamas) Investments Inc.

Eduardo Ojea Quintana is currently the President of the Board of Directors of
Transportadora de Gas del Norte S.A. and a member of the board of directors of
several other energy companies in South America. He has served as a member of
the Argentine Chamber of Oil Companies, part of the Argentine Institute of Oil
and Gas, the Argentine Council for the Sustainable Development Companies and
the Academy Center for the Energy Regulatory Activity. He also represented
Argentina on the Executive Committee for the International Gas Union. Mr. Ojea
Quintana holds a degree in Law from the University Museo Social Argentino.

Additionally, at the meeting the following proposals were approved and
adopted: 1) the approval of the audited financial statements and the Report of
the Auditors thereon for the fiscal year ended December 31, 2011, 2) the
re-election of the six existing directors of the Company, 3) the ratification
of acts, proceedings and transactions of directors, officers and employees of
the Company and 4) the indemnification of directors, officers and employees of
the Company.

About Ultrapetrol

Ultrapetrol is an industrial transportation company serving the marine
transportation needs of its clients in the markets on which it focuses. It
serves the shipping markets for containers, grain and soya bean products,
forest products, minerals, crude oil, petroleum, and refined petroleum
products, as well as the offshore oil platform supply market with its
extensive and diverse fleet of vessels. These include river barges and
pushboats, platform supply vessels, tankers and two container feeder vessels.
More information on Ultrapetrol can be found at www.ultrapetrol.net.

The Ultrapetrol (Bahamas) Limited logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3164.

ULTR-G

CONTACT: The IGB Group
         Leon Berman
         212-477-8438
         lberman@igbir.com
        
         or
        
         David Burke
         646-673-9701
         dburke@igbir.com

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