Ultrapetrol Announces Closing of Tender Offer for All of Its Outstanding 7.25% Convertible Senior Notes Due 2017

Ultrapetrol Announces Closing of Tender Offer for All of Its Outstanding 7.25%
Convertible Senior Notes Due 2017

NASSAU, Bahamas, Jan. 23, 2013 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas)
Limited (Nasdaq:ULTR) ("Ultrapetrol"), an industrial transportation company
serving marine transportation needs in three markets (River Business, Offshore
Supply Business and Ocean Business), announced today the expiration of its
tender offer (the "Tender Offer") to repurchase up to $80 million of its
outstanding 7.25% Convertible Senior Notes due 2017 (the "Notes") in
accordance with the provisions of the indenture governing the Notes. The Notes
were repurchased at par plus accrued and unpaid interest to, but excluding,
the date of repurchase, for a total price of $1,001.61 per $1,000.00 principal
amount of Notes.

As previously announced, the Tender Offer expired at 5:00 p.m., New York City
time on January 22, 2013. At the time of the expiration, $80 million aggregate
principal amount of the Notes had been validly tendered and not withdrawn.

Manufacturers and Traders Trust Company served as the Trustee, Tender Agent,
Paying Agent and Conversion Agent for the Tender Offer.

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

Forward-Looking Language

The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include future operating or financial results;
pending or recent acquisitions, business strategy and expected capital
spending or operating expenses, including dry docking and insurance costs;
general market conditions and trends, including charter rates, vessel values,
and factors affecting vessel supply and demand; our ability to obtain
additional financing; our financial condition and liquidity, including our
ability to obtain financing in the future to fund capital expenditures,
acquisitions and other general corporate activities; our expectations about
the availability of vessels to purchase, the time that it may take to
construct new vessels, or vessels' useful lives; our dependence upon the
abilities and efforts of our management team; changes in governmental rules
and regulations or actions taken by regulatory authorities; adverse weather
conditions that can affect production of the goods we transport and
navigability of the river system; the highly competitive nature of the
oceangoing transportation industry; the loss of one or more key customers;
fluctuations in foreign exchange rates and devaluations; potential liability
from future litigation; and other factors. Please see our filings with the
Securities and Exchange Commission for a more complete discussion of these and
other risks and uncertainties.

ULTR – G

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

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