Ultrapetrol Announces Closing of Offering of $200 Million Aggregate Principal Amount of 8.875% First Preferred Ship Mortgage

Ultrapetrol Announces Closing of Offering of $200 Million Aggregate Principal
Amount of 8.875% First Preferred Ship Mortgage Notes Due 2021

NASSAU, Bahamas, June 10, 2013 (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), announced today the closing of its previously
announced sale of $200 million in aggregate principal amount of its 8.875%
First Preferred Ship Mortgage Notes due 2021 (the "Notes"). The Notes and
related guarantees are secured by the stock of certain of the Company's
subsidiaries and by first preferred mortgages on vessels owned by certain of
its subsidiaries. The Notes were issued at par and sold in a private offering
within the United States to qualified institutional buyers pursuant to Rule
144A under the Securities Act of 1933, as amended (the "Securities Act"), and
to certain other persons outside of the United States in reliance on
Regulation S under the Securities Act. The Company received gross proceeds of
$200 million from the offering.

Ultrapetrol plans to use the net proceeds of the offering to redeem its
existing $180 million aggregate principal amount of its senior notes due 2014,
as well as for general corporate purposes.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy the Notes and the related guarantees, nor shall there be
any sale of the Notes and the related guarantees in any jurisdiction in which
such offer, solicitation or sale is unlawful. Any offer of the Notes and
related guarantees will be made only by means of a private offering
memorandum. The Notes and the related guarantees have not been registered
under the Securities Act, or any state securities laws, and unless so
registered, may not be offered or sold except pursuant to an exemption from,
or in a transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws.

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.

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.


         Leon Berman / David Burke
         212-477-8438 / 646-673-9701
         lberman@igbir.com / dburke@igbir.com

company logo
Press spacebar to pause and continue. Press esc to stop.