Ultrapetrol Announces Closing of Add-On Offering of $25.0 Million Aggregate Principal Amount of 8.875% First Preferred Ship

Ultrapetrol Announces Closing of Add-On Offering of $25.0 Million Aggregate
Principal Amount of 8.875% First Preferred Ship Mortgage Notes Due 2021

NASSAU, Bahamas, Oct. 2, 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 $25 million in aggregate principal amount of its 8.875%
First Preferred Ship Mortgage Notes due 2021 (the "Add-On Notes"), which were
offered as an add-on to its outstanding $200 million aggregate principal
amount of 8.875% First Preferred Ship Mortgage Notes due 2021. As a result of
the offering of the Add-On Notes, the Company has outstanding an aggregate
principal amount of $225 million of its 8.875% First Preferred Ship Mortgage
Notes due 2021, which 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 Add-On Notes were sold at 104.5% 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 gross proceeds of the offering
totaled $26.125 million.

Ultrapetrol plans to use the net proceeds of the offering for general
corporate purposes.

This press release does not constitute an offer to sell or the solicitation of
an offer to buy the Add-On Notes and the related guarantees, nor shall there
be any sale of the Add-On Notes and the related guarantees in any jurisdiction
in which such offer, solicitation or sale is unlawful. Any offer of the Add-On
Notes and related guarantees will be made only by means of a private offering
memorandum. The Add-On 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 soy 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.

ULTR – G

CONTACT: The IGB Group
         Leon Berman
         212-477-8438
         lberman@igbir.com

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