Ultrapetrol (Bahamas) Limited Commences Exchange Offer for Its 8 7/8% First Preferred Ship Mortgage Notes Due 2021 Issued

Ultrapetrol (Bahamas) Limited Commences Exchange Offer for Its 8 7/8% First
Preferred Ship Mortgage Notes Due 2021 Issued October 2, 2013

NASSAU, Bahamas, Dec. 20, 2013 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas)
Limited ("Ultrapetrol" or the "Company"), announced today that it has
commenced an offer (the "Exchange Offer") to exchange all of its outstanding
$25.0 million 8⅞% First Preferred Ship Mortgage Notes due 2021 that were
issued in a private placement on October 2, 2013 (CUSIP/ISIN numbers 90400X
AG9/US90400X AG97 (Rule 144A) and P94398 AE7/USP 94398 AE75 (Regulation S)),
for an equal principal amount of 8⅞% First Preferred Ship Mortgage Notes due
2021, that are registered under the Securities Act of 1933, as amended (the
"Exchange Notes"). The exchange offer is only for these CUSIPs and ISINs. The
terms of the Exchange Notes are identical to those of the currently
outstanding notes issued on October 2, 2013 except that the Exchange Notes are
registered under the Securities Act of 1933 and will not be subject to
restrictions on transfer.

The Company is undertaking the Exchange Offer to satisfy certain obligations
under a registration rights agreement entered into by and among the Company
and the initial purchasers of the outstanding notes. Outstanding notes that
are not tendered in the Exchange Offer will remain outstanding and will retain
their rights under the indenture, but will not retain any rights under the
registration rights agreement. The Company will not receive any additional
proceeds from the Exchange Offer.

The Exchange Offer and the right to withdraw any outstanding notes that have
been tendered in the Exchange Offer are scheduled to expire on January 24,
2014, unless extended by the Company.

                            Additional Information

The Company has filed a registration statement, including a prospectus and
other related documents, on Form F-4 with the United States Securities and
Exchange Commission (the "SEC") in connection with the Exchange Offer. The
Company urges holders of the outstanding notes to read the prospectus and
other documents carefully before tendering any outstanding notes. These
documents also contain necessary information regarding the procedures that
must be used to tender outstanding notes. Holders of the outstanding notes may
obtain any documents filed with the SEC relating to the Exchange Offer free of
charge from the SEC's website at www.sec.gov. These documents may also be
obtained from the exchange agent for the Exchange Offer, Manufacturers and
Traders Trust Company, at:

  Manufacturers and Traders Trust Company
  25 South Charles Street, 11^th Floor
  Baltimore, MD 21201
  Attn:Corporate Trust Administration
  Facsimile (for eligible institutions only): Fax:(410) 244-3725
  Confirm facsimile by telephone ONLY: Ph:(410) 949-3268

                              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.

ULTR- G

This announcement shall not constitute an offer to sell or the solicitation of
an offer to buy securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful under
the securities laws of such jurisdiction.

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

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