Ultrapetrol Reports Financial Results for First Quarter 2014

Ultrapetrol Reports Financial Results for First Quarter 2014

NASSAU, Bahamas, May 14, 2014 (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 financial results for the first
quarter ended March 31, 2014.

First Quarter 2014 and subsequent events highlights:

  *Recorded first quarter 2014 revenues of $86.3 million;
    
  *Recorded adjusted consolidated EBITDA of $19.6 million in the first
    quarter of 2014^1, which is 2% higher than the adjusted consolidated
    EBITDA of $19.3 million obtained in the same period of 2013;
    
  *Operating profit for the first quarter 2014 was $5.0 million, as compared
    to $1.9 million in the first quarter of 2013;
    
  *Recorded total adjusted net loss and adjusted net loss per share of $(4.6)
    million and $(0.03) per share, respectively, in the first quarter of 2014,
    which excludes the effect of a $0.3 million loss for deferred taxes on
    unrealized foreign exchange gain on U.S. dollar-denominated debt of our
    Brazilian subsidiary in our Offshore Supply Business; and includes a $0.1
    million loss related to the sale of dry barges which were subsequently
    leased back to the Company (for accounting purposes, such gain from the
    sale is being deferred over the term of the lease up to the present value
    of the lease payments)^2. Before adjusting for these effects, the recorded
    total net loss and net loss per share are $(4.8) million and $(0.03),
    respectively;
    
  *Adjusted EBITDA for our Offshore Supply Business segment increased 40% to
    $13.2 million in the first quarter of 2014, as compared to $9.5 million in
    the same period of 2013.

____________

1For a reconciliation of non-GAAP measures, please see the tables included
under the supplemental information section of this release.

2For a detailed explanation of these adjustments and other adjustments
elsewhere in this release, see "Overview of Financial Results" and the tables
included under the Supplemental Information section of this release.

Felipe Menéndez, Ultrapetrol's President and Chief Executive Officer, stated,
"2014 started on a strong note with our three new offshore vessels on their
way to the Atlantic, two of them having participated successfully in tenders
for four and six years employment, respectively, with Petrobras starting in
2015. In order to provide the subsea services we have offered, UP Coral will
be converted into an RSV capable of supporting subsea operations, a segment of
the industry that provides substantially higher margins than those of regular
PSVs. We have also been successful in a tender to employ our UP Safira for a
further four years with Petrobras at a rate of $30,000 per day with which all
our vessels currently operating in Brazil are profitably employed on long term
contracts."

Mr. Menéndez continued, "In our River Business, operations have seen a busy
start to 2014, with 100 of our barges on a fixed time charter with Vale and a
substantial soybean crop to carry. Furthermore, we have recently begun
supplementing this business by providing transshipment services with our new
transfer station, Paraná Iron, which is also on a long-term contract with
Vale. We expect this new station to contribute substantial additional EBITDA
by providing logistical services associated with river transportation. Looking
forward, we are currently working with a European design firm to develop a
state-of-the-art new series of shallow drafted, ultra fuel-efficient pushboats
that we expect to significantly improve our River Business operations and
allow us to achieve improved margins as we continue to serve our share of the
fast-growing market for river transportation.

"Our Ocean Segment has also performed strongly in the first quarter of 2014
with over $4.0 million in adjusted EBITDA as a result of an improvement in the
operation of our product carriers as well as strong execution in our feeder
container service."

Mr. Menéndez concluded, "We believe that Ultrapetrol is positioned for
significant growth in 2014 and in the years to come, and that the steps we
have taken in the first quarter have meaningfully enhanced our strategic
position and our ability to provide increasingly complex and high-margin
services. We have opened a door to subsea services for our Offshore Business
which we believe will provide access to a growing and profitable sub-segment
of the market and we are pleased to have expanded a promising relationship
with Petrobras while also continuing to improve the execution and service
offerings in our River and Ocean businesses. Our strong balance sheet
demonstrated ability to profitably expand into higher-margin complementary
services, and our long-term contracts with strong counterparties continue to
serve us well and put us in a strong position from which to grow our fleet and
to benefit from positive long-term trends in the markets in which we operate."

Overview of Financial Results

Total revenues for the first quarter of 2014 were $86.3 million as compared
with $77.9 million in the same period of 2013.

Adjusted EBITDA for the first quarter of 2014 was $19.6 million as compared
with $19.3 million in the same period of 2013. For a reconciliation of
adjusted EBITDA to cash flows from operating activities, please see the tables
at the end of this release.

Adjusted net loss for the first quarter of 2014 was $(4.6) million, as
compared with net loss of $(0.2) million, during the same period of 2013.
First quarter 2014 adjusted net loss excludes the effect of a $0.3 million
loss for deferred taxes on unrealized foreign exchange losses on U.S.
dollar-denominated debt of our Brazilian subsidiary in our Offshore Supply
Business; and includes a $0.1 million loss related to the sale of dry barges
which were subsequently leased back to the Company (for accounting purposes,
such gain from the sale is being deferred over the term of the lease up to the
present value of the lease payments).^2 Before adjusting for these effects,
the recorded total net loss and net loss per share are $(4.8) million and
$(0.03), respectively.

Cecilia Yad, Ultrapetrol's Chief Financial Officer, said, "During the quarter,
we generated strong cash flow and enhanced our ability to continue to
implement our growth strategy. Specifically, our adjusted EBITDA for the first
quarter 2014 was $19.6 million, 2% higher when compared to the same period of
last year. Our first quarter 2013 adjusted EBITDA included a one-time effect
of $3.2 million^(*)that positively impacted our results last year. Without
considering such effect, our first quarter 2014 adjusted EBITDA increased 22%.
Our cash level remained strong and stable, with $14.1 million in cash flow
generated from operations during the quarter and an ending cash balance of
$81.7 million. This will allow us to continue funding our growth projects and
strategic initiatives. As we move forward in 2014 we are optimistic about the
opportunities ahead and believe we continued to be very well positioned to
meet our objectives and create value for our shareholders."

(*) Exchange difference affecting River segment operating expenses booked in
the first quarter of 2013.

Business Segment Highlights

River

Loaded tons in the first quarter of 2014 remained almost equal to the same
period of 2013 if cargo capacity is corrected by the effect of 100 barges now
on time charter (earning a net daily hire) to Vale which were employed
carrying cargo for a freight per ton carried under a COA in the first quarter
of 2013.

First quarter 2014 River Business segment adjusted EBITDA was $(0.7) million
as compared to $6.5 million in the same period of 2013, representing a $7.2
million decrease. Adjusted EBITDA for the first quarter of 2014 excludes $7.8
million corresponding to the pending completion of the voyages in transit at
the end of the quarter. In the same period of 2013 this amount was only $3.7
million (i.e. a difference of $4.1 million).

According to the latest United States Department of Agriculture ("USDA")
estimates, the soybean crop in Paraguay for 2014 was 8.1 million tons, which
is in line with the 2013 crop. Argentina, Brazil, Bolivia, Paraguay and
Uruguay are estimated to account for approximately 55% of world soybean
production in 2014, as compared to 30% in 1995.

The Company has decided to build two 6,000 and two 7,250 BHP new,
state-of-the-art, shallow-drafted, heavy fuel consuming pushboats to add to
its fleet, the first of which is expected to enter service in 2015.

Notwithstanding its newbuild program for pushboats, the Company has continued
to install new engines that will convert a substantial portion of its line
pushboats from diesel to heavy fuel consumption. The seventh re-engined
pushboat is expected to commence operation within the first half of 2014. This
program has demonstrated its potential to reduce fuel expense and to increase
both tow size and navigation speed, which we believe will enhance our EBITDA
margins in the future.

During the first quarter of 2014, our Punta Alvear barge-building facility
continued with the production of barges for third parties. With the third
party orders, as well as with the barges built for our own fleet, we expect to
have our yard fully contracted through 2014.

Offshore Supply

In the Offshore Supply Business, we operated a fleet of fourteen PSVs, ten of
which are contracted to Petrobras in Brazil, and one which operates in the
North Sea (UK) while our three recently acquired newbuilt PSVs UP Agate, UP
Coral and UP Opal arrived in the North Sea by the end of the first quarter of
2014. Two of them, UP Agate and UP Coral, commenced their operation during
April 2014 and UP Opal in May 2014. We expect that the effect of these new
vessels will positively impact our results in the forthcoming quarters.

The adjusted EBITDA generated by the Offshore Supply Business segment during
the first quarter of 2014 was $13.2 million, 40% higher than the $9.5 million
adjusted EBITDA generated in the same period of 2013. For a reconciliation of
segment adjusted EBITDA to operating profit (loss), please see the tables at
the end of this release.

Total revenues from our Offshore Supply Business for the first quarter of 2014
increased by $5.8 million as compared with the same period of 2013. This 27%
increase was primarily attributable to our UP Amber and UP Pearl which
commenced operations with Petrobras on August 1, 2013, and November 25, 2013,
respectively, and on account of the charters of our UP Agua-Marinha, UP
Topazio and UP Diamante, which were renewed with Petrobras in the second
quarter of 2013 for four years at $35,380 per day as compared to their
expiring charters at $28,000 per day. Also, during the third quarter of 2013,
the charter of UP Esmeralda was renewed for four years at $31,950 per day as
compared to its expiring charter of $26,200 per day. Partially offsetting this
increase were the higher offhire days of our UP Turquoise, UP Jade, UP Rubi
and UP Safira and the decrease in revenues of our UP Jasper on account of
lower average spot rates.

During the first quarter of 2014 we participated successfully in three tenders
held by Petrobras as a result of which, subject to an official award and board
approval from the charterers, our UP Coral may be employed for six years
starting in 2015 as an RSV (Remote operated vehicle Service Vessel) at a rate
of approximately $87,000 per day in a joint venture with a leading submarine
operating company. Similarly, our PSVs UP Opal and UP Safira (whose current
contract expired in September 2014) may be employed for four years to
Petrobras at $31,000 and $30,000, respectively. Our UP Rubi has also been
renewed for a further 4 year charter to Petrobras at $35,378 starting May
2014.

Ocean

The Ocean Business segment generated adjusted EBITDA of $4.1 million in the
first quarter of 2014 as compared to $0.2 million in the same period of 2013,
a $3.9 million increase. For a reconciliation of segment adjusted EBITDA to
operating profit (loss), please see the tables at the end of this release.

Revenues from the Ocean Business increased from $16.9 million in the first
quarter of 2013 to $17.7 million in the same period of 2014, mainly
attributable to rate increases of our Product Tankers, to the performance of
our Argentino and to additional shipmanagement services provided to third
parties.

The Company operated a total of four vessels in its Product Tanker fleet in
the first quarter of 2014 (Miranda I, Amadeo, Alejandrina, and Austral), which
continue to be employed on charters with oil majors in the same flag-protected
South American coastal trade in which they have operated in the past.

Use of Non-GAAP Measures

Ultrapetrol believes that the disclosed non-Generally Accepted Accounting
Principles, or non-GAAP, measures such as adjusted EBITDA, adjusted net income
and any other adjustments thereto, when presented in conjunction with
comparable GAAP measures, are useful for investors to use in evaluating the
liquidity of the company. These non-GAAP measures should not be considered a
substitute for, or superior to, measures of liquidity prepared in accordance
with GAAP. A reconciliation of adjusted EBITDA to segment operating profit and
cash flow from operations is presented in the tables that accompany this press
release.

Investment Community Conference Call

Ultrapetrol will host a conference call for investors and analysts on
Thursday, May 15, 2014, at 10:00 a.m. EDT accessible via telephone and
Internet with an accompanying slide presentation. Investors and analysts may
participate in the live conference call by dialing 1-800-369-3164 (toll-free
U.S.) or +1-517-308-9490 (outside of the U.S.); passcode: ULTR. Please
register at least 10 minutes before the conference call begins. A replay of
the call will be available for one week via telephone starting approximately
one hour after the call ends. The replay can be accessed at 1-800-285-0609
(toll-free U.S.) or +1-203-369-3393 (outside of the U.S.); passcode: 9376. The
webcast will be archived on Ultrapetrol's Web site for 30 days after the call.

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

                                                             
Supplemental Information: Summary consolidated financial data
                                                             
The following table shows our unaudited consolidated balance sheet as of March
31, 2014 and our audited consolidated balance sheet as of December 31, 2013:
                                                             
 (Stated in thousands of U.S. dollars, except par value and share amounts)
                                                             
                                             At March 31,    December 31,
                                             2014             2013
ASSETS                                                        
                                                             
CURRENT ASSETS                                                
                                                             
Cash and cash equivalents                     $81,716        $72,625
Restricted cash                               11,233           12,132
Accounts receivable, net of allowance for
doubtful accounts of $ 3,382 and $2,905 in    43,530           47,836
2014 and 2013, respectively
Operating supplies and inventories            9,104            17,168
Prepaid expenses                              12,366           4,111
Other receivables                             23,889           41,832
Total current assets                          181,838          195,704
                                                             
NONCURRENT ASSETS                                             
                                                             
Other receivables                             26,392           28,640
Restricted cash                               1,463            1,463
Vessels and equipment, net                    722,456          715,431
Dry dock                                      12,919           10,979
Investments in and receivables from           4,012            4,436
affiliates
Intangible assets                             582              626
Goodwill                                      5,015            5,015
Other assets                                  14,529           14,954
Deferred income tax assets                    1,150            2,763
Total noncurrent assets                       788,518          784,307
Total assets                                  $970,356       $980,011
                                                             
LIABILITIES AND EQUITY                                        
                                                             
CURRENT LIABILITIES                                           
                                                             
Accounts payable                              $26,977        $28,923
Customer advances                             6,953            12,710
Payable to related parties                    1,802            1,351
Accrued interest                              7,305            1,652
Current portion of long-term financial debt   32,253           32,253
Other current liabilities                     15,326           14,499
Total current liabilities                     90,616           91,388
                                                             
NONCURRENT LIABILITIES                                        
                                                             
Long-term financial debt                      460,420          466,144
Deferred income tax liabilities               13,647           12,248
Other liabilities                             1,035            1,086
Deferred gains                                3,483            3,584
Total noncurrent liabilities                  478,585          483,062
Total liabilities                             569,201          574,450
                                                             
EQUITY                                                        
Common stock, $0.01 par value:250,000,000
authorized shares; 140,419,487 shares         1,443            1,443
outstanding in 2014 and 2013
Additional paid-in capital                    488,735          488,522
Treasury stock:3,923,094 shares at cost      (19,488)         (19,488)
Accumulated deficit                           (67,862)         (63,108)
Accumulated other comprehensive loss          (1,673)          (1,808)
Total equity                                  401,155          405,561
Total liabilities and equity                  $970,356       $980,011

                                                              
The following table contains certain unaudited historical statements of income
data for the periods indicated below derived from our unaudited condensed
consolidated statements of income expressed in thousands of U.S. dollars:
                                                              
                                Three Months Ended March 31,
                                2014            2013            Percent
                                                                 Change
Revenues                                                       
Attributable to River Business   $41,277       $39,347       5%
Attributable to Offshore Supply  27,403          21,602          27%
Business
Attributable to Ocean Business   17,663          16,941          4%
Total revenues                   86,343          77,890          11%
                                                              
Voyage and manufacturing                                       
expenses
Attributable to River Business   (23,701)        (19,373)        22%
Attributable to Offshore Supply  (770)           (949)           -19%
Business
Attributable to Ocean Business   (4,555)         (5,685)         -20%
Total voyage and manufacturing   (29,026)        (26,007)        12%
expenses
                                                              
Running costs                                                  
Attributable to River Business   (13,336)        (14,063)        -5%
Attributable to Offshore Supply  (10,622)        (8,366)         27%
Business
Attributable to Ocean Business   (7,496)         (9,043)         -17%
Total running costs              (31,454)        (31,472)        0%
                                                              
Amortization of dry dock and     (1,284)         (708)           81%
intangible assets
Depreciation of vessels and      (10,625)        (9,412)         13%
equipment
Administrative and commercial    (9,504)         (8,822)         8%
expenses
Other operating income, net      554             450             23%
                                                              
Operating profit                 5,004           1,919           161%
                                                              
Financial expense                (8,650)         (11,544)        -25%
Foreign currency exchange gains  2,983           6,255           -52%
(losses), net
Financial income                 10              76              -87%
Loss on derivatives, net         --              (216)           
Investment in affiliates         (232)           (195)           19%
Other, net                       25              (228)           
Total other (expenses)           (5,864)         (5,852)         0%
                                                              
Loss before income taxes         (860)           (3,933)         -78%
                                                              
Income tax expenses              (3,894)         (1,622)         140%
Net income attributable to       --              299             
non-controlling interest
                                                              
Net loss attributable to         $(4,754)      $(5,854)      -19%
Ultrapetrol (Bahamas) Limited

                                                               
                                                               
The following table contains our unaudited statements of cash flows for the
three months ended March 31, 2014, and 2013:
                                                               
(Stated in thousands of U.S. dollars)
                                                               
                                                  For the three-month period
                                                   ended March 31,
                                                  2014          2013
CASH FLOWS FROM OPERATING ACTIVITIES                            
Net (loss)                                         $(4,754)    $(5,555)
Adjustments to reconcile net (loss) to cash provided by          
operating activities:
Depreciation of vessels and equipment              10,625        9,412
Amortization of dry docking                        1,240         664
Expenditure for dry docking                        (3,180)       (1,057)
Loss on derivatives, net                           --            216
Amortization of intangible assets                  44            44
Debt issuance expense amortization                 499           603
Financial loss on extinguishment of debt           --            3,605
Net losses from investments in affiliates          232           195
Allowance for doubtful accounts                    515           295
Share - based compensation                         213           65
Changes in assets and liabilities:                              
(Increase) decrease in assets:                                  
Accounts receivable                                4             (10,933)
Other receivables, operating supplies and prepaid  4,314         (8,496)
expenses
Other                                              20            41
Increase (decrease) in liabilities:                             
Accounts payable                                   (1,906)       (1,468)
Customer advances                                  (5,757)       11,263
Other payables                                     8,114         4,860
Net cash provided by operating activities          14,100        3,754
                                                               
CASH FLOWS FROM INVESTING ACTIVITIES                            
Purchase of vessels and equipment ($7,521 in 2013  (17,650)      (15,738)
for barges built, sold and leased-back)
Proceeds from disposal of assets, net ($9,410 in   --            9,410
2013 for barges sold and leased-back)
Proceeds from shipbuilding contract cancelation    17,589        --
Net cash (used in) investing activities            (61)          (6,328)
                                                               
CASH FLOWS FROM FINANCING ACTIVITIES                            
Scheduled repayments of long-term financial debt   (5,697)       (4,050)
Early repayment of long-term financial debt        --            (31,200)
Short-term credit facility repayments              --            (4,138)
Prepayment of 7.25% Senior Convertible Notes       --            (80,000)
Proceeds from long-term financial debt             --            25,850
Other financing activities, net                    749           (2,490)
Net cash (used in) financing activities            (4,948)       (96,028)
Net increase (decrease) in cash and cash           9,091         (98,602)
equivalents
Cash and cash equivalents at the beginning of year 72,625        222,215
Cash and cash equivalents at the end of the period $81,716     $123,613

                                                             
                                                             
The following table reconciles our Adjusted Consolidated EBITDA to our cash
flow for the three months ended March 31, 2014, and 2013:
                                                             
                                              Three months ended
                                               March 31,
($000's)                                       2014            2013
Total cash flows provided by operating         14,100          3,864
activities
Total cash flows (used in) investing           (61)            (6,438)
activities
Total cash flows (used in) from financing      (4,948)         (96,028)
activities
                                                             
Total cash flows from operating activities     $14,100       $3,864
                                                             
Plus                                                          
                                                             
Adjustments                                                  
                                                             
Increase / Decrease in operating assets and    (8,665)         4,623
liabilities
Expenditure for dry docking                    3,180           1,057
Income Taxes                                   3,894           1,622
Financial Expenses                             8,650           7,939
Allowance for doubtful accounts                (515)           --
Net loss attributable to noncontrolling        --              (299)
interest
Loss on derivatives, net                       --              (216)
Yard EBITDA from Touax sale                    (99)            1,829
Other adjustments                              (945)           (1,158)
                                                             
Adjusted Consolidated EBITDA                   $19,600       $19,261

                                                                  
                                                                  
The following table reconciles our adjusted net income and adjusted EPS to net
loss and EPS for the three months ended March 31, 2014 and 2013:
                                                                  
($000's)                     Three months ended  Three months ended  % Change
                             March 31, 2014      March 31, 2013
                                                                  
Revenues                     $86,343           $77,890           11%
                                                                  
Adjusted EBITDA              $19,600           $19,261           2%
                                                                  
Net (loss) as reported       $(4,754)          $(5,854)          -19%
EPS as reported (In $ per    $(0.03)           $(0.04)           -25%
share)
                                                                  
Adjustments to Net Loss as                                        
reported
                                                                  
Yard EBITDA from Touax barge (99)                1,829               --
sale
Income tax expense on
Exchange Variance Benefit    274                 178                 54%
(1)
Non-cash loss of             --                  3,605               --
extinguishment of debt
                                                                  
Adjusted net (loss)          $(4,579)          $(242)            --
Adjusted EPS (In $ per       $(0.03)           $ (0.00)           --
share)
                                                                  
(1) Provision for income tax on foreign currency exchange gains on U.S. dollar
denominated debt of one of our subsidiaries on the Offshore Supply Business.

                                                                
                                                                
The following table reconciles our Adjusted Consolidated EBITDA to our
Operating Profit per business segment for the first quarter ended March 31,
2014:
                                                                
                                  First quarter ended March 31, 2014
($000's)                           River       Offshore   Ocean     TOTAL
                                               Supply
                                                                
Segment operating (loss) profit    $(6,532)  $9,359   $2,177  $5,004
Depreciation and amortization      6,156       3,849      1,904     11,909
Investment in affiliates / Net
income (loss) attributable to      (220)       --         (12)      (232)
non-controlling interest in
subsidiaries
Net (loss) on derivatives, net     --          (1)        --        (1)
Yard EBITDA from Touax sale        (99)        --         --        (99)
Other, net                         --          3          23        26
                                                                
Segment Adjusted EBITDA            $(695)    $13,210  $4,092  $16,607
                                                                
Items not included in Segment                                    
Adjusted EBITDA
Financial income                                                 10
Foreign currency exchange gains,                                 2,983
net
                                                                
Adjusted Consolidated EBITDA                                     $19,600

                                                                
                                                                
The following table reconciles our Adjusted Consolidated EBITDA to our
Operating Profit per business segment for the first quarter ended March 31,
2013:
                                                                
                             Three Months Ended March 31, 2013
($000's)                      River        Offshore    Ocean        TOTAL
                                           Supply
                                                                
Segment operating (loss)      $(3,934)   $7,400    $(1,547)   $1,919
profit
Depreciation and amortization 5,846        2,574       1,700        10,120
Investment in affiliates /
Net income attributable to    (193)        (299)       (2)          (494)
non-controlling interest in
subsidiaries
Net (loss) on derivatives,    --           (216)       --           (216)
net
Yard EBITDA from Touax barge  1,829        --          --           1,829
sale
Exchange difference affecting 3,205        --          --           3,205
Segment Operating Expenses
Other net                     (230)        --          2            (228)
                                                                
Segment Adjusted EBITDA       $6,523     $9,459    $153       $16,135
                                                                
Items not included in Segment                                    
Adjusted EBITDA
Financial income                                                 76
Foreign currency exchange                                        3,050
gains, net
                                                                
Adjusted Consolidated EBITDA                                     $19,261

CONTACT: The IGB Group
         Leon Berman
         212-477-8438
         lberman@igbir.com
        
         Bryan Degnan
         646-673-9701
         bdegnan@igbir.com

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