Ultrapetrol Sets IPO of 12.5m Shares

Wednesday, October 11, 2006
Ultrapetrol Ltd., a Bahamas-based shipping company, is scheduled to go public next week with an initial public offering of 12.5 million shares. Shares are expected to price between $13 and $15 per share and trade on the Nasdaq under the symbol "ULTR." Assuming shares price in the middle of that range, the company expects to raise net proceeds of about $160.2 million.

The company plans to use most of the proceeds to repay debt, although Ultrapetrol said it earmarked $20 million to help fund construction of two platform supply vessels being built in Brazil. It plans to use another $17.3 million for general corporate purposes. Ultrapetrol operates four business segments: river, offshore supply, ocean and passenger. The river business comprises 490 barges that transport dry bulk and liquid cargo through the Hidrovia Region of South America to ports served by ocean export vessels. The company is presently growing its river business through the addition of 22 barges and is also replacing the diesel engines on its push boats with engines that burn less expensive heavy fuel oil.

The company's offshore supply business comprises four platform supply vessels currently in operation and two scheduled for delivery in 2007 and 2008. The business services the oil and gas exploration industry in Brazil and the North Sea. Its ocean business consists of three Suezmax tankers and one each of a Aframax tanker, barge unit and product tanker. It ships both dry bulk and liquefied commodities. The company's passenger business consists of two cruise vessels with a combined carrying capacity of about 1,600 passengers and operates mostly in the Europe. The vessels are employed under seasonal charters with a tour operator. Ultrapetrol said it wants to expand their coverage outside the European travel season. Key competitors across Ultrapetrol's business segments include Transpetro, a subsidiary of Brazil's national oil company Petrobras, as well as Maersk Co. Ltd., Seacor Holdings Inc. and Tidewater Inc. Source: AP

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

TOTE, Saltchuk Secure Financing for Marlin Class Vessels

Maritime Administration to Provide Title XI Loan Guarantee for World’s First LNG Containerships Today, the U.S. Maritime Administration (MARAD) announced a $324.

Transocean: Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service

Barczak Joins Alan C. McClure Associates

Naval architecture and engineering firm Alan C. McClure Associates (ACMA) announced today that Registered Professional Engineer Nicholas Barczakhas joined the ACMA team as a naval architect.

Shipbuilding

TOTE, Saltchuk Secure Financing for Marlin Class Vessels

Maritime Administration to Provide Title XI Loan Guarantee for World’s First LNG Containerships Today, the U.S. Maritime Administration (MARAD) announced a $324.

All-electric Tube Benders Take a Step Forward

The tube bending machine innovator Unison said it is moving the technology forward again, with the completion of a groundbreaking all-electric machine that is capable

Navantia Orders Sedni IAS for PEMEX Flotel

Sedni secures an important contract with Navantia to supply its Automation System (IAS) Diamar for the flotel vessel (BAP) which is being built at Ferrol factory for PEMEX owner.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1271 sec (8 req/sec)