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Ultrapetrol News

03 Jan 2017

Tech File: Vesconite Rudder Bushings

Photo: Vesconite

South American river tugboats need robust rudder bushings: some 20 tug boats on the Parana River, running through Brazil, Paraguay and Argentina, have been equipped with Vesconite rudder bushings. In the challenging waters of South American rivers, tugboat owners began ordering Vesconite’s proprietary thermoplastic rudder bushings starting in 2014. Convinced that the material – which is wear resistant, self-lubricating, environmentally-friendly, requires no grease, and easy to machine and fit – was more suitable than the bronze that has traditionally been used in the application…

15 May 2015

Ultrapetrol Reports Loss

New York-listed ship and barge  Ultrapetrol Ltd. (ULTR) has reported a loss of $5.1 million in its first quarter. The Nassau, Bahamas-based company said it had a loss of 4 cents per share. Losses, adjusted for non-recurring costs, were 3 cents per share. The industrial transportation company posted revenue of $84.6 million in the period. In the final minutes of trading on Thursday, the company's shares hit $1.20. A year ago, they were trading at $2.92. Damian Scokin, Ultrapetrol's President and Chief Executive Officer, stated, "During a first quarter of 2015 that was marked by challenging market conditions for both of our core segments, we continue to believe that there are significant opportunities to unlock Ultrapetrol's full potential.

30 Jan 2014

Ultrapetrol Completes 100% of Mortgage Note Exchange

Image courtesy of Ultrapetrol

The company informs that the notes were issued for an equal principal amount of 8 7/8% First Preferred Ship Mortgage Notes due 2021, that are registered under the Securities Act of 1933, as amended and expired on January 24, 2014 at 5 p.m. Ultrapetrol add that as of the Expiration Time, holders of $25.0 million aggregate principal amount of the Notes have participated in the Exchange Offer, representing 100% percent of the Notes eligible for exchange. under a registration rights agreement entered into by and among the Company and the initial purchasers of the outstanding notes.

31 Oct 2013

Ultrapetrol Expands PSV Fleet to 14 Vessels

Ultrapetrol (Bahamas) Limited, an industrial transportation company serving marine transportation needs in three markets (river business, offshore supply business and ocean business), announced it has taken delivery of two new Platform Supply Vessels (PSVs) of the 4,500 Class type powered by diesel electric engines, DP2, FiFi1, directly from the building yard in China which have cost about $32 million each. The company initially has funded the vessel purchases with its own cash. Ultrapetrol also exercised an option to purchase a sister vessel on identical terms and conditions. Following delivery of this additional vessel, which is expected in the fourth quarter, Ultrapetrol's PSV delivered fleet will increase to 14 vessels.

03 Oct 2013

Ultrapetrol Close Sale of US$25-million Notes Issue

Ultrapetrol (Bahamas) Limited 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. Ultrapetrol say that they plan to use the net proceeds of the offering for general corporate purposes. As a result of the offering of the Add-On Notes…

05 Jul 2013

Ultrapetrol Announces Redemption

Ultrapetrol (Bahamas) Limited, an industrial transportation company serving marine transportation needs in three markets (river business, offshore supply business and ocean business), has  announced that on July 10, 2013 the company will redeem all $180 million of its outstanding 9% First Preferred Ship Mortgage Notes due 2014. The Depository Trust Company (DTC) was advised of the redemption on June 10, 2013. For more information, note holders can contact the paying agent M&T Bank/Wilmington Trust at [email protected].

30 May 2013

Ultrapetrol Details its Mortgage Note Offering

Following on from an earlier announcement of the US$200-million offering, Ultrapetrol now give provide greater detail. The company has priced the offering of $200 million in aggregate principal amount of its 8.875% First Preferred Ship Mortgage Notes due 2021 (the "Notes"). Notes and related guarantees will be 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 will be issued at par and are being 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.

29 May 2013

Ultrapetrol to Refinance, Sells 7 Barges

In related recent announcements Ultrapetrol (Bahamas) says it intends to offer secured Notes, & has completed the sale of 7 barges. Business and Ocean Business), announced today its intention to offer to sell, subject to market and other conditions, $200.0 million aggregate principal amount of its senior secured notes due 2021. The company plans to use the net proceeds of the offering to fully refinance its existing $180 million aggregate principal amount of its senior notes due 2014, as well as for general corporate purposes. Secondly, the company announce the sale of of a further seven tank barges to a third party in Colombia who have exercised their option for these additional barges. The barges are scheduled for delivery at the end of 2013.

29 Apr 2013

Ultrapetrol Appoints New CFO

Ultrapetrol (Bahamas) Limited, an industrial transportation company serving marine transportation needs in three markets (river business, offshore supply business and ocean business), announced  the appointment of Ms. Cecilia Yad as the Company's Chief Financial Officer, succeeding Leonard J. Hoskinson. Mr. Hoskinson will remain with the Company as Vice President, International Finance. Ms. Yad is a Certified Public Accountant with more than 25 years of finance experience working with diverse multinational companies. Most recently, she was the CFO for Iberia-Latin America of ISS, a Danish-based services company. Prior to ISS, she held planning, accounting and finance executive positions with Clorox, a U.S. consumer goods company where she worked for 10 years.

09 Dec 2012

Ultrapol Appoints New Director at AGM

Utrapol, active in the river, offshore supply & ocean transport business appoint Ojea Quintana to its Board of Directors. Eduardo Ojea Quintana is currently the President of the Board of Directors of Transportadora de Gas del Norte S.A. directors of several other energy companies in South America. Regulatory Activity. He also represented Argentina on the Executive Committee for the International Gas Union. Additionally, at the meeting the following proposals were approved and adopted: 1) the approval of the audited financial statements and the Report of the Auditors thereon for the fiscal year ended December 31, 2011, 2) the re-election of the six existing directors of the Company…

27 Sep 2012

Ultrapetrol Regains Nasdaq Compliance

Transportation company Ultrapetrol (Bahamas) Ltd. regains compliance with the Nasdaq $1.00 per share minimum bid price requirement. 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.

24 Jul 2012

Ultrapetrol Sells 14 Barges

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 the sale of 14 wet and dry barges to a third party in Colombia. the end of 2012 and extending through the second quarter of 2013. This sale will provide the Company with proceeds of $20.3m, of which 50% will be advanced by the buyer. With this sale, the yard is fully employed until the end of the first quarter of 2013. In addition, the company provided a brief update on its operations and EBITDA expectations for the remainder of the year.

17 Aug 2011

An Argentinian Shipbuilding Revival

Pictured is what's reported as El Astillero Punta Alvear de Argentina. (Photo: Courtesy http://thebulletinpanama.com)

According to a blog on the Bulletin Panama (http://thebulletinpanama.com), there is a boatbuilding revival happening in Argentina. The plant, near the city of Rosario, on the Rio de la Plata, is equipped with the latest naval processes using national steel for the construction of boats. The story reports that to date, 21 double-hulled tank barges of 3,000 cubic meters capacity have been delivered and another 21 of 2,500 tons each, for the transport of bulk and dry cargoes. The latest delivery was for the reported to be for the Ultrapetrol group…

10 Apr 2001

Moody's Downgrades ACL

Moody's Investors Service downgraded the ratings of American Commercial Lines LLC's $535 million senior secured bank facility to B1 from Ba2 and the $300 million 10.25% senior unsecured notes to B3 from B1. The Senior Implied rating was lowered to B2 from Ba3 and the issuer rating was lowered to Caa1 from B2. The rating outlook was changed to stable from negative. The ratings downgrades is prompted by the substantial deterioration in operating performance resulting from a reduction in grain exports to Asia, higher fuel costs, and low water levels and unusual ice conditions on its U.S. transport routes which severely impacted the fourth quarter of 2000.

11 Oct 2006

Ultrapetrol Sets IPO of 12.5m Shares

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.

27 Sep 2006

Ultrapetrol Files for $175m IPO

According to the AP, shipping company Ultrapetrol (Bahamas) Ltd. plans to offer 12.5m shares at $13 to $15 each in a bid to raise about $175 million in its initial public offering. The company is the largest owner and operator of river barges and pushboats that transport dry bulk and liquid cargos through the Hidrovia region of South America, a network of waterways that connect Brazil, Bolivia, Uruguay, Paraguay and Argentina. The Bahamas-based company runs an offshore supply business, operates six oceangoing vessels and runs two cruise ships with a total capacity of 1,600 passengers. The company filed its IPO on March 30 but details of the offering were not available.