Ultrapetrol Bahamas Ltd News

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.

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.