Marine Transportation Needs News

The American Maritime Partnership (AMP) — the voice of the domestic maritime industry — congratulates the more than 1,650 young men and women who have graduated from the seven U.S. maritime academies this Spring. Applauding them for their dedication and commitment to pursuing a career that supports our nation  in times of both peace and war, AMP is proud to welcome a new generation to the workforce. Generations of retirement have created a shortage of mariners, making this and future classes of cadets all the more important.“A strong U.

Headquartered in Findlay, Ohio, Marathon Petroleum Corporation (MPC), together with its subsidiaries, is one of the largest petroleum product refiners, marketers and transporters in the United States. Supporting all of these is a large fleet of company owned, chartered and operated barges. Marathon Petroleum’s Marine Transportation provides services that meet the marine transportation needs of Marathon Petroleum Company LP (MPC). Marine Transportation’s inland river fleet is one of the largest private domestic fleets of inland petroleum product barges…

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.

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.

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…

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].

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.

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.

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.

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.

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.

For a half century, GTR Campbell has offered a turnkey ship creation service, applying a unique project-oriented philosophy that turns conflict of interest into mutual interest. New regulations may have changed a design's lifespan but not the series concept. Today, Antony Prince is internationally recognized as the President of GTR Campbell Marine Consultants and successor to the legacy of the company founder, famed naval architect George Campbell. But 10 years ago, Prince was just a man with a plan and some mighty big shoes to fill. Prince had been George Campbell's close friend and associate for over 20 years. In 1990, the aging Campbell turned the company over to his protégé, cautioning that, for a consultancy, reputation was not easily transferred from one man to another.