Ultrapetrol Announces Results of Annual General Meeting of Shareholders

NASSAU, Bahamas, Oct. 21, 2009 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR), an industrial transportation company serving marine transportation needs in three core markets (River Business, Offshore Supply Business, and Ocean Business), today announced the results of the annual general meeting of its shareholders.

At the meeting the following proposals were approved and adopted: 1) the approval of the audited financial statements and the Report of the Auditors for the fiscal year ended December 31, 2008, 2) the re-election of the seven directors of the Company, 3) the ratification of acts, proceedings and transactions of directors, officers and employees of the Company and 4) the indemnification of directors, officers and employees of the Company.

Ultrapetrol's 2008 Annual Report is available on the Company's Web site at http://www.ultrapetrol.net/Ultrapetrol_aspx/InvestorRelations_Anual.aspx.

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 grain, vegetable oils, 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 push boats, platform supply vessels, tankers, oil-bulk-ore and Capesize bulk carrier vessels. More information about the Company can be found on its Web site at http://www.ultrapetrol.net.

The Ultrapetrol (Bahamas) Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3164

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CONTACT:  The IGB Group
          Leon Berman
          212-477-8438
          lberman@igbir.com