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Ultrapetrol Completes The Sale Of Seven Additional Barges And Provides Business Update

NASSAU, Bahamas, May 28, 2013 (GLOBE NEWSWIRE) -- 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 today the sale on May 15, 2013 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.

On May 15, 2013, we received a Committed Term Sheet from DVB Bank SE for an up to $40.0 million, three-year reducing revolver facility. The commitment under this revolver decreases quarterly by $1.25 million, or $5.0 million per year. The facility shall bear interest at LIBOR plus 3%. We expect to enter into this facility by the end of May 2013.

In addition, the Company provided a brief update on its operations and EBITDA expectations for the second quarter of 2013.

The Company expects the River Business will benefit from a significantly larger crop, as reflected in the current USDA estimate for 2013, as compared to 2011 and 2012. River navigation remains normal for this period of the year.

In the Offshore Supply Business, on April 11, 2013, we entered into four year time charters with Petrobras for three of our Brazilian-flagged PSVs, UP Agua-Marinha, UP Diamante and UP Topazio. These charters are scheduled to commence in the second quarter of 2013 and the daily contractual time charter rate agreed per vessel is $35,380, which represents an aggregate increase in revenues (on an annual basis and assuming 352 days on-hire per year per vessel) of approximately $7.8 million when compared to these vessels' previous contractual daily rate of $28,000. On May 10, 2013, we entered into a four-year time charter with Petrobras for one of our non Brazilian-flagged PSVs operating in Brazil, UP Esmeralda. The charter is scheduled to commence in the third quarter of 2013 and the daily contractual time charter rate agreed for this vessel is $31,950, which represents an aggregate increase in revenues (on an annual basis and assuming 352 days on-hire per year per vessel) of approximately $2.0 million when compared to this vessel's previous contractual daily rate of $26,200. Additionally on May 10, 2013, we entered into four year time charters with Petrobras for two of our Indian-built PSVs, UP Amber and UP Pearl. The charters are scheduled to commence in the third quarter of 2013 and the daily contractual time charter rate per vessel is $32,950, which represents additional revenues (on an annual basis and assuming 352 days on-hire per year per vessel) of approximately $23.2 million. The average yearly voyage expenses and running costs for the fiscal year ended December 31, 2012 of our PSVs which operated in Brazil were $5.25 million per PSV.

Our Adjusted Consolidated EBITDA for the first quarter of 2013 was $19.3 million, up 165% from $7.3 million that we recorded in the first quarter of 2012. We currently estimate our Adjusted Consolidated EBITDA for the second quarter of 2013 to demonstrate similarly strong growth over the second quarter of 2012, when we recorded Adjusted Consolidated EBITDA of $9.6 million.

Stock quotes in this article: ULTR 

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