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Ultrapetrol completes the sale of 14 barges

Ultrapetrol (Bahamas) Ltd an industrial transportation company serving marine transportation needs has announced the sale of 14 wet and dry barges to a third party in Colombia. The barges are scheduled for delivery in the second half of 2012 and will provide the company with proceeds of $20.3 million, of which 50 per cent has been advanced by the buyer. 

Source:
Date:
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MarketWatch
Monday, June 4, 2012
Monday, June 4, 2012

Ultrapetrol (Bahamas) LtdNASSAU, Bahamas, May 31, 2012 (GlobeNewswire via COMTEX) — Ultrapetrol (Bahamas) Limited ULTR +5.76% (the “Company”), an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business), today announced the sale of 14 wet and dry barges to a third party in Colombia. The barges are scheduled for delivery in the second half of 2012 and will provide the Company with proceeds of $20.3 million, of which 50% has been advanced by the buyer.


Felipe Menendez, President and Chief Executive Officer, stated, “We are pleased to have completed the sale of 14 barges to a Colombian customer. This transaction is consistent with our strategy of utilizing our state-of-the-art barge building facility to increase EBITDA through both fleet growth and the sale of barges. We intend to continue to look for similar opportunities that enable us to provide barges to third parties.”

This is an excerpt from MarketWatch as it appeared on June 4, 2012. For updates or to read the current version of this post in its entirety, please click here.

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