Washington D.C., May 8, 2007 - EMP Latin American Management LLC ("EMPLA") announced today that the AIG-GE Capital Latin American Infrastructure Fund L.P. ("LAIF") has sold a substantial part of its shareholding in Ultrapetrol (Bahamas) Ltd (Nasdaq: ULTR) a diversified marine transportation company with operations throughout South America and in worldwide markets.

LAIF received approximately $121 million for the sale of 68.2% of its stake in Ultrapetrol as part of a follow-on stock offering executed on The Nasdaq Global Market on April 19, 2007. The offering was priced at $19.00 per share and raised a total of $240 million in gross proceeds, $92 million of which was a primary issue by the company. LAIF had earlier sold around 1.5% of its holdings for approximately US$1.5 million through a greenshoe overallotment option as part of Ultrapetrol's initial public offering on October 12, 2006, completed at a price of $11 per share. LAIF's remaining stake in Ultrapetrol is worth approximately $68.1 million at the current market price of US$22.11 per share as of May 7th, 2007.

Founded in 1992, Ultrapetrol has four major business segments: (1) UABL, a wholly-owned subsidiary that is the largest barge transportation company in the Hidrovia river system of South America; (2) UP Offshore, which owns and operates a fleet of platform supply vessels in Brazil and the North Sea; (3) ocean-going tanker and bulk cargo vessels operating in South American and worldwide markets; and (4) passenger cruise ships operating in Europe. The company will use the proceeds of the follow-on stock offering to accelerate its growth initiatives, including the expansion of barge construction capabilities in the Hidrovia region, the construction of up to four new platform supply vessels, and the purchase of coastal tankers.

LAIF first invested in Ultrapetrol in 2000, primarily to fund the expansion of UABL's barge operations, which grew from 125 barges at the time of the investment to 502 barges today. LAIF also participated in the development of UP Offshore, which was formed as an independent company in 2003 and consolidated into Ultrapetrol as part of the company's IPO, netting LAIF $48 million at that time.

James F. Martin, Managing Partner of EMP Latin America said:

"It has been gratifying to play a role in the growth of this dynamic company, watching capitalization grow from just $50 million at the time of LAIF's investment to nearly $650 million today, a 13-fold increase. The IPO and follow-on offering have given the company additional resources to continue on its growth path, expanding in nearly every one of its shipping markets. We look forward to working with management to create further value for LAIF and for the company's public shareholders.

Katherine A. Downs, Partner at EMP Latin America added:

"The substantial appreciation of Ultrapetrol's stock since the IPO allowed the company to move ahead with a follow-on offering just six months after the IPO, generating proceeds which the company will use for new growth initiatives and allowing LAIF to sell a sizable stake at an attractive return for its investors. We share the market view that Ultrapetrol is well positioned for continued growth, and we made the decision to retain a significant stake in the company, allowing us to play a role in formulating strategy and maximizing our future upside. "

Since its inception in November 1996, LAIF has invested approximately US$805 million in 24 companies throughout the Latin America region, which are engaged in a variety of infrastructure sectors including telecom, transport, energy, and natural resources. This exit is part of a continuing series of recent public and private sales of LAIF's assets.

About EMP Latin American Management LLC

EMP Latin American Management LLC, a joint venture between EMP Global LLC and the four principal members of EMP Global's Latin American team, is the Principal Adviser to the AIG-GE Capital Latin American Infrastructure Fund L.P.

About EMP Global LLC

EMP Global LLC, the largest private equity fund advisor focused on emerging markets, advises eight private equity funds totaling US$7 billion invested in Africa, Asia, Latin America, Europe and the Middle East. EMP Global has over ninety professionals based across eight offices in the regions in which it invests.

Investor inquiries: James F. Martin, Tel: +1.202.331.9051 Email: martinj@empglobal.com

Media inquiries: Tristan B. Peniston-Bird, Tel: +1.212.515.1933 Email: tpeniston-bird@gavinanderson.com