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As part of the agreement, Ultrapetrol will provide transportation of an additional 150,000 tons of iron ore, corresponding to the capacity of the barges that are being sold, for one year with the option for a second, which will be operated by the Company in the initial period. Ultrapetrol also announced that its new PSV delivery, the UP Jasper, has arrived in the North Sea and is now operating under a long-term time charter at GBP 15,500 per day. The Company now has eight PSVs in its fleet that are all operating on long-term time charters and four newbuildings, which are scheduled for delivery in 2011 and through 2012. Felipe Menendez, President and Chief Executive Office, said: "We are pleased that our investments over the past four years are beginning to yield significant results. In particular, our River Business has benefited from our ability to add much needed capacity through our automated barge building facility to respond to growing demand on the Hidrovia river system. Additionally, the UP Jasper, the eighth PSV in our fleet that we took delivery of in June, is now operating on a long-term time charter in the North Sea where rates remain strong." 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 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. More information on Ultrapetrol can be found at www.ultrapetrol.net. Source: Ultrapetrol (Bahamas) Limited |
Ultrapetrol Signs Contracts With New Customer for Transportation of Iron Ore on Hidrovia River System and Sale of Jumbo Barges