Commission File No. 333-8878




                                    FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549



                        Report of Foreign Private Issuer
                      Pursuant to Rule 13a-16 or 15d-16 of
                       the Securities Exchange Act of 1934

                         For the month of September 2006


                          ULTRAPETROL (BAHAMAS) LIMITED
                 (Translation of registrant's name into English)

                         Ocean Centre, Montagu Foreshore
                                  East Bay St.
                                 Nassau, Bahamas
                                P.O. Box SS-19084
                    (Address of principal executive offices)

     Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.

                  Form 20-F [X]             Form 40-F [_]

     Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                             Yes [_]              No [X]






INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached hereto as Exhibit 1 is a copy of the press release issued by
Ultrapetrol (Bahamas) Limited on September 26, 2006.






EXHIBIT 1

For Immediate Release

Contact:

Ultrapetrol (Bahamas) Limited
Tel. (242) 364-4755

ULTRAPETROL  (BAHAMAS)  LIMITED FILES  AMENDMENT TO INITIAL  PUBLIC  OFFERING OF
SHARES

NASSAU,  Bahamas,  September  26,  2006.-  Ultrapetrol  (Bahamas)  Limited today
announced  that it has filed an  Amended  F-1  Registration  Statement  with the
Securities  and Exchange  Commission for a proposed  initial public  offering of
12,500,000  shares of common stock. The offering price is expected to be between
$13 and $15 per  share.  The  Company  intends  to use the net  proceeds  of the
offering  for debt  repayment,  to pre-fund  vessel  construction  costs and for
general corporate purposes.

Incorporated in The Bahamas, Ultrapetrol (Bahamas) Limited, (the "Company") is a
diverse marine  transportation  company  involved in the global  carriage of dry
bulk and liquid cargos, supplies,  equipment and passengers.  The Company serves
the shipping market for grain, forest products,  minerals, crude oil, petroleum,
and refined  petroleum  products,  as well as the offshore  oil platform  supply
market,  and the leisure  passenger  cruise  market,  through its four operating
segments,  the River Business,  the Offshore Supply Business, the Ocean Business
and the Passenger Business.

UBS Investment  Bank and Bear,  Stearns & Co. Inc. are acting  joint-bookrunning
managers for the offering, and Merrill Lynch & Co. is acting as lead manager.

A registration statement relating to these securities has been filed with the US
Securities  and  Exchange  Commission  but has not yet become  effective.  These
securities  may not be sold nor may offers to buy be accepted  prior to the time
the registration  statement  becomes  effective.  This  communication  shall not
constitute  an offer to sell or the  solicitation  of an offer to buy nor  shall
there be any sale of these  securities in any  jurisdiction in which such offer,
solicitation or sale would be unlawful prior to  registration  or  qualification
under the securities laws of any such jurisdiction.

When  available,  copies  of the  prospectus  relating  to the  offering  may be
obtained from the offices of UBS Investment  Bank at 299 Park Avenue,  New York,
New York 10171,  Attention:  Syndicate Desk, and Bear, Stearns & Co. Inc. at 383
Madison Avenue, New York, New York 10179, Attention: Prospectus Department 3.