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 April 2006


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

                        Ocean Centre, Montague 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 April 3, 2006






Exhibit 1
---------


ULTRAPETROL (BAHAMAS) LIMITED FILES FOR INTIAL PUBLIC OFFERING OF SHARES

Buenos Aires, Argentina, April 3, 2006 - Ultrapetrol (Bahamas) Limited announced
that it has filed a Registration Statement with the U.S. Securities and Exchange
Commission in connection  with a proposed  initial public offering of its common
stock, to be offered by Ultrapetrol along with certain selling shareholders.

Credit Suisse  Securities  (USA) LLC and UBS  Securities LLC are acting as joint
book-running managers of the offering

A registration  statement  relating to these  securities has been filed with the
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 such jurisdiction.

A copy of the  prospectus  relating to these  securities  may be obtained,  when
available,   from  either  Credit  Suisse   Securities  (USA)  LLC,   Prospectus
Department,  11 Madison  Avenue,  New York, New York 10010,  212-325-2580 or UBS
Securities  LLC,  Prospectus  Department,  299 Park Avenue,  New York,  New York
10171, 212-821-3000.




SIGNATURES
----------

          Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



                          ULTRAPETROL (BAHAMAS) LIMITED
                                  (registrant)




Dated:  April 3, 2006                        By:   /s/ Felipe Menendez R.
                                                --------------------------------
                                                  Felipe Menendez R.
                                                  President