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EXHIBIT 21.1
ULTRAPETROL (BAHAMAS) LIMITED
SCHEDULE B1 - ALL ENTITIES IN WHICH THE COMPANY OWNS AN EQUITY INTEREST
STATE/ COUNTRY OF
ENTITY ORGANIZATION PERCENTAGE OF OWNERSHIP
-------------------------------------- ----------------- --------------------------------------------
1 Arlene Investment Inc. Panama 100% - UABL Limited
2 Avemar (Holdings) Bahamas Ltd. Bahamas 100% - Ultrapetrol (Bahamas) Ltd.
3 Baldwin Maritime Inc. Panama 100% - Princely International Finance Corp.
4 Bayham Investments S.A. Panama 100% - Regal International Investments S.A.
5 Blueroad Finance Inc. Panama 100% - UABL Limited
6 Braddock Shipping Inc. Panama 100% - Ultracape International S.A.
7 Cavalier Shipping Inc. Panama 100% - Regal International Investments S.A.
8 Cedarino SL Spain 100% - Corydon International S.A.
9 Corporacion de Navegacion Mundial S.A. Chile 100% - Princely International Finance Corp.
10 Corydon International S.A. Uruguay 100% - UABL Limited
11 Dampierre Holdings Spain S.L. Spain 100% - Massena Port S.A.
12 Danube Maritime Inc. Panama 100% - Princely International Finance Corp.
13 General Ventures Inc. Liberia 100% - Princely International Finance Corp.
14 Imperial Maritime Ltd. Bahamas 100% - Princely International Finance Corp.
15 Imperial Maritime Ltd. (Bahamas) Inc. Panama 100% - Princely International Finance Corp.
16 Internationale Maritime S.A. Bahamas 100% - Ultrapetrol (Bahamas) Ltd.
17 Invermay Shipping Inc. Panama 100% - Ultracape International S.A.
18 Kattegat Shipping Inc. Panama 100% - Ultrapetrol (Bahamas) Ltd.
19 Kingly Shipping Ltd. Bahamas 100% - Princely International Finance Corp.
20 Lonehort S.A. Uruguay 100% - UABL Limited
21 Majestic Maritime Ltd. Bahamas 100% - Ultrapetrol (Bahamas) Ltd.
22 Maritima Sipsa S.A. Chile 49% - Coporacion de Navigacion Mundial
23 Marnave S.R.L. Paraguay 50% - Arlene Investment Inc.
50% - Blueroad Finance Inc.
24 Massena Port S.A. Uruguay 100% - Ultrapetrol (Bahamas) Ltd.
25 Monarch Shipping Ltd. Bahamas 100% - Princely International Finance Corp.
26 Noble Shipping Ltd. Bahamas 100% - Princely International Finance Corp.
ULTRAPETROL (BAHAMAS) LIMITED
SCHEDULE B1 - ALL ENTITIES IN WHICH THE COMPANY OWNS AN EQUITY INTEREST
STATE/ COUNTRY OF
ENTITY ORGANIZATION PERCENTAGE OF OWNERSHIP
-------------------------------------------------- ----------------- --------------------------------------------
27 Obras Terminales y Servicios S.A. Paraguay 50% - UABL Terminals (Paraguay) S.A.
28 Oceanpar S.A. Paraguay 1% - Princely International Finance Corp.
99% - Dampierre Holdings Spain S.L.
29 Oceanview Maritime Inc. Panama 100% - Princely International Finance Corp.
30 Packet Maritime Inc. Panama 100% - UP Offshore (Panama) S.A.
31 Padow Shipping Inc. Panama 100% - UP Offshore (Panama) S.A.
32 Pampero Navigation Inc. Panama 100% - UP Offshore (Panama) S.A.
33 Parabal S.A. Paraguay 90% - Cedarino S.L.
10% - Thurston Shipping Inc.
34 Parfina S.A. Paraguay 50% - Coporacion de Navigacion Mundial
50% - Dampierre Holdings Spain S.L.
35 Parkwood Commercial Corp. Panama 100% - Ultrapetrol (Bahamas) Ltd.
36 Parque Ecologico Industrial de Altamira S.A. de C.V. Mexico 99.99% - Ultracape Delaware, LLC
37 Princely International Finance Corp. Panama 100% - Ultrapetrol (Bahamas) Ltd.
38 Puertos del Sur S.A. Paraguay 50% - UABL Terminals (Paraguay) S.A.
39 Regal International Investments S.A. Panama 100% - Princely International Finance Corp.
40 Riverpar S.A. Paraguay 2.5% - Thurston Shipping Inc.
97.5% - Cedarino S.L.
41 Riverview Commercial Corp. Panama 100% - Princely International Finance Corp.
42 Sernova S.A. Argentina 0.4% - Thurston Shipping Inc.
99.6% - Cedarino S.L.
43 Sovereign Maritime Ltd. Bahamas 100% - Princely International Finance Corp.
44 Stanmore Shipping Inc. Panama 100% - Ultrapetrol (Bahamas) Ltd.
45 Thurston Shipping Inc. Panama 100% - UABL Limited
46 Tipton Marine Inc. Panama 100% - Princely International Finance Corp.
47 UABL Barges (Panama) Inc. Panama 100% - UABL Limited
48 UABL International S.A. Panama 100% - UABL Limited
ULTRAPETROL (BAHAMAS) LIMITED
SCHEDULE B1 - ALL ENTITIES IN WHICH THE COMPANY OWNS AN EQUITY INTEREST
STATE/ COUNTRY OF
ENTITY ORGANIZATION PERCENTAGE OF OWNERSHIP
-------------------------------- ----------------- -------------------------------------------
49 UABL Limited Bahamas 50% - UP River (Holdings) Limited
50% - UPB (Panama) Inc.
50 UABL Paraguay S.A. Paraguay 2.5% - Thurston Shipping Inc.
97.5% - Cedarino S.L.
51 UABL S.A. Argentina 3.4% - Thurston Shipping Inc.
96.6% - Cedarino S.L.
52 UABL Terminals (Paraguay) S.A. Panama 100% - Ultrapetrol (Bahamas) Ltd.
53 UABL Terminals Ltd. Bahamas 50% - UP River Terminals (Panama) S.A.
50% - UPB (Panama) Inc.
54 Ultracape (Holdings) Ltd. Bahamas 60% - Ultrapetrol (Bahamas) Ltd.
40% - AIG-GE Capital LAIF LP.
55 Ultracape Delaware, LLC USA 100% - Ultracape (Holdings) ltd.
56 Ultracape International S.A. Panama 100% - Ultracape (Holdings) Ltd.
57 Ultrapetrol International S.A. Panama 100% - Princely International Finance Corp.
58 Ultrapetrol S.A. Argentina 7% - Ocean par S.A.
93% - Dampierre Holdings Spain S.L.
59 UP Offshore (Bahamas) Ltd. Bahamas 27.78% - Ultrapetrol (Bahamas) Ltd.
66.67% - AIG-GE Capital LAIF LP.
5.55% - Comintra Enterprises Ltd.
60 UP Offshore (Holdings) Ltd. Bahamas 100% - Ultrapetrol (Bahamas) Ltd.
61 UP Offshore (Panama) S.A. Panama 100% - UP Offshore (Bahamas) Ltd.
62 UP Offshore Apoio Maritimo Ltda. Brazil 99.99% - UP Offshore (Bahamas) Ltd.
63 UP River (Holdings) Ltd. Bahamas 92.86% - Ultrapetrol (Bahamas) Ltd.
7.14% - International Finance Corp.
64 UP River Terminals (Panama) S.A. Panama 100% - Ultrapetrol (Bahamas) Ltd.
65 UPB (Panama) Inc. Panama 100% - Ultrapetrol (Bahamas) Ltd.
66 Wallasey Shipping Inc. Panama 100% - Ultracape (Holdings) Ltd.
ULTRAPETROL (BAHAMAS) LIMITED
SCHEDULE B1 - ALL ENTITIES IN WHICH THE COMPANY OWNS AN EQUITY INTEREST
STATE/ COUNTRY OF
ENTITY ORGANIZATION PERCENTAGE OF OWNERSHIP
-------------------------------- ----------------- -------------------------------------------
67 Yataity S.A. Paraguay 10% - Thurston Shipping Inc.
90% - Cedarino S.L.