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 March 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 March 31, 2006.




Exhibit 1


     Ultrapetrol (Bahamas) Limited Announces a Bondholders Conference Call.

     Nassau,  Bahamas,  March  31,  2006.  Ultrapetrol  (Bahamas)  Limited  (the
"Company") today announced that it intends to hold a conference call for holders
of the Company's 9% First Preferred Ship Mortgage Notes due 2014 during Thursday
April 6th, 2006 when the Company's  President will discuss the Company's results
for the year ended December 31, 2005.

     Bondholders  are  requested to call the  undersigned  to obtain the call-in
information  as well as to provide their contact  details in the event that they
wish to be added to the distribution list.

Contact:          Mr. Leonard J. Hoskinson
                  Ultrapetrol (Bahamas) Limited
                  Telephone: 305-507-2000






                                   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:  March 31, 2006                               By: /s/ Felipe Menendez R.
                                                         -----------------------
                                                             Felipe Menendez R.
                                                             President