NASSAU, Bahamas, Dec. 11, 2015 (GLOBE NEWSWIRE) — Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR) (“Ultrapetrol” or the “Company”), an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business, and Ocean Business), announced today that Mr. Eduardo Ojea Quintana, a current Director of Ultrapetrol, has been appointed Chairman of the Board, replacing Mr. Horacio Reyser, who has resigned as Chairman of the Board and as a Director in order to take a senior position in Argentina’s incoming government. Following this change, Ultrapetrol’s Board will consist of five Directors.

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December 2015 –– An International Monetary Fund (IMF) mission led by Jarkko Turunen visited the Bahamas from December 7-11, 2015, to review economic developments in advance of discussions for the 2016 Article IV consultations (expected to take place in March 2016).

At the conclusion of the mission Mr. Turunen issued the following statement:

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Minister of Financial Services Hope Strachan has named the recipient of this year’s Minister’s Award, a recognition given to an individual deemed to have made outstanding contributions to the financial services sector.

The 2015 recipient is Donna Nguyen-Comito (pictured, top) of the Bahamas Financial Services Board.

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Here follows a statement by Prime Minister Perry Christie on the South Cat Cay resort development delivered to the House of Assembly December 14:

The Government has today concluded and executed Heads of Agreement with South Cat Cay Properties (Bahamas) Limited for the development of a $94 million luxury resort at South Cat Cay.

Partners in the project are Dr. Enrique Murciano and Mrs. Murciano, wealthy residents of Florida and Mr. Ernesto Andrew Estrada Fernandez Salvador, a citizen of Ecuador. The Ernesto family has a 40 year history in The Bahamas, with a home in Lyford Cay and extensive assets in The Bahamas.

The project will comprise a 53 room five star branded boutique hotel with related amenities, 29 marina condo units, 37 residential units, a 137 slip marina, restaurants, shops and recreational facilities. This high end resort will also include an upmarket residential community.

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The Bahamas recently hosted the renowned Hero World Challenge golf tournament at the Albany Resort on New Providence–one of many sporting events The Bahamas is bringing to the world. Watch a Tourism Today the video about the event here.
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ONE Cable Beach, the $70 million luxury condominium project on West Bay Street, is on target for its scheduled March 2017 completion with every significant infrastructure and site preparation deadline met to date, according to the developer.

“We have a great team and have been fortunate that we have been able to meet every deadline we set even with all the rain we have been facing,” said Jason Kinsale, CEO and president of Aristo Development, the group behind the seven-storey, 69-unit oceanfront residential complex just west of Melia Nassau Beach Resort.

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Pictured: (from left) BFSB chairman Prince Rahming; Jean Chalopin, chairman of the Deltec International Group; and former CEO Aliya Allen. (Photo courtesy BFSB)

The Bahamas Financial Services Board has recognised Deltec Bank & Trust Ltd with its 2015 BFSB Appreciation Award.

Former BFSB CEO Aliya Allen says the award was introduced in 2014 as a means of showing appreciation to member firms that have made outstanding contribution to the organization.

“In recent years, and particularly in 2015, Deltec has sponsored and participated in virtually every event in BFSB’s external communications and marketing calendar. This has included our signature Landfall events as well as international conferences where Deltec has helped promote The Bahamas Advantage brand. We are delighted to present the award this year to a member firm that has shown such tremendous support for our programme of work.”

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Minister for Grand Bahama Michael Darville has announced that travel marketing company Royal Seas Cruises has commenced marketing cruise and stay vacation packages to Grand Bahama that are expected to generate over 50,000 stopover visitors and 100,000 visitor nights, with some 80 per cent of guests hosted at their preferred resort partner, the Grand Lucayan Resort.

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Here follows a communication by Minister of Tourism Obie Wilchcombe to Parliament December 9 upon his return from a recent visit to London to meet with investors:

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Bahamas Financial Services Board (BFSB) said farewell to Aliya Allen, as the third CEO of the public-private sector promotional agency demits office, at a private reception on December 2 at Luciano’s of Chicago in Nassau.

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