EXHIBIT
7







ULTRAPETROL
(BAHAMAS) LIMITED







STATEMENT
OF RATIO OF EARNINGS TO FIXED CHARGES











Year Ended December
      31,(Dollars
      in thousands)





2004
                            
                            
                            2005
                            
                            
                            2006
                            
                            
                            2007
                            
                            
                            2008Consolidated
      income (loss) before
                              income
      tax and minority interest
                            
                            $
                            6,921
                            
                            
                            $
                            23,702
                            
                            
                            $
                            8,899
                            
                            
                            $
                            13,929
                            
                            
                            $
                            61,026Income
      (loss) from discontinued operations
                            
                            
                            
                            
                            
                            
                            1,449
                            
                            
                            
                            5,647
                            
                            
                            
                            (3,917
                            )
                            
                            
                            (16,448
                            )Investment
      in affiliates
                            
                            
                            (406
                            )
                            
                            
                            497
                            
                            
                            
                            (588
                            )
                            
                            
                            28
                            
                            
                            
                            442Interest
      expense from continuing operations
                            
                            
                            15,566
                            
                            
                            
                            16,457
                            
                            
                            
                            18,171
                            (1)
                            
                            
                            20,069
                            
                            
                            
                            24,393Amortization
      of debt issue costs
                            
                            
                            568
                            
                            
                            
                            1,037
                            
                            
                            
                            750
                            
                            
                            
                            371
                            
                            
                            
                            735Earnings
                            
                            
                            22,649
                            
                            
                            
                            43,142
                            
                            
                            
                            32,879
                            
                            
                            
                            30,480
                            
                            
                            
                            70,148Interest
      expenses
                            
                            
                            15,556
                            
                            
                            
                            18,104
                            
                            
                            
                            18,275
                            
                            
                            
                            19,807
                            
                            
                            
                            24,605Amortization
      of debt issue costs
                            
                            
                            568
                            
                            
                            
                            1,037
                            
                            
                            
                            750
                            
                            
                            
                            371
                            
                            
                            
                            735Fixed
      charges
                            
                            
                            16,134
                            
                            
                            
                            19,141
                            
                            
                            
                            19,025
                            
                            
                            
                            20,178
                            
                            
                            
                            25,340Ratio
      of earnings to fixed charges
                            
                            
                            1.4
                            
                            
                            
                            2.3
                            
                            
                            
                            1.7
                            
                            
                            
                            1.5
                            
                            
                            
                            2.8





(1)
            The
      interest expense amounts presented in this exhibit do not include the
      results on extinguishment of debt amounting $(1,411) for the year ended
      December 31, 2006.