EXHIBIT 99.1


                     CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Felipe Menendez Ross, certify that:

1.       I have reviewed this first amended annual report on Form 20-F of
         Ultrapetrol (Bahamas) Limited;

2.       Based on my knowledge, this first amended annual report does not
         contain any untrue statement of a material fact or omit to state a
         material fact necessary to make the statements made, in light of the
         circumstances under which such statements were made, not misleading
         with respect to the period covered by this first amended annual report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this first amended annual report, fairly
         present in all material respects the financial condition, results of
         operations and cash flows of the registrant as of, and for, the
         periods presented in this first amended annual report;

4.       The registrant's other certifying officers and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
         and we have:

         a)       designed such disclosure controls and procedures to ensure
                  that material information relating to the a registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this annual report is being prepared;

         b)       evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this annual report (the "Evaluation
                  Date"); and

         c)       presented in this annual report our conclusions about the
                  effectiveness of the disclosure controls and procedures
                  based on our evaluation as of the Evaluation Date;

5.       The registrant's other certifying officers and I have disclosed,
         based on our most recent evaluation, to the registrant's auditors and
         the audit committee of registrant's board of directors (or persons
         performing the equivalent function):

         a)       all significant deficiencies in the design or operation of
                  internal controls which could adversely a affect the
                  registrant's ability to record, process, summarize and
                  report financial data and have identified for the
                  registrant's auditors any material weaknesses in internal
                  controls; and

         b)       any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

6.       The registrant's other certifying officers and I have indicated in
         this first amended annual report whether or not there were
         significant changes in internal controls or in other factors that
         could significantly affect internal controls subsequent to the date
         of our most recent evaluation, including any corrective actions with
         regard to significant deficiencies and material weaknesses.

Date: May 1, 2003

/s/ Felipe Menendez Ross
--------------------------------
Felipe Menendez Ross

Director, Chief Executive
Officer, and President


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