An option for the former owners of South America's Ultrapetrol (ULTR) to buy its ocean shipping business has lapsed without a deal being struck.

The Argentinian company was acquired by private equity fund Southern Cross last year and, after being bought out, the Menendez family was granted the chance to put together a bid for its two products tankers and two feeder containerships, leaving the offshore shipping and barge business with ULTR.

But