Baltic Trading Ltd. Announces Q1 2012 Financial Results

Press Release
Tuesday, May 01, 2012

Dry bulk transporters, Baltic Trading announce net loss in Q1 2012

Baltic Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Baltic Trading Limited's current fleet consists of two Capesize, four Supramax and three Handysize vessels with an aggregate carrying capacity of approximately 672,000 dwt.

The following financial review discusses the results for the three months ended March 31, 2012 and March 31, 2011.

First Quarter 2012 and Year-to-Date Highlights
    •    Declared a $0.05 per share dividend payable on or about May 17, 2012 to all  shareholders of record as of May 10, 2012 based on Q1 2012 results;
    •    Recorded net loss of $4.5 million, or $0.20 basic and diluted loss per share for the first quarter;
    •    Reached agreement to extend the Baltic Bear with Swissmarine Services S.A. at a rate based on 101.5% of the Baltic Capesize Index for 10.5 to 13.5 months;
    •    Cash position of $5.2 million as of March 31, 2012.

Financial Review: 2012 First Quarter
The Company recorded a net loss for the first quarter of 2012 of $4.5 million, or $0.20 basic and diluted loss per share. Comparatively, for the three months ended March 31, 2011, the Company recorded a net loss of $1.7 million, or $0.08 basic and diluted loss per share.
EBITDA was $0.3 million for the three months ended March 31, 2012 versus $3.0 million for the three months ended March 31, 2011.

John C. Wobensmith, President and Chief Financial Officer, commented, "During the first quarter, we continued to implement our fleet deployment strategy that provides the ability to generate significant operating leverage when the freight rate environment improves. While market conditions remain challenging, we continue to benefit from a strong balance sheet with low debt and cost-effective operations. For the first quarter, we declared a dividend of $0.05 per share, representing our eighth consecutive dividend since going public in March 2010. Going forward, we will maintain our focus on maximizing the utilization of our modern, high-quality fleet and seeking to distribute a substantial portion of our cash flows to shareholders."
 

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Damen Responds to Evolving Fishing Practices

Maaskant Shipyards Stellendam meets fishing sector’s growing needs by performing electric pulse fishing conversions   As European fishing policies evolve, so fishing techniques advance.

Maaskant Shipyards Earns ISO 9001:2008 Certificate

Maaskant Shipyards (Stellendam), part of Damen Shipyards Group, has received certification from Bureau Veritas for aligning its quality and management systems with

Duffy Named President of Carnival Cruise Line

Christine Duffy has been named president of Carnival Cruise Line, Carnival Corporation & plc. announced today.   Duffy, currently president and CEO of Cruise Lines International Association (CLIA),

Bulk Carrier Trends

Scorpio Bulkers Modifies and Sells Shipbuilding Contracts

Scorpio Bulkers Inc. announces agreements to modify and sell existing shipbuilding contracts for six capesize vessels    Scorpio Bulkers Inc. has reached agreements

CSL St-Laurent on Maiden Voyage

The second of Canada Steamship Lines' (CSL) two newbuild Trillium Class Great Lakes bulk carriers, CSL St-Laurent, was delivered on November 26, 2014 and set

Slow Progress in US West Coast Port Talks

The union for 20,000 dockworkers and a group of their employers at 29 U.S. West Coast ports say they are making slow but steady progress in months-long contract

Finance

Transpacific Box Shippers Plan Freight Rate Rise

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.

Container Volumes on the Rise in South Carolina

Container volume up 13 percent at South Carolina Ports Authority; Charleston benefiting from federal appropriations    The SC Ports Authority announced another

Liebherr Expects Turnover Dip

For the 2014 business year, the Liebherr Group is currently anticipating an overall turnover of 8,866 million euros (2013: 8,964 million euros). In the area of construction machines and mining,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1560 sec (6 req/sec)