Baltic Trading Snaps Up Bargain Price Capesize Bulkers

MarineLink.com
Wednesday, November 06, 2013

 Baltic Trading Limited has has agreed to acquire two 179,185 dwt Capesize vessels for an aggregate purchase price of $103.0 million. The two vessels, built in 2012 and 2011 by Hyundai Heavy Industries, are expected to be delivered to Baltic Trading by the end of the fourth quarter of 2013.

Upon completion of the acquisition, which is subject to the completion of customary documentation and closing conditions,  Baltic Trading will own 13 drybulk vessels, consisting of four Capesize vessels, four Supramax vessels and five Handysize vessels with a total carrying capacity of approximately 1,095,000 dwt and an average age of approximately 3.6 years.

Baltic Trading plans to finance this acquisition in part through the proceeds from its share offering completed on September 25, 2013 and in part through commercial bank debt financing. The Company is in negotiations to obtain a commitment for commercial bank financing from a global lending institution.

John C. Wobensmith, President and Chief Financial Officer, commented, "The agreements to acquire two modern Capesize vessels at a compelling valuation highlights the ongoing execution of Baltic Trading's growth strategy. With these agreements, combined with our recently completed acquisition of two Handysize vessels, Baltic Trading is positioned to expand its high-quality fleet by a total of approximately 63% on a deadweight tonnage basis.

"We plan to continue to implement our fleet deployment strategy by securing these vessels on spot market-related time charters prior to their delivery. In addition, management remains focused on preserving a sound capital structure and cost-effective operating platform as we continue to take advantage of an attractive acquisition environment."

About Baltic Trading Limited
Baltic Trading Limited is a drybulk company focused on the spot charter market. Baltic Trading transports iron ore, coal, grain, steel products and other drybulk cargoes along global shipping routes.
 

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Golden Ocean and Knightsbridge Complete Merger

The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company,

Panama Canal Sets Sight on Another Expansion

As it enters the final stretch of a massive expansion, the Panama Canal Authority is setting its sights on an even more ambitious project worth up to $17 billion

Long Beach, LA Collaborate to Improve Cargo Flow

Executives from the ports of Long Beach and Los Angeles held a kickoff meeting earlier this week to begin working together to focus on cargo conveyance strategies

Bulk Carrier Trends

Golden Ocean and Knightsbridge Complete Merger

The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company,

Baltic Sea Freight Index Flat on Muted Vessel Activity

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained steady on Thursday due to a muted vessel activity.

Liebherr Opens African Maritime Hub

Liebherr Maritime Cranes celebrated the grand opening of the new sales and service center in Durban, South Africa. The new African maritime hub was opened by a

Finance

Golden Ocean and Knightsbridge Complete Merger

The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company,

Panama Canal Sets Sight on Another Expansion

As it enters the final stretch of a massive expansion, the Panama Canal Authority is setting its sights on an even more ambitious project worth up to $17 billion

Baltic Sea Freight Index Flat on Muted Vessel Activity

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained steady on Thursday due to a muted vessel activity.

 
 
Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.2311 sec (4 req/sec)