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

People & Company News

CMA CGM's OPDR Acquisition Approved by EU

The CMA CGM Group announced that the European Commission has approved its acquisition of OPDR. In order to finalize the acquisition, which was announced on November 25, 2014 by Jacques R.

Cuba Opens Up for Carnival Corp. Brand

Carnival Corp. granted U.S. licenses to operate direct U.S.-to-Cuba travel for the purpose of providing cultural exchange Carnival Corporation & plc said that the U.

First Gas Turbine-powered LNG Carrier Granted AIP

Hyundai Heavy Industries (HHI) announced it has jointly developed world’s first gas turbine-powered 174,000 m3 LNG carrier with GE Aviation and Marine and has secured

Bulk Carrier Trends

Dry Bulk Market Crisis: Opportunity or Threat?

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between

Lakes Limestone Trade Tops 4 Mln Tons in June

Shipments of limestone on the Great Lakes totaled 4,042,766 tons in June, an increase of 6 percent compared to May, and 9-plus percent compared to a year ago, according

Diana Agrees Charter for M/V Coronis

Diana Shipping Inc. announced today that through a separate wholly-owned subsidiary, it entered into a time charter contract with Sandgate Maritime Ltd for one of its Panamax dry bulk vessels,

Ship Sales

Impact of Financial Crisis on Greek Shipping

Though international analysts like Morgan Stanley said that the Greek crisis will not have a direct impact on shipping companies, Greek shipping companies listed on U.

Research Vessel Concept a First for Voith

The new fisheries research vessel of the Shanghai Ocean University will be a first for Voith in several respects.   It is the first fisheries research vessel

Shipping Gloomiest Since 2009

The shipping industry is the most pessimistic in six years about its prospects as a fleet surplus persists, according to a survey by law firm Norton Rose Fulbright, says a report in Reuters.

Finance

Dry Bulk Market Crisis: Opportunity or Threat?

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between

As First Victims Mourned, Italian Navy Searches On

Italy held a funeral service on Tuesday for 13 migrants who died in the worst shipwreck in the Mediterranean in recent history, while the navy continued its search for other victims of the disaster.

Migrant Sailboat Sinks in Aegean, 17 Missing

A sailboat carrying migrants sank in in the Aegean sea between Turkey and Greece on Tuesday and at least 17 people were missing, Greek authorities said. Greece's

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1674 sec (6 req/sec)