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

People & Company News

Taiwan's Yang Ming Marine to Add Bigger Vessels to its Fleet

Yang Ming Marine Transport Corporation, Taiwnanese global shipping and logistics services company,  will take delivery of 14 large-sized ships over the next two years,

Hapag-Lloyd Adds North Europe-USEC Service

Hapag-Lloyd will open a new weekly service between North Europe and the US East Coast, the company said in its press release.     The new route – to be christened

Khamenei Says Iran Nuclear Weapons are a U.S. "Myth"

Iran's Supreme Leader Ayatollah Ali Khamenei told military commanders on Sunday the United States had created the "myth" of nuclear weapons to portray Iran as a threat,

Bulk Carrier Trends

NCSP Group Cargo Traffic Up 6% in Q1 2015

Novorossiysk Commercial Sea Port Group (NCSP Group or the Group) (LSE: NCSP, Moscow Exchange: NMTP) reports that Group’s consolidated cargo turnover in Q1 2015 increased by 2 million tonnes or 6.

Liner Service Reliability Jumps to 64%

According to Drewry Supply Chain Advisors, liner shipping service reliability on the three East-West trades showed an aggregate on-time performance of 64% in March - a five-month high.

Baltic Index Perks up on Increased Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Thursday as rates for bigger vessels rose.

Ship Sales

China Shipbuilders may Merge to Stay Afloat

The China's four state-run shipping-related companies  are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media.

Taiwan's Yang Ming Marine to Add Bigger Vessels to its Fleet

Yang Ming Marine Transport Corporation, Taiwnanese global shipping and logistics services company,  will take delivery of 14 large-sized ships over the next two years,

Star Bulk Adds Jennifer

Star Bulk Carriers Corp has added M/V Star Jennifer (ex "Ore Hansa), a 82,290 dwt Kamsarmax bulk carrier, built in 2006, to its fleet.   The Company completed

Finance

China Shipbuilders may Merge to Stay Afloat

The China's four state-run shipping-related companies  are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media.

Seaspan Takes Delivery of New Containership

Seaspan Corporation (SSW) has accepted delivery of a 14000 TEU containership, the YM Wellhead.    The new containership, which was constructed at Hyundai Heavy Industries Co.

'Make in India’ - the Newbuzzword in Indian Shipping Sector

The Prime Minister Narendra Modi's  'Make in India’ initiative offers a plethora of opportunities in the maritime sector, particularly in shipbuilding, with the

 
 
Maritime Security Naval Architecture Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.2331 sec (4 req/sec)