Baltic Trading Arrange Funding Buy Bulk Carriers

MarineLink.com
Tuesday, September 10, 2013

Baltic Trading Limited has taken delivery of the 2010-built 'Baltic Fox' and the 2009-built 'Baltic Hare', two Handysize vessels of approximately 32,000 dwt. Both vessels have entered into the Clipper Logger Pool, a spot market-related Handysize pool operated by Clipper Bulk.

John C. Wobensmith, President and Chief Financial Officer, commented, "We are pleased to take delivery of the Baltic Fox and the Baltic Hare, as planned, and enter the vessels into a spot market-related vessel pool consistent with our fleet deployment strategy. The Baltic Fox and the Baltic Hare combine to expand our modern, high-quality fleet by approximately 10% on a tonnage basis while further strengthening our position in the global transportation of essential commodities and increasing our long-term earnings potential."

The Company also has executed a $22 million credit agreement with DVB Bank SE, as previously announced on July 8, 2013. Under the terms of the six-year facility, amounts borrowed will bear interest at LIBOR plus a margin of 3.35%. The credit facility is to be repaid in 24 quarterly repayment installments of $375,000 each, the first of which is payable in December 2013, and a balloon payment of approximately $13 million payable concurrently with the last repayment installment. The Company used the entire proceeds from the new facility as well as proceeds from its May 2013 equity offering to fund the acquisition of the Baltic Fox and the Baltic Hare.

Mr. Wobensmith added, "In support of our growth initiatives, management has taken active measures to increase Baltic Trading's financial flexibility by closing a new $22 million credit facility with a global lending institution and amending our 2010 credit facility under favorable terms to allow for the incurrence of additional debt going forward. We appreciate the support that we have received from our expanded lending group and remain focused on preserving a sound capital structure as we pursue additional opportunities to take advantage of an attractive acquisition environment."

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

First Damen Tug for Fratelli Neri

Fratelli Neri S.p.A has taken delivery of a Damen ASD Tug 3212. The new vessel, called Luisa Neri, was handed over from Damen Maaskant Shipyards Stellendam in the Netherlands, on 25 January 2016.

Wood Group Extends North Sea Chevron Contract

Wood Group has secured an extension to continue to support Chevron Upstream Europe across four offshore assets in the North Sea. Wood Group PSN (WGPSN) will deliver

QP, Chevron Ink Offshore Moroccan Deal

Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, to acquire a 30% participating interest from

Bulk Carrier Trends

EU Pulls Plug on Back-Up Nav System

A British-led initiative to create a back-up to satellite navigation systems for ships has been pulled after failing to garner interest from other European countries,

Baltic Index Touches New Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand.

LNG Bulker Cements Thordon's Green Future

Sea trials aboard Greenland, the world’s first LNG-fuelled short-sea dry bulk vessel, have validated the performance of Thordon Bearings COMPAC propeller shaft solution,

Ship Sales

FSL Trust Divests Two Containerships

FSL Trust Management Pte. Ltd., as the trustee-manager of First Ship Lease Trus, announced that the Trust has completed the disposal of Ever Radiant and Ever Respect

Shipbreaking Practices in 2015 Reveal Appalling Record -Report

Ignoring industry leaders and human rights and environmental organizations, ship owners continue to profit from dangerous and dirty shipbreaking practices on South Asian beaches in 2015,

Diana Shipping to Acquire Three Panamax Ships

Diana Shipping Inc. has signed, through three separate wholly-owned subsidiaries, three Memoranda of Agreement to acquire from a related party three Panamax vessels

Finance

Grounded Giant Chinese Boxship Freed

One of the world's largest container ships has been freed from a mud bank after running aground almost a week ago near Germany's largest port of Hamburg, German authorities said on Tuesday.

Hempel’s Dynamic Brings Saving for Lemissoler

Global shipmanagement company, Lemissoler Navigation, via its affiliated and managed company Frontmarine Co. Ltd, has achieved significant fuel savings from coating its newbuild 58,

QP, Chevron Ink Offshore Moroccan Deal

Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, to acquire a 30% participating interest from

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.0977 sec (10 req/sec)