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

Contracts

Canadian Icebreaker Refit Contracts Awarded

The Canadian Government informs it has awarded a $6.5 million contract to Babcock Canada Inc. for critical refit work for Canadian Coast Guard ship 'CCGS Louis S.

Atkins Gain Maersk Oil Engineering Contract

Design, engineering and project management consultancy Atkins, says it has been awarded an engineering support contract covering three of Maersk Oil’s UK assets in the North Sea.

Newport News, ODU Partner for Bachelor's Degree Program

Huntington Ingalls Industries (HII) announced today that apprentices at Newport News Shipbuilding will now have the opportunity to earn a bachelor of science degree

Bulk Carrier Trends

Court: Japan's Mitsui Paid to Release Ship

China Supreme Court says Mitsui pays about $29 mln; Ship released about 0030 GMT Thursday. Ship was seized over dispute dating back to 1930s. Advisor to plaintiffs says will likely demand more money.

CMM Takes Delivery of Damen PSV for Brazil

New supplier CMM Gravity to start on long-term contract with Petrobras. CMM has taken delivery of a Damen Platform Supply Vessel 3300. The 80-meter, 3,300t deadweight

China's Seizure of Japanese Ship has Pre-WWII Roots

It all began with a pre-World War II contract between China's then "ship king" and a Japanese company to lease two Chinese freighters. When the one-year lease was up in 1937,

Ship Sales

Brokers Marcon Conclude Ocean Deck Barge Sale

Marcon International, Inc. of Coupeville, Washington says that Pacific Coast Maritime, Inc., Seattle, Washington, a subsidiary of Harley Marine Services, Seattle,

Kvichak-built Hovercraft for Sale

The 95’ BHT-150 hovercraft SUNAX, built by Kvichak Marine Industries and owned and operated by Aleutians East Borough, is for sale through public competitive bid.

Litigation Can Cost Shipbrokers an Arm & a Leg

A survey of London solicitors by specialist intermediaries insurer ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts,

Finance

Court: Japan's Mitsui Paid to Release Ship

China Supreme Court says Mitsui pays about $29 mln; Ship released about 0030 GMT Thursday. Ship was seized over dispute dating back to 1930s. Advisor to plaintiffs says will likely demand more money.

Fredriksen Joins Rival for New Capesize Firm

Shipping tycoon John Fredriksen is joining one of its shipping firms with rival Knighsbridge Tankers Ltd to create the largest U.S. listed Capesize firm, which

Diamond Offshore profit falls as rig demand softens

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a 17 percent drop in quarterly profit as demand fell for rigs used in deep water drilling.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Salvage 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: 0.1016 sec (10 req/sec)