Bulk Carriers, Baltic Trading, Have Confidence, Invest in New Ships

MarineLink.com
Thursday, November 14, 2013

Baltic Trading Limited has ordered  two 64,000 dwt Ultramax newbuildings for an aggregate purchase price of $56.0 million. The Company also has an option exercisable in January 2014 to acquire two additional Ultramax newbuildings under the same specifications and purchase price.

The four eco-design vessels will be built by Yangfan Group Co., Ltd. with the two committed vessels expected to be delivered to Baltic Trading in the second half of 2014.

Upon completion of this acquisition (which is subject to the completion of customary documentation and closing conditions) excluding the two option vessels and combined with the recently announced acquisition of two Capesize vessels, Baltic Trading will own 15 drybulk vessels, consisting of four Capesize, two Ultramax, four Supramax and five Handysize vessels with a total carrying capacity of approximately 1,223,000 dwt and an average age of approximately 4.0 years after the delivery of the second committed vessel in Q4 2014.

Baltic Trading plans to finance part of the acquisition of the Ultramax newbuildings through commercial bank debt financing or other financing sources.

John C. Wobensmith, President and Chief Financial Officer, commented, "We are pleased to enter into our third acquisition in 2013 as management has once again capitalized on an attractive acquisition environment. Our year-to-date success in taking advantage of favorable asset prices has positioned Baltic Trading to significantly expand its modern high-quality fleet by approximately 82% on a tonnage basis and increase the Company's future earnings and dividend potential.

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

People & Company News

GTT to Exhibit at Euromaritime

Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG), will exhibit at Euromaritime,

WCI to Honor Sens. Alexander and Vitter

Waterways Council, Inc. (WCI) to honor Senator Lamar Alexander and Senator David Vitter with Leadership Service Awards; Washington Meetings and Waterways Seminar

Crowley Awards Scholarships to SUNY Maritime Students

Crowley Maritime Corporation’s 2014 Thomas B. Crowley Sr. Memorial Scholarships have helped to further educational opportunities for three students of State University

Contracts

NewLead Holdings Acquire 5 Vessels

NewLead Holdings Ltd. announced today that it recently added five bitumen tanker vessels to its fleet. The Company has expanded its fleet to 10 vessels in less

Russia – Turkey Gas Pipeline Approved

Ankara hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Taner Yildiz, Turkish Minister of Energy and Natural Resources.

Port of Le Havre Calls for EOI for Storage Facility

Port of Le Havre has called Expression of Interest (EOI) for Storage facility for liquid Bulks to be set up inside the port. The Grand Port Maritime du Havre (GPMH),

Shipbuilding

Damen Delivers Workboat to Multraship

Towage and salvage operator Multraship has taken delivery of the first of two customized Damen Stan Launch 804s vessels for its line handling and boatmen service companies in Terneuzen,

NewLead Holdings Acquire 5 Vessels

NewLead Holdings Ltd. announced today that it recently added five bitumen tanker vessels to its fleet. The Company has expanded its fleet to 10 vessels in less

Greek Shipping Fears Syriza Tax Plan

Will the new government in Greece led by radical-left party Syriza levy higher taxes that the shipping industry can’t afford? A report in WSJ says that several

Bulk Carrier Trends

Port of Redwood City Sees Cargo Increase

The Port of Redwood City experienced a five percent increase in cargo movement across its docks for the first half of fiscal year 2014/2015 that ended December 31, 2015.

Nigerian Shippers Council Bans Illegal Port Charges

The Nigerian Shippers Council (NSC) has urged ports service providers to stop the collection of any illegal charges not statutorily approved, says a Council press statement.

Malta Shipping Register is World's 6th Largest

Malta ship register becomes the sixth largest worldwide, remains largest in Europe. As at end of December 2014, the registered gross tonnage under the Merchant Shipping Act was 57.

Finance

Denmark's Budget Gap May Flirt with EU Limit if Oil Stays at $50

Denmark's government estimates its budget would lose 7.5 billion Danish crowns ($1.1 billion) if oil prices remained around $50 a barrel, according to a document

Sweden-Poland Maritime Link Improved

The EU's TEN-T Program will co-fund with over €2 million the development of the sea ports of Trelleborg (Sweden) and Świnoujście (Poland), to increase their competitiveness and sustainability,

West Coast Port Talks Clear Hurdle

Shipping companies and the union for 20,000 dockworkers at nearly 30 U.S. West Coast ports have cleared a major hurdle in their protracted labor talks, clinching

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation 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: 0.1613 sec (6 req/sec)