Baltic Trading Ltd. Announces Q1 2012 Financial Results

Press Release May 1, 2012

Dry bulk transporters, Baltic Trading announce net loss in Q1 2012

Baltic Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Baltic Trading Limited's current fleet consists of two Capesize, four Supramax and three Handysize vessels with an aggregate carrying capacity of approximately 672,000 dwt.

The following financial review discusses the results for the three months ended March 31, 2012 and March 31, 2011.

First Quarter 2012 and Year-to-Date Highlights
    •    Declared a $0.05 per share dividend payable on or about May 17, 2012 to all shareholders of record as of May 10, 2012 based on Q1 2012 results;
    •    Recorded net loss of $4.5 million, or $0.20 basic and diluted loss per share for the first quarter;
    •    Reached agreement to extend the Baltic Bear with Swissmarine Services S.A. at a rate based on 101.5% of the Baltic Capesize Index for 10.5 to 13.5 months;
    •    Cash position of $5.2 million as of March 31, 2012.

Financial Review: 2012 First Quarter
The Company recorded a net loss for the first quarter of 2012 of $4.5 million, or $0.20 basic and diluted loss per share. Comparatively, for the three months ended March 31, 2011, the Company recorded a net loss of $1.7 million, or $0.08 basic and diluted loss per share.
EBITDA was $0.3 million for the three months ended March 31, 2012 versus $3.0 million for the three months ended March 31, 2011.

John C. Wobensmith, President and Chief Financial Officer, commented, "During the first quarter, we continued to implement our fleet deployment strategy that provides the ability to generate significant operating leverage when the freight rate environment improves. While market conditions remain challenging, we continue to benefit from a strong balance sheet with low debt and cost-effective operations. For the first quarter, we declared a dividend of $0.05 per share, representing our eighth consecutive dividend since going public in March 2010. Going forward, we will maintain our focus on maximizing the utilization of our modern, high-quality fleet and seeking to distribute a substantial portion of our cash flows to shareholders."