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Baltic Trading Limited Takes Delivery of First of Four Ultramax Vessels

Baltic Trading Limited announced that it has taken delivery of the Baltic Hornet, a 64,000 dwt Ultramax newbuilding. The Baltic Hornet is the first of four Ultramax vessels to be delivered to the Company under Baltic Trading’s previously announced agreements with Yangfan Group Co., Ltd. The Baltic Hornet is expected to deliver to its charterer, Swissmarine, on or about November 1, 2014 to commence a spot market-related time charter for 12 to 15 months. The rate for the spot market-related time charter, which is subject to the completion of definitive documentation, is based on 115.5% of the average of the daily rates of the Baltic Supramax Index (BSI) published by the Baltic Exchange, as reflected in daily reports. The Company used available cash as well as funds from its $16.8 million credit facility, which the Company and its subsidiary Baltic Hornet Limited entered into on October 8, 2014, to pay the remaining balance of approximately $19.5 million for the Baltic Hornet. The facility was entered into with ABN AMRO Capital USA LLC and its affiliate as the Company disclosed in Form 8-K filed on October 10, 2014, and certain obligations of the Company thereunder are insured by China Export & Credit Insurance Corporation (Sinosure). Source: Baltic Trading Ltd.