-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L5PyVT5bdoSPNyF/Ux1mN5RFUEK+UexDTgxQkpPpb1XIUlKpQcfhUZJXNppfx1Vq nTJgZfDAAwCQdb0WZw6IrA== 0000922423-10-000204.txt : 20100429 0000922423-10-000204.hdr.sgml : 20100429 20100429171558 ACCESSION NUMBER: 0000922423-10-000204 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20100429 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100429 DATE AS OF CHANGE: 20100429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Baltic Trading Ltd CENTRAL INDEX KEY: 0001474042 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 000000000 STATE OF INCORPORATION: 1T FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34648 FILM NUMBER: 10782713 BUSINESS ADDRESS: STREET 1: 299 PARK AVENUE, 20TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10171 BUSINESS PHONE: 646-443-8550 MAIL ADDRESS: STREET 1: 299 PARK AVENUE, 20TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10171 8-K 1 kl04018.htm CURRENT REPORT kl04018.htm  


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  April 29, 2010
 
               
 
BALTIC TRADING LIMITED
(Exact Name of Registrant as Specified in Charter)

Republic of the Marshall Islands
001-34648
98-0637837
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)

299 Park Avenue
20th Floor
(Address of Principal Executive Offices)
 
 
10171
(Zip Code)

Registrant’s telephone number, including area code:  (646) 443-8550

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

r
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
r
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
r
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
r
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 

 
 
 
Item 2.01.    Completion of Acquisition or Disposition of Assets
 
On April 29, 2010, Baltic Trading Limited (the “Company”) completed the acquisition of the Baltic Panther, a 53,000 dwt Supramax vessel.  The Company had agreed to buy the vessel under the terms of agreements that the Company entered into with Sinova Shipping Ltd. and other unaffiliated third party vessel owners to acquire a total of four Supramax vessels as disclosed in the Company’s Registration Statement on Form S-1 (File No. 333-162456) for its initial public offering.  The Baltic Panther is the second vessel to be delivered to the Company under such agreements.  The Company paid a total purchase price of approximately $35 million for the Baltic Panther, which the Company financed with the proceeds of its initial public offering and a $75 million capital contribution from Genco Inve stments LLC.
 
A copy of the Company’s press release announcing the delivery of this vessel to the Company is attached hereto as Exhibit 99.1.
 
Item 9.01.    Financial Statements and Exhibits.
 
(d)   Exhibits
 
Exhibit No.
Description
 
99.1
 
Press Release dated April 29, 2010.
 
 

 
 
 

 

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, Baltic Trading Limited has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
BALTIC TRADING LIMITED
 
DATE:  April 29, 2010
 
 
 
/s/ John C. Wobensmith
John C. Wobensmith
President and Chief Financial Officer
 
 

 
 
 

 

 
EXHIBIT INDEX
 
Exhibit No.
Description
 
99.1
 
Press Release dated April 29, 2010.
 

 
 

 
EX-99.1 2 kl04018_ex99-1.htm PRESS RELEASE kl04018_ex99-1.htm  

 
Exhibit 99.1
 
 

 
CONTACT:
John C. Wobensmith
President and Chief Financial Officer
Baltic Trading Limited
(646) 443-8555
 

Baltic Trading Limited Takes Delivery of Supramax Vessel

Baltic Panther to Commence Spot Market-Related Time Charter;
Company Announces Plan to Sign Spot Market-Related Time Charter for Additional Supramax Vessel

NEW YORK, April 29, 2010 – Baltic Trading Limited (NYSE: BALT), a drybulk company focused on the spot market, announced today that it has taken delivery of the Baltic Panther, a 2009-built Supramax vessel. The Baltic Panther is the second vessel to be delivered to the Company under agreements signed in February 2010 to acquire four 2009-built Supramax drybulk vessels from an unaffiliated third party as well as two Capesize newbuildings from another unaffiliated third party.

The Baltic Panther is expected to be delivered to its charterer, Oldendorff GMBH and Co. KG., on or about May 1, 2010 to commence a spot market-related time charter for 11 to 13.5 months. The rate for the spot market-related time charter will be based on 95% of the average of the daily rates of the Baltic Supramax Index (BSI), an index published by The Baltic Exchange reflecting the average freight rate for six major Supramax time charter routes, as reflected in daily published reports. Hire will be paid every 15 days in arrears net of a 5% brokerage commission, which includes the 1.25% commission payable to Genco Shipping & Trading Limited. Baltic Trading will not be responsible for voyage expenses, including fuel.

The Company also announced it has reached an agreement to enter into a spot market-related time charter for the Baltic Jaguar, a 2009-built Supramax vessel, with Clipper Bulk Shipping N.V., Curacao, for 11 to 13.5 months. The rate for the spot market-related time charter will be based on 95% of the average of the daily rates of the BSI. Hire will be paid every 15 days in arrears net of a 5% brokerage commission, which includes the 1.25% commission payable to Genco Shipping & Trading Limited. Baltic Trading will not be responsible for voyage expenses, including fuel.

The spot market-related time charter for the Baltic Jaguar will commence upon delivery of the vessel, which is expected during the first half of May 2010, and is subject to the completion of definitive documentation.



 
 

 
 


The following table reflects the current employment of Baltic Trading’s current fleet as well as the employment or other status of vessels expected to join Baltic Trading’s fleet:

Vessel
Year
Built
Charterer
Charter
Expiration(1)
Employment
Structure
Expected
Delivery (2)
 
 
 
 
 
 
Capesize Vessels
 
 
 
 
 
Baltic Bear
2010(3)
Cargill International S.A.
11 to 13.5 months from delivery
BCI linked (4)
1H May 2010
Baltic Wolf
2010(3)
Cargill International S.A.
11 to 13.5 months from delivery
BCI linked (4)
2H October 2010
Supramax Vessels
         
Baltic Leopard
2009
Oldendorff GMBH and Co. KG. Lubeck
March 2011
BSI linked (5)
Delivered
Baltic Panther
2009
Oldendorff GMBH and Co. KG. Lubeck
March 2011
BSI linked (5)
Delivered
Baltic Jaguar
2009
Clipper Bulk Shipping N.V., Curacao
11 to 13.5 months from delivery
BSI linked (5)
1H May 2010
Baltic Cougar
2009
AMN Bulkcarriers Ltd.
May 2010
19,750 (6)
1H May 2010
           

(1)  
The charter expiration dates presented represent the earliest dates that our charters may be terminated in the ordinary course.  Under the terms of each contract, the charterer is entitled to extend the time charters from two to four months in order to complete the vessel's final voyage plus any time the vessel has been off-hire.
(2)  
Dates for vessels being delivered in the future are estimates based on guidance received from the sellers and/or the respective shipyards.
(3)  
Year built for vessels being delivered in the future is an estimate based on guidance received from the sellers and the relevant shipyard.
(4)  
Under the terms of the agreements, the rate for the spot market-related time charter will be based on the average of the daily rates of the Baltic Capesize Index (BCI), as reflected in daily reports. Hire will be paid every 15 days in arrears net of a 5% brokerage commission, which includes the 1.25% commission payable to Genco Shipping & Trading Limited.  Baltic Trading will not be responsible for voyage expenses, including fuel.
(5)  
The rate for the spot market-related time charter will be based on 95% of the average of the daily rates of the Baltic Supramax Index (BSI), as reflected in daily reports. Hire will be paid every 15 days in arrears net of a 5% brokerage commission, which includes the 1.25% commission payable to Genco Shipping & Trading Limited. Baltic Trading will not be responsible for voyage expenses, including fuel. Specifically for the Baltic Jaguar, the charterer will be able to deduct $5,000 from the average daily rates of the BSI for the first 50 days of charter if the vessel is delivered to the charterer in Singapore-Japan range. This deduction, if any, will be recognized in revenue on a straight-line basis over the minimum duration of the contract.
(6)  
The Baltic Cougar is currently employed under a short term time charter for approximately 2.5 to 5.5 months at $19,750 per day less a 5% commission, which includes the 1.25% commission payable to Genco Shipping & Trading Limited. We will be taking delivery of the vessel with the charter attached and expect the earliest expiration of the charter to be during May 2010 and the latest to be during August 2010.


About Baltic Trading Limited
Baltic Trading, a Marshall Islands company recently formed by Genco Shipping & Trading Limited, is a shipping company focused on the drybulk industry spot market. Baltic Trading plans to use the proceeds of its initial public offering, together with a $75 million capital contribution received from Genco, to acquire its initial fleet of two Capesize newbuildings and four 2009-built Supramaxes as well as for working capital and general corporate purposes, which may include future vessel purchases. Baltic Trading currently owns two Supramax vessels and expects to take delivery of the remaining four vessels in its initial fleet between May 2010 and October 2010.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and observations. Included among the important factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following: (i) the ability of Baltic Trading to complete its acquisition of its initial fleet of vessels; (ii) the completion of definitive documentation with respect to  charters; and other factors listed from time to time under “Risk Factors” and other sections of our public filings with the SEC including, without limitation, Baltic Trading’s registration statement on Form S - -1.
 
###

 
 
 
 
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