X0306 4 2012-12-13 0 0001474042 Baltic Trading Ltd BALT 0001185925 TERINO EDWARD C/O BALTIC TRADING LIMITED 299 PARK AVENUE, 12TH FLOOR NEW YORK NY 10171 1 0 0 0 Common Stock 2012-12-13 4 A 0 7500 0 A 15000 D The 7,500 shares of common stock of the issuer received in the transaction reported on this form are a grant of restricted stock. The shares will generally vest in full on the earlier of (i) the date of the next annual shareholders meeting of the Company or (ii) the occurrence of a Change in Control (as defined in the Company's 2010 Equity Incentive Plan). /s/ Edward Terino 2012-12-14