X0306 4 2013-05-28 0 0001474042 Baltic Trading Ltd BALT 0001326200 GENCO SHIPPING & TRADING LTD 299 PARK AVENUE 12TH FLOOR NEW YORK NY 10171 0 0 1 0 Class B Stock 2013-05-28 4 J 0 128383 0 A Common Stock 128383 5827471 I See Footnote Each share of Class B Stock is convertible at any time at the option of the holder into one share of Common Stock, for no additional consideration. In accordance with the instructions to Form 4, holdings of shares of Class B Stock are reported in Table II. The 128,383 shares of Class B Stock of the Issuer received in the transaction reported on this form are received pursuant to the Subscription Agreement (the "Subscription Agreement"), dated March 3, 2010, between the Issuer and Genco Investments LLC ("Genco Investments"). For so long as Genco Investments or its affiliates holds at least 10% of the aggregate number of outstanding shares of the Issuer's Common Stock and Class B Stock, Genco Investments is entitled to receive an additional number of shares of Class B Stock equal to 2% of the number of shares of Common Stock issued by the Issuer, excluding any shares of Common Stock issued as an award or issuable upon exercise of an award under the Issuer's Equity Inventive Plan. The securities received in the transaction reported in this form are owned by Genco Investments and may be deemed beneficially owned by Genco Shipping & Trading Limited ("Genco") by virtue of its ownership of Genco Investments. Genco disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission that Genco has beneficial ownership of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes. /s/ John C. Wobensmith, CFO 2013-05-28