Baltic Trading Limited Closes Initial Public Offering

NEW YORK, March 15 /PRNewswire-FirstCall/ -- Baltic Trading Limited (NYSE: BALT) ("Baltic Trading") announced today that it has completed its initial public offering of 16,300,000 shares of its common stock, par value $0.01 per share, at $14.00 per share. The underwriters have a 30-day option from March 9, 2010 to purchase up to an additional 2,445,000 shares of common stock to cover any over-allotments. Gross proceeds from the offering were approximately $228.2 million, before deducting underwriting discounts and commissions and estimated offering expenses.  

Baltic Trading, a Marshall Islands company recently formed by Genco Shipping & Trading Limited, plans to conduct a shipping business focused on the drybulk industry spot market. Baltic Trading plans to use the proceeds of the 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 and for working capital and general corporate purposes, which may include future vessel purchases. The vessels in Baltic Trading's initial fleet are all expected to be delivered in April 2010 except for one Capesize vessel, which is expected to be delivered in October 2010.

Morgan Stanley & Co. Incorporated and Dahlman Rose & Company, LLC acted as joint book-running managers and representatives of the underwriters, who include Jefferies & Company, Inc., Lazard Capital Markets LLC and DnB NOR Markets, Inc. Copies of the final written prospectus may be obtained from Morgan Stanley & Co. Incorporated by e-mailing [email protected], or from Dahlman Rose & Company, LLC by calling (212) 702-4521 or by e-mailing [email protected].

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on March 9, 2010. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities issuable pursuant to the registration statement, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

"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) conditions in the United States capital markets; (ii) conditions affecting the drybulk spot market and the drybulk market generally; (iii) the ability of Baltic Trading to complete its acquisition of its initial fleet of vessels; 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.

SOURCE Baltic Trading Limited