Baltic Trading Limited Announces Plan to Sign Spot Market-Related Time Charters for Two Capesize Newbuildings

NEW YORK, March 18 /PRNewswire-FirstCall/ -- Baltic Trading Limited (NYSE: BALT), a drybulk company focused on the spot market, announced today that it has reached separate agreements to enter into spot market-related time charters for two 177,000 dwt Capesize newbuildings, the Baltic Bear and the Baltic Wolf, with Cargill International S.A. for approximately 11 to 13.5 months per vessel.

Under the terms of the agreements, the rate for both of the spot market-related time charters will be based on the average of the daily rates of the Baltic Capesize Index (BCI), an index published by The Baltic Exchange reflecting the average freight rate for four major Capesize time charter routes, as reflected in daily reports. Hire will be paid every 15 days in arrears net of a 5% brokerage commission. Baltic Trading will not be responsible for voyage expenses, including fuel.

The spot market-related time charters will commence upon delivery of the vessels, which is expected during April 2010 for the Baltic Bear and October 2010 for the Baltic Wolf. Both agreements are subject to the completion of definitive documentation.

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 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.

"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.

SOURCE Baltic Trading Limited