This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Baltic Trading Limited Files Registration Statement For Follow-On Public Offering

NEW YORK, Aug. 10 /PRNewswire-FirstCall/ -- Baltic Trading Limited ("Baltic Trading"), a subsidiary of Genco Shipping & Trading Limited, announced today that it has filed a registration statement for a follow-on public offering of shares of its common stock having a maximum value of $110,000,000 ( $126,500,000 if the underwriters exercise their over-allotment option in full).  Baltic Trading's common stock is listed on the New York Stock Exchange under the symbol "BALT."

Baltic Trading intends to use the net proceeds of the offering to repay borrowings under its credit facility which were used to finance the three vessels purchased from Metrostar as well as for working capital purposes.  Baltic Trading is currently in a lockup period under the underwriting agreement it entered into in connection with its initial public offering, which period is expected to expire after September 5, 2010. Baltic Trading will therefore consider the commencement of any marketing for this offering only after the expiration of the lockup period and under favorable market conditions.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective.  These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.  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.

About Baltic Trading Limited

Baltic Trading Limited is a drybulk company focused on the spot charter market. Baltic Trading transports iron ore, coal, grain, steel products and other drybulk cargoes along global shipping routes. Baltic Trading's fleet, assuming deliveries of the vessels we recently agreed to acquire, will consist of two Capesize and four Supramax vessels, part of the company's initial fleet of six vessels, as well as three Handysize vessels from the Metrostar acquisition. The aggregate carrying capacity of our fleet upon delivery of such vessels will be approximately 672,000 dwt.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
BALT $1.49 4.20%
AAPL $124.75 -1.13%
FB $80.78 -1.86%
GOOG $524.05 -1.83%
TSLA $206.79 0.04%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs