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 LimitedBaltic 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.