NEW YORK, May 11, 2011 /PRNewswire/ -- 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 Supramax vessels, the Baltic Panther and the Baltic Jaguar.
The Baltic Panther is expected to deliver to its charterer, Klaveness Chartering, on or about May 21, 2011, to commence a spot market-related time charter for 22.5 to 25.5 months. The rate for the spot market-related time charter will be based on 95% of the average of the daily rates of the Baltic Supramax Index (BSI), an index published by The Baltic Exchange reflecting the average freight rate for six major Supramax time charter routes, as reflected in daily published reports.
The Baltic Jaguar is expected to deliver to its charterer, Resource Marine PTE Ltd. Singapore, on or about June 1, 2011, to commence a spot market-related time charter for 11 to 13.5 months. The rate for the spot market-related time charter will be based on 97% of the average of the daily rates of the BSI.
Hire for each vessel will be paid every 15 days in arrears net of a 6.25% brokerage commission, which includes the 1.25% commission payable to Genco Shipping & Trading Limited. Baltic Trading will not be responsible for voyage expenses, including fuel. Both agreements are subject to the completion of definitive documentation.About Baltic Trading Limited Baltic Trading Limited is a drybulk company focused on the spot market. Baltic Trading transports iron ore, coal, grain, steel products and other drybulk cargoes along global shipping routes. Baltic Trading's fleet consists of two Capesize, four Supramax and three Handysize vessels with an aggregate carrying capacity of approximately 672,000 dwt.