NEW YORK, Nov. 13, 2013 /PRNewswire/ — Baltic Trading Limited (NYSE: BALT) announced today that it has agreed to acquire two 64,000 dwt Ultramax newbuildings for an aggregate purchase price of $56.0 million. The Company also has an option exercisable in January 2014 to acquire two additional Ultramax newbuildings under the same specifications and purchase price. The acquisition is subject to the completion of customary documentation and closing conditions.

The four eco-design vessels will be built by Yangfan Group Co., Ltd. with the two committed vessels expected to be delivered to Baltic Trading in the second half of 2014. Upon completion of this acquisition, excluding the two option vessels and combined with the recently announced acquisition of two Capesize vessels, Baltic Trading will own 15 drybulk vessels, consisting of four Capesize, two Ultramax, four Supramax and five Handysize vessels with a total carrying capacity of approximately 1,223,000 dwt and an average age of approximately 4.0 years after the delivery of the second committed vessel in Q4 2014.

Baltic Trading plans to finance part of the acquisition of the Ultramax newbuildings through commercial bank debt financing or other financing sources.

John C. Wobensmith, President and Chief Financial Officer, commented, “We are pleased to enter into our third acquisition in 2013 as management has once again capitalized on an attractive acquisition environment. Our year-to-date success in taking advantage of favorable asset prices has positioned Baltic Trading to significantly expand its modern high-quality fleet by approximately 82% on a tonnage basis and increase the Company’s future earnings and dividend potential. We expect our latest transaction to contribute to Baltic Trading’s financial results in the near term as the two committed Ultramax newbuildings are scheduled to be delivered in the second half of 2014. In addition, these eco-design vessels further enhance our ability to provide superior customer service while strengthening Baltic Trading’s long-term commercial prospects. As we continue to execute our growth strategy, management remains committed to preserving a sound capital structure for the benefit of shareholders.”

The following table sets forth information about the vessels to be acquired by the Company:

(1) Built dates for vessels delivering in the future are estimates based on guidance received from the sellers.

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 current fleet consists of two Capesize, four Supramax and five Handysize vessels with an aggregate carrying capacity of approximately 736,000 dwt. After the expected delivery of the two committed Ultramax newbuildings and two Capesize vessels that Baltic Trading has agreed to acquire, Baltic Trading will own 15 drybulk vessels, consisting of four Capesize, two Ultramax, four Supramax and five Handysize vessels with a total carrying capacity of approximately 1,223,000 dwt.

“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. Such statements are subject to various risks, uncertainties and assumptions, including market conditions. Included among the 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: the fulfillment of the closing conditions under, or the execution of additional documentation for, our agreements to acquire vessels; completion and funding of financing on acceptable terms; and other factors listed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2012 and our subsequent reports on Form 10-Q and Form 8-K. There can be no assurance that we will be able to obtain commercial bank financing or any other financing, or that if we do so, that it will be able to borrow all or any of the amounts committed thereunder. The Company may be liable for damages if the vessel acquisitions fail to close as a result of the Company’s unwillingness, inability or other failure to pay the purchase price under the agreements to purchase the two drybulk vessels. These forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements.

SOURCE Baltic Trading Limited