Profile: Baltic Trading Ltd (BALT.K)

Baltic Trading Limited, incorporated in October 2009, conducts shipping business focused on the drybulk industry spot market. The Company was formed by Genco Shipping & Trading Limited (Genco), an international drybulk shipping company. The Company’s fleet consists of two Capesize vessels, four Supramax vessels and three Handysize vessels with an aggregate carrying capacity of approximately 672,000 deadweight tons. Its fleet contains three groups of sister ships, which are vessels of virtually identical sizes and specifications. It operates a fleet of drybulk ships that transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of December 31, 2012, the average age of the vessels in its fleet was approximately three years.

Genco provides us with commercial and strategic management of its fleet. Commercial management involves negotiating charters for vessels, managing the mix of various types of charters, such as time charters and voyage charters, and monitoring the performance of its vessels under their charters. Strategic management involves locating, purchasing, financing and selling vessels. The Company contract with Wallem Shipmanagement Limited (Wallem) and Anglo-Eastern Group (Anglo).

As of March 1, 2013, all of its vessels were employed under spot market-related time charters or short-term time charters. Spot market-related time charters and short-term time charters involve the hiring of a vessel from its owner for a period time pursuant to a contract under which the vessel owner places its ship (including its crew and equipments) at the disposal of the charterer. As of February 28, 2013, the employment of the vessels included Capesize Vessels, which includes Baltic Bear and Baltic Wolf; Supramax Vessels, which includes Baltic Leopard, Baltic Panther, Baltic Jaguar and Baltic Cougar, and Handysize Vessels, which consists of Baltic Wind, Baltic Cove and Baltic Breeze.