Andres Rueda
Value, long-term horizon

Baltic Trading Ltd. - A Safe Vessel In Which To Ride Out The Drybulk Storm?

Baltic Trading Ltd. (NYSE:BALT) is a drybulk shipping company formed by Genco Shipping & Trading Limited (NYSE:GNK), a prominent drybulk shipper, to acquire a drybulk fleet with charters tied to the spot market. The company currently has a fleet of nine vessels, including two Capesize ships, four Supramax ships, and three Handysize ships. In addition, the company recently announced the acquisition of two more Handysize ships, the delivery of which is expected in the end of the third quarter of 2013.

The initial public offering (NYSEARCA:IPO) of Baltic Trading closed on March 15, 2010. The IPO price of the company's stock was US$14.00 per share. Since then, the price of such shares has sharply...

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