Current Price: $6.58
Price Target (YE14): $12.50
Baltic Trading Limited (NYSE: BALT) is a drybulk shipper with a fleet of fifteen ships. As has been well documented, the shipping industry has been in a state of disarray since 2009 as the market has worked off an excess supply of ships and weak demand for the transport of dry bulk goods.
Dry bulk cargo typically consists of iron ore, wheat, and coal. Exports out of Australia and Brazil, usually on their way to China or India, are the most common voyage that drybulkers make. China has had an insatiable appetite for iron ore over the past two years, and low coal prices have allowed China and India to...
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