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The Company recorded a net loss for the third quarter of 2012 of $4.8 million, or $0.22 basic and diluted net loss per share. Comparatively, for the three months ended September 30, 2011, the Company recorded a net loss of $0.2 million, or $0.01 basic and diluted net loss per share. EBITDA was $(31,000) for the three months ended September 30, 2012 versus $4.6 million for the three months ended September 30, 2011. John C. Wobensmith, President and Chief Financial Officer, commented, "During the third quarter, we continued to implement our fleet deployment strategy that is designed to enhance our ability to drive future performance when the freight rate environment improves. We also maintained our focus on preserving a lean cost structure and a balance sheet with low debt. For the third quarter, we declared a dividend of $0.01 per share, representing our tenth consecutive dividend since going public in March 2010. Going forward, we plan to continue to employ our modern high-quality vessels on spot market-related contracts to earn rates closely correlated with the various Baltic Dry indices and maximize fleet utilization." Baltic Trading Limited's revenues decreased to $6.3 million for the three months ended September 30, 2012 compared to $10.9 million for the three months ended September 30, 2011 due to lower spot market rates achieved by our vessels during the third quarter of 2012. The average daily time charter equivalent, or TCE, rates obtained by the Company's fleet was $7,193 per day for the three months ended September 30, 2012 as compared to $12,773 for the three months ended September 30, 2011. The decrease was due to lower spot rates achieved by the vessels in our fleet during the third quarter of 2012 versus the third quarter of 2011. Increased vessel supply coupled with negative sentiment on the rate of growth in emerging economies were the main contributors of reduced rates during the third quarter. The effect of these contributors was partially offset by record scrapping of older tonnage. Chinese iron ore restocking commencing at the end of September along with a reverse in sentiment appears to have led to a relative rate improvement with the BDI currently at 1,026. Total operating expenses were $10.0 million for both the three months ended September 30, 2012 and September 30, 2011. Vessel operating expenses increased to $4.3 million from $4.0 million during the comparative period primarily due to higher expenses related to maintenance, lube consumption and purchases of stores and spare parts. General, administrative and technical management fees decreased to $1.1 million for the three months ended September 30, 2012 from $1.3 million for the three months ended September 30, 2011, primarily due to a decrease in non-cash compensation. Depreciation and amortization expenses were $3.7 million for both the third quarter of 2012 and 2011. Daily vessel operating expenses, or DVOE, increased to $5,171 per vessel per day for the third quarter of 2012 from $4,888 per vessel per day for the same quarter last year, mainly due to higher expenses related to maintenance, lube consumption and purchases of stores and spare parts. We note that our third quarter of 2012 DVOE is below our budget set forth at the beginning of the year. We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation. Based on estimates provided by our technical managers and management's expectations, we expect DVOE for the fourth quarter of 2012 to be $5,300 per vessel per day on a weighted average basis. Financial Review: Nine Months Ended September 30, 2012 The Company recorded a net loss of $12.9 million or $0.58 basic and diluted net loss per share for the nine months ended September 30, 2012, compared to a net loss of $2.2 million or $0.10 basic and diluted net loss per share for the nine months ended September 30, 2011. Voyage revenues decreased to $20.2 million for the nine months ended September 30, 2012 compared to $30.4 million for the nine months ended September 30, 2011 due to lower spot market rates achieved by our vessels during the first nine months of 2012. EBITDA was $1.4 million for the nine months ended September 30, 2012 versus $12.1 million for the nine months ended September 30, 2011. TCE rates obtained by the Company decreased to $7,833 per day for the nine months ended September 30, 2012 from $12,246 per day for the nine months ended September 30, 2011 mainly due to lower rates achieved for our vessels during the first nine months of 2012 as compared to the prior year period. Total operating expenses were $29.9 million for the nine months ended September 30, 2012 compared to $29.2 million for the nine months ended September 30, 2011, and daily vessel operating expenses per vessel were $5,058 versus $4,784 in the comparative periods, mainly due to higher expenses related to crewing, maintenance and purchases of stores and spare parts. Liquidity and Capital Resources Cash Flow Net cash provided by operating activities for the nine months ended September 30, 2012 and 2011 was $0.2 million and $9.6 million, respectively. The decrease in cash provided by operating activities was primarily a result of a recorded net loss of $12.9 million for the nine months ended September 30, 2012 compared to a net loss of $2.2 million for the nine months ended September 30, 2011. Lower net income was predominantly due to lower charter rates achieved in the first nine months of 2012 versus the prior year period for the vessels in our fleet. Net cash used in investing activities was $5,000 for the nine months ended September 30, 2012 due to the purchase of other fixed assets. For the nine month period ended September 30, 2011, cash used in investing activities was $2.5 million and primarily related to the purchases of vessel related equipment. Net cash used in financing activities for the nine months ended September 30, 2012 was $5.2 million, which consisted of cash dividends paid during the first nine months of the year. For the nine months ended September 30, 2011, cash used in financing activities was $7.6 million and primarily consisted of $7.5 million in cash dividends paid. Capital Expenditures We make capital expenditures from time to time in connection with vessel acquisitions. Our fleet consists of two Capesize, four Supramax, and three Handysize vessels with an aggregate capacity of approximately 672,000 dwt. In addition to acquisitions that we may undertake in future periods, we will incur additional capital expenditures due to special surveys and drydockings for our fleet. None of our vessels were drydocked in the third quarter of 2012, and we do not currently expect any of our vessels to be drydocked during the remainder of 2012 and 2013. Full report at: www.baltictrading.com Source: Baltic Trading Limited 
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Baltic Trading Limited Announces Third Quarter Financial Results