Baltic Trading Limited Announces Agreement to Acquire Three Handysize Vessels

Capitalizes on Attractive Acquisition Environment to Grow Fleet by 18.6% on a Tonnage Basis

New York, June 9 /PRNewswire-FirstCall/ -- Baltic Trading Limited (NYSE: BALT), a drybulk company focused on the spot charter market, announced today that it has agreed to acquire three 35,000 dwt Handysize vessels, including one newbuilding, from companies within the Metrostar group of companies for an aggregate purchase price of approximately $99.8 million. The acquisition is subject to the completion of customary documentation and closing conditions.

The three vessels are expected to be delivered to Baltic Trading between July 2010 and October 2010. All three vessels are secured on spot market-related time charters with Cargill International S.A. at a rate based on 115% of the average of the daily rates of the Baltic Handysize Index (BHSI), an index published by The Baltic Exchange. Technical management of the three vessels will be maintained by Metrostar Management and overseen by Genco Shipping & Trading Limited.

Upon completion of the acquisition, and the expected delivery of the one remaining Capesize vessel to complete the Company's initial fleet, Baltic Trading will own nine drybulk vessels, consisting of two Capesize vessels, four Supramax vessels and three Handysize vessels with a total carrying capacity of approximately 671,000 dwt and an average age of less than one year. Baltic Trading plans to finance this acquisition through its existing $100 million senior secured revolving credit facility.

John C. Wobensmith, President and Chief Financial Officer, commented, "The acquisition of three vessels highlights the ongoing execution of Baltic Trading's growth strategy since its IPO in March 2010. Management has acted decisively to capitalize on a favorable acquisition environment and expand the Company's modern fleet by 18.6% on a tonnage basis. By strengthening our ability to take advantage of the positive long-term demand for the global transportation of essential drybulk commodities, we expect to enhance our position to increase future cash flows and distribute sizeable dividends to shareholders. Going forward, we intend to remain disciplined in pursuing growth opportunities while maintaining a cost-effective operating platform and strong capital structure with little to no leverage."

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 currently owns a fleet of five drybulk vessels, including one Capesize newbuilding and four 2009-built Supramax vessels, with an aggregate carrying capacity of approximately 389,000 dwt. After the expected delivery of a Capesize newbuilding in October 2010 and the three Metrostar vessels that Baltic Trading has agreed to acquire, Baltic Trading will own nine drybulk vessels, consisting of two Capesize, four Supramax and three Handysize vessels with a total carrying capacity of approximately 671,000 dwt.

Source: Baltic Trading Limited