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Baltic Trading completes acquisition of two capesize vessels
On December 30, Baltic Trading Limited announced that it has taken delivery of the Baltic Lion, a 2012-built Capesize vessel. The Baltic Lion is the second of two Capesize vessels to be delivered to the Company under Baltic Trading's agreements previously announced on November 5, 2013. The Baltic Lion delivered to its charterer, Cargill International S.A., on December 29, 2013 to commence a spot market-related time charter for 10.5 to 13.5 months. The rate for the spot market-related time charter, which is subject to the completion of definitive documentation, is based on 102.75% of the average of the daily rates of the Baltic Capesize Index (BCI) published by the Baltic Exchange, as reflected in daily reports. Hire will be paid every 15 days in arrears, net of a 6.25% brokerage commission, which includes the 1.25% commission payable to Genco Shipping & Trading Limited. Baltic Trading will not be responsible for voyage expenses, including fuel.
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