March 16, 2010 (FinancialWire) — Baltic Trading Ltd. (NYSE: BALT ) (“Baltic Trading”) has completed its initial public offering of 16,300,000 shares of its common stock, par value $0.01 per share, at $14.00 per share. Morgan Stanley & Co. (NYSE: MS) and Dahlman Rose & CO. acted as joint book-running managers.

The underwriters have a 30-day option from March 9, 2010 to purchase up to an additional 2,445,000 shares of common stock to cover any over-allotments. Gross proceeds from the offering were AROUND $228.2 million, before deducting underwriting discounts and commissions and estimated offering expenses.

Marshall Islands-based Baltic Trading was formed by Genco Shipping & Trading Ltd. to conduct a shipping business focused on the drybulk industry spot market. Baltic Trading plans to use the proceeds of the offering, together with a $75 million capital contribution received from Genco, to acquire its initial fleet of two Capesize newbuildings and four 2009-built Supramaxes and for working capital and general corporate purposes, which may include future vessel purchases.

The vessels in Baltic Trading’s initial fleet are all scheduled to be delivered in April 2010 except for one Capesize vessel, which is expected to be delivered in October 2010.

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