Baltic Trading to Acquire Two Capesize Vessels

November 6, 2013

Baltic Trading Limited announced yesterday that it has agreed to acquire two 179,185 dwt Capesize vessels for an aggregate purchase price of $103.0 million. The acquisition is subject to the completion of customary documentation and closing conditions.

The two vessels, built in 2012 and 2011 by Hyundai Heavy Industries, are expected to be delivered to Baltic Trading by the end of the fourth quarter of 2013. Upon completion of the acquisition, Baltic Trading will own 13 drybulk vessels, consisting of four Capesize vessels, four Supramax vessels and five Handysize vessels with a total carrying capacity of approximately 1,095,000 dwt and an average age of approximately 3.6 years.

Baltic Trading plans to finance this acquisition in part through the proceeds from its share offering completed on September 25, 2013 and in part through commercial bank debt financing. The Company is in negotiations to obtain a commitment for commercial bank financing from a global lending institution.

John C. Wobensmith, President and Chief Financial Officer, commented, “The agreements to acquire two modern Capesize vessels at a compelling valuation highlights the ongoing execution of Baltic Trading’s growth strategy. With these agreements, combined with our recently completed acquisition of two Handysize vessels, Baltic Trading is positioned to expand its high-quality fleet by a total of approximately 63% on a deadweight tonnage basis. We plan to continue to implement our fleet deployment strategy by securing these vessels on spot market-related time charters prior to their delivery. In addition, management remains focused on preserving a sound capital structure and cost-effective operating platform as we continue to take advantage of an attractive acquisition environment.”

The following table sets forth information about the two vessels to be acquired by the Company: