Ultramax Newbuild Ready for Charter
Drybulk operator Baltic Trading Limited has taken delivery of the Baltic Hornet, a 64,000 dwt Ultramax newbuilding. The Baltic Hornet is the first of four Ultramax vessels to be delivered to the company under previously announced agreements with Yangfan Group Co., Ltd.
The Baltic Hornet is expected to be delivered to its charterer, Swissmarine, on or about November 1, 2014 to commence a spot market-related time charter for 12 to 15 months.
The company used available cash as well as funds from its USD 16.8 million credit facility, which the company and its subsidiary Baltic Hornet Limited entered into on October 8, 2014, to pay the remaining balance of approximately USD 19.5 million for the Baltic Hornet.