Shanghai: Baltic Trading Limited announced that it has exercised its option for two additional Ultramax newbuildings at Yangfan Shipbuilding in China.
The price for each vessel is $28m, and the vessels are expected to be delivered during the second and third quarters of 2015.
"Management's strategic decision to exercise the option to acquire two additional Ultramax newbuildings is consistent with our ongoing efforts to take advantage of favorable asset prices. With four Ultramax newbuildings now scheduled to be delivered to Baltic Trading, combined with the recently completed acquisitions of two Capesize and two Handysize vessels, we are poised to more than double the size of our modern fleet on a tonnage basis. We intend to use a combination of cash on hand, future cash flow from operations as well as commercial bank debt to fully finance the acquisition of the four Ultramax newbuildings for the benefit of shareholders," said John C. Wobensmith, president and cfo of Baltic Trading. [15/01/14]