Tuesday, October 26, 2010

Baltic Trading Limited – Earnings Estimate For 2010 Q3

For the quarter ended September 30th 2010, we forecast that Baltic Trading Limited (NYSE: BALT) generated basic earnings per common share of $0.12 on net income of $2,600,000. Its net TCE revenues for the quarter were approximately $10,200,000. We also forecast that during the third quarter of 2010 BALT generated $3,500,000 in cash available for distribution to shareholders, or the equivalent cash dividend of $0.16 per share outstanding.

As of September 30th 2010, the company had about $70,000,000 in debt and a total capitalization of approximately $357,500,000. Its debt to capitalization ratio stood comfortably at just below 20%. At the end of the quarter BALT also had about $49,000,000 cash in hand and an additional $12,000,000 in restricted cash.

BALT had a remaining $30,000,000 under its 2010 credit facility that was used to pay for the delivery of its last handy size vessel under the Metrostar acquisition. Following the completion of the Metrostar acquisition, BALT will have total debt of $100,000,000 and a debt to capitalization ratio of about 26%.

BALT today operates a modern diversified fleet of 8 dry cargo vessels, consisting of 3 handy size vessels, 4 supramax size vessels and one cape size vessel, with a total DWT capacity of approximately 493,000 MT. The company also has a cape size vessel under construction (DWT capacity 177,000 MT) scheduled for delivery during the fourth quarter of 2010.