Wednesday, April 13, 2011

Baltic Trading Limited – Earnings Estimate For 2011 Q1

For the quarter ended March 31st, 2011, we forecast that Baltic Trading Limited (NYSE: BALT) generated a net loss of $2,200,00 or ($0.10) basic earnings per share.

We estimate that the company’s net TCE revenues for the quarter were approximately $9,200,000 & the fleet average TCE was $11,320. We also forecast that during the fourth quarter of 2010 BALT generated EBITDA of approximately $2,650,000.

Based on our forecast we project that the company will not make a dividend distribution for the first quarter of 2011.

As of March 31st, 2011, we forecast that the company had $101,250,000 in long-term debt and a total capitalization of approximately $386,000,000. Its debt to capitalization ratio stood at 26.3%.

BALT had a remaining $48,750,000 under its amended 2010 credit facility, to finance future vessel acquisitions and for working capital purposes.

BALT operates a modern diversified fleet of 9 dry cargo vessels, consisting of 3 handy size vessels, 4 supramax size vessels and two cape size vessels, with a total DWT capacity of 670,000 MT.