For the quarter ended September 30th, 2011, we estimate that Baltic Trading Limited (NYSE: BALT) generated a net loss of $100,000 or ($0.01) basic earnings per share. We estimate that the company’s net TCE revenues for the quarter were $10,600,000 & the fleet average TCE was $12,800. We also estimate that during the third quarter of 2011 BALT generated EBITDA of $4,700,000.
During the previous two quarters BALT has declared cash dividends ranging between 45%-50% of EBITDA. We expect that the company will continue the same dividend policy, and on this basis we forecast that BALT will declare a dividend of $0.10 per share for the third quarter of 2011.
As of September 30th, 2011, we estimate that the company had $101,250,000 in debt outstanding and a total capitalization of $383,000,000. Its debt to capitalization ratio stood at 26.4%. BALT had a remaining $45,000,000 under its amended 2010 credit facility, to finance future vessel acquisitions and for working capital purposes.
Based on yesterday’s closing price of $5.54 per share, we estimate that BALT has an enterprise value of $220,000,000.
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 approximately 670,000 MT, and an average age of 1.9 years as of September 30th, 2011.
During the previous two quarters BALT has declared cash dividends ranging between 45%-50% of EBITDA. We expect that the company will continue the same dividend policy, and on this basis we forecast that BALT will declare a dividend of $0.10 per share for the third quarter of 2011.
As of September 30th, 2011, we estimate that the company had $101,250,000 in debt outstanding and a total capitalization of $383,000,000. Its debt to capitalization ratio stood at 26.4%. BALT had a remaining $45,000,000 under its amended 2010 credit facility, to finance future vessel acquisitions and for working capital purposes.
Based on yesterday’s closing price of $5.54 per share, we estimate that BALT has an enterprise value of $220,000,000.
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 approximately 670,000 MT, and an average age of 1.9 years as of September 30th, 2011.
