Baltic Trading Reports Loss
Baltic Trading Limited, a Marshall Islands company formed by Genco Shipping & Trading Limited, reported a loss of $42.4 million in its first quarter.
The New York-based shipping company focused on the drybulk industry spot market said it had a loss of 75 cents per share. Losses, adjusted for asset impairment costs, came to 21 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 19 cents per share.
The ship owner posted revenue of $6.9 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $8.9 million.
Excluding a non-cash vessel impairment charge of $30.7 million relating to the sale of the Baltic Tiger and the Baltic Lion, it recorded a net loss of $11.6 million or $0.21 basic and diluted net loss per share for the first quarter.
The company sold the Baltic Tiger and the Baltic Lion for an aggregate purchase price of $68.5 million on April 8, 2015.
John C. Wobensmith, President and Chief Financial Officer, commented, "During the first quarter, we entered into a $148 million credit facility and sold two of our vessels, the Baltic Tiger and the Baltic Lion. We also entered into a definitive merger agreement with Genco Shipping & Trading Limited, which we believe will further enhance our industry leadership."
