Baltic Trading (BALT) Inactive 10-Q12 May 142014 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	12-May-14	12-May-14
	Mar. 31, 2014	Common Stock Par Value	Class B Stock
Statement	'	'	'
Entity Registrant Name	'Baltic Trading Ltd	'	'
Entity Central Index Key	'0001474042	'	'
Document Type	'10-Q	'	'
Document Period End Date	31-Mar-14	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	51,205,241	6,356,471
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q1	'	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$39,461	$58,193
Due from charterers, net of a reserve of $55 and $104, respectively	4,034	4,412
Prepaid expenses and other current assets	6,209	4,085
Total current assets	49,704	66,690
Noncurrent assets:	'	'
Vessels, net of accumulated depreciation of $57,514 and $52,459, respectively	482,227	486,069
Deposits on vessels	17,175	1,013
Deferred drydock, net of accumulated amortization of $34 and $0, respectively	1,748	108
Fixed assets, net of accumulated depreciation of $47 and $47, respectively	76	678
Deferred financing costs, net of accumulated amortization of $1,973 and $1,785, respectively	2,634	2,809
Total noncurrent assets	503,860	490,677
Total assets	553,564	557,367
Current liabilities:	'	'
Accounts payable and accrued expenses	5,530	3,782
Deferred revenue	341	409
Due to Parent	73	198
Current portion of long-term debt	4,250	4,250
Total current liabilities	10,194	8,639
Noncurrent liabilities:	'	'
Long-term debt	162,563	163,625
Total noncurrent liabilities:	162,563	163,625
Total liabilities	172,757	172,264
Commitments and contingencies	'	'
Shareholders' equity:	'	'
Additional paid-in capital	411,973	412,736
Accumulated deficit	-31,742	-28,209
Total shareholders' equity	380,807	385,103
Total liabilities and shareholders' equity	553,564	557,367
Common Stock	'	'
Shareholders' equity:	'	'
Common stock	512	512
Class B Stock	'	'
Shareholders' equity:	'	'
Common stock	$64	$64

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Due from charterers, reserve	$55	$104
Vessels, accumulated depreciation	57,514	52,459
Deferred drydock, accumulated amortization	34	0
Fixed assets, accumulated depreciation	47	47
Deferred financing costs, accumulated amortization	$1,973	$1,785
Common Stock	'	'
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	51,168,896	51,168,896
Common stock, shares outstanding (in shares)	51,168,896	51,168,896
Class B Stock	'	'
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	6,356,471	6,356,471
Common stock, shares outstanding (in shares)	6,356,471	6,356,471

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Condensed Consolidated Statements of Operations	'	'
Revenues	$13,091	$5,986
Operating expenses:	'	'
Voyage expenses	420	582
Voyage expenses to Parent	168	73
Vessel operating expenses	6,551	3,864
General, administrative and technical management fees	1,972	1,291
Management fees to Parent	878	608
Depreciation and amortization	5,103	3,643
Total operating expenses	15,092	10,061
Operating loss	-2,001	-4,075
Other (expense) income:	'	'
Other (expense) income	-20	7
Interest income	10	1
Interest expense	-1,510	-1,016
Other expense, net	-1,520	-1,008
Loss before income taxes	-3,521	-5,083
Income tax expense	-12	'
Net loss	($3,533)	($5,083)
Net loss per share of common and Class B Stock:	'	'
Net loss per share-basic (in dollars per share)	($0.06)	($0.23)
Net loss per share-diluted (in dollars per share)	($0.06)	($0.23)
Dividends declared and paid per share of common and Class B Stock (in dollars per share)	$0.03	$0.01

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Shareholders' Equity (USD $)	Total	Class B Stock Par Value	Common Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit
In Thousands, unless otherwise specified	Total	Class B Stock Par Value	Common Stock Par Value	Class B Stock Par Value	Additional Paid-In Capital	Accumulated Deficit
Balance at Dec. 31, 2012	$260,662	'	$173	$57	$277,249	($16,817)
Increase (Decrease) in Shareholders' Equity	'	'	'	'	'	'
Net loss	-5,083	-1,296	'	'	'	-5,083
Cash dividends paid ($0.03 and $0.01 per share for three months ended March 31, 2014 and 2013, respectively)	-230	'	'	'	-230	'
Nonvested stock amortization	464	'	'	'	464	'
Balance at Mar. 31, 2013	255,813	'	173	57	277,483	-21,900
Balance at Dec. 31, 2013	385,103	'	512	64	412,736	-28,209
Increase (Decrease) in Shareholders' Equity	'	'	'	'	'	'
Net loss	-3,533	-400	'	'	'	-3,533
Cash dividends paid ($0.03 and $0.01 per share for three months ended March 31, 2014 and 2013, respectively)	-1,726	'	'	'	-1,726	'
Nonvested stock amortization	963	'	'	'	963	'
Balance at Mar. 31, 2014	$380,807	'	$512	$64	$411,973	($31,742)

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash dividends paid, per share (in dollars per share)	$0.03	$0.01

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net loss	($3,533)	($5,083)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	5,103	3,643
Amortization of deferred financing costs	188	115
Amortization of nonvested stock compensation expense	963	464
Change in assets and liabilities:	'	'
Decrease (increase) in due from charterers	378	-929
Increase in prepaid expenses and other current assets	-2,124	-189
Increase (decrease) in accounts payable and accrued expenses	2,270	-30
Decrease in due to Parent	-81	-7
Decrease in deferred revenue	-68	-80
Deferred drydock costs incurred	-1,674	'
Net cash provided by (used in) operating activities	1,422	-2,096
Cash flows from investing activities:	'	'
Purchase of vessels, including deposits	-17,161	'
Purchase of fixed assets	-12	'
Net cash used in investing activities	-17,173	'
Cash flows from financing activities:	'	'
Cash dividends paid	-1,726	-230
Payment of common stock issuance costs	-106	'
Payment of deferred financing costs	-87	'
Net cash used in financing activities	-2,981	-230
Net decrease in cash and cash equivalents	-18,732	-2,326
Cash and cash equivalents at beginning of period	58,193	3,280
Cash and cash equivalents at end of period	39,461	954
$22 Million Term Loan Facility	'	'
Cash flows from financing activities:	'	'
Repayments on the term loan	-375	'
$44 Million Term Loan Facility	'	'
Cash flows from financing activities:	'	'
Repayments on the term loan	($687)	'

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $)	Mar. 31, 2014	Mar. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
$22 Million Term Loan Facility	'	'
Maximum borrowing capacity	$22,000	$22,000
$44 Million Term Loan Facility	'	'
Maximum borrowing capacity	$44,000	$44,000

GENERAL_INFORMATION

GENERAL INFORMATION	3 Months Ended
GENERAL INFORMATION	Mar. 31, 2014
GENERAL INFORMATION	'
GENERAL INFORMATION	'
	1 - GENERAL INFORMATION

	The accompanying condensed consolidated financial statements include the accounts of Baltic Trading Limited (“Baltic Trading”) and its wholly-owned subsidiaries (collectively, the “Company”). The Company was formed to own and employ drybulk vessels in the spot market. The spot market represents immediate chartering of a vessel, usually for single voyages, or employing vessels on spot market-related time charters. Baltic Trading was formed on October 6, 2009 (the “inception date”), under the laws of the Republic of the Marshall Islands.

	At March 31, 2014, the Company was the sole owner of all of the outstanding shares of the following ship-owning subsidiaries as set forth below:

	Wholly Owned	Vessels	Dwt	Delivery Date	Year
	Subsidiaries	Vessels	Dwt	Delivery Date	Built

	Baltic Leopard Limited	Baltic Leopard	53,447	April 8, 2010	2009
	Baltic Panther Limited	Baltic Panther	53,351	April 29, 2010	2009
	Baltic Cougar Limited	Baltic Cougar	53,432	May 28, 2010	2009
	Baltic Jaguar Limited	Baltic Jaguar	53,474	May 14, 2010	2009
	Baltic Bear Limited	Baltic Bear	177,717	May 14, 2010	2010
	Baltic Wolf Limited	Baltic Wolf	177,752	October 14, 2010	2010
	Baltic Wind Limited	Baltic Wind	34,409	August 4, 2010	2009
	Baltic Cove Limited	Baltic Cove	34,403	August 23, 2010	2010
	Baltic Breeze Limited	Baltic Breeze	34,386	October 12, 2010	2010
	Baltic Fox Limited	Baltic Fox	31,883	September 6, 2013	2010
	Baltic Hare Limited	Baltic Hare	31,887	September 5, 2013	2009
	Baltic Lion Limited	Baltic Lion	179,185	December 27, 2013	2012
	Baltic Tiger Limited	Baltic Tiger	179,185	November 26, 2013	2011
	Baltic Hornet Limited	Baltic Hornet	64,000	Q3 2014 (1)	2014 (1)
	Baltic Wasp Limited	Baltic Wasp	64,000	Q4 2014 (1)	2014 (1)
	Baltic Scorpion Limited	Baltic Scorpion	64,000	Q2 2015 (1)	2015 (1)
	Baltic Mantis Limited	Baltic Mantis	64,000	Q3 2015 (1)	2015 (1)

	(1) Built dates and dates for vessels being delivered in the future are estimates based on the guidance received from the sellers and the respective shipyards.

	As of March 31, 2014 and December 31, 2013, Genco Shipping & Trading Limited’s (“Genco” or “Parent”) ownership of 6,356,471 shares of the Company’s Class B stock represented an 11.05% ownership interest in the Company and 65.08% of the aggregate voting power of the Company’s outstanding shares of voting stock. Pursuant to an amendment to Genco’s $1.4 billion credit facility entered into on August 1, 2012, all of the Company’s Class B stock is pledged as security for Genco’s obligations under such facility.

	On April 21, 2014, Genco and certain of its direct and indirect subsidiaries (the “Debtors”) filed petitions for chapter 11 in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). On April 24, 2014, the Bankruptcy Court approved the form of combined notice of commencement of the chapter 11 cases, the combined hearing on the Debtors’ solicitation procedures, confirmation of the Debtors’ prepackaged plan of reorganization (the “Prepack Plan”) and the adequacy of the related disclosure statement. Refer to Note 7 — Debt –– for a discussion of the potential effects of a change of control and the Genco bankruptcy case under the covenants of the Company’s credit facilities and the Management Agreement.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	Principles of consolidation

	The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which include the accounts of Baltic Trading and its wholly-owned ship-owning subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

	Basis of presentation

	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the rules and regulation of the Securities and Exchange Commission (the “SEC”). In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 10-K”). The results of operations for the three month periods ended March 31, 2014 and 2013 are not necessarily indicative of the operating results for the full year.

	Vessels, net

	Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost which is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from the date of initial delivery from the shipyard. Depreciation expense for vessels for the three months ended March 31, 2014 and 2013 was $5,067 and $3,639, respectively.

	Depreciation expense is calculated based on cost less the estimated residual scrap value. The costs of significant replacements, renewals and betterments are capitalized and depreciated over the shorter of the vessel’s remaining estimated useful life or the estimated life of the renewal or betterment. The undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the estimated scrap value of $245 per light weight ton (“lwt”) times the weight of the ship in lwt’s.

	Income taxes

	The Company is incorporated in the Marshall Islands. Pursuant to the income tax laws of the Marshall Islands, the Company is not subject to Marshall Islands income tax. During the three months ended March 31, 2014, the Company had United States operations that resulted in United States source income of $567. The Company’s estimated United States income tax expense for three months ended March 31, 2014 was $12. During the three months ended March 31, 2013, Baltic Trading did not earn any United States source income and therefore, there was no income tax expense for the three months ended March 31, 2013.

	Deferred revenue

	Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as income when earned. Additionally, deferred revenue includes estimated customer claims mainly due to time charter performance issues. As of March 31, 2014 and December 31, 2013, the Company had an accrual of $218 and $231, respectively, related to these estimated customer claims.

	Voyage expense recognition

	In spot market-related time charters, short-term time charters and pool agreements, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. These differences in bunkers resulted in net (losses) gains of ($28) and $11 during the three months ended March 31, 2014 and 2013, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

CASH_FLOW_INFORMATION

CASH FLOW INFORMATION	3 Months Ended
CASH FLOW INFORMATION	Mar. 31, 2014
CASH FLOW INFORMATION	'
CASH FLOW INFORMATION	'
	3 - CASH FLOW INFORMATION

	For the three months ended March 31, 2014, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in accounts payable and accrued expenses of $211 for the purchase of vessels, $2 for deposits on vessel and $63 for the purchase of fixed assets. For the three months ended March 31, 2014, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in accounts payable and accrued expenses of $4 for the payment of deferred financing costs and $5 for the payment of common stock issuance costs. For the three months ended March 31, 2014, the Company also had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in due to Parent of $20 for the purchase of vessels.

	For the three months ended March 31, 2013, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in accounts payable and accrued expenses and due to Parent of $9 and $18, respectively, for the purchase of fixed assets.

	During the three months ended March 31, 2014, the Company made a reclassification of $675 from fixed assets to vessel assets for items that should be capitalized and depreciated over the remaining life of the respective vessels.

	During the three months ended March 31, 2014 and 2013, cash paid for interest, net of amount capitalized, was $1,328 and $872, respectively.

	There was no cash paid for estimated income taxes during the three months ended March 31, 2014 and 2013.

VESSEL_ACQUISITIONS

VESSEL ACQUISITIONS	3 Months Ended
VESSEL ACQUISITIONS	Mar. 31, 2014
VESSEL ACQUISITIONS	'
VESSEL ACQUISITIONS	'
	4 — VESSEL ACQUISITIONS

	On July 2, 2013, the Company entered into agreements to purchase two Handysize drybulk vessels from subsidiaries of Clipper Group for an aggregate purchase price of $41,000. The Baltic Hare, a 2009-built Handysize vessel, was delivered on September 5, 2013 and the Baltic Fox, a 2010-built Handysize vessel, was delivered on September 6, 2013. The Company financed the vessel acquisitions with proceeds from its May 28, 2013 common stock offering and borrowings under its $22 Million Term Loan Facility entered into on August 30, 2013.

	On October 31, 2013, the Company entered into agreements to purchase two Capesize drybulk vessels from affiliates of SK Shipping Co. Ltd. for an aggregate purchase price of $103,000. The Baltic Lion, a 2012-built Capesize vessel, was delivered on December 27, 2013, and the Baltic Tiger, a 2011-built Capesize vessel, was delivered on November 26, 2013. The Company financed the vessel acquisitions with cash on hand and borrowings under its $44 Million Term Loan Facility.

	On November 13, 2013, the Company entered into agreements to purchase up to four 64,000 dwt Ultramax newbuilding drybulk vessels from Yangfan Group Co., Ltd. for a purchase price of $28,000 per vessel, or up to $112,000 in the aggregate. The Company agreed to purchase two such vessels, to be renamed the Baltic Hornet and Baltic Wasp, and obtained an option to purchase up to two additional such vessels for the same purchase price, which the Company exercised on January 8, 2014. These vessels are to be renamed the Baltic Mantis and the Baltic Scorpion. The purchases are subject to completion of customary additional documentation and closing conditions. The Baltic Hornet and Baltic Wasp are expected to be delivered to the Company during the third and fourth quarters of 2014, respectively. The Baltic Scorpion and the Baltic Mantis are expected to be delivered to the Company during the second and third quarters of 2015, respectively. As of March 31, 2014 and December 31, 2013, deposits on vessels were $17,175 and $1,013, respectively, related to these newbuilding vessels. The Company intends 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 these four Ultramax newbuilding drybulk vessels.

	Capitalized interest expense associated with newbuilding contracts for the three months ended March 31, 2014 and 2013 was $98 and $0, respectively.

NET_LOSS_PER_COMMON_AND_CLASS_

NET LOSS PER COMMON AND CLASS B SHARE	3 Months Ended
NET LOSS PER COMMON AND CLASS B SHARE	Mar. 31, 2014
NET LOSS PER COMMON AND CLASS B SHARE	'
NET LOSS PER COMMON AND CLASS B SHARE	'
	5 - NET LOSS PER COMMON AND CLASS B SHARE

	The computation of net loss per share of common stock and Class B shares is in accordance with Accounting Standards Codification (“ASC”) 260 — “Earnings Per Share” (“ASC 260”), using the two-class method. Under these provisions, basic net loss per share is computed using the weighted-average number of common shares and Class B shares outstanding during the year, except that it does not include nonvested stock awards subject to repurchase or cancellation. Diluted net loss per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of nonvested stock awards (see Note 14 — Nonvested Stock Awards) for the common shares, for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and not yet recognized using the treasury stock method, to the extent dilutive. Of the 1,264,929 nonvested shares outstanding at March 31, 2014 (see Note 14 — Nonvested Stock Awards), all are anti-dilutive. The computation of the diluted net loss per share of common stock assumes the conversion of Class B shares, while the diluted net loss per share of Class B stock does not assume the conversion of those shares.

	The following table sets forth the computation of basic and diluted net loss per share of common stock and Class B stock:

		Three Months Ended March 31,
		2014
		Common			Class B
	Basic net loss per share:
	Numerator:
	Allocation of loss	$	(3,133	)	$	(400	)

	Denominator:
	Weighted-average shares outstanding, basic	49,809,473			6,356,471

	Basic net loss per share	$	(0.06	)	$	(0.06	)

	Diluted net loss per share:
	Numerator:
	Allocation of loss	$	(3,133	)	$	(400	)
	Reallocation of undistributed loss as a result of conversion of Class B to common shares	(591		)	—
	Reallocation of dividends paid as a result of conversion of Class B to common shares	191			—
	Allocation of loss	$	(3,533	)	$	(400	)

	Denominator:
	Weighted-average shares outstanding used in basic computation	49,809,473			6,356,471
	Add:
	Conversion of Class B to common shares	6,356,471			—

	Weighted-average shares outstanding, diluted	56,165,944			6,356,471

	Diluted net loss per share	$	(0.06	)	$	(0.06	)

		Three Months Ended March 31,
		2013
		Common			Class B
	Basic net loss per share:
	Numerator:
	Allocation of loss	$	(3,787	)	$	(1,296	)

	Denominator:
	Weighted-average shares outstanding, basic	16,658,756			5,699,088

	Basic net loss per share	$	(0.23	)	$	(0.23	)

	Diluted net loss per share:
	Numerator:
	Allocation of loss	$	(3,787	)	$	(1,296	)
	Reallocation of undistributed loss as a result of conversion of Class B to common shares	(1,353		)	—
	Reallocation of dividends paid as a result of conversion of Class B to common shares	57			—
	Allocation of loss	$	(5,083	)	$	(1,296	)

	Denominator:
	Weighted-average shares outstanding used in basic computation	16,658,756			5,699,088
	Add:
	Conversion of Class B to common shares	5,699,088			—

	Weighted-average shares outstanding, diluted	22,357,844			5,699,088

	Diluted net loss per share	$	(0.23	)	$	(0.23	)

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2014
RELATED PARTY TRANSACTIONS	'
RELATED PARTY TRANSACTIONS	'
	6 - RELATED PARTY TRANSACTIONS

	The following include related party transactions not disclosed elsewhere in these condensed consolidated financial statements. Due to Parent, Voyage expenses to Parent and Management fees to Parent have been disclosed above in these condensed consolidated financial statements.

	During the three months ended March 31, 2014 and 2013, the Company incurred legal services aggregating $3 and $0, respectively, from Constantine Georgiopoulos, the father of Peter C. Georgiopoulos, Chairman of the Board. At March 31, 2014 and December 31, 2013, $26 and $25, respectively, was outstanding to Constantine Georgiopoulos.

	During 2010, the Company entered into an agreement with Aegean Marine Petroleum Network, Inc. (“Aegean”) to purchase lubricating oils for certain vessels in the Company’s fleet. Peter C. Georgiopoulos, Chairman of the Board of the Company, is also the Chairman of the Board of Aegean. During the three months ended March 31, 2014 and 2013, Aegean supplied lubricating oils to the Company’s vessels aggregating $268 and $136, respectively. At March 31, 2014 and December 31, 2013, $167 and $51 remained outstanding to Aegean, respectively.

	The Company receives internal audit services from employees of Genco, the Company’s Parent. For the three months ended March 31, 2014 and 2013, the Company incurred internal audit service fees of $7 and $6, respectively, which are reimbursable to Genco pursuant to the Management Agreement (Refer to Note 16 — Commitments and Contingencies for further information regarding the Management Agreement). At March 31, 2014 and December 31, 2013, the amount due to Genco from the Company was $7 and $18, respectively, for such services and is included in due to Parent.

	During the three months ended March 31, 2014 and 2013, Genco, the Company’s Parent, incurred costs of $71 and $29, respectively, on the Company’s behalf to be reimbursed to Genco pursuant to the Management Agreement. At March 31, 2014 and December 31, 2013, the amount due to Genco from the Company was $15 and $75, respectively, and is included in due to Parent.

	Genco also provides the Company with commercial, technical, administrative and strategic services pursuant to the Management Agreement. During the three months ended March 31, 2014 and 2013, the Company incurred costs of $1,045 and $680, respectively, pursuant to the Management Agreement. At March 31, 2014, the amount due to Genco of $51 consisted of commercial service fees and is included in due to Parent. At December 31, 2013, the amount due to Genco of $105 consisted of commercial service fees and is included in due to Parent.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2014
DEBT	'
DEBT	'
	7 - DEBT

	2010 Credit Facility

	On April 16, 2010, the Company entered into a $100,000 senior secured revolving credit facility with Nordea Bank Finland plc, acting through its New York branch (as amended, the “2010 Credit Facility”). An amendment to the 2010 Credit Facility was entered into by the Company effective November 30, 2010. Among other things, this amendment increased the commitment amount of the 2010 Credit Facility from $100,000 to $150,000. An additional amendment to the 2010 Credit Facility was entered into by the Company effective August 29, 2013 (the “August 2013 Amendment”). Among other things, the August 2013 Amendment implements the following modifications to the 2010 Credit Facility:

	· The requirement that certain additional vessels acquired by the Company be mortgaged as collateral under the 2010 Credit Facility was eliminated.

	· Restrictions on the incurrence of indebtedness by the Company and its subsidiaries were amended to apply only to those subsidiaries acting as guarantors under the 2010 Credit Facility.

	· The total commitment under this facility was reduced to $110,000 and will be further reduced in three consecutive semi-annual reductions of $5,000 commencing on May 30, 2015.

	· Borrowings bear interest at an applicable margin over LIBOR of 3.00% per annum if the ratio of the maximum facility amount of the aggregate appraised value of vessels mortgaged under the facility is 55% or less, measured quarterly; otherwise, the applicable margin is 3.35% per annum.

	· Financial covenants corresponding to the liquidity and leverage under the $22 Million Term Loan Facility (as defined below) have been incorporated into the 2010 Credit Facility.

	As of March 31, 2014, $7,750 remained available under the 2010 Credit Facility as the total commitment was reduced to $110,000 on August 29, 2013. The total available working capital borrowings of $25,000 are subject to the total remaining availability under the 2010 Baltic Trading Credit Facility; therefore, only $7,750 is available for working capital purposes as of March 31, 2014.

	As of March 31, 2014, the Company believes it is in compliance with all of the financial covenants under the 2010 Credit Facility, as amended.

	The following table sets forth the repayment of the outstanding debt of $102,250 at March 31, 2014 under the 2010 Credit Facility:

	Period Ending December 31,		Total

	2014 (April 1, 2014 — December 31, 2014)		$	—
	2015		2,250
	2016		100,000

	Total debt		$	102,250

	$22 Million Term Loan Facility

	On August 30, 2013, Baltic Hare Limited and Baltic Fox Limited, wholly-owned subsidiaries of the Company, entered into a secured loan agreement with DVB Bank SE for a term loan facility of up to $22,000 (the “$22 Million Term Loan Facility”). Amounts borrowed and repaid under the $22 Million Term Loan Facility may not be reborrowed. This facility has a maturity date of the sixth anniversary of the drawdown date for borrowings for the second vessel to be purchased, or September 4, 2019. Borrowings under the $22 Million Term Loan Facility bear interest at the three-month LIBOR rate plus an applicable margin of 3.35% per annum. A commitment fee of 1.00% per annum is payable on the unused daily portion of the credit facility, which began accruing on August 30, 2013 and ended on September 4, 2013, the date which the entire $22,000 was borrowed. Borrowings are to be repaid in 23 quarterly installments of $375 each commencing three months after the last vessel delivery date, or December 4, 2013, and a final payment of $13,375 due on the maturity date.

	Borrowings under the $22 Million Term Loan Facility are secured by liens on the Company’s vessels purchased with borrowings under the facility, namely the Baltic Fox and the Baltic Hare, and other related assets. Under a Guarantee and Indemnity entered into concurrently with the $22 Million Term Loan Facility, the Company agreed to guarantee the obligations of its subsidiaries under the $22 Million Term Loan Facility.

	On September 4, 2013, Baltic Hare Limited and Baltic Fox Limited made drawdowns of $10,730 and $11,270 for the Baltic Hare and the Baltic Fox, respectively. As of March 31, 2014, the Company has utilized its maximum borrowing capacity of $22,000 and there was no further availability. At March 31, 2014 and December 31, 2013, the total outstanding debt balance was $21,250 and $21,625, respectively, as required repayments began on December 4, 2013.

	As of March 31, 2014 the Company believes it is in compliance with all of the financial covenants under the $22 Million Term Loan Facility.

	The following table sets forth the repayment of the outstanding debt of $21,250 at March 31, 2014 under the $22 Million Term Loan Facility:

	Period Ending December 31,		Total

	2014 (April 1, 2014 — December 31, 2014)		$	1,125
	2015		1,500
	2016		1,500
	2017		1,500
	2018		1,500
	Thereafter		14,125

	Total debt		$	21,250

	$44 Million Term Loan Facility

	On December 3, 2013, Baltic Tiger Limited and Baltic Lion Limited, wholly-owned subsidiaries of the Company, entered into a secured loan agreement with DVB Bank SE for a term loan facility of up to $44,000 (the “$44 Million Term Loan Facility”). Amounts borrowed and repaid under the $44 Million Term Loan Facility may not be reborrowed. The $44 Million Term Loan Facility has a maturity date of the sixth anniversary of the drawdown date for borrowings for the second vessel to be purchased, or December 23, 2019. Borrowings under the $44 Million Term Loan Facility bear interest at the three-month LIBOR rate plus an applicable margin of 3.35% per annum. A commitment fee of 0.75% per annum is payable on the unused daily portion of the credit facility, which began accruing on December 3, 2013 and ended on December 23, 2013, the date which the entire $44,000 was borrowed. Borrowings are to be repaid in 23 quarterly installments of $688 each commencing three months after the last drawdown date, or March 24, 2014, and a final payment of $28,188 due on the maturity date.

	Borrowings under the $44 Million Term Loan Facility are to be secured by liens on the Company’s vessels to be financed or refinanced with borrowings under the facility, namely the Baltic Tiger and the Baltic Lion, and other related assets. Upon the prepayment of $18,000 plus any additional amounts necessary to maintain compliance with the collateral maintenance covenant, the Company may have the lien on the Baltic Tiger released. Under a Guarantee and Indemnity entered into concurrently with the $44 Million Term Loan Facility, the Company agreed to guarantee the obligations of its subsidiaries under the $44 Million Term Loan Facility.

	On December 23, 2013, Baltic Tiger Limited and Baltic Lion Limited made two drawdowns of $21,400 and $22,600 for the Baltic Tiger and Baltic Lion, respectively. As of March 31, 2014, the Company has utilized its maximum borrowing capacity of $44,000 and there was no further availability. At March 31, 2014 and December 31, 2013, the total outstanding debt balance was $43,313 and $44,000, respectively, as required repayments began on March 24, 2014.

	As of March 31, 2014, the Company believes it is in compliance with all of the financial covenants under the $44 Million Term Loan Facility.

The following table sets forth the repayment of the outstanding debt of $43,313 at March 31, 2014 under the $44 Million Term Loan Facility:

Period Ending December 31,		Total

2014 (April 1, 2014 — December 31, 2014)		$	2,063
2015		2,750
2016		2,750
2017		2,750
2018		2,750
Thereafter		30,250

Total debt		$	43,313

Change of Control

If Genco’s ownership in the Company were to decrease to less than 10% of the aggregate number of shares of common stock and Class B Stock, the outstanding Class B Stock held by Genco would automatically convert into common stock, and the voting power held by Genco in the Company would decrease to less than 30%. This would result in a change of control as defined under the Company’s 2010 Credit Facility, $22 Million Term Loan Facility and $44 Million Term Loan Facility, and would therefore constitute an event of default. Additionally, a change of control constituting an event of default under the Company’s credit facilities would also occur if any party or group other than Genco or certain other permitted holders beneficially owns more than 30% of the Company’s outstanding voting or economic equity interests, which may occur if a party or group were deemed to control Genco. Refer to Note 1 — General Information for discussion of Genco’s current economic status. In addition, the Company has the right to terminate the Management Agreement upon the occurrence of certain events, including a Manager Change of Control (as defined in the Management Agreement), without making a termination payment. Some of these may occur as a result of the transactions contemplated by the Prepack Plan, including the consummation of any transaction that results in (i) any “person” (as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934), other than Peter Georgiopoulos or any of his affiliates, becoming the beneficial owner of 25% of the Company’s voting securities or (ii) the Company’s stock ceasing to be traded on the New York Stock Exchange or any other internationally recognized stock exchange. Therefore, the Company may have the right to terminate the Management Agreement, although the Company may be prevented or delayed from doing so because of the effect of applicable bankruptcy law, including the automatic stay provisions of the United States Bankruptcy Code.

Interest rates

The following table sets forth the effective interest rate associated with the interest expense for the 2010 Credit Facility, $22 Million Term Loan Facility and the $44 Million Term Loan Facility, excluding the cost associated with unused commitment fees. Additionally, it includes the range of interest rates on the debt, excluding the impact of unused commitment fees:

		Three Months Ended March 31,
		2014		2013
Effective Interest Rate (excluding impact of unused commitment fees)		3.33	%	3.21	%
Range of Interest Rates (excluding impact of unused commitment fees)		3.15% to 3.60	%	3.20% to 3.21	%

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2014

FAIR VALUE OF FINANCIAL INSTRUMENTS

8 - FAIR VALUE OF FINANCIAL INSTRUMENTS

The estimated fair values and carrying values of the Company’s financial instruments at March 31, 2014 and December 31, 2013 which are required to be disclosed at fair value, but not recorded at fair value, are as follows:

March 31, 2014

December 31, 2013

Carrying

Fair Value

Carrying

Fair Value

Value

Cash and cash equivalents

39,461

58,193

Floating rate debt

166,813

167,875

The fair value of floating rate debt under the 2010 Credit Facility, the $22 Million Term Loan Facility and the $44 Million Term Loan Facility is based on rates that the Company has recently obtained pursuant to the August 2013 Amendment to the existing 2010 Credit Facility, as per the debt agreement for the $22 Million Term Loan Facility that was effective August 30, 2013 and as per the debt agreement for the $44 Million Term Loan Facility that was effective December 3, 2013. Refer to Note 7 — Debt for further information. Additionally, the Company considers its creditworthiness in determining the fair value of the floating rate debt under its credit facilities. The carrying values approximate the fair market value for these floating rate loans. The carrying amounts of the Company’s other financial instruments at March 31, 2014 and December 31, 2013 (principally Due from charterers and Accounts payable and accrued expenses) approximate their fair values because of the relatively short maturity of these instruments.

ASC Subtopic 820-10, “Fair Value Measurements & Disclosures” (“ASC 820-10”), applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

· Level 1—Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.

· Level 2—Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

· Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Cash and cash equivalents is considered a Level 1 item as it represents liquid assets with short-term maturities. Floating rate debt is considered to be a Level 2 item as the Company considers the estimate of rates it could obtain for similar debt. The Company did not have any Level 3 financial assets or liabilities as of March 31, 2014 and December 31, 2013.

PREPAID_EXPENSES_AND_OTHER_CUR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2014
PREPAID EXPENSES AND OTHER CURRENT ASSETS	'
PREPAID EXPENSES AND OTHER CURRENT ASSETS	'
	9 - PREPAID EXPENSES AND OTHER CURRENT ASSETS

	Prepaid expenses and other current assets consist of the following:

		March 31, 2014		December 31,
				2013
	Lubricant inventory, fuel oil and diesel oil inventory and other stores	$	2,201	$	2,027
	Prepaid items	1,149		1,117
	Insurance receivable	109		70
	Other	2,750		871
	Total	$	6,209	$	4,085

DEFERRED_FINANCING_COSTS

DEFERRED FINANCING COSTS	3 Months Ended
	Mar. 31, 2014
DEFERRED FINANCING COSTS	'
DEFERRED FINANCING COSTS	'
	10 - DEFERRED FINANCING COSTS

	Deferred financing costs include fees, commissions and legal expenses associated with securing loan facilities and amending existing loan facilities. These costs are amortized over the life of the related debt and are included as a component of interest expense in the Condensed Consolidated Statements of Operations. At March 31, 2014 and December 31, 2013, the Company had deferred financing fees associated with the 2010 Credit Facility, the $22 Million Term Loan Facility and the $44 Million Term Loan Facility.

	Total net deferred financing costs consist of the following as of March 31, 2014 and December 31, 2013:

		March 31, 2014		December 31,
				2013
	2010 Credit Facility	$	3,339	$	3,339
	$22 Million Term Loan Facility	529		518
	$44 Million Term Loan Facility	739		737
	Total deferred financing costs	4,607		4,594
	Less: accumulated amortization	1,973		1,785
	Total	$	2,634	$	2,809

	Amortization expense of deferred financing costs for the three months ended March 31, 2014 and 2013 was $188 and $115, respectively.

ACCOUNTS_PAYABLE_AND_ACCRUED_E

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2014
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	'
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	'
	11 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

	Accounts payable and accrued expenses consist of the following:

		March 31, 2014		December 31,
				2013
	Accounts payable	$	2,039	$	1,011
	Accrued vessel operating expenses	3,318		2,464
	Accrued general and administrative expenses	173		307

	Total	$	5,530	$	3,782

FIXED_ASSETS

FIXED ASSETS	3 Months Ended
	Mar. 31, 2014
FIXED ASSETS	'
FIXED ASSETS	'
	12 - FIXED ASSETS

	Fixed assets consist of the following:

		March 31, 2014		December 31,
				2013
	Fixed assets, at cost:
	Computer equipment	$	54	$	43
	Vessel equipment	69		682
	Total cost	123		725
	Less: accumulated depreciation	47		47
	Total	$	76	$	678

	Depreciation expense for fixed assets for the three months ended March 31, 2014 and 2013 was $2 and $3, respectively. Refer to Note 3 — Cash Flow Information for information regarding the reclassification from fixed assets to vessel assets during the three months ended March 31, 2014.

REVENUE_FROM_TIME_CHARTERS

REVENUE FROM TIME CHARTERS	3 Months Ended
REVENUE FROM TIME CHARTERS	Mar. 31, 2014
REVENUE FROM TIME CHARTERS	'
REVENUE FROM TIME CHARTERS	'
	13 - REVENUE FROM TIME CHARTERS

	Total revenue earned on spot market-related time charters, short-term time charters and in vessel pools, as well as the sale of bunkers consumed during short-term time charters, during the three months ended March 31, 2014 and 2013 was $13,091 and $5,986, respectively. Future minimum time charter revenue attributable to the Baltic Leopard and Baltic Wind, which are committed to noncancelable short-term time charters as of May 3, 2014, is expected to be $793 for the remainder of 2014. Future minimum time charter revenue for the remaining vessels cannot be estimated as these vessels are currently on spot market-related time charters or in vessel pools, and future spot rates cannot be estimated. The spot market-related time charters and pool arrangements that the Company’s vessels were employed on as of March 31, 2014 have estimated expiration dates that range from May 2014 to September 2015.

NONVESTED_STOCK_AWARDS

NONVESTED STOCK AWARDS	3 Months Ended
	Mar. 31, 2014
NONVESTED STOCK AWARDS	'
NONVESTED STOCK AWARDS	'
	14 - NONVESTED STOCK AWARDS

	On March 13, 2014, the Company’s Board of Directors approved an amendment to the Baltic Trading Limited 2010 Equity Incentive Plan (the “Plan”) that increased the aggregate number of shares of common stock available for awards from 2,000,000 to 6,000,000 shares. Additionally, on April 9, 2014, at the Company’s 2014 Annual Meeting of Shareholders, the Company’s shareholders approved the amendment to the Plan.

	The following table presents a summary of the Company’s restricted stock awards for the three months ended March 31, 2014:

		Number of		Weighted
		Shares		Average Grant
				Date Price
	Outstanding at January 1, 2014	1,381,429		$	6.03
	Granted	—		—
	Vested	(116,500	)	14
	Forfeited	—		—

	Outstanding at March 31, 2014	1,264,929		$	5.29

	The total fair value of shares that vested under the Plan during the three months ended March 31, 2014 and 2013 was $774 and $454, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

	For the three months ended March 31, 2014 and 2013, the Company recognized nonvested stock amortization expense for the Plan, which is included in general, administrative and technical management fees, as follows:

		Three Months Ended
		March 31,
		2014			2013
	General, administrative and technical management fees	$	963		$	464


	The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of March 31, 2014, unrecognized compensation cost of $4,971 related to nonvested stock will be recognized over a weighted-average period of 3.17 years.

LEGAL_PROCEEDINGS

LEGAL PROCEEDINGS	3 Months Ended
LEGAL PROCEEDINGS	Mar. 31, 2014
LEGAL PROCEEDINGS	'
LEGAL PROCEEDINGS	'
	15 - LEGAL PROCEEDINGS

	From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2014
COMMITMENTS AND CONTINGENCIES.	'
COMMITMENTS AND CONTINGENCIES	'
	16 - COMMITMENTS AND CONTINGENCIES

	Genco, the Company’s parent, provides the Company with commercial, technical, administrative and strategic services necessary to support the Company’s business pursuant to the Company’s Management Agreement with Genco. If the Company terminates the agreement without cause, or if Genco terminates the agreement for the Company’s material breach or the Company’s change of control, the Company must make a termination payment to Genco in a single lump sum within 30 days of the termination date. The termination payment is generally calculated as five times the average annual management fees payable to Genco for the last five completed years of the term of the Management Agreement, or such lesser number of years as may have been completed at the time of termination. As of March 31, 2014, the termination payment that would be due to Genco is approximately $20,951. Refer to Note 6 — Related Party Transactions for any costs incurred during the three months ended March 31, 2014 and 2013 pursuant to the Management Agreement.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2014
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	17 - SUBSEQUENT EVENTS

	On May 5, 2014, the Company declared a dividend of $0.01 per share to be paid on or about May 27, 2014 to shareholders of record as of May 20, 2014. The aggregate amount of the dividend is expected to be approximately $576, which the Company anticipates will be funded from cash on hand at the time the payment is to be made.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
Principles of consolidation	'
	Principles of consolidation

	The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which include the accounts of Baltic Trading and its wholly-owned ship-owning subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Basis of presentation	'
	Basis of presentation

	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the rules and regulation of the Securities and Exchange Commission (the “SEC”). In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 10-K”). The results of operations for the three month periods ended March 31, 2014 and 2013 are not necessarily indicative of the operating results for the full year.
Vessels, net	'
	Vessels, net

	Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost which is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from the date of initial delivery from the shipyard. Depreciation expense for vessels for the three months ended March 31, 2014 and 2013 was $5,067 and $3,639, respectively.

	Depreciation expense is calculated based on cost less the estimated residual scrap value. The costs of significant replacements, renewals and betterments are capitalized and depreciated over the shorter of the vessel’s remaining estimated useful life or the estimated life of the renewal or betterment. The undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the estimated scrap value of $245 per light weight ton (“lwt”) times the weight of the ship in lwt’s.
Income taxes	'
	Income taxes

	The Company is incorporated in the Marshall Islands. Pursuant to the income tax laws of the Marshall Islands, the Company is not subject to Marshall Islands income tax. During the three months ended March 31, 2014, the Company had United States operations that resulted in United States source income of $567. The Company’s estimated United States income tax expense for three months ended March 31, 2014 was $12. During the three months ended March 31, 2013, Baltic Trading did not earn any United States source income and therefore, there was no income tax expense for the three months ended March 31, 2013.
Deferred revenue	'
	Deferred revenue

	Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as income when earned. Additionally, deferred revenue includes estimated customer claims mainly due to time charter performance issues. As of March 31, 2014 and December 31, 2013, the Company had an accrual of $218 and $231, respectively, related to these estimated customer claims.
Voyage expense recognition	'
	Voyage expense recognition

	In spot market-related time charters, short-term time charters and pool agreements, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. These differences in bunkers resulted in net (losses) gains of ($28) and $11 during the three months ended March 31, 2014 and 2013, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

GENERAL_INFORMATION_Tables

GENERAL INFORMATION (Tables)	3 Months Ended
GENERAL INFORMATION (Tables)	Mar. 31, 2014
GENERAL INFORMATION	'
Schedule of wholly owned ship-owning subsidiaries	'
	At March 31, 2014, the Company was the sole owner of all of the outstanding shares of the following ship-owning subsidiaries as set forth below:

	Wholly Owned	Vessels	Dwt	Delivery Date	Year
	Subsidiaries	Vessels	Dwt	Delivery Date	Built

	Baltic Leopard Limited	Baltic Leopard	53,447	April 8, 2010	2009
	Baltic Panther Limited	Baltic Panther	53,351	April 29, 2010	2009
	Baltic Cougar Limited	Baltic Cougar	53,432	May 28, 2010	2009
	Baltic Jaguar Limited	Baltic Jaguar	53,474	May 14, 2010	2009
	Baltic Bear Limited	Baltic Bear	177,717	May 14, 2010	2010
	Baltic Wolf Limited	Baltic Wolf	177,752	October 14, 2010	2010
	Baltic Wind Limited	Baltic Wind	34,409	August 4, 2010	2009
	Baltic Cove Limited	Baltic Cove	34,403	August 23, 2010	2010
	Baltic Breeze Limited	Baltic Breeze	34,386	October 12, 2010	2010
	Baltic Fox Limited	Baltic Fox	31,883	September 6, 2013	2010
	Baltic Hare Limited	Baltic Hare	31,887	September 5, 2013	2009
	Baltic Lion Limited	Baltic Lion	179,185	December 27, 2013	2012
	Baltic Tiger Limited	Baltic Tiger	179,185	November 26, 2013	2011
	Baltic Hornet Limited	Baltic Hornet	64,000	Q3 2014 (1)	2014 (1)
	Baltic Wasp Limited	Baltic Wasp	64,000	Q4 2014 (1)	2014 (1)
	Baltic Scorpion Limited	Baltic Scorpion	64,000	Q2 2015 (1)	2015 (1)
	Baltic Mantis Limited	Baltic Mantis	64,000	Q3 2015 (1)	2015 (1)

	(1) Built dates and dates for vessels being delivered in the future are estimates based on the guidance received from the sellers and the respective shipyards.

NET_LOSS_PER_COMMON_AND_CLASS_1

NET LOSS PER COMMON AND CLASS B SHARE (Tables)	3 Months Ended
NET LOSS PER COMMON AND CLASS B SHARE (Tables)	Mar. 31, 2014
NET LOSS PER COMMON AND CLASS B SHARE	'
Schedule of computation of basic and diluted net loss per share of common stock and Class B stock	'


		Three Months Ended March 31,
		2014
		Common			Class B
	Basic net loss per share:
	Numerator:
	Allocation of loss	$	(3,133	)	$	(400	)

	Denominator:
	Weighted-average shares outstanding, basic	49,809,473			6,356,471

	Basic net loss per share	$	(0.06	)	$	(0.06	)

	Diluted net loss per share:
	Numerator:
	Allocation of loss	$	(3,133	)	$	(400	)
	Reallocation of undistributed loss as a result of conversion of Class B to common shares	(591		)	—
	Reallocation of dividends paid as a result of conversion of Class B to common shares	191			—
	Allocation of loss	$	(3,533	)	$	(400	)

	Denominator:
	Weighted-average shares outstanding used in basic computation	49,809,473			6,356,471
	Add:
	Conversion of Class B to common shares	6,356,471			—

	Weighted-average shares outstanding, diluted	56,165,944			6,356,471

	Diluted net loss per share	$	(0.06	)	$	(0.06	)

		Three Months Ended March 31,
		2013
		Common			Class B
	Basic net loss per share:
	Numerator:
	Allocation of loss	$	(3,787	)	$	(1,296	)

	Denominator:
	Weighted-average shares outstanding, basic	16,658,756			5,699,088

	Basic net loss per share	$	(0.23	)	$	(0.23	)

	Diluted net loss per share:
	Numerator:
	Allocation of loss	$	(3,787	)	$	(1,296	)
	Reallocation of undistributed loss as a result of conversion of Class B to common shares	(1,353		)	—
	Reallocation of dividends paid as a result of conversion of Class B to common shares	57			—
	Allocation of loss	$	(5,083	)	$	(1,296	)

	Denominator:
	Weighted-average shares outstanding used in basic computation	16,658,756			5,699,088
	Add:
	Conversion of Class B to common shares	5,699,088			—

	Weighted-average shares outstanding, diluted	22,357,844			5,699,088

	Diluted net loss per share	$	(0.23	)	$	(0.23	)

DEBT_Tables

DEBT (Tables)	3 Months Ended
DEBT (Tables)	Mar. 31, 2014
Debt	'
Schedule of effective interest rate and the range of interest rates on the debt	'


		Three Months Ended March 31,
		2014		2013
	Effective Interest Rate (excluding impact of unused commitment fees)	3.33	%	3.21	%
	Range of Interest Rates (excluding impact of unused commitment fees)	3.15% to 3.60	%	3.20% to 3.21	%
2010 Credit Facility	'
Debt	'
Schedule of repayment of outstanding debt	'
	The following table sets forth the repayment of the outstanding debt of $102,250 at March 31, 2014 under the 2010 Credit Facility:

	Period Ending December 31,	Total

	2014 (April 1, 2014 — December 31, 2014)	$	—
	2015	2,250
	2016	100,000

	Total debt	$	102,250
$22 Million Term Loan Facility	'
Debt	'
Schedule of repayment of outstanding debt	'
	The following table sets forth the repayment of the outstanding debt of $21,250 at March 31, 2014 under the $22 Million Term Loan Facility:

	Period Ending December 31,	Total

	2014 (April 1, 2014 — December 31, 2014)	$	1,125
	2015	1,500
	2016	1,500
	2017	1,500
	2018	1,500
	Thereafter	14,125

	Total debt	$	21,250
$44 Million Term Loan Facility	'
Debt	'
Schedule of repayment of outstanding debt	'
	The following table sets forth the repayment of the outstanding debt of $43,313 at March 31, 2014 under the $44 Million Term Loan Facility:

	Period Ending December 31,	Total

	2014 (April 1, 2014 — December 31, 2014)	$	2,063
	2015	2,750
	2016	2,750
	2017	2,750
	2018	2,750
	Thereafter	30,250

	Total debt	$	43,313

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
Schedule of estimated fair and carrying values of financial instruments	'


		March 31, 2014				December 31, 2013
		Carrying		Fair Value		Carrying		Fair Value
		Value				Value
	Cash and cash equivalents	$	39,461	$	39,461	$	58,193	$	58,193
	Floating rate debt	166,813		166,813		167,875		167,875

PREPAID_EXPENSES_AND_OTHER_CUR1

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2014
PREPAID EXPENSES AND OTHER CURRENT ASSETS	'
Schedule of prepaid expenses and other current assets	'


		March 31, 2014		December 31,
				2013
	Lubricant inventory, fuel oil and diesel oil inventory and other stores	$	2,201	$	2,027
	Prepaid items	1,149		1,117
	Insurance receivable	109		70
	Other	2,750		871
	Total	$	6,209	$	4,085

DEFERRED_FINANCING_COSTS_Table

DEFERRED FINANCING COSTS (Tables)	3 Months Ended
	Mar. 31, 2014
DEFERRED FINANCING COSTS	'
Schedule of deferred financing costs	'


		March 31, 2014		December 31,
				2013
	2010 Credit Facility	$	3,339	$	3,339
	$22 Million Term Loan Facility	529		518
	$44 Million Term Loan Facility	739		737
	Total deferred financing costs	4,607		4,594
	Less: accumulated amortization	1,973		1,785
	Total	$	2,634	$	2,809

ACCOUNTS_PAYABLE_AND_ACCRUED_E1

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2014
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	'
Schedule of accounts payable and accrued expenses	'


		March 31, 2014		December 31,
				2013
	Accounts payable	$	2,039	$	1,011
	Accrued vessel operating expenses	3,318		2,464
	Accrued general and administrative expenses	173		307

	Total	$	5,530	$	3,782

FIXED_ASSETS_Tables

FIXED ASSETS (Tables) (Detail of Fixed Assets, Excluding Vessels)	3 Months Ended
	Mar. 31, 2014
Detail of Fixed Assets, Excluding Vessels	'
FIXED ASSETS	'
Schedule of fixed assets	'


		March 31, 2014		December 31,
				2013
	Fixed assets, at cost:
	Computer equipment	$	54	$	43
	Vessel equipment	69		682
	Total cost	123		725
	Less: accumulated depreciation	47		47
	Total	$	76	$	678

NONVESTED_STOCK_AWARDS_Tables

NONVESTED STOCK AWARDS (Tables)	3 Months Ended
	Mar. 31, 2014
NONVESTED STOCK AWARDS	'
Summary of restricted stock awards	'


		Number of		Weighted
		Shares		Average Grant
				Date Price
	Outstanding at January 1, 2014	1,381,429		$	6.03
	Granted	—		—
	Vested	(116,500	)	14
	Forfeited	—		—

	Outstanding at March 31, 2014	1,264,929		$	5.29
Schedule of nonvested stock amortization expense	'


		Three Months Ended
		March 31,
		2014			2013
	General, administrative and technical management fees	$	963		$	464

GENERAL_INFORMATION_Details

GENERAL INFORMATION (Details)	Mar. 31, 2014
GENERAL INFORMATION (Details)	item
Baltic Leopard \| Baltic Leopard Limited	'
GENERAL INFORMATION	'
Capacity of vessels	53,447
Baltic Panther \| Baltic Panther Limited	'
GENERAL INFORMATION	'
Capacity of vessels	53,351
Baltic Cougar \| Baltic Cougar Limited	'
GENERAL INFORMATION	'
Capacity of vessels	53,432
Baltic Jaguar \| Baltic Jaguar Limited	'
GENERAL INFORMATION	'
Capacity of vessels	53,474
Baltic Bear \| Baltic Bear Limited	'
GENERAL INFORMATION	'
Capacity of vessels	177,717
Baltic Wolf \| Baltic Wolf Limited	'
GENERAL INFORMATION	'
Capacity of vessels	177,752
Baltic Wind \| Baltic Wind Limited	'
GENERAL INFORMATION	'
Capacity of vessels	34,409
Baltic Cove \| Baltic Cove Limited	'
GENERAL INFORMATION	'
Capacity of vessels	34,403
Baltic Breeze \| Baltic Breeze Limited	'
GENERAL INFORMATION	'
Capacity of vessels	34,386
Baltic Fox \| Baltic Fox Limited	'
GENERAL INFORMATION	'
Capacity of vessels	31,883
Baltic Hare \| Baltic Hare Limited	'
GENERAL INFORMATION	'
Capacity of vessels	31,887
Baltic Lion \| Baltic Lion Limited	'
GENERAL INFORMATION	'
Capacity of vessels	179,185
Baltic Tiger \| Baltic Tiger Limited	'
GENERAL INFORMATION	'
Capacity of vessels	179,185
Baltic Hornet \| Baltic Hornet Limited	'
GENERAL INFORMATION	'
Capacity of vessels	64,000	[1]
Baltic Wasp \| Baltic Wasp Limited	'
GENERAL INFORMATION	'
Capacity of vessels	64,000	[1]
Baltic Scorpion \| Baltic Scorpion Limited	'
GENERAL INFORMATION	'
Capacity of vessels	64,000	[1]
Baltic Mantis \| Baltic Mantis Limited	'
GENERAL INFORMATION	'
Capacity of vessels	64,000	[1]

[1]	Built dates and dates for vessels being delivered in the future are estimates based on the guidance received from the sellers and the respective shipyards.

GENERAL_INFORMATION_Details_2

GENERAL INFORMATION (Details 2) (USD $)	3 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Aug. 01, 2012
	Genco	Genco	Class B Stock	Class B Stock	Class B Stock	Class B Stock	Class B Stock
					Genco	Genco	Genco
							Amendment of credit facility
GENERAL INFORMATION	'	'	'	'	'	'	'
Shares held by parent	'	'	6,356,471	6,356,471	6,356,471	6,356,471	'
Ownership interest held (as a percent)	11.05%	11.05%	'	'	'	'	'
Aggregate voting power held (as a percent)	65.08%	65.08%	'	'	'	'	'
Maximum borrowing capacity	'	'	'	'	'	'	$1,400,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Vessels, net	'	'
Useful lives	'25 years	'
Depreciation expense	$5,067	$3,639
Estimated scrap value (per lwt)	245	'
Voyage expense recognition	'	'
Net gains (losses) on purchase and sale of bunker fuel	($28)	$11

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Income taxes	'	'	'
Taxable income from United States operations	($3,521)	($5,083)	'
Estimated income tax expense from United States operations	12	'	'
Deferred revenue	'	'	'
Accrual related to estimated customer claims	218	'	231
United States	'	'	'
Income taxes	'	'	'
Taxable income from United States operations	567	'	'
Estimated income tax expense from United States operations	$12	$0	'

CASH_FLOW_INFORMATION_Details

CASH FLOW INFORMATION (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
CASH FLOW INFORMATION	'	'	'
Cash paid for interest	$1,328	$872	'
Cash paid for estimated income taxes	0	0	'
Fixed assets	-76	'	-678
Vessel assets	482,227	'	486,069
Reclassification	'	'	'
CASH FLOW INFORMATION	'	'	'
Fixed assets	675	'	'
Vessel assets	675	'	'
Accounts payable and accrued expenses	'	'	'
CASH FLOW INFORMATION	'	'	'
Purchase of vessels	211	'	'
Purchase of other fixed asset	'	9	'
Deposits on vessel	2	'	'
Purchase of fixed assets	63	'	'
Payment of deferred financing costs	4	'	'
Payment of common stock issuance costs	5	'	'
Due to Parent	'	'	'
CASH FLOW INFORMATION	'	'	'
Purchase of vessels	20	'	'
Purchase of other fixed asset	'	$18	'

VESSEL_ACQUISITIONS_Details

VESSEL ACQUISITIONS (Details) (USD $)	Aug. 30, 2013	Jul. 02, 2013	Dec. 03, 2013	Oct. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Nov. 13, 2013
	Purchase agreement with Clipper Group	Purchase agreement with Clipper Group	Purchase agreement with affiliates of SK Shipping Co LTD	Purchase agreement with affiliates of SK Shipping Co LTD	Purchase agreement with Yangfan Group Co Ltd	Purchase agreement with Yangfan Group Co Ltd	Purchase agreement with Yangfan Group Co Ltd	Purchase agreement with Yangfan Group Co Ltd
		item		item				item
VESSEL ACQUISITIONS	'	'	'	'	'	'	'	'
Number of vessels purchased	'	2	'	2	'	'	'	2
Number of vessels committed to be acquired under purchase agreement	'	'	'	'	'	'	'	4
Capacity of vessels	'	'	'	'	'	'	'	64,000
Number of vessels purchased under option to be acquired per purchase agreement	'	'	'	'	'	'	'	2
Total purchase price per vessel	'	'	'	'	'	'	'	$28,000,000
Total purchase price	'	41,000,000	'	103,000,000	'	'	'	112,000,000
Total vessel deposits made during the period	'	'	'	'	17,175,000	'	1,013,000	'
Face value of term loan facility	22,000,000	'	44,000,000	'	'	'	'	'
Interest expense capitalized	'	'	'	'	$98,000	$0	'	'

NET_LOSS_PER_COMMON_AND_CLASS_2

NET LOSS PER COMMON AND CLASS B SHARE (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
NET LOSS PER COMMON AND CLASS B SHARE	'	'	'
Nonvested shares outstanding	1,264,929	'	1,381,429
Numerator:	'	'	'
Allocation of loss	($3,533)	($5,083)	'
Denominator:	'	'	'
Basic net loss per share (in dollars per share)	($0.06)	($0.23)	'
Numerator:	'	'	'
Allocation of loss	-3,533	-5,083	'
Denominator:	'	'	'
Diluted net loss per share (in dollars per share)	($0.06)	($0.23)	'
Common Stock	'	'	'
Numerator:	'	'	'
Allocation of loss	-3,133	-3,787	'
Denominator:	'	'	'
Weighted-average shares outstanding, basic	49,809,473	16,658,756	'
Basic net loss per share (in dollars per share)	($0.06)	($0.23)	'
Numerator:	'	'	'
Allocation of loss	-3,133	-3,787	'
Reallocation of undistributed loss as a result of conversion of Class B to common shares	-591	-1,353	'
Reallocation of dividends paid as a result of conversion of Class B to common shares	191	57	'
Allocation of loss	-3,533	-5,083	'
Denominator:	'	'	'
Weighted-average shares outstanding used in basic computation	49,809,473	16,658,756	'
Conversion of Class B to common shares	6,356,471	5,699,088	'
Weighted-average shares outstanding, diluted	56,165,944	22,357,844	'
Diluted net loss per share (in dollars per share)	($0.06)	($0.23)	'
Class B Stock	'	'	'
Numerator:	'	'	'
Allocation of loss	-400	-1,296	'
Denominator:	'	'	'
Weighted-average shares outstanding, basic	6,356,471	5,699,088	'
Basic net loss per share (in dollars per share)	($0.06)	($0.23)	'
Numerator:	'	'	'
Allocation of loss	-400	-1,296	'
Allocation of loss	($400)	($1,296)	'
Denominator:	'	'	'
Weighted-average shares outstanding used in basic computation	6,356,471	5,699,088	'
Weighted-average shares outstanding, diluted	6,356,471	5,699,088	'
Diluted net loss per share (in dollars per share)	($0.06)	($0.23)	'

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Constantine Georgiopoulos	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Amount due to the related party	$26	'	$25
Constantine Georgiopoulos \| Legal services	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Expenses incurred from transactions with related party	3	0	'
Aegean	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Expenses incurred from transactions with related party	268	136	'
Amount due to the related party	167	'	51
Genco \| Internal audit services	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Expenses incurred from transactions with related party	7	6	'
Amount due to the related party	7	'	18
Genco \| Reimbursable costs incurred	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Expenses incurred from transactions with related party	71	29	'
Amount due to the related party	15	'	75
Genco \| Commercial, technical, administrative and strategic services	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Expenses incurred from transactions with related party	1,045	680	'
Genco \| Commercial service fees	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Amount due to the related party	$51	'	$105

DEBT_Details

DEBT (Details) (USD $)

3 Months Ended

In Thousands, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Aug. 29, 2013

Nov. 30, 2010

Apr. 16, 2010

Mar. 31, 2014

Dec. 31, 2013

Aug. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 03, 2013

2010 Credit Facility

$22 Million Term Loan Facility

$44 Million Term Loan Facility

item

Maximum

Debt

Maximum borrowing capacity

$110,000

$150,000

$100,000

$22,000

$44,000

Number of consecutive semi-annual reductions in total commitment

Amount of semi-annual reductions in maximum borrowing capacity through the maturity date

5,000

Variable interest rate basis

'LIBOR

Applicable margin over reference rate for condition one (as a percent)

3.00%

Ratio of maximum facility amount to aggregate appraised value of vessels mortgaged (as a percent)

55.00%

Applicable margin over reference rate for condition two (as a percent)

3.35%

Remaining borrowing capacity for working capital

7,750

25,000

Remaining borrowing capacity

7,750

Repayment of the outstanding debt

2014 (April 1, 2014 - December 31, 2014)

1,125

2,063

2015

2,250

1,500

2,750

2016

100,000

1,500

2,750

2017

1,500

2,750

2018

1,500

2,750

Thereafter

14,125

30,250

Total debt

$162,563

$163,625

$102,250

$21,250

$21,625

$43,313

$44,000

Effective interest rate including the range of interest rates on the debt but excluding the impact of unused commitment fees

Effective Interest Rate (excluding impact of unused commitment fees) (as a percent)

3.33%

3.21%

Range of Interest Rates, minimum (excluding impact of unused commitment fees) (as a percent)

3.15%

3.20%

Range of Interest Rates, maximum (excluding impact of unused commitment fees) (as a percent)

3.60%

3.21%

DEBT_Details_2

DEBT (Details 2) (USD $)

Mar. 31, 2014

Mar. 31, 2013

Sep. 04, 2013

Mar. 31, 2014

Dec. 23, 2013

Mar. 31, 2013

Dec. 23, 2013

In Thousands, unless otherwise specified

Genco

$22 Million Term Loan Facility

$44 Million Term Loan Facility

Maximum

Minimum

item

Baltic Hare

Baltic Fox

item

Baltic Tiger

Baltic Lion

Baltic Hare Limited

Baltic Fox Limited

Baltic Tiger Limited

Baltic Lion Limited

DEBT

Maximum borrowing capacity

$22,000

$44,000

Variable interest rate basis

'three-month LIBOR

Margin added to reference rate (as a percent)

3.35%

Commitment fee percentage

1.00%

0.75%

Number of quarterly installments in which the credit facility is to be repaid

Amount of periodic payments

375

688

Final payment amount

13,375

28,188

Amount of prepayments to have liens released

18,000

Number of drawdowns during the period

Drawdowns during the period

$10,730

$11,270

$21,400

$22,600

Change of Control

Percentage of ownership interest held by Parent

10.00%

Ownership interest held (as a percent)

30.00%

Aggregate voting power held (as a percent)

30.00%

Voting power to be held by others to terminate the Management Agreement (as a percent)

25.00%

FAIR_VALUE_OF_FINANCIAL_INSTRU2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
$22 Million Term Loan Facility	'	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'	'
Face value of term loan facility	$22,000,000	'
$44 Million Term Loan Facility	'	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'	'
Face value of term loan facility	44,000,000	'
Carrying Value	'	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'	'
Cash and cash equivalents	39,461,000	58,193,000
Floating rate debt	166,813,000	167,875,000
Fair Value	'	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'	'
Cash and cash equivalents	39,461,000	58,193,000
Floating rate debt	$166,813,000	$167,875,000

PREPAID_EXPENSES_AND_OTHER_CUR2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
PREPAID EXPENSES AND OTHER CURRENT ASSETS	'	'
Lubricant inventory, fuel oil and diesel oil inventory and other stores	$2,201	$2,027
Prepaid items	1,149	1,117
Insurance receivable	109	70
Other	2,750	871
Total	$6,209	$4,085

DEFERRED_FINANCING_COSTS_Detai

DEFERRED FINANCING COSTS (Details) (USD $)	3 Months Ended
DEFERRED FINANCING COSTS (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
DEFERRED FINANCING COSTS	'	'	'
Total deferred financing costs	$4,607,000	'	$4,594,000
Less: accumulated amortization	1,973,000	'	1,785,000
Total	2,634,000	'	2,809,000
Amortization expense of deferred financing costs	188,000	115,000	'
2010 Credit Facility	'	'	'
DEFERRED FINANCING COSTS	'	'	'
Total deferred financing costs	3,339,000	'	3,339,000
$22 Million Term Loan Facility	'	'	'
DEFERRED FINANCING COSTS	'	'	'
Total deferred financing costs	529,000	'	518,000
Face value of term loan facility	22,000,000	'	'
$44 Million Term Loan Facility	'	'	'
DEFERRED FINANCING COSTS	'	'	'
Total deferred financing costs	739,000	'	737,000
Face value of term loan facility	$44,000,000	'	'

ACCOUNTS_PAYABLE_AND_ACCRUED_E2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	'	'
Accounts payable	$2,039	$1,011
Accrued vessel operating expenses	3,318	2,464
Accrued general and administrative expenses	173	307
Total	$5,530	$3,782

FIXED_ASSETS_Details

FIXED ASSETS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
FIXED ASSETS	'	'	'
Total cost	$123	'	$725
Less: accumulated depreciation	47	'	47
Total	76	'	678
Depreciation expense	5,103	3,643	'
Computer equipment	'	'	'
FIXED ASSETS	'	'	'
Total cost	54	'	43
Vessel equipment	'	'	'
FIXED ASSETS	'	'	'
Total cost	69	'	682
Property, plant, and equipment excluding vessels	'	'	'
FIXED ASSETS	'	'	'
Depreciation expense	$2	$3	'

REVENUE_FROM_TIME_CHARTERS_Det

REVENUE FROM TIME CHARTERS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
REVENUE FROM TIME CHARTERS	'	'
Total revenue earned on spot market-related time charters, short-term time charters and in vessel pools	$13,091	$5,986
Future minimum time charter revenue	'	'
Remainder of 2014	$793	'

NONVESTED_STOCK_AWARDS_Details

NONVESTED STOCK AWARDS (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 13, 2014	Mar. 12, 2014
NONVESTED STOCK AWARDS	'	'	'	'
Aggregate number of shares of common stock available for award	'	'	6,000,000	2,000,000
Number of Shares	'	'	'	'
Balance at the beginning of the period (in shares)	1,381,429	'	'	'
Vested (in shares)	-116,500	'	'	'
Balance at the end of the period (in shares)	1,264,929	'	'	'
Weighted Average Grant Date Price	'	'	'	'
Balance at the beginning of the period (in dollars per share)	$6.03	'	'	'
Vested (in dollars per share)	$14	'	'	'
Balance at the end of the period (in dollars per share)	$5.29	'	'	'
Additional disclosures	'	'	'	'
Total fair value of shares vested	$774	$454	'	'

NONVESTED_STOCK_AWARDS_Details1

NONVESTED STOCK AWARDS (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Unrecognized compensation cost of related to nonvested stock awards	'	'
Unrecognized compensation cost	$4,971	'
Weighted-average period for recognition of unrecognized compensation cost	'3 years 2 months 1 day	'
General, administrative and technical management fees	'	'
NONVESTED STOCK AWARDS	'	'
Recognized nonvested stock amortization expense	$963	$464

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (Termination of contract, Genco, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
	item
Termination of contract \| Genco	'
COMMITMENTS AND CONTINGENCIES	'
Maximum period for making termination payment in lump sum	'30 days
Maximum multiplier used to calculate termination payment	5
Maximum prior completed term of management considered for calculation of the termination payment	'5 years
Amount that would be owed to Genco if Management Agreement is terminated	$20,951

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	3 Months Ended		0 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	5-May-14
	Mar. 31, 2014	Mar. 31, 2013	Subsequent event
SUBSEQUENT EVENTS	'	'	'
Dividends declared per share (in dollars per share)	$0.03	$0.01	$0.01
Aggregate amount of the dividend	'	'	$576