Baltic Trading (BALT) 10-Q 8 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	8-May-15
Statement
Entity Registrant Name	Baltic Trading Ltd
Entity Central Index Key	1474042
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Common Stock Par Value
Statement
Entity Common Stock, Shares Outstanding		52,255,241
Class B Stock
Statement
Entity Common Stock, Shares Outstanding		6,356,471

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$15,051	$9,929
Due from charterers, net of a reserve of $15 and $42, respectively	2,517	3,948
Prepaid expenses and other current assets	5,760	5,506
Total current assets	23,328	19,383
Noncurrent assets:
Vessels, net of accumulated depreciation of $73,282 and $72,921, respectively	489,685	496,210
Deposits on vessels	17,862	23,733
Deferred drydock, net of accumulated amortization of $688 and $505, respectively	3,374	3,049
Fixed assets, net of accumulated depreciation of $73 and $66, respectively	113	120
Deferred financing costs, net of accumulated amortization of $561 and $295, respectively	6,063	6,078
Restricted Cash		19,645
Total noncurrent assets	517,097	548,835
Total assets	540,425	568,218
Current liabilities:
Accounts payable and accrued expenses	6,854	6,316
Deferred revenue	268	98
Due to Parent	1,512	147
Current portion of long-term debt	16,800	6,331
Total current liabilities	25,434	12,892
Noncurrent liabilities:
Long-term debt	191,663	190,444
Total noncurrent liabilities:	191,663	190,444
Total liabilities	217,097	203,336
Commitments and contingencies
Shareholders' equity:
Additional paid-in capital	413,587	412,771
Accumulated deficit	-90,846	-48,476
Total shareholders' equity	323,328	364,882
Total liabilities and shareholders' equity	540,425	568,218
Common Stock
Shareholders' equity:
Common stock	523	523
Class B Stock
Shareholders' equity:
Common stock	$64	$64

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
Due from charterers, reserve	$15	$42
Vessels, accumulated depreciation	73,282	72,921
Deferred drydock, accumulated amortization	688	505
Fixed assets, accumulated depreciation	73	66
Deferred financing costs, accumulated amortization	$561	$295
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)	52,255,241	52,255,241
Common stock, shares outstanding (in shares)	52,255,241	52,255,241
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, 2015	Mar. 31, 2014
Consolidated Statements of Operations
Revenues	$6,911	$13,091
Operating expenses:
Voyage expenses	452	420
Voyage expenses to Parent	87	168
Vessel operating expenses	6,587	6,551
General, administrative, and technical management fees	2,818	1,972
Management fees to Parent	1,012	878
Depreciation and amortization	5,631	5,103
Impairment of vessel assets	30,730
Total operating expenses	47,317	15,092
Operating loss	-40,406	-2,001
Other (expense) income:
Other income (expense)	10	-20
Interest income	8	10
Interest expense	-1,959	-1,510
Other expense, net	-1,941	-1,520
Loss before income taxes	-42,347	-3,521
Income tax expense	-23	-12
Net loss	($42,370)	($3,533)
Net loss per share of common and Class B Stock:
Net loss per share - Basic (in dollars per share)	($0.75)	($0.06)
Net loss per share - Diluted (in dollars per share)	($0.75)	($0.06)
Dividends declared and paid per share of common and Class B Stock (in dollars per share)		$0.03

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Shareholders' Equity (USD $)	Common Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Class B Stock	Total
In Thousands, unless otherwise specified	Common Stock Par Value	Class B Stock
Balance at Dec. 31, 2013	$512	$64	$412,736	($28,209)		$385,103
Increase (Decrease) in Shareholders' Equity
Net loss				-3,533	-400	-3,533
Cash dividends paid ($0.03 per share)			-1,726			-1,726
Nonvested stock amortization			963			963
Balance at Mar. 31, 2014	512	64	411,973	-31,742		380,807
Balance at Dec. 31, 2014	523	64	412,771	-48,476		364,882
Increase (Decrease) in Shareholders' Equity
Net loss				-42,370	-4,752	-42,370
Nonvested stock amortization			816			816
Balance at Mar. 31, 2015	$523	$64	$413,587	($90,846)		$323,328

Condensed_Consolidated_Stateme2

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

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($42,370)	($3,533)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	5,631	5,103
Amortization of deferred financing costs	266	188
Amortization of nonvested stock compensation expense	816	963
Impairment of vessel assets	30,730
Change in assets and liabilities:
Decrease in due from charterers	1,431	378
Increase in prepaid expenses and other current assets	-261	-2,124
Increase in accounts payable and accrued expenses	2,595	2,270
Increase (decrease) in due to Parent	1,088	-81
Increase (decrease) in deferred revenue	170	-68
Deferred drydock costs incurred	-508	-1,674
Net cash (used in) provided by operating activities	-412	1,422
Cash flows from investing activities:
Purchase of vessels, including deposits	-23,579	-17,161
Purchase of fixed assets		-12
Changes in deposits of restricted cash	19,645
Net cash used in investing activities	-3,934	-17,173
Cash flows from financing activities:
Cash dividends paid		-1,726
Payment of common stock issuance costs		-106
Payment of deferred financing costs	-2,220	-87
Net cash provided by (used in) financing activities	9,468	-2,981
Net increase (decrease) in cash and cash equivalents	5,122	-18,732
Cash and cash equivalents at beginning of period	9,929	58,193
Cash and cash equivalents at end of period	15,051	39,461
$148 Million Credit Facility
Cash flows from financing activities:
Proceeds from Credit Facility	115,000
2010 Credit Facility
Cash flows from financing activities:
Repayments on the Term Loan Facility	-102,250
$22 Million Term Loan Facility
Cash flows from financing activities:
Repayments on the Term Loan Facility	-375	-375
$44 Million Term Loan Facility
Cash flows from financing activities:
Repayments on the Term Loan Facility	($687)	($687)

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Aug. 30, 2013	Dec. 03, 2013
In Thousands, unless otherwise specified
$148 Million Credit Facility
Maximum borrowing capacity	$148,000	$148,000
$22 Million Term Loan Facility
Maximum borrowing capacity	22,000	22,000	22,000	22,000
$44 Million Term Loan Facility
Maximum borrowing capacity	$44,000	$44,000	$44,000		$44,000

GENERAL_INFORMATION

GENERAL INFORMATION	3 Months Ended
	Mar. 31, 2015
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, 2015, 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						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		63,574	October 29, 2014	2014
	Baltic Wasp Limited		Baltic Wasp		63,389	January 2, 2015	2015
	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 delivery 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, 2015 and December 31, 2014, Genco Shipping & Trading Limited’s (“Genco” or “Parent”) ownership of 6,356,471 shares of the Company’s Class B stock represented a 10.85% ownership interest in the Company and 64.60% of the aggregate voting power of the Company’s outstanding shares of voting stock.
	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. Subsequently, on July 2, 2014, the Bankruptcy Court entered an order (the “Confirmation Order”) which confirmed the First Amended Prepackaged Plan of Reorganization of the Debtors Pursuant to Chapter 11 of the Bankruptcy Code (the “Plan”). On July 9, 2014, the Debtors completed their financial restructuring and emerged from Chapter 11 through a series of transactions contemplated by the Plan, and the Plan became effective pursuant to its terms. 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.
	On April 7, 2015, the Company entered into a definitive merger agreement with Genco under which Genco will acquire the Company in a stock-for-stock transaction.  Under the terms of the agreement, the Company will become an indirect wholly-owned subsidiary of Genco, and the Company’s shareholders (other than Genco and its subsidiaries) will receive 0.216 shares of Genco common stock for each share of the Company’s common stock they own at closing, with fractional shares to be settled in cash.  Upon consummation of the transaction, Genco shareholders are expected to own approximately 84.5% of the combined company, and the Company’s shareholders (other than Genco and its subsidiaries) are expected to own approximately 15.5% of the combined company.  Shares of the Company’s Class B stock (all of which are owned by Genco) will be canceled in the merger.
	The Boards of Directors of both Genco and the Company established independent special committees to review the transaction and negotiate the terms on behalf of their respective companies.  Both independent special committees unanimously approved the transaction.  The Boards of Directors of both companies approved the merger by unanimous vote of directors present and voting, with Peter C. Georgiopoulos, Chairman of the Board of each company, recused for the vote.  Approval of the merger is subject to a vote of shareholders of both the Company and Genco.  The merger is also subject to consents under the Company’s existing credit facilities from its lenders.
	Additionally, on April 7, 2015, the Company entered into an agreement (the “Stock Purchase Agreement”) under which Genco  acquired all of the shares of two single-purpose entities that were wholly owned by the Company, each of which owns one Capesize drybulk vessel, for an aggregate purchase price of $68,500, subject to reduction for $40,563 of outstanding first-mortgage debt of such single-purpose entities that is to be guaranteed by Genco and an adjustment for the difference between such single-purpose entities’ current assets and total liabilities as of the closing date.  At March 31, 2015, the Company determined that the sale of the Baltic Lion and Baltic Tiger were more likely than not based on Baltic Trading’s expressed consideration to divest of those vessels to increase its liquidity position and strengthen its balance sheet.  Through the transactions, which closed on April 8, 2015, Genco acquired the vessels known as the Baltic Lion and the Baltic Tiger. The independent special committees of both companies’ Boards of Directors reviewed and approved this transaction.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2015
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, 2014, as amended (the “2014 10-K”).  The results of operations for the three month periods ended March 31, 2015 and 2014 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, 2015 and 2014 was $5,441 and $5,067, 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 cost of steel times the weight of the ship noted in lightweight tons (lwt). Effective July 9, 2014, upon Genco’s emergence from bankruptcy, the Company increased the estimated scrap value of the vessels from $245 per lwt to $310 per lwt prospectively based on the 15-year average scrap value of steel. The change in the estimated scrap value will result in a decrease in depreciation expense over the remaining life of the vessel assets. During the three months ended March 31, 2015, the increase in the estimated scrap value resulted in a decrease in depreciation expense of $142. The decrease in depreciation expense did not result in a change to the basic and diluted net loss per share during the three months ended March 31, 2015.
	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, 2015 and 2014, the Company had United States operations that resulted in United States source income of $587 and $284, respectively.  The Company’s estimated United States income tax expense for three months ended March 31, 2015 and 2014 was $23 and $12, respectively.
	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, 2015 and December 31, 2014, the Company had an accrual of $28 and $70, 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 of ($118) and ($28) during the three months ended March 31, 2015 and 2014, respectively.  Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreements.
	Impairment of vessel assets
	During the three months ended March 31, 2015, the Company recorded $30,730 related to the impairment of vessel assets in accordance with Accounting Standards Codification (“ASC”) 360 — “Property, Plant and Equipment” (“ASC 360”).  At March 31, 2015, the Company determined that the sale of the Baltic Lion and Baltic Tiger were more likely than not based on Baltic Trading’s expressed consideration to divest of those vessels to increase its liquidity position and strengthen our balance sheet.  Therefore, the time utilized to determine the recoverability of the carrying value of the vessel assets was significantly reduced, and after determining that the sum of the estimated undiscounted future cash flows attributable to the Baltic Lion and Baltic Tiger would not exceed the carrying value of the respective vessels, the Company reduced the carrying value of each vessel to its estimated fair value, which was determined primarily based on appraisals and third-party broker quotes.  Subsequent to March 31, 2015, the Baltic Lion and Baltic Tiger entities were sold to Genco.  Refer to Note 1 — General Information for details pertaining to the sale of these entities.

CASH_FLOW_INFORMATION

CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2015
CASH FLOW INFORMATION
CASH FLOW INFORMATION
	3 - CASH FLOW INFORMATION
	For the three months ended March 31, 2015, 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 $319 for the Purchase of vessels, including deposits.  For the three months ended March 31, 2015, 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 $221 for the Payment of deferred financing costs.  For the three months ended March 31, 2015, 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 $280 for the Purchase of vessels, including deposits.
	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 $213 for the Purchase of vessels, including deposits 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, including deposits.
	During the three months ended March 31, 2015, the Company made a reclassification of $9,208 from Deposits on vessels to Vessels, net of accumulated depreciation, due to the completion of the purchase of Baltic Wasp. No such reclassifications were made during the three months ended March 31, 2014.
	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, 2015 and 2014, cash paid for interest, net of amount capitalized, was $986 and $1,328, respectively.
	During the three months ended March 31, 2015 and 2014, there was no cash paid for estimated income taxes.

VESSEL_ACQUISITIONS

VESSEL ACQUISITIONS	3 Months Ended
	Mar. 31, 2015
VESSEL ACQUISITIONS
VESSEL ACQUISITIONS
	4 — VESSEL ACQUISITIONS
	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 first of these vessels, the Baltic Hornet, was delivered on October 29, 2014.  The Baltic Wasp was delivered on January 2, 2015.  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, 2015 and December 31, 2014, deposits on vessels were $17,862 and $23,733, 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 debt or equity financing, including the $148 Million Credit Facility as described in Note 7 — Debt, to fully finance the acquisition of the two Ultramax newbuilding drybulk vessels.  On December 30, 2014, the Company paid $19,645 for the final payment due for the Baltic Wasp which was classified as noncurrent Restricted Cash in the Condensed Consolidated Balance Sheet as of December 31, 2014 as the payment was held in an escrow account and was released to the seller when the vessel was delivered to the Company on January 2, 2015.
	Capitalized interest expense associated with newbuilding contracts for the three months ended March 31, 2015 and 2014 was $124 and $98, respectively.
	Refer to Note 1 — General Information for a listing of the vessel delivery dates for the vessels in the Company’s fleet and the estimated delivery dates for vessels that the Company has entered into agreements to purchase.

NET_LOSS_PER_COMMON_AND_CLASS_

NET LOSS PER COMMON AND CLASS B SHARE	3 Months Ended
	Mar. 31, 2015
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 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 1,941,844 nonvested shares outstanding at March 31, 2015 (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:
		For the Three Months Ended
		March 31,
		2015
		Common			Class B
	Basic net loss per share:
	Numerator:
	Allocation of loss	$	(37,618	)	$	(4,752	)
	Denominator:
	Weighted-average shares outstanding, basic	50,313,397			6,356,471
	Basic net loss per share	$	(0.75	)	$	(0.75	)
	Diluted net loss per share:
	Numerator:
	Allocation of loss	$	(37,618	)	$	(4,752	)
	Reallocation of undistributed loss as a result of conversion of Class B to common shares	(4,752		)	—
	Reallocation of dividends paid as a result of conversion of Class B to common shares	—			—
	Allocation of loss	$	(42,370	)	$	(4,752	)
	Denominator:
	Weighted-average shares outstanding used in basic computation	50,313,397			6,356,471
	Add:
	Conversion of Class B to common shares	6,356,471			—
	Weighted-average shares outstanding, diluted	56,669,868			6,356,471
	Diluted net loss per share	$	(0.75	)	$	(0.75	)
		For the 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	)

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2015
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, 2015 and 2014, the Company incurred legal services aggregating $7 and $3, respectively, from Constantine Georgiopoulos, the father of Peter C. Georgiopoulos, Chairman of the Board.  At March 31, 2015 and December 31, 2014, $1 and $8, 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, 2015 and 2014, Aegean supplied lubricating oils to the Company’s vessels aggregating $219 and $268, respectively.  At March 31, 2015 and December 31, 2014, $129 and $113 remained outstanding to Aegean, respectively.
	The Company receives internal audit services from an employee of Genco, the Company’s Parent.  For the three months ended March 31, 2015 and 2014, the Company incurred internal audit service fees of $8 and $7, 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, 2015 and December 31, 2014, the amount due to Genco from the Company was $32 and $23, respectively, for such services and is included in due to Parent.
	During the three months ended March 31, 2015, the Company incurred costs of $23 on Genco’s behalf which are to be reimbursed by Genco pursuant to the Management Agreement.  During the three months ended March 31, 2014, Genco incurred costs of $71 on the Company’s behalf to be reimbursed to Genco pursuant to the Management Agreement.  At March 31, 2015 and December 31, 2014, the amount due from Genco to the Company was $42 and $19, 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, 2015 and 2014, the Company incurred costs of $1,379 and $1,045, respectively, pursuant to the Management Agreement.  At March 31, 2015, the amount due to Genco of $1,522 consisted of commercial service fees, management fees and sales and purchase fees for the purchase of the Baltic Wasp and is included in Due to Parent.  At December 31, 2014, the amount due to Genco of $143 consisted of commercial service fees and is included in Due to Parent.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2015
DEBT
DEBT
	7 - DEBT
	Long-term debt consists of the following:
			March 31,			December 31,
			2015			2014
	2010 Credit Facility		$	—		$	102,250
	$148 Million Credit Facility		115,000			—
	$22 Million Term Loan Facility		19,750			20,125
	$44 Million Term Loan Facility		40,563			41,250
	2014 Term Loan Facilities		33,150			33,150
	Less: Current portion		(16,800		)	(6,331		)
	Long-term debt		$	191,663		$	190,444
	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.
	On December 31, 2014, the Company entered into the $148 Million Credit Facility, refer to “$148 Million Credit Facility” section below.  Borrowings under the $148 Million Credit Facility were used to refinance the Company’s indebtedness under the 2010 Credit Facility.  On January 7, 2015, the Company repaid the $102,250 outstanding under the 2010 Credit Facility with borrowings from the $148 Million Credit Facility.
	$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, 2015, the Company has utilized its maximum borrowing capacity of $22,000 and there was no further availability.  At March 31, 2015 and December 31, 2014, the total outstanding debt balance was $19,750 and $20,125, respectively, as required repayments began on December 4, 2013.
	As of March 31, 2015, 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 $19,750 at March 31, 2015 under the $22 Million Term Loan Facility:
	Period Ending December 31,		Total
	2015 (April 1, 2015 — December 31, 2015)		$	1,125
	2016		1,500
	2017		1,500
	2018		1,500
	2019		14,125
	Total debt		$	19,750
	$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, 2015, the Company has utilized its maximum borrowing capacity of $44,000 and there was no further availability.  At March 31, 2015 and December 31, 2014, the total outstanding debt balance was $40,563 and $41,250, respectively.
	As of March 31, 2015, 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 $40,563 at March 31, 2015 under the $44 Million Term Loan Facility:
	Period Ending December 31,		Total
	2015 (April 1, 2015 — December 31, 2015)		$	2,063
	2016		2,750
	2017		2,750
	2018		2,750
	2019		30,250
	Total debt		$	40,563
	On April 8, 2015, Genco acquired the entities owning the Baltic Lion and Baltic Tiger and succeeded the Company as the guarantor of the outstanding debt under the $44 Million Term Loan Facility.  Refer to Note 1 — General Information for further information regarding the sale of these entities to Genco.
	2014 Term Loan Facilities
	On October 8, 2014, the Company and its wholly-owned subsidiaries, Baltic Hornet Limited and Baltic Wasp Limited, each entered into a loan agreement and related documentation for a credit facility in a principal amount of up to $16,800 with ABN AMRO
	Capital USA LLC and its affiliates (the “2014 Term Loan Facilities”) to partially finance the newbuilding Ultramax vessel that each subsidiary is to acquire, namely the Baltic Hornet and Baltic Wasp, respectively. Amounts borrowed under the 2014 Term Loan Facilities may not be reborrowed. The 2014 Term Loan Facilities have a ten-year term and the facility amount is to be the lowest of 60% of the delivered cost per vessel, $16,800 per vessel, and 60% of the fair market value of each vessel at delivery. The 2014 Term
	Loan Facilities are to be insured by the China Export & Credit Insurance Corporation (Sinosure) in order to cover political and commercial risks for 95% of the outstanding principal plus interest, which will be recorded in deferred financing fees. Borrowings under the 2014 Term Loan Facilities bear interest at the three or six-month LIBOR rate plus an applicable margin of 2.50% per annum. Borrowings are to be repaid in 20 equal consecutive semi-annual installments of 1/24 of the facility amount plus a balloon payment of 1/6 of the facility amount at final maturity. Principal repayments will commence six months after the actual delivery date for a vessel.
	Borrowings under the 2014 Term Loan Facilities are to be secured by liens on the Company’s vessels acquired with borrowings under these facilities, namely the Baltic Hornet and Baltic Wasp, and other related assets. The Company is to guarantee the obligations of the Baltic Hornet and Baltic Wasp under the 2014 Term Loan Facilities.
	On October 24, 2014, the Company drew down $16,800 for the purchase of the Baltic Hornet, which was delivered on October 29, 2014.  Additionally, on December 30, 2014, the Company drew down $16,350 for the purchase of the Baltic Wasp, which was delivered on January 2, 2015.  As of March 31, 2015, the Company has utilized its maximum borrowing capacity and there was no further availability.  At March 31, 2015 and December 31, 2014, the total outstanding debt balance was $33,150 and $33,150, respectively.
	As of March 31, 2015, the Company believes it is in compliance with all of the financial covenants under the 2014 Term Loan Facilities.
	The following table sets forth the repayment of the outstanding debt of $33,150 at March 31, 2015 under the 2014 Term Loan Facilities:
	Year Ending December 31,		Total
	2015 (April 1, 2015 — December 31, 2015)		$	2,081
	2016		2,763
	2017		2,763
	2018		2,763
	2019		2,763
	Thereafter		20,017
	Total debt		$	33,150
	$148 Million Credit Facility
On December 31, 2014, the Company entered into a $148,000 senior secured credit facility with Nordea Bank Finland plc, New York Branch (“Nordea”), as Administrative and Security Agent, Nordea and Skandinaviska Enskilda Banken AB (Publ) (“SEB”), as Mandated Lead Arrangers, Nordea, as Bookrunner, and the lenders (including Nordea and SEB) party thereto (the “$148 Million Credit Facility”).  The $148 Million Credit Facility is comprised of an $115,000 revolving credit facility and $33,000 term loan facility.  Borrowings under the revolving credit facility were used to refinance the Company’s outstanding indebtedness under the 2010 Credit Facility.  Amounts borrowed under the revolving credit facility of the $148 Million Credit Facility may be re-borrowed.  Borrowings under the term loan facility of the $148 Million Credit Facility may be incurred pursuant to two single term loans in an amount of $16,500 each that will be used to finance, in part, the purchase of two newbuilding Ultramax vessels that the Company has agreed to acquire, namely the Baltic Scorpion and Baltic Mantis.  Amounts borrowed under the term loan facility of the $148 Million Credit Facility may not be re-borrowed.
The $148 Million Credit Facility has a maturity date of December 31, 2019.  Borrowings under this facility bear interest at LIBOR plus an applicable margin of 3.00% per annum.  A commitment fee of 1.2% per annum is payable on the unused daily portion of the $148 Million Credit Facility, which began accruing on December 31, 2014.  The commitment under the revolving credit facility of the $148 Million Credit Facility is subject to equal consecutive quarterly reductions of $2,447 each beginning June 30, 2015 through September 30, 2019.  Borrowings under the term loan facility of the $148 Million Term Loan Facility are subject to equal consecutive quarterly installment repayments commencing three months after delivery of the relevant newbuilding Ultramax vessel, each in the amount of 1/60 of the aggregate outstanding term loan.  All remaining amounts outstanding under the $148 Million Credit Facility must be repaid in full on the maturity date, December 31, 2019.
Borrowings under the $148 Million Credit Facility are to be secured by liens on nine of the Company’s existing vessels that have served as collateral under the 2010 Credit Facility, the two newbuilding Ultramax vessels noted above, and other related assets, including existing or future time charter contracts in excess of 36 months related to the foregoing vessels.
The $148 Million Credit Facility requires the Company to comply with a number of customary covenants substantially similar to those in the 2010 Credit Facility, including financial covenants related to liquidity, leverage, consolidated net worth and collateral maintenance.
As of March 31, 2015, $33,000 remained available under the $148 Million Credit Facility which represents the $33,000 term loan facility.
On January 7, 2015, the Company drew down $104,500 from the revolving credit facility of the $148 Million Credit Facility.  Using these borrowings, the Company repaid the $102,250 outstanding under the 2010 Credit Facility.  Additionally, on February 27, 2015, Baltic Trading drew down $10,500 from the revolving credit facility of the $148 Million Credit Facility.  Therefore, as of March 31, 2015, there was no remaining availability under the revolving credit facility of the $148 Million Credit Facility.
As of March 31, 2015, the Company believes it is in compliance with all of the financial covenants under the $148 Million Credit Facility.
The following table sets forth the repayment of the outstanding debt of $115,000 at March 31, 2015 under the $148 Million Credit Facility:
Period Ending December 31,		Total
2015 (April 1, 2015 — December 31, 2015)		$	7,341
2016		9,787
2017		9,787
2018		9,787
2019		78,298
Total debt		$	115,000
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 Compay’s $148 Million Credit Facility, $22 Million Term Loan Facility, $44 Million Term Loan Facility, and 2014 Term Loan Facilities, 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. The Prepack Plan did not result, and the Company does not expect the Prepack Plan to result, in a reduction of Genco’s ownership in Baltic Trading. As of the date of this report, no change of control under either of the foregoing tests has occurred. 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 have occurred 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 Genco’s voting securities or (ii) Genco’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 and the provisions of the Prepack Plan and the Confirmation Order. The Prepack Plan did not result in any changes to the Management Agreement, however, it is anticipated that the Management Agreement will be terminated following consummation of the transactions contemplated by the Company’s definitive merger agreement with Genco.
On April 7, 2015, the Company entered into a definitive merger agreement with Genco.  Refer to Note 1 — General Information.
Interest rates
The following table sets forth the effective interest rate associated with the interest expense for the 2010 Credit Facility, $148 Million Credit Facility, $22 Million Term Loan Facility, $44 Million Term Loan Facility and the 2014 Term Loan Facilities, 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,
		2015		2014
Effective Interest Rate (excluding impact of unused commitment fees)		3.28%		3.33%
Range of Interest Rates (excluding impact of unused commitment fees)		2.73% to 3.62%		3.15% to 3.60%

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2015
FAIR VALUE OF FINANCIAL INSTRUMENTS
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, 2015 and December 31, 2014 which are required to be disclosed at fair value, but not recorded at fair value, are as follows:
			March 31, 2015				December 31, 2014
			Carrying		Fair Value		Carrying		Fair Value
			Value				Value
	Cash and cash equivalents		$	15,051	$	15,051	$	9,929	$	9,929
	Restricted cash		—		—		19,645		19,645
	Floating rate debt		208,463		208,463		196,775		196,775
	The 2010 Credit Facility was refinanced by the $148 Million Credit Facility, which was entered into on December 31, 2014.  On January 7, 2015, the Company settled the outstanding debt under the 2010 Credit Facility with proceeds from the $148 Million Credit Facility, therefore Management believes the floating rate debt outstanding under the $148 Million Credit Facility and the 2010 Credit Facility as of March 31, 2015 and December 31, 2014, respectively, approximates its fair value as of those dates.  The fair value of floating rate debt under the $22 Million Term Loan Facility and the $44 Million Term Loan Facility is based on rates that the Company has recently obtained upon the effective dates of these facilities on August 30, 2013 and December 3, 2013, respectively. Lastly, the fair value of the floating rate debt outstanding under the 2014 Term Loan Facilities is based on rates that the Company has recently obtained upon the effective date of these facilities on October 8, 2014.  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, 2015 and December 31, 2014 (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 and restricted cash are considered Level 1 items as they represent 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, 2015 and December 31, 2014.

PREPAID_EXPENSES_AND_OTHER_CUR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2015
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,		December 31,
		2015		2014
	Lubricant inventory, fuel oil and diesel oil inventory and other stores	$	2,792	$	2,530
	Prepaid items	1,037		1,068
	Insurance receivable	227		217
	Other	1,704		1,691
	Total	$	5,760	$	5,506

DEFERRED_FINANCING_COSTS

DEFERRED FINANCING COSTS	3 Months Ended
	Mar. 31, 2015
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, 2015 and December 31, 2014, the Company had deferred financing fees associated with the $148 Million Credit Facility, the $22 Million Term Loan Facility, the $44 Million Term Loan Facility and the 2014 Term Loan Facilities.  Borrowings under the $148 Million Credit Facility were used to refinance the Company’s outstanding indebtedness under the 2010 Credit Facility.  As such, on December 31, 2014, the net unamortized deferred financing costs associated with the 2010 Credit Facility were being amortized over the life of the $148 Million Credit Facility.  (Refer to Note 7 — Debt)
	Total net deferred financing costs consist of the following as of March 31, 2015 and December 31, 2014:
		March 31,		December 31,
		2015		2014
	$148 Million Credit Facility	$	3,456	$	3,233
	$22 Million Term Loan Facility	544		529
	$44 Million Term Loan Facility	758		758
	2014 Term Loan Facilities	1,866		1,853
	Total deferred financing costs	6,624		6,373
	Less: accumulated amortization	561		295
	Total	$	6,063	$	6,078
	Amortization expense of deferred financing costs for the three months ended March 31, 2015 and 2014 was $266 and $188, respectively.

ACCOUNTS_PAYABLE_AND_ACCRUED_E

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2015
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,		December 31,
		2015		2014
	Accounts payable	$	2,274	$	3,366
	Accrued vessel operating expenses	2,777		2,395
	Accrued general and administrative expenses	1,803		555
	Total	$	6,854	$	6,316

FIXED_ASSETS

FIXED ASSETS	3 Months Ended
	Mar. 31, 2015
FIXED ASSETS
FIXED ASSETS
	12 - FIXED ASSETS
	Fixed assets consist of the following:
		March 31,		December 31,
		2015		2014
	Fixed assets, at cost:
	Computer equipment	$	54	$	54
	Vessel equipment	132		132
	Total cost	186		186
	Less: accumulated depreciation	73		66
	Total	$	113	$	120
	Depreciation expense for fixed assets for the three months ended March 31, 2015 and 2014 was $7 and $2, 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
	Mar. 31, 2015
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, 2015 and 2014 was $6,911 and $13,091, respectively.   Future minimum time charter revenue attributable to the Baltic Jaguar and Baltic Leopard, which are committed to noncancelable short-term time charters as of April 27, 2015, is expected to be $261 for the remainder of 2015. 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, short-term time charters and pool arrangements that the Company’s vessels were employed on as of March 31, 2015 have estimated expiration dates that range from May 2015 to April 2016.

NONVESTED_STOCK_AWARDS

NONVESTED STOCK AWARDS	3 Months Ended
	Mar. 31, 2015
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, 2015:
		Number of		Weighted
		Shares		Average Grant
				Date Price
	Outstanding at January 1, 2015	1,941,844		$	3.80
	Granted	—		—
	Vested	—		—
	Forfeited	—		—
	Outstanding at March 31, 2015	1,941,844		$	3.80
	The total fair value of shares that vested under the Plan during the three months ended March 31, 2015 and 2014 was $0 and $774, 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, 2015 and 2014, 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,
		2015			2014
	General, administrative and technical management fees	$	816		$	963
	The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures.  As of March 31, 2015, unrecognized compensation cost of $4,457 related to nonvested stock will be recognized over a weighted-average period of 3.03 years.

LEGAL_PROCEEDINGS

LEGAL PROCEEDINGS	3 Months Ended
	Mar. 31, 2015
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.
	In April 2015, six class action complaints were filed in the Supreme Court of the State of New York, County of New York, styled Erol Sarikaya v. Peter C. Georgiopoulos et al., Index No. 651244/2015, filed on April 15, 2015, voluntarily dismissed, and refiled as Joshua Bourne v. Peter C. Georgiopoulos et al., Index No. 651429/2015, filed on April 28, 2015, Justin Wilson v. Baltic Trading Ltd., et al., Index No. 651241/2015, filed on April 15, 2015, Sangeetha Ganesan v. Baltic Trading Limited et al., Index No. 651279/2015, filed on April 17, 2015, Edward Braunstein v. Peter C. Georgiopoulos et al., Index No. 651368/2015, filed on April 23, 2015, Larry Williams v. Baltic Trading Ltd., et al., Index No. 651371/2015, filed on April 23, 2015, and Larry Goldstein and Bernhard Stomporowski v. John C. Wobensmith et al., Index No. 651407/2015, filed on April 27, 2015. All six complaints purport to be brought by and on behalf of the Company’s shareholders. The plaintiff in each action alleges the proposed merger does not fairly compensate the Company’s shareholders and undervalues the Company. Each lawsuit names as defendants some or all of the Company, Genco, the individual members of the Company’s board, the Company’s and Genco’s President and Genco’s merger subsidiary. The claims generally allege (i) breaches of fiduciary duties of good faith, due care, disclosure to shareholders, and loyalty, including for failing to maximize shareholder value, and (ii) aiding and abetting those breaches. Among other relief, the complaints seek an injunction against the merger, declaratory judgments that the individual defendants breached fiduciary duties, rescission of the merger agreement, and unspecified damages. The Company does not believe that it is probable that the resolution of these matters will have a material financial reporting consequence.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
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, 2015, the termination payment that would be due to Genco is approximately $21,551. Refer to Note 6 — Related Party Transactions for any costs incurred during the three months ended March 31, 2015 and 2014 pursuant to the Management Agreement.
	On April 7, 2015, the company entered into a definitive merger agreement with Genco, refer to Note 1 — General Information for further information.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
	17 - SUBSEQUENT EVENTS
	On April 7, 2015, the Company entered into a definitive merger agreement with Genco under which Genco will acquire the Company in a stock-for-stock transaction.  Refer to Note 1 — General information for further information regarding this agreement.
	Additionally, on April 7, 2015, the Company entered into an agreement under which Genco acquired the Baltic Lion and Baltic Tiger entities.  This acquisition closed on April 8, 2015.  Refer to Note 1 — General information for further information regarding this agreement.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2015
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, 2014, as amended (the “2014 10-K”).  The results of operations for the three month periods ended March 31, 2015 and 2014 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, 2015 and 2014 was $5,441 and $5,067, 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 cost of steel times the weight of the ship noted in lightweight tons (lwt). Effective July 9, 2014, upon Genco’s emergence from bankruptcy, the Company increased the estimated scrap value of the vessels from $245 per lwt to $310 per lwt prospectively based on the 15-year average scrap value of steel. The change in the estimated scrap value will result in a decrease in depreciation expense over the remaining life of the vessel assets. During the three months ended March 31, 2015, the increase in the estimated scrap value resulted in a decrease in depreciation expense of $142. The decrease in depreciation expense did not result in a change to the basic and diluted net loss per share during the three months ended March 31, 2015.
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, 2015 and 2014, the Company had United States operations that resulted in United States source income of $587 and $284, respectively.  The Company’s estimated United States income tax expense for three months ended March 31, 2015 and 2014 was $23 and $12, respectively.
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, 2015 and December 31, 2014, the Company had an accrual of $28 and $70, 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 of ($118) and ($28) during the three months ended March 31, 2015 and 2014, respectively.  Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreements.
Impairment of vessel assets
	Impairment of vessel assets
	During the three months ended March 31, 2015, the Company recorded $30,730 related to the impairment of vessel assets in accordance with Accounting Standards Codification (“ASC”) 360 — “Property, Plant and Equipment” (“ASC 360”).  At March 31, 2015, the Company determined that the sale of the Baltic Lion and Baltic Tiger were more likely than not based on Baltic Trading’s expressed consideration to divest of those vessels to increase its liquidity position and strengthen our balance sheet.  Therefore, the time utilized to determine the recoverability of the carrying value of the vessel assets was significantly reduced, and after determining that the sum of the estimated undiscounted future cash flows attributable to the Baltic Lion and Baltic Tiger would not exceed the carrying value of the respective vessels, the Company reduced the carrying value of each vessel to its estimated fair value, which was determined primarily based on appraisals and third-party broker quotes.  Subsequent to March 31, 2015, the Baltic Lion and Baltic Tiger entities were sold to Genco.  Refer to Note 1 — General Information for details pertaining to the sale of these entities.

GENERAL_INFORMATION_Tables

GENERAL INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2015
GENERAL INFORMATION
Schedule of wholly owned ship-owning subsidiaries
	At March 31, 2015, 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						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		63,574	October 29, 2014	2014
	Baltic Wasp Limited		Baltic Wasp		63,389	January 2, 2015	2015
	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 delivery 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
	Mar. 31, 2015
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
		For the Three Months Ended
		March 31,
		2015
		Common			Class B
	Basic net loss per share:
	Numerator:
	Allocation of loss	$	(37,618	)	$	(4,752	)
	Denominator:
	Weighted-average shares outstanding, basic	50,313,397			6,356,471
	Basic net loss per share	$	(0.75	)	$	(0.75	)
	Diluted net loss per share:
	Numerator:
	Allocation of loss	$	(37,618	)	$	(4,752	)
	Reallocation of undistributed loss as a result of conversion of Class B to common shares	(4,752		)	—
	Reallocation of dividends paid as a result of conversion of Class B to common shares	—			—
	Allocation of loss	$	(42,370	)	$	(4,752	)
	Denominator:
	Weighted-average shares outstanding used in basic computation	50,313,397			6,356,471
	Add:
	Conversion of Class B to common shares	6,356,471			—
	Weighted-average shares outstanding, diluted	56,669,868			6,356,471
	Diluted net loss per share	$	(0.75	)	$	(0.75	)
		For the 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	)

DEBT_Tables

DEBT (Tables)	3 Months Ended
	Mar. 31, 2015
DEBT
Schedule of debt
		March 31,			December 31,
		2015			2014
	2010 Credit Facility	$	—		$	102,250
	$148 Million Credit Facility	115,000			—
	$22 Million Term Loan Facility	19,750			20,125
	$44 Million Term Loan Facility	40,563			41,250
	2014 Term Loan Facilities	33,150			33,150
	Less: Current portion	(16,800		)	(6,331		)
	Long-term debt	$	191,663		$	190,444
Schedule of effective interest rate and the range of interest rates on the debt
		Three Months Ended March 31,
		2015		2014
	Effective Interest Rate (excluding impact of unused commitment fees)	3.28%		3.33%
	Range of Interest Rates (excluding impact of unused commitment fees)	2.73% to 3.62%		3.15% to 3.60%
$22 Million Term Loan Facility
DEBT
Schedule of repayment of outstanding debt
	Period Ending December 31,	Total
	2015 (April 1, 2015 — December 31, 2015)	$	1,125
	2016	1,500
	2017	1,500
	2018	1,500
	2019	14,125
	Total debt	$	19,750
$44 Million Term Loan Facility
DEBT
Schedule of repayment of outstanding debt
	Period Ending December 31,	Total
	2015 (April 1, 2015 — December 31, 2015)	$	2,063
	2016	2,750
	2017	2,750
	2018	2,750
	2019	30,250
	Total debt	$	40,563
2014 Term Loan Facilities
DEBT
Schedule of repayment of outstanding debt
	Year Ending December 31,	Total
	2015 (April 1, 2015 — December 31, 2015)	$	2,081
	2016	2,763
	2017	2,763
	2018	2,763
	2019	2,763
	Thereafter	20,017
	Total debt	$	33,150
$148 Million Credit Facility
DEBT
Schedule of repayment of outstanding debt
	Period Ending December 31,	Total
	2015 (April 1, 2015 — December 31, 2015)	$	7,341
	2016	9,787
	2017	9,787
	2018	9,787
	2019	78,298
	Total debt	$	115,000

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of estimated fair and carrying values of financial instruments		March 31, 2015				December 31, 2014
		Carrying		Fair Value		Carrying		Fair Value
		Value				Value
	Cash and cash equivalents	$	15,051	$	15,051	$	9,929	$	9,929
	Restricted cash	—		—		19,645		19,645
	Floating rate debt	208,463		208,463		196,775		196,775

PREPAID_EXPENSES_AND_OTHER_CUR1

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2015
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Schedule of prepaid expenses and other current assets		March 31,		December 31,
		2015		2014
	Lubricant inventory, fuel oil and diesel oil inventory and other stores	$	2,792	$	2,530
	Prepaid items	1,037		1,068
	Insurance receivable	227		217
	Other	1,704		1,691
	Total	$	5,760	$	5,506

DEFERRED_FINANCING_COSTS_Table

DEFERRED FINANCING COSTS (Tables)	3 Months Ended
	Mar. 31, 2015
DEFERRED FINANCING COSTS
Schedule of deferred financing costs
		March 31,		December 31,
		2015		2014
	$148 Million Credit Facility	$	3,456	$	3,233
	$22 Million Term Loan Facility	544		529
	$44 Million Term Loan Facility	758		758
	2014 Term Loan Facilities	1,866		1,853
	Total deferred financing costs	6,624		6,373
	Less: accumulated amortization	561		295
	Total	$	6,063	$	6,078

ACCOUNTS_PAYABLE_AND_ACCRUED_E1

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2015
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses		March 31,		December 31,
		2015		2014
	Accounts payable	$	2,274	$	3,366
	Accrued vessel operating expenses	2,777		2,395
	Accrued general and administrative expenses	1,803		555
	Total	$	6,854	$	6,316

FIXED_ASSETS_Tables

FIXED ASSETS (Tables) (Detail of Fixed Assets, Excluding Vessels)	3 Months Ended
	Mar. 31, 2015
Detail of Fixed Assets, Excluding Vessels
FIXED ASSETS
Schedule of fixed assets		March 31,		December 31,
		2015		2014
	Fixed assets, at cost:
	Computer equipment	$	54	$	54
	Vessel equipment	132		132
	Total cost	186		186
	Less: accumulated depreciation	73		66
	Total	$	113	$	120

NONVESTED_STOCK_AWARDS_Tables

NONVESTED STOCK AWARDS (Tables)	3 Months Ended
	Mar. 31, 2015
NONVESTED STOCK AWARDS
Summary of restricted stock awards
		Number of		Weighted
		Shares		Average Grant
				Date Price
	Outstanding at January 1, 2015	1,941,844		$	3.80
	Granted	—		—
	Vested	—		—
	Forfeited	—		—
	Outstanding at March 31, 2015	1,941,844		$	3.80
Schedule of nonvested stock amortization expense
		Three Months Ended
		March 31,
		2015			2014
	General, administrative and technical management fees	$	816		$	963

GENERAL_INFORMATION_Details

GENERAL INFORMATION (Details)	Mar. 31, 2015
	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	63,574
Baltic Wasp | Baltic Wasp Limited
GENERAL INFORMATION
Capacity of vessels	63,389
Baltic Scorpion | Baltic Scorpion Limited
GENERAL INFORMATION
Capacity of vessels	64,000
Baltic Mantis | Baltic Mantis Limited
GENERAL INFORMATION
Capacity of vessels	64,000

GENERAL_INFORMATION_Details_2

GENERAL INFORMATION (Details 2) (USD $)	0 Months Ended	3 Months Ended	12 Months Ended
	Apr. 07, 2015	Mar. 31, 2015	Dec. 31, 2014
Subsequent event
NET LOSS PER COMMON AND CLASS B SHARE
Ownership interest held by shareholders (as a percent)	15.50%
Genco
NET LOSS PER COMMON AND CLASS B SHARE
Ownership interest held by parent (as a percent)		10.85%	10.85%
Aggregate voting power held (as a percent)		64.60%	64.60%
Genco | Subsequent event
NET LOSS PER COMMON AND CLASS B SHARE
Ownership interest held by parent (as a percent)	84.50%
Shares issued as purchase consideration	0.216
Genco | Single Purpose Entities | Subsequent event
NET LOSS PER COMMON AND CLASS B SHARE
Number of single purpose entities acquired	2
Number of vessels owned by each entity	1
Purchase price	68,500,000
First-mortgage debt assumed	40,563,000
Class B Stock
NET LOSS PER COMMON AND CLASS B SHARE
Common stock, shares issued (in shares)		6,356,471	6,356,471
Class B Stock | Genco
NET LOSS PER COMMON AND CLASS B SHARE
Common stock, shares issued (in shares)		6,356,471	6,356,471

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	0 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	Jul. 09, 2014	Mar. 31, 2015	Mar. 31, 2014
Vessels, net
Useful lives		25 years
Depreciation expense		$5,441	$5,067
Estimated scrap value (per lwt)	245	310
Estimated life of average scrap value of steel		15 years
Decrease in depreciation expense		$142

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Income taxes
Taxable income from United States operations	($42,347)	($3,521)
Estimated income tax expense from United States operations	23	12
Deferred revenue
Accrual related to estimated customer claims	28		70
Voyage expense recognition
Net losses on purchase and sale of bunker fuel	-118	-28
Impairment of long-lived assets
Impairment charges	30,730
United States
Income taxes
Taxable income from United States operations	587	284
Estimated income tax expense from United States operations	$23	$12

CASH_FLOW_INFORMATION_Details

CASH FLOW INFORMATION (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CASH FLOW INFORMATION
Cash paid for interest	$986	$1,328
Cash paid for estimated income taxes	0	0
Reclassification from deposits on vessels to vessels, net of accumulated depreciation	9,208	0
Reclassification from fixed assets to vessel assets		675
Accounts payable and accrued expenses
CASH FLOW INFORMATION
Purchase of vessels, including deposits	319	213
Purchase of fixed assets		63
Payment of deferred financing costs	221	4
Payment of common stock issuance costs		5
Due to Parent
CASH FLOW INFORMATION
Purchase of vessels, including deposits	$280	$20

VESSEL_ACQUISITIONS_Details

VESSEL ACQUISITIONS (Details) (USD $)	0 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	Dec. 30, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Nov. 13, 2013
					item
VESSEL ACQUISITIONS
Deposits on vessels		$17,862		$23,733
Baltic Wasp
VESSEL ACQUISITIONS
Final payment for vessel	19,645
Purchase agreement with Yangfan Group Co Ltd
VESSEL ACQUISITIONS
Number of vessels purchased					2
Capacity of vessels					64,000
Total purchase price per vessel					28,000
Deposits on vessels		17,862		23,733
Interest expense capitalized		124	98
Purchase agreement with Yangfan Group Co Ltd | Maximum
VESSEL ACQUISITIONS
Number of vessels committed to be acquired under purchase agreement					4
Number of vessels purchased under option to be acquired per purchase agreement					2
Total purchase price					112,000
$148 Million Credit Facility
VESSEL ACQUISITIONS
Maximum borrowing capacity		$148,000		$148,000

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, 2015	Mar. 31, 2014
Statement
Nonvested shares outstanding	1,941,844
Anti-dilutive shares	1,941,844
Numerator:
Allocation of loss	($42,370)	($3,533)
Denominator:
Basic net loss per share (in dollars per share)	($0.75)	($0.06)
Numerator:
Allocation of loss	-42,370	-3,533
Denominator:
Diluted net loss per share (in dollars per share)	($0.75)	($0.06)
Common Stock
Numerator:
Allocation of loss	-37,618	-3,133
Denominator:
Weighted-average shares outstanding, basic	50,313,397	49,809,473
Basic net loss per share (in dollars per share)	($0.75)	($0.06)
Numerator:
Allocation of loss	-37,618	-3,133
Reallocation of undistributed loss as a result of conversion of Class B to common shares	-4,752	-591
Reallocation of dividends paid as a result of conversion of Class B to common shares		191
Allocation of loss	-42,370	-3,533
Denominator:
Weighted-average shares outstanding used in basic computation	50,313,397	49,809,473
Conversion of Class B to common shares	6,356,471	6,356,471
Weighted-average shares outstanding, diluted	56,669,868	56,165,944
Diluted net loss per share (in dollars per share)	($0.75)	($0.06)
Class B Stock
Numerator:
Allocation of loss	-4,752	-400
Denominator:
Weighted-average shares outstanding, basic	6,356,471	6,356,471
Basic net loss per share (in dollars per share)	($0.75)	($0.06)
Numerator:
Allocation of loss	-4,752	-400
Allocation of loss	($4,752)	($400)
Denominator:
Weighted-average shares outstanding used in basic computation	6,356,471	6,356,471
Weighted-average shares outstanding, diluted	6,356,471	6,356,471
Diluted net loss per share (in dollars per share)	($0.75)	($0.06)

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Constantine Georgiopoulos
RELATED PARTY TRANSACTIONS
Amount due to the related party	$1		$8
Constantine Georgiopoulos | Legal services
RELATED PARTY TRANSACTIONS
Expenses incurred from transactions with related party	7	3
Aegean
RELATED PARTY TRANSACTIONS
Expenses incurred from transactions with related party	219	268
Amount due to the related party	129		113
Genco | Internal audit services
RELATED PARTY TRANSACTIONS
Expenses incurred from transactions with related party	8	7
Amount due to the related party	32		23
Genco | Reimbursable costs incurred
RELATED PARTY TRANSACTIONS
Expenses incurred from transactions with related party		71
Reimbursable expenses incurred on behalf of related party	23
Due from the related party	42		19
Genco | Commercial, technical, administrative and strategic services
RELATED PARTY TRANSACTIONS
Expenses incurred from transactions with related party	1,379	1,045
Amount due to the related party	1,522
Genco | Commercial service fees
RELATED PARTY TRANSACTIONS
Amount due to the related party			$143

DEBT_Details

DEBT (Details) (USD $)	3 Months Ended		0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Jan. 07, 2015	Aug. 29, 2013	Sep. 04, 2013	Aug. 30, 2013	Dec. 23, 2013	Dec. 03, 2013	Oct. 08, 2014	Oct. 24, 2014	Dec. 30, 2014	Dec. 31, 2014	Feb. 27, 2015	Sep. 04, 2013	Dec. 23, 2013	Nov. 30, 2010	Apr. 16, 2010
				item		installment		installment	installment			item
DEBT
Current portion of long-term debt	($16,800)											($6,331)
Long-term debt, excluding current maturities	191,663											190,444
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)	3.28%	3.33%
Range of Interest Rates, minimum (excluding impact of unused commitment fees) (as a percent)	2.73%	3.15%
Range of Interest Rates, maximum (excluding impact of unused commitment fees) (as a percent)	3.62%	3.60%
Change of Control
Beneficial ownership interest percentage (as a percent)	25.00%
2010 Credit Facility
DEBT
Line of Credit												102,250
Maximum borrowing capacity				110,000												150,000	100,000
Number of consecutive semi-annual reductions in total commitment				3
Amount of semi-annual reductions in maximum borrowing capacity through the maturity date				5,000
Payment of Credit Facility			102,250
Repayment of the outstanding debt
Total debt												102,250
2010 Credit Facility | Maximum
DEBT
Applicable margin over reference rate for condition two (as a percent)				3.35%
Ratio of maximum facility amount to aggregate appraised value of vessels mortgaged (as a percent)				55.00%
2010 Credit Facility | LIBOR
DEBT
Reference rate				LIBOR
Applicable margin over reference rate for condition one (as a percent)				3.00%
$22 Million Term Loan Facility
DEBT
Line of Credit	19,750											20,125
Maximum borrowing capacity	22,000	22,000				22,000						22,000
Commitment fee percentage						1.00%
Remaining borrowing capacity	0
Term of facilities					6 years
Period after latest vessel delivery date for first periodic repayment						3 months
Number of quarterly installments in which the credit facility is to be repaid						23
Amount of periodic payments						375
Final payment amount						13,375
Repayment of the outstanding debt
2015 (April 1, 2015 - December 31, 2015)	1,125
2016	1,500
2017	1,500
2018	1,500
2019	14,125
Total debt	19,750											20,125
$22 Million Term Loan Facility | LIBOR
DEBT
Reference rate						three-month LIBOR
Margin added to reference rate (as a percent)						3.35%
$44 Million Term Loan Facility
DEBT
Line of Credit	40,563											41,250
Maximum borrowing capacity	44,000	44,000						44,000				44,000
Commitment fee percentage								0.75%
Remaining borrowing capacity	0
Number of drawdowns during the period							2								2
Term of facilities							6 years
Period after latest vessel delivery date for first periodic repayment								3 months
Number of quarterly installments in which the credit facility is to be repaid								23
Amount of periodic payments								688
Final payment amount								28,188
Amount of prepayments to have liens released	18,000
Repayment of the outstanding debt
2015 (April 1, 2015 - December 31, 2015)	2,063
2016	2,750
2017	2,750
2018	2,750
2019	30,250
Total debt	40,563											41,250
$44 Million Term Loan Facility | LIBOR
DEBT
Reference rate								three-month LIBOR
Margin added to reference rate (as a percent)								3.35%
2014 Term Loan Facilities
DEBT
Line of Credit	33,150											33,150
Remaining borrowing capacity	0
Term of facilities									10 years
Maximum facility amount of delivered cost per vessel (as a percent)									60.00%
Maximum facility amount of delivered cost per vessel									16,800
Maximum facility amount of fair market value per vessel at delivery (as a percent)									60.00%
Percentage of outstanding principal plus interest insured									95.00%
Number of semi-annual installments in which the credit facility is to be repaid									20
Amount due per installment (as a percent)									4.16%
Balloon payment of facility amount due at maturity (as a percent)									16.67%
Repayment of the outstanding debt
2015 (April 1, 2015 - December 31, 2015)	2,081
2016	2,763
2017	2,763
2018	2,763
2019	2,763
Thereafter	20,017
Total debt	33,150											33,150
2014 Term Loan Facilities | Baltic Hornet
DEBT
Maximum borrowing capacity									16,800
Drawdowns during the period										16,800
Period after latest vessel delivery date for first periodic repayment									6 months
2014 Term Loan Facilities | Baltic Wasp
DEBT
Maximum borrowing capacity									16,800
Drawdowns during the period											16,350
Period after latest vessel delivery date for first periodic repayment									6 months
2014 Term Loan Facilities | LIBOR
DEBT
Reference rate									three or six-month LIBOR
Margin added to reference rate (as a percent)									2.50%
$148 Million Credit Facility
DEBT
Line of Credit	115,000
Maximum borrowing capacity	148,000											148,000
Commitment fee percentage												1.20%
Amount of Consecutive Quarterly Reductions in Maximum Borrowing Capacity												2,447
Period after latest vessel delivery date for first periodic repayment												3 months
Number of vessels mortgaged												9
Amount aggregate outstanding term loan due per installment (as a percent)												1.67%
Minimum period for future time charter contracts to be secured under lien												36 months
Repayment of the outstanding debt
2015 (April 1, 2015 - December 31, 2015)	7,341
2016	9,787
2017	9,787
2018	9,787
2019	78,298
Total debt	115,000
$148 Million Credit Facility | LIBOR
DEBT
Reference rate												LIBOR
Margin added to reference rate (as a percent)												3.00%
$115 Million Revolving Credit Facility
DEBT
Maximum borrowing capacity												115,000
Remaining borrowing capacity	0
Drawdowns during the period			104,500										10,500
$33 Million Term Loan Facility
DEBT
Maximum borrowing capacity	33,000											33,000
Remaining borrowing capacity	33,000
Number of single term loans												2
Number of vessels purchased by using term loan finance												2
$33 Million Term Loan Facility | Baltic Scorpion
DEBT
Maximum borrowing capacity												16,500
$33 Million Term Loan Facility | Baltic Mantis
DEBT
Maximum borrowing capacity												16,500
Baltic Hare Limited | $22 Million Term Loan Facility | Baltic Hare
DEBT
Drawdowns during the period														10,730
Baltic Fox Limited | $22 Million Term Loan Facility | Baltic Fox
DEBT
Drawdowns during the period														11,270
Baltic Tiger Limited | $44 Million Term Loan Facility | Baltic Tiger
DEBT
Drawdowns during the period															21,400
Baltic Lion Limited | $44 Million Term Loan Facility | Baltic Lion
DEBT
Drawdowns during the period															$22,600
Genco | Maximum
Change of Control
Percentage of ownership interest held by Parent	10.00%
Aggregate voting power held (as a percent)	30.00%
Genco | Minimum
Change of Control
Ownership interest held (as a percent)	30.00%

FAIR_VALUE_OF_FINANCIAL_INSTRU2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)	Dec. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Aug. 30, 2013	Dec. 03, 2013
In Thousands, unless otherwise specified
FAIR VALUE OF FINANCIAL INSTRUMENTS
Restricted Cash	$19,645
$22 Million Term Loan Facility
FAIR VALUE OF FINANCIAL INSTRUMENTS
Floating rate debt	20,125	19,750
Face amount of term loan facility	22,000	22,000	22,000	22,000
$44 Million Term Loan Facility
FAIR VALUE OF FINANCIAL INSTRUMENTS
Floating rate debt	41,250	40,563
Face amount of term loan facility	44,000	44,000	44,000		44,000
$148 Million Credit Facility
FAIR VALUE OF FINANCIAL INSTRUMENTS
Floating rate debt		115,000
Face amount of term loan facility	148,000	148,000
Carrying Value
FAIR VALUE OF FINANCIAL INSTRUMENTS
Cash and cash equivalents	9,929	15,051
Restricted Cash	19,645
Floating rate debt	196,775	208,463
Fair Value
FAIR VALUE OF FINANCIAL INSTRUMENTS
Cash and cash equivalents	9,929	15,051
Restricted Cash	19,645
Floating rate debt	$196,775	$208,463

PREPAID_EXPENSES_AND_OTHER_CUR2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Lubricant inventory, fuel oil and diesel oil inventory and other stores	$2,792	$2,530
Prepaid items	1,037	1,068
Insurance receivable	227	217
Other	1,704	1,691
Total	$5,760	$5,506

DEFERRED_FINANCING_COSTS_Detai

DEFERRED FINANCING COSTS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Aug. 30, 2013	Dec. 03, 2013
DEFERRED FINANCING COSTS
Total deferred financing costs	$6,624		$6,373
Less: accumulated amortization	561		295
Total	6,063		6,078
Amortization expense of deferred financing costs	266	188
$148 Million Credit Facility
DEFERRED FINANCING COSTS
Total deferred financing costs	3,456		3,233
Face amount of term loan facility	148,000		148,000
$22 Million Term Loan Facility
DEFERRED FINANCING COSTS
Total deferred financing costs	544		529
Face amount of term loan facility	22,000	22,000	22,000	22,000
$44 Million Term Loan Facility
DEFERRED FINANCING COSTS
Total deferred financing costs	758		758
Face amount of term loan facility	44,000	44,000	44,000		44,000
2014 Term Loan Facilities
DEFERRED FINANCING COSTS
Total deferred financing costs	$1,866		$1,853

ACCOUNTS_PAYABLE_AND_ACCRUED_E2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable	$2,274	$3,366
Accrued vessel operating expenses	2,777	2,395
Accrued general and administrative expenses	1,803	555
Total	$6,854	$6,316

FIXED_ASSETS_Details

FIXED ASSETS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
FIXED ASSETS
Total cost	$186		$186
Less: accumulated depreciation	73		66
Total	113		120
Depreciation expense	5,631	5,103
Computer equipment
FIXED ASSETS
Total cost	54		54
Vessel equipment
FIXED ASSETS
Total cost	132		132
Property, plant, and equipment excluding vessels
FIXED ASSETS
Depreciation expense	$7	$2

REVENUE_FROM_TIME_CHARTERS_Det

REVENUE FROM TIME CHARTERS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Apr. 27, 2015
REVENUE FROM TIME CHARTERS
Total revenue earned on spot market-related time charters, short-term time charters and in vessel pools	$6,911	$13,091
Future minimum time charter revenue
Remainder of 2015			$261

NONVESTED_STOCK_AWARDS_Details

NONVESTED STOCK AWARDS (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 13, 2014	Mar. 10, 2010
Number of Shares
Balance at the end of the period (in shares)	1,941,844
Baltic Trading Plan
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)	1,941,844
Balance at the end of the period (in shares)	1,941,844
Weighted Average Grant Date Price
Balance at the beginning of the period (in dollars per share)	$3.80
Balance at the end of the period (in dollars per share)	$3.80
Additional disclosures
Total fair value of shares vested	$0	$774

NONVESTED_STOCK_AWARDS_Details1

NONVESTED STOCK AWARDS (Details 2) (Baltic Trading Plan, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Unrecognized compensation cost of related to nonvested stock awards
Unrecognized compensation cost	$4,457
Weighted-average period for recognition of unrecognized compensation cost	3 years 11 days
General, administrative and technical management fees
Recognized nonvested stock amortization expense
Recognized nonvested stock amortization expense	$816	$963

LEGAL_PROCEEDINGS_Details

LEGAL PROCEEDINGS (Details)	1 Months Ended
	Apr. 30, 2015
	complaint
Loss Contingency, Quantities [Abstract]
Number of claims filed	6

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (Termination of contract, Genco, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
	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	$21,551