Baltic Trading (BALT) 10-Q 7 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 07, 2013	Nov. 07, 2013
		Common Stock [Member]	Class B Stock [Member]
Statement [Line Items]	'	'	'
Entity Registrant Name	'Baltic Trading Ltd	'	'
Entity Central Index Key	'0001474042	'	'
Document Type	'10-Q	'	'
Document Period End Date	30-Sep-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	37,579,896	6,103,471
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'Q3	'	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$61,917	$3,280
Due from charterers, net of a reserve of $70 and $154, respectively	3,967	945
Prepaid expenses and other current assets	3,316	2,892
Total current assets	69,200	7,117
Noncurrent assets:	'	'
Vessels, net of accumulated depreciation of $48,069 and $36,906, respectively	385,771	355,418
Fixed assets, net of accumulated depreciation of $44 and $36, respectively	195	12
Deferred financing costs, net of accumulated amortization of $1,615 and $1,204, respectively	2,231	1,823
Total noncurrent assets	388,197	357,253
Total assets	457,397	364,370
Current liabilities:	'	'
Accounts payable and accrued expenses	2,693	2,163
Deferred revenue	228	261
Due to Parent	102	34
Current portion of long-term debt	1,500	0
Total current liabilities	4,523	2,458
Noncurrent liabilities:	'	'
Long-term debt	122,750	101,250
Total noncurrent liabilities:	122,750	101,250
Total liabilities	127,273	103,708
Commitments and contingencies	'	'
Shareholders' equity:	'	'
Additional paid-in capital	358,483	277,249
Accumulated deficit	-28,796	-16,817
Total shareholders' equity	330,124	260,662
Total liabilities and shareholders' equity	457,397	364,370
Common Stock [Member]	'	'
Shareholders' equity:	'	'
Common stock	376	173
Class B Stock [Member]	'	'
Shareholders' equity:	'	'
Common stock	$61	$57

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified
Due from charterers, reserve	$70	$154
Vessels, accumulated depreciation	48,069	36,906
Fixed assets, accumulated depreciation	44	36
Deferred financing costs, accumulated amortization	$1,615	$1,204
Common Stock [Member]	'	'
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)	37,579,896	17,300,999
Common stock, shares outstanding (in shares)	37,579,896	17,300,999
Class B Stock [Member]	'	'
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)	6,103,471	5,699,088
Common stock, shares outstanding (in shares)	6,103,471	5,699,088

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Condensed Consolidated Statements of Operations (Unaudited) [Abstract]	'	'	'	'
Revenues	$9,102	$6,291	$21,467	$20,188
Operating expenses:	'	'	'	'
Voyage expenses	238	254	977	686
Voyage expenses to Parent	118	82	272	260
Vessel operating expenses	4,219	4,281	12,332	12,474
General, administrative, and technical management fees	1,144	1,069	3,619	3,525
Management fees to Parent	659	621	1,881	1,850
Depreciation	3,847	3,724	11,172	11,090
Total operating expenses	10,225	10,031	30,253	29,885
Operating loss	-1,123	-3,740	-8,786	-9,697
Other (expense) income:	'	'	'	'
Other expense	-12	-15	-8	-22
Interest income	5	1	8	4
Interest expense	-1,132	-1,064	-3,171	-3,201
Other expense, net	-1,139	-1,078	-3,171	-3,219
Loss before income taxes	-2,262	-4,818	-11,957	-12,916
Income tax expense	-8	-4	-22	-26
Net loss	($2,270)	($4,822)	($11,979)	($12,942)
Net loss per share of common and Class B Stock:	'	'	'	'
Net loss per share-basic (in dollars per share)	($0.08)	($0.22)	($0.46)	($0.58)
Net loss per share-diluted (in dollars per share)	($0.08)	($0.22)	($0.46)	($0.58)
Dividends declared per share of common and Class B Stock (in dollars per share)	$0.01	$0.05	$0.03	$0.23

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (USD $)	Additional Paid-In Capital [Member]	(Accumulated Deficit) Retained Earnings [Member]	Total	Common Stock Par Value [Member]	Common Stock Par Value [Member]	Common Stock Par Value [Member]	Class B Stock Par Value [Member]	Class B Stock Par Value [Member]	Class B Stock Par Value [Member]
In Thousands, unless otherwise specified				Common Stock [Member]	Additional Paid-In Capital [Member]		Common Stock [Member]	Additional Paid-In Capital [Member]
Balance at Dec. 31, 2011	$280,923	$453	$281,603	$170	'	'	$57	'	'
Increase (Decrease) in Shareholders' Equity	'	'	'	'	'	'	'	'	'
Net loss	'	-12,942	-12,942	'	'	'	'	'	'
Cash dividends paid	-5,221	'	-5,221	'	'	'	'	'	'
Issuance of nonvested common stock	0	'	0	0	'	'	'	'	'
Nonvested stock amortization	1,377	'	1,377	'	'	'	'	'	'
Balance at Sep. 30, 2012	277,079	-12,489	264,817	170	'	'	57	'	'
Balance at Dec. 31, 2012	277,249	-16,817	260,662	173	'	'	57	'	'
Increase (Decrease) in Shareholders' Equity	'	'	'	'	'	'	'	'	'
Net loss	'	-11,979	-11,979	'	'	'	'	'	'
Cash dividends paid	-756	'	-756	'	'	'	'	'	'
Issuance of stock	'	'	'	202	80,839	81,041	4	-4	0
Issuance of nonvested common stock	-1	'	0	1	'	'	'	'	'
Nonvested stock amortization	1,156	'	1,156	'	'	'	'	'	'
Balance at Sep. 30, 2013	$358,483	($28,796)	$330,124	$376	'	'	$61	'	'

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash dividends paid, per share (in dollars per share)	$0.03	$0.23
Common Stock Par Value [Member] | Common Stock [Member]	'	'
Issuance of stock (in shares)	20,219,217	'
Issuance of nonvested common stock (in shares)	59,680	12,500
Class B Stock Par Value [Member] | Common Stock [Member]	'	'
Issuance of stock (in shares)	404,383	'

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net loss	($11,979)	($12,942)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:	'	'
Depreciation	11,172	11,090
Amortization of deferred financing costs	411	350
Amortization of nonvested stock compensation expense	1,156	1,377
Change in assets and liabilities:	'	'
(Increase) decrease in due from charterers	-3,022	1,058
Increase in prepaid expenses and other current assets	-424	-708
Increase (decrease) in accounts payable and accrued expenses	25	-157
Increase (decrease) in due to Parent	32	-30
(Decrease) increase in deferred revenue	-33	149
Net cash (used in) provided by operating activities	-2,662	187
Cash flows from investing activities:	'	'
Purchase of vessels	-41,447	0
Purchase of fixed assets	-123	-5
Net cash used in investing activities	-41,570	-5
Cash flows from financing activities:	'	'
Proceeds from the 2010 Credit Facility	1,000	0
Proceeds from the 2013 Credit Facility	22,000	0
Proceeds from issuance of common stock	81,700	0
Payment of common stock issuance costs	-379	0
Payment of deferred financing costs	-696	0
Cash dividends paid	-756	-5,221
Net cash provided by (used in) financing activities	102,869	-5,221
Net increase (decrease) in cash and cash equivalents	58,637	-5,039
Cash and cash equivalents at beginning of period	3,280	8,300
Cash and cash equivalents at end of period	$61,917	$3,261

GENERAL_INFORMATION

GENERAL INFORMATION	9 Months Ended
	Sep. 30, 2013
GENERAL INFORMATION [Abstract]	'
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 September 30, 2013, 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	8-Apr-10	2009
	Baltic Panther Limited	Baltic Panther	53,351	29-Apr-10	2009
	Baltic Cougar Limited	Baltic Cougar	53,432	28-May-10	2009
	Baltic Jaguar Limited	Baltic Jaguar	53,474	14-May-10	2009
	Baltic Bear Limited	Baltic Bear	177,717	14-May-10	2010
	Baltic Wolf Limited	Baltic Wolf	177,752	14-Oct-10	2010
	Baltic Wind Limited	Baltic Wind	34,409	4-Aug-10	2009
	Baltic Cove Limited	Baltic Cove	34,403	23-Aug-10	2010
	Baltic Breeze Limited	Baltic Breeze	34,386	12-Oct-10	2010
	Baltic Fox Limited	Baltic Fox	31,883	6-Sep-13	2010
	Baltic Hare Limited	Baltic Hare	31,887	5-Sep-13	2009
	Baltic Lion Limited	Baltic Lion	179,185	Q4 2013 (1)	2012
	Baltic Tiger Limited	Baltic Tiger	179,185	Q4 2013 (1)	2011
	(1) Delivery dates for vessels being delivered in the future are estimates based on guidance received from the sellers.
	On May 28, 2013, the Company closed an equity offering of 6,419,217 shares of common stock at an offering price of $3.60 per share.  The Company received net proceeds of $21,560 after deducting underwriters’ fees and expenses.  On September 25, 2013, the Company closed an equity offering of 13,800,000 shares of common stock at an offering price of $4.60 per share.  The Company received net proceeds of $59,481 after deducting underwriters’ fees and expenses.  Pursuant to the subscription agreement between the Company and Genco, for so long as Genco directly or indirectly holds at least 10% of the aggregate number of outstanding shares of the Company’s common stock and Class B stock, Genco will be entitled to receive at no cost an additional number of shares of Class B stock equal to 2% of the number of common shares issued, other than shares issued under the Company’s 2010 Equity Incentive Plan.  As a result of the equity offerings on May 28, 2013 and September 25, 2013, Genco was issued 128,383 and 276,000 shares of Class B stock, respectively, which represents 2% of the number of common shares issued.
	As of September 30, 2013 and December 31, 2012, Genco Shipping & Trading Limited’s (“Genco” or “Parent”) ownership of 6,103,471 and 5,699,088 shares, respectively, of the Company’s Class B stock represented a 13.97% and 24.78% ownership interest in the Company, respectively, and 70.90% and 83.17% of the aggregate voting power of the Company’s outstanding shares of voting stock, respectively.   Pursuant to an amendment to Genco’s $1.4 billion credit facility entered into on August 1, 2012, all of the Company’s Class B stock is pledged as security for Genco’s obligations under such facility.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
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 includes 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, 2012 (the “2012 10-K”).  The results of operations for the three and nine month periods ended September 30, 2013 and 2012 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 September 30, 2013 and 2012 was $3,844 and $3,720, respectively.  Depreciation expense for vessels for the nine months ended September 30, 2013 and 2012 was $11,163 and $11,079, 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. Undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the estimated scrap value of $245/lwt multiplied by the weight of the ship in lightweight tons (lwt).
	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 September 30, 2013 and 2012, the Company had United States operations which resulted in United States source income of $420 and $200, respectively.  The Company’s estimated United States income tax expense for the three months ended September 30, 2013 and 2012 was $8 and $4, respectively.  Additionally, during the nine months ended September 30, 2013 and 2012, the Company had United States operations which resulted in United States source income of $1,059 and $1,321, respectively.  The Company’s estimated United States income tax expense for the nine months ended September 30, 2013 and 2012 was $22 and $26, 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 September 30, 2013 and December 31, 2012, the Company had an accrual of $72 and $7, respectively, related to these estimated customer claims.
	Voyage expense recognition
	In spot market-related time charters, 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 $87 and $119 during the three months ended September 30, 2013 and 2012, respectively, and $79 and $45 during the nine months ended September 30, 2013 and 2012, respectively.  Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

CASH_FLOW_INFORMATION

CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2013
CASH FLOW INFORMATION [Abstract]	'
CASH FLOW INFORMATION	'
	3 - CASH FLOW INFORMATION
	For the nine months ended September 30, 2013, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in accounts payable and accrued expenses of $69 for the purchase of vessels and $33 for the purchase of fixed assets.  For the nine months ended September 30, 2013, 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 $123 for the payment of deferred financing costs and $280 for the payment of common stock issuance costs. For the nine months ended September 30, 2013, 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 $36 for the purchase of fixed assets.
	For the nine months ended September 30, 2012, the Company did not have any non-cash investing or financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in accounts payable and accrued expenses.
	During the nine months ended September 30, 2013 and 2012, cash paid for interest was $2,700 and $2,843 respectively.
	During the nine months ended September 30, 2013 and 2012, cash paid for estimated income taxes was $22 and $22, respectively.
	On May 16, 2013, the Company made grants of nonvested common stock in the amount of 59,680 shares in the aggregate to directors of the Company.  The fair value of such nonvested stock was $225.
	On May 17, 2012, the Company made grants of nonvested common stock in the amount of 12,500 shares in the aggregate to directors of the Company.  The fair value of such nonvested stock was $48.  The shares vested on May 16, 2013.

VESSEL_ACQUISITIONS

VESSEL ACQUISITIONS	9 Months Ended
	Sep. 30, 2013
VESSEL ACQUISITIONS [Abstract]	'
VESSEL ACQUISITIONS	'
	4 - VESSEL ACQUISITIONS
	On July 2, 2013, the Company entered into agreements to purchase two Handysize drybulk vessels from subsidiaries of Clipper Group for an aggregate purchase price of $41,000.  The Baltic Hare, a 2009 built Handysize vessel, was delivered on September 5, 2013 and the Baltic Fox, a 2010 built Handysize vessel, was delivered on September 6, 2013.  The Company financed the vessel purchases with proceeds from its May 28, 2013 common stock offering and borrowings under its 2013 Credit Facility entered into on August 30, 2013.  Refer to Note 7 – Debt below for further information regarding the 2013 Credit Facility.
	Refer to Note 1 — General Information for a listing of the vessel delivery dates for the vessels in the Company’s fleet.  Additionally, refer to Note 17 – Subsequent Events regarding the agreements entered into by the Company on October 31, 2013 to purchase two additional Capesize drybulk vessels.

NET_LOSS_PER_COMMON_AND_CLASS_

NET LOSS PER COMMON AND CLASS B SHARE	9 Months Ended
	Sep. 30, 2013
NET LOSS PER COMMON AND CLASS B SHARE [Abstract]	'
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 the Accounting Standards Codification (“ASC”) 260 — “Earnings Per Share” (“ASC 260”), using the two-class method.  Under these provisions, basic net loss per share is computed using the weighted-average number of common shares and Class B shares outstanding during the year, except that it does not include nonvested stock awards subject to repurchase or cancellation.  Diluted net loss per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period.  Potential common shares consist of nonvested stock awards (see Note 14 — Nonvested Stock Awards) for the common shares, for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and not yet recognized using the treasury stock method, to the extent dilutive. Of the 557,429 nonvested shares outstanding at September 30, 2013 (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 September 30, 2013
		Common			Class B
	Basic net loss per share:
	Numerator:
	Allocation of loss	$	(1,827	)	$	(443	)
	Denominator:
	Weighted-average shares outstanding, basic		24,122,467			5,845,471
	Basic net loss per share	$	(0.08	)	$	(0.08	)
	Diluted net loss per share:
	Numerator:
	Allocation of loss	$	(1,827	)	$	(443	)
	Reallocation of undistributed loss as a result of conversion of Class B to common shares		(501	)		—
	Reallocation of dividends paid as a result of conversion of Class B to common shares		58			—
	Allocation of loss	$	(2,270	)	$	(443	)
	Denominator:
	Weighted-average shares outstanding used in basic computation		24,122,467			5,845,471
	Add:
	Conversion of Class B to common shares		5,845,471			—
	Weighted-average shares outstanding, diluted		29,967,938			5,845,471
	Diluted net loss per share	$	(0.08	)	$	(0.08	)
		For the Three Months
		Ended September 30, 2012
		Common			Class B
	Basic net loss per share:
	Numerator:
	Allocation of loss	$	(3,589	)	$	(1,233	)
	Denominator:
	Weighted-average shares outstanding, basic		16,584,250			5,699,088
	Basic net loss per share	$	(0.22	)	$	(0.22	)
	Diluted net loss per share:
	Numerator:
	Allocation of loss	$	(3,589	)	$	(1,233	)
	Reallocation of undistributed loss as a result of conversion of Class B to common shares		(1,518	)		—
	Reallocation of dividends paid as a result of conversion of Class B to common shares		285			—
	Allocation of loss	$	(4,822	)	$	(1,233	)
	Denominator:
	Weighted-average shares outstanding used in basic computation		16,584,250			5,699,088
	Add:
	Conversion of Class B to common shares		5,699,088			—
	Weighted-average shares outstanding, diluted		22,283,338			5,699,088
	Diluted net loss per share	$	(0.22	)	$	(0.22	)
		For the Nine Months
		Ended September 30, 2013
		Common			Class B
	Basic net loss per share:
	Numerator:
	Allocation of loss	$	(9,300	)	$	(2,679	)
	Denominator:
	Weighted-average shares outstanding, basic		20,013,385			5,764,408
	Basic net loss per share	$	(0.46	)	$	(0.46	)
	Diluted net loss per share:
	Numerator:
	Allocation of loss	$	(9,300	)	$	(2,679	)
	Reallocation of undistributed loss as a result of conversion of Class B to common shares		(2,851	)		—
	Reallocation of dividends paid as a result of conversion of Class B to common shares		172			—
	Allocation of loss	$	(11,979	)	$	(2,679	)
	Denominator:
	Weighted-average shares outstanding used in basic computation		20,013,385			5,764,408
	Add:
Conversion of Class B to common shares		5,764,408			—
Weighted-average shares outstanding, diluted		25,777,793			5,764,408
Diluted net loss per share	$	(0.46	)	$	(0.46	)
	For the Nine Months
	Ended September 30, 2012
	Common			Class B
Basic net loss per share:
Numerator:
Allocation of loss	$	(9,627	)	$	(3,315	)
Denominator:
Weighted-average shares outstanding, basic		16,546,536			5,699,088
Basic net loss per share	$	(0.58	)	$	(0.58	)
Diluted net loss per share:
Numerator:
Allocation of loss	$	(9,627	)	$	(3,315	)
Reallocation of undistributed loss as a result of conversion of Class B to common shares		(4,626	)		—
Reallocation of dividends paid as a result of conversion of Class B to common shares		1,311			—
Allocation of loss	$	(12,942	)	$	(3,315	)
Denominator:
Weighted-average shares outstanding used in basic computation		16,546,536			5,699,088
Add:
Conversion of Class B to common shares		5,699,088			—
Weighted-average shares outstanding, diluted		22,245,624			5,699,088
Diluted net loss per share	$	(0.58	)	$	(0.58	)

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2013
RELATED PARTY TRANSACTIONS [Abstract]	'
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 nine months ended September 30, 2013 and 2012, the Company incurred legal services aggregating $20 and $0, respectively, from Constantine Georgiopoulos, the father of Peter C. Georgiopoulos, Chairman of the Board. At September 30, 2013 and December 31, 2012, $20 and $0, 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 nine months ended September 30, 2013 and 2012, Aegean supplied lubricating oils to the Company’s vessels aggregating $323 and $458, respectively.  At September 30, 2013 and December 31, 2012, $35 and $83 remained outstanding to Aegean, respectively.
	During the nine months ended September 30, 2013 and 2012, the Company incurred other expenses totaling $0 and $1, respectively, reimbursable to General Maritime Corporation (“GMC”), where the Company’s Chairman, Peter C. Georgiopoulos, also serves as Chairman of the Board of GMC.  At September 30, 2013 and December 31, 2012, the amount due to GMC from the Company was $0.
	The Company receives internal audit services from employees of Genco, the Company’s Parent.  For the nine months ended September 30, 2013 and 2012, the Company incurred internal audit service fees of $23 and $30, 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 September 30, 2013 and December 31, 2012, the amount due to Genco from the Company was $7 and $18, respectively, for such services and is included in due to Parent.
	During the nine months ended September 30, 2013 and 2012, Genco, the Company’s parent, incurred costs of $106 and $22 on the Company’s behalf to be reimbursed to Genco pursuant to the Management Agreement.  At September 30, 2013, the amount due to Genco from the Company was $44.  At December 31, 2012, the amount due to the Company from Genco was $7 and was a reduction in due to Parent.
	Genco also provides the Company with commercial, technical, administrative and strategic services pursuant to the Management Agreement.  During the nine months ended September 30, 2013 and 2012, the Company incurred costs of $2,563 and $2,109 pursuant to the Management Agreement.  Of the total costs incurred during the nine months ended September 30, 2013, $410 was related to the 1% purchase fee and was capitalized as part of the vessel assets.  At September 30, 2013, the amount due to Genco of $51 consisted of commercial service fees and is included in due to Parent.  At December 31, 2012, the amount due to Genco of $23 consisted of commercial service fees and is included in due to Parent.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2013
DEBT [Abstract]	'
DEBT	'
	7 - DEBT
	2010 Credit Facility
	On April 16, 2010, the Company entered into a $100,000 senior secured revolving credit facility with Nordea Bank Finland plc, acting through its New York branch (as amended, the “2010 Credit Facility”).  An amendment to the 2010 Credit Facility was entered into by the Company effective November 30, 2010.  Among other things, this amendment increased the commitment amount of the 2010 Credit Facility from $100,000 to $150,000.  An additional amendment to the 2010 Credit Facility was entered into by the Company effective August 29, 2013 (the “August 2013 Amendment”).  Among other things, the August 2013 Amendment implemented 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 2013 Credit Facility (as defined below) have been incorporated into the 2010 Credit Facility.
	As of September 30, 2013, $7,750 remained available under the 2010 Credit Facility as the total commitment was reduced to $110,000 on August 29, 2013.  The total available working capital borrowings of $25,000 are subject to the total remaining availability under the 2010 Baltic Trading Credit Facility; therefore, only $7,750 is available for working capital purposes as of September 30, 2013.
	As of September 30, 2013, the Company believes it is in compliance with all of the financial covenants under the 2010 Credit Facility, as amended.
	The following table sets forth the repayment of the outstanding debt of $102,250 at September 30, 2013 under the 2010 Credit Facility:
	Period Ending December 31,		Total
	2013 (October 1, 2013 — December 31, 2013)		$	—
	2014			—
	2015			2,250
	2016			100,000
	Total debt		$	102,250
	2013 Credit 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 “2013 Credit Facility”).  Amounts borrowed and repaid under the 2013 Credit 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 2013 Credit Facility bear interest at the three-month LIBOR rate plus an applicable margin of 3.35% per annum.  A commitment fee of 1.00% 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.  Amounts repaid under the 2013 Credit Facility may not be reborrowed.
	Borrowings under the 2013 Credit 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 2013 Credit Facility, the Company agreed to guarantee the obligations of its subsidiaries under the 2013 Credit Facility.
	The 2013 Credit Facility also requires the Company, Baltic Hare Limited and Baltic Fox Limited to comply with a number of covenants, including financial covenants related to liquidity, leverage, consolidated net worth, and collateral maintenance; delivery of quarterly and annual financial statements and annual projections; maintaining adequate insurances; compliance with laws (including environmental); maintenance of flag and class of the initial vessels; restrictions on consolidations, mergers or sales of assets; limitations on changes in the manager of the Company’s  vessels; limitations on changes to the Management Agreement with Genco; limitations on liens and additional indebtedness; prohibitions on paying dividends if an event of default has occurred or would occur as a result of payment of a dividend; restrictions on transactions with affiliates; and other customary covenants. The liquidity covenants under the facility require Baltic Hare Limited and Baltic Fox Limited to maintain $500 in its earnings account and the Company to maintain $750 per vessel in its fleet in cash or cash equivalents plus undrawn working capital lines of credit. The facility’s leverage covenant requires that the ratio of Baltic Trading’s total financial indebtedness to the value of its total assets as adjusted based on vessel appraisals not exceed 70%. The facility also requires that the Company maintains a minimum consolidated net worth of $232,796 plus fifty percent of the value of the Company’s equity offering completed on or after May 28, 2013. The facility’s collateral maintenance covenant requires that the minimum fair market value of vessels mortgaged under the facility be 130% of the amount outstanding under the facility through August 30, 2016 and 135% of such amount thereafter.
	On September 4, 2013, the Company made two drawdowns of $10,730 and $11,270 for the Baltic Hare and the Baltic Fox, respectively.  As of September 30, 2013, the Company has utilized its maximum borrowing capacity of $22,000 and there was no further availability.
	As of September 30, 2013, the Company believes it is in compliance with all of the financial covenants under the 2013 Baltic Trading Credit Facility.
	The following table sets forth the repayment of the outstanding debt of $22,000 at September 30, 2013 under the 2013 Credit Facility:
	Period Ending December 31,		Total
	2013 (October 1, 2013 — December 31, 2013)		$	375
	2014			1,500
	2015			1,500
	2016			1,500
	2017			1,500
	Thereafter			15,625
	Total debt		$	22,000
	Interest rates
	The following table sets forth the effective interest rate associated with the interest expense for the 2010 Credit Facility and the 2013 Credit Facility, excluding the cost associated with unused commitment fees.  Additionally, it includes the range of interest rates on the debt, excluding the impact of unused commitment fees:
			For the Three Months Ended						For the Nine Months Ended
			September 30,						September 30,
			2013			2012			2013			2012
	Effective Interest Rate (excluding impact of unused commitment fees)			3.21	%		3.24	%		3.21	%		3.25	%
	Range of Interest Rates (excluding impact of unused commitment fees)		3.18% to 3.61%			3.22% to 3.25%			3.18% to 3.61%			3.22% to 3.30%

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2013
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]	'
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 September 30, 2013 and December 31, 2012 which are required to be disclosed at fair value, but not recorded at fair value, are as follows:
			30-Sep-13				31-Dec-12
			Carrying		Fair Value		Carrying		Fair Value
			Value				Value
	Cash and cash equivalents		$	61,917	$	61,917	$	3,280	$	3,280
	Floating rate debt			124,250		124,250		101,250		101,250
	The fair value of floating rate debt under the 2010 Credit Facility and the 2013 Credit Facility is based on rates that the Company has recently obtained pursuant to the amendment to the existing 2010 Credit Facility on August 29, 2013, as well as per the debt agreement for the 2013 Credit Facility that was effective on August 30, 2013.  Refer to Note 7 – Debt for further information.  Additionally, the Company considers its creditworthiness in determining the fair value of the floating rate debt under the revolving credit facility.  The carrying value approximates the fair market value for these floating rate loan.  The carrying amounts of the Company’s other financial instruments at September 30, 2013 and December 31, 2012 (principally Due from charterers and Accounts payable and accrued expenses) approximate fair values because of the relatively short maturity of these instruments.
	The Accounting Standards Codification Subtopic 820-10, “Fair Value Measurements & Disclosures” (“ASC 820-10”), applies to all assets and liabilities that are being measured and reported on a fair value basis.  This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values.  The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:
		·	Level 1—Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.
		·	Level 2—Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
		·	Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
	Cash and cash equivalents is considered a Level 1 item as it represents liquid assets with short-term maturities.  Floating rate debt is considered to be a Level 2 item as the Company considers the estimate of rates it could obtain for similar debt.  The Company did not have any Level 3 financial assets or liabilities during the nine months ended September 30, 2013 and 2012.

PREPAID_EXPENSES_AND_OTHER_CUR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 2013
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract]	'
PREPAID EXPENSES AND OTHER CURRENT ASSETS	'
	9 - PREPAID EXPENSES AND OTHER CURRENT ASSETS
	Prepaid expenses and other current assets consist of the following:
		September 30,		December 31,
		2013		2012
	Lubricant inventory, fuel oil and diesel oil inventory and other stores	$	1,643	$	1,767
	Prepaid items		1,054		861
	Insurance receivable		66		126
	Other		553		138
	Total	$	3,316	$	2,892

DEFERRED_FINANCING_COSTS

DEFERRED FINANCING COSTS	9 Months Ended
	Sep. 30, 2013
DEFERRED FINANCING COSTS [Abstract]	'
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.  Total net deferred financing costs consist of the following as of September 30, 2013 and December 31, 2012:
		September 30,		December 31,
		2013		2012
	2010 Credit Facility	$	3,339	$	3,027
	2013 Credit Facility		507		—
	Total deferred financing costs		3,846		3,027
	Less: accumulated amortization		1,615		1,204
	Total	$	2,231	$	1,823

ACCOUNTS_PAYABLE_AND_ACCRUED_E

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	9 Months Ended
	Sep. 30, 2013
ACCOUNTS PAYABLE AND ACCRUED EXPENSES [Abstract]	'
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	'
	11 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES
	Accounts payable and accrued expenses consist of the following:
		September 30,		December 31,
		2013		2012
	Accounts payable	$	460	$	430
	Accrued vessel operating expenses		1,813		1,622
	Accrued general and administrative expenses		420		111
	Total	$	2,693	$	2,163

FIXED_ASSETS

FIXED ASSETS	9 Months Ended
	Sep. 30, 2013
FIXED ASSETS [Abstract]	'
FIXED ASSETS	'
	12 - FIXED ASSETS
	Fixed assets consist of the following:
		September 30,		December 31,
		2013		2012
	Fixed assets, at cost:
	Computer equipment	$	43	$	43
	Vessel equipment		196		5
	Total cost		239		48
	Less: accumulated depreciation		44		36
	Total	$	195	$	12
	Depreciation expense for fixed assets for the three months ended September 30, 2013 and 2012 was $3 and $4, respectively.  Depreciation expense for fixed assets for the nine months ended September 30, 2013 and 2012 was $8 and $12, respectively.

REVENUE_FROM_SPOT_MARKETRELATE

REVENUE FROM SPOT MARKET-RELATED TIME CHARTERS	9 Months Ended
	Sep. 30, 2013
REVENUE FROM SPOT MARKET RELATED TIME CHARTERS [Abstract]	'
REVENUE FROM SPOT MARKET-RELATED TIME CHARTERS	'
	13 - REVENUE FROM SPOT MARKET-RELATED 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 bunker consumed during short-term time charters, during the three months ended September 30, 2013 and 2012 was $9,102 and $6,291, respectively, and for the nine months ended September 30, 2013 and 2012 was $21,467 and $20,188, respectively.  Future minimum time charter revenue attributable to the Baltic Wind, which is committed to a non-cancelable short-term time charter, is expected to be $351 for the remainder of 2013 and $201 during 2014.  Future minimum time charter revenue for the Company’s remaining vessels cannot be estimated as the vessels are currently on spot market-related time charters or in vessel pools, and future spot rates cannot be estimated.  The spot market-related time charters and pool arrangements that the Company’s vessels are currently employed on have estimated expiration dates that range from January 2014 to September 2015.

NONVESTED_STOCK_AWARDS

NONVESTED STOCK AWARDS	9 Months Ended
	Sep. 30, 2013
NONVESTED STOCK AWARDS [Abstract]	'
NONVESTED STOCK AWARDS	'
	14 - NONVESTED STOCK AWARDS
	The following table presents a summary of the Company’s nonvested stock awards for the nine months ended September 30, 2013:
		Number of			Weighted
		Shares			Average Grant
					Date Price
	Outstanding at January 1, 2013		664,249		$	7.7
	Granted		59,680			3.77
	Vested		(166,500	)		10.76
	Forfeited		—			—
	Outstanding at September 30, 2013		557,429		$	6.37
	The total fair value of shares that vested under the Plan during the nine months ended September 30, 2013 and 2012 was $643 and $505, 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 and nine months ended September 30, 2013 and 2012, the Company recognized nonvested stock amortization expense for the Plan, which is included in general, administrative and technical management fees, as follows:
		For the Three Months Ended					For the Nine Months Ended
		September 30,					September 30,
		2013			2012		2013		2012
	General, administrative and technical management fees	$	341		$	403	$	1,156	$	1,377
	The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures.  As of September 30, 2013, unrecognized future compensation cost of $964 related to nonvested stock will be recognized over a weighted-average period of 1.97 years.

LEGAL_PROCEEDINGS

LEGAL PROCEEDINGS	9 Months Ended
	Sep. 30, 2013
LEGAL PROCEEDINGS [Abstract]	'
LEGAL PROCEEDINGS	'
	15 - LEGAL PROCEEDINGS
	From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources.  The Company is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2013
COMMITMENTS AND CONTINGENCIES [Abstract]	'
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 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 September 30, 2013, the termination payment that would be due to Genco is approximately $19,816. Refer to Note 6 — Related Party Transactions for any costs incurred during the nine months ended September 30, 2013 and 2012 pursuant to the Management Agreement.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2013
SUBSEQUENT EVENTS [Abstract]	'
SUBSEQUENT EVENTS	'
	17 - SUBSEQUENT EVENTS
	On October 31, 2013, the Company declared a dividend of $0.02 per share to be paid on or about November 22, 2013 to shareholders of record as of November 18, 2013.  The aggregate amount of the dividend is expected to be approximately $874, which the Company anticipates will be funded from cash on hand at the time payment is to be made.
	On October 31, 2013, the Company entered into agreements to purchase a 2012 built 179,185 dwt Capesize drybulk vessel and a 2011 built 179,185 dwt Capesize drybulk vessel from affiliates of SK Shipping Co. Ltd. for an aggregate purchase price of $103,000.  These vessels are to be renamed the Baltic Lion and the Baltic Tiger, respectively.  The purchases are subject to completion of customary additional documentation and closing conditions.  The vessels are expected to be delivered to the Company by the end of the fourth quarter of 2013.  The Company plans to finance this acquisition in part through the proceeds from its common stock offering completed on September 25, 2013 and in part through commercial bank debt financing.  The Company is in negotiations to obtain a commitment for commercial bank financing from a global lending institution.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
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 includes 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, 2012 (the “2012 10-K”).  The results of operations for the three and nine month periods ended September 30, 2013 and 2012 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 September 30, 2013 and 2012 was $3,844 and $3,720, respectively.  Depreciation expense for vessels for the nine months ended September 30, 2013 and 2012 was $11,163 and $11,079, 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. Undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the estimated scrap value of $245/lwt multiplied by the weight of the ship in lightweight tons (lwt).
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 September 30, 2013 and 2012, the Company had United States operations which resulted in United States source income of $420 and $200, respectively.  The Company’s estimated United States income tax expense for the three months ended September 30, 2013 and 2012 was $8 and $4, respectively.  Additionally, during the nine months ended September 30, 2013 and 2012, the Company had United States operations which resulted in United States source income of $1,059 and $1,321, respectively.  The Company’s estimated United States income tax expense for the nine months ended September 30, 2013 and 2012 was $22 and $26, 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 September 30, 2013 and December 31, 2012, the Company had an accrual of $72 and $7, respectively, related to these estimated customer claims.
Voyage expense recognition	'
	Voyage expense recognition
	In spot market-related time charters, 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 $87 and $119 during the three months ended September 30, 2013 and 2012, respectively, and $79 and $45 during the nine months ended September 30, 2013 and 2012, respectively.  Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

GENERAL_INFORMATION_Tables

GENERAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2013
GENERAL INFORMATION [Abstract]	'
Schedule of wholly owned ship-owning subsidiaries	'
	At September 30, 2013, 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	8-Apr-10	2009
	Baltic Panther Limited	Baltic Panther	53,351	29-Apr-10	2009
	Baltic Cougar Limited	Baltic Cougar	53,432	28-May-10	2009
	Baltic Jaguar Limited	Baltic Jaguar	53,474	14-May-10	2009
	Baltic Bear Limited	Baltic Bear	177,717	14-May-10	2010
	Baltic Wolf Limited	Baltic Wolf	177,752	14-Oct-10	2010
	Baltic Wind Limited	Baltic Wind	34,409	4-Aug-10	2009
	Baltic Cove Limited	Baltic Cove	34,403	23-Aug-10	2010
	Baltic Breeze Limited	Baltic Breeze	34,386	12-Oct-10	2010
	Baltic Fox Limited	Baltic Fox	31,883	6-Sep-13	2010
	Baltic Hare Limited	Baltic Hare	31,887	5-Sep-13	2009
	Baltic Lion Limited	Baltic Lion	179,185	Q4 2013 (1)	2012
	Baltic Tiger Limited	Baltic Tiger	179,185	Q4 2013 (1)	2011
	(1) Delivery dates for vessels being delivered in the future are estimates based on guidance received from the sellers.

NET_LOSS_PER_COMMON_AND_CLASS_1

NET LOSS PER COMMON AND CLASS B SHARE (Tables)	9 Months Ended
	Sep. 30, 2013
NET LOSS PER COMMON AND CLASS B SHARE [Abstract]	'
Schedule of computation of basic and diluted net loss per share of common stock and Class B stock	'
	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 September 30, 2013
		Common			Class B
	Basic net loss per share:
	Numerator:
	Allocation of loss	$	(1,827	)	$	(443	)
	Denominator:
	Weighted-average shares outstanding, basic		24,122,467			5,845,471
	Basic net loss per share	$	(0.08	)	$	(0.08	)
	Diluted net loss per share:
	Numerator:
	Allocation of loss	$	(1,827	)	$	(443	)
	Reallocation of undistributed loss as a result of conversion of Class B to common shares		(501	)		—
	Reallocation of dividends paid as a result of conversion of Class B to common shares		58			—
	Allocation of loss	$	(2,270	)	$	(443	)
	Denominator:
	Weighted-average shares outstanding used in basic computation		24,122,467			5,845,471
	Add:
	Conversion of Class B to common shares		5,845,471			—
	Weighted-average shares outstanding, diluted		29,967,938			5,845,471
	Diluted net loss per share	$	(0.08	)	$	(0.08	)
		For the Three Months
		Ended September 30, 2012
		Common			Class B
	Basic net loss per share:
	Numerator:
	Allocation of loss	$	(3,589	)	$	(1,233	)
	Denominator:
	Weighted-average shares outstanding, basic		16,584,250			5,699,088
	Basic net loss per share	$	(0.22	)	$	(0.22	)
	Diluted net loss per share:
	Numerator:
	Allocation of loss	$	(3,589	)	$	(1,233	)
	Reallocation of undistributed loss as a result of conversion of Class B to common shares		(1,518	)		—
	Reallocation of dividends paid as a result of conversion of Class B to common shares		285			—
	Allocation of loss	$	(4,822	)	$	(1,233	)
	Denominator:
	Weighted-average shares outstanding used in basic computation		16,584,250			5,699,088
	Add:
	Conversion of Class B to common shares		5,699,088			—
	Weighted-average shares outstanding, diluted		22,283,338			5,699,088
	Diluted net loss per share	$	(0.22	)	$	(0.22	)
		For the Nine Months
		Ended September 30, 2013
		Common			Class B
	Basic net loss per share:
	Numerator:
	Allocation of loss	$	(9,300	)	$	(2,679	)
	Denominator:
	Weighted-average shares outstanding, basic		20,013,385			5,764,408
	Basic net loss per share	$	(0.46	)	$	(0.46	)
	Diluted net loss per share:
	Numerator:
	Allocation of loss	$	(9,300	)	$	(2,679	)
	Reallocation of undistributed loss as a result of conversion of Class B to common shares		(2,851	)		—
	Reallocation of dividends paid as a result of conversion of Class B to common shares		172			—
	Allocation of loss	$	(11,979	)	$	(2,679	)
	Denominator:
	Weighted-average shares outstanding used in basic computation		20,013,385			5,764,408
	Add:
	Conversion of Class B to common shares		5,764,408			—
	Weighted-average shares outstanding, diluted		25,777,793			5,764,408
Diluted net loss per share	$	(0.46	)	$	(0.46	)
	For the Nine Months
	Ended September 30, 2012
	Common			Class B
Basic net loss per share:
Numerator:
Allocation of loss	$	(9,627	)	$	(3,315	)
Denominator:
Weighted-average shares outstanding, basic		16,546,536			5,699,088
Basic net loss per share	$	(0.58	)	$	(0.58	)
Diluted net loss per share:
Numerator:
Allocation of loss	$	(9,627	)	$	(3,315	)
Reallocation of undistributed loss as a result of conversion of Class B to common shares		(4,626	)		—
Reallocation of dividends paid as a result of conversion of Class B to common shares		1,311			—
Allocation of loss	$	(12,942	)	$	(3,315	)
Denominator:
Weighted-average shares outstanding used in basic computation		16,546,536			5,699,088
Add:
Conversion of Class B to common shares		5,699,088			—
Weighted-average shares outstanding, diluted		22,245,624			5,699,088
Diluted net loss per share	$	(0.58	)	$	(0.58	)

DEBT_Tables

DEBT (Tables)	9 Months Ended
	Sep. 30, 2013
Line of Credit Facility [Line Items]	'
Schedule of effective interest rate and the range of interest rates on the debt	'
	The following table sets forth the effective interest rate associated with the interest expense for the 2010 Credit Facility and the 2013 Credit Facility, excluding the cost associated with unused commitment fees.  Additionally, it includes the range of interest rates on the debt, excluding the impact of unused commitment fees:
		For the Three Months Ended						For the Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
	Effective Interest Rate (excluding impact of unused commitment fees)		3.21	%		3.24	%		3.21	%		3.25	%
	Range of Interest Rates (excluding impact of unused commitment fees)	3.18% to 3.61%			3.22% to 3.25%			3.18% to 3.61%			3.22% to 3.30%
2010 Credit Facility [Member]	'
Line of Credit Facility [Line Items]	'
Schedule of repayment of outstanding debt	'
	The following table sets forth the repayment of the outstanding debt of $102,250 at September 30, 2013 under the 2010 Credit Facility:
	Period Ending December 31,	Total
	2013 (October 1, 2013 — December 31, 2013)	$	—
	2014		—
	2015		2,250
	2016		100,000
	Total debt	$	102,250
2013 Credit Facility [Member]	'
Line of Credit Facility [Line Items]	'
Schedule of repayment of outstanding debt	'
	The following table sets forth the repayment of the outstanding debt of $22,000 at September 30, 2013 under the 2013 Credit Facility:
	Period Ending December 31,	Total
	2013 (October 1, 2013 — December 31, 2013)	$	375
	2014		1,500
	2015		1,500
	2016		1,500
	2017		1,500
	Thereafter		15,625
	Total debt	$	22,000

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2013
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]	'
Schedule of estimated fair and carrying values of financial instruments	'
	The estimated fair values and carrying values of the Company’s financial instruments at September 30, 2013 and December 31, 2012 which are required to be disclosed at fair value, but not recorded at fair value, are as follows:
		30-Sep-13				31-Dec-12
		Carrying		Fair Value		Carrying		Fair Value
		Value				Value
	Cash and cash equivalents	$	61,917	$	61,917	$	3,280	$	3,280
	Floating rate debt		124,250		124,250		101,250		101,250

PREPAID_EXPENSES_AND_OTHER_CUR1

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2013
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract]	'
Schedule of prepaid expenses and other current assets	'
	Prepaid expenses and other current assets consist of the following:
		September 30,		December 31,
		2013		2012
	Lubricant inventory, fuel oil and diesel oil inventory and other stores	$	1,643	$	1,767
	Prepaid items		1,054		861
	Insurance receivable		66		126
	Other		553		138
	Total	$	3,316	$	2,892

DEFERRED_FINANCING_COSTS_Table

DEFERRED FINANCING COSTS (Tables)	9 Months Ended
	Sep. 30, 2013
DEFERRED FINANCING COSTS [Abstract]	'
Schedule of deferred financing costs	'
	Deferred financing costs include fees, commissions and legal expenses associated with securing loan facilities and amending existing loan facilities.  Total net deferred financing costs consist of the following as of September 30, 2013 and December 31, 2012:
		September 30,		December 31,
		2013		2012
	2010 Credit Facility	$	3,339	$	3,027
	2013 Credit Facility		507		—
	Total deferred financing costs		3,846		3,027
	Less: accumulated amortization		1,615		1,204
	Total	$	2,231	$	1,823

ACCOUNTS_PAYABLE_AND_ACCRUED_E1

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2013
ACCOUNTS PAYABLE AND ACCRUED EXPENSES [Abstract]	'
Schedule of accounts payable and accrued expenses	'
	Accounts payable and accrued expenses consist of the following:
		September 30,		December 31,
		2013		2012
	Accounts payable	$	460	$	430
	Accrued vessel operating expenses		1,813		1,622
	Accrued general and administrative expenses		420		111
	Total	$	2,693	$	2,163

FIXED_ASSETS_Tables

FIXED ASSETS (Tables)	9 Months Ended
	Sep. 30, 2013
FIXED ASSETS [Abstract]	'
Schedule of fixed assets	'
	Fixed assets consist of the following:
		September 30,		December 31,
		2013		2012
	Fixed assets, at cost:
	Computer equipment	$	43	$	43
	Vessel equipment		196		5
	Total cost		239		48
	Less: accumulated depreciation		44		36
	Total	$	195	$	12

NONVESTED_STOCK_AWARDS_Tables

NONVESTED STOCK AWARDS (Tables)	9 Months Ended
	Sep. 30, 2013
NONVESTED STOCK AWARDS [Abstract]	'
Summary of nonvested stock awards	'
	The following table presents a summary of the Company’s nonvested stock awards for the nine months ended September 30, 2013:
		Number of			Weighted
		Shares			Average Grant
					Date Price
	Outstanding at January 1, 2013		664,249		$	7.7
	Granted		59,680			3.77
	Vested		(166,500	)		10.76
	Forfeited		—			—
	Outstanding at September 30, 2013		557,429		$	6.37
Schedule of nonvested stock amortization expense	'
	For the three and nine months ended September 30, 2013 and 2012, the Company recognized nonvested stock amortization expense for the Plan, which is included in general, administrative and technical management fees, as follows:
		For the Three Months Ended					For the Nine Months Ended
		September 30,					September 30,
		2013			2012		2013		2012
	General, administrative and technical management fees	$	341		$	403	$	1,156	$	1,377

GENERAL_INFORMATION_Details

GENERAL INFORMATION (Details) (USD $)

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

In Thousands, except Share data, unless otherwise specified

Sep. 25, 2013

28-May-13

Aug. 31, 2013

Nov. 30, 2010

Apr. 16, 2010

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 25, 2013

28-May-13

Sep. 30, 2013

Dec. 31, 2012

Aug. 01, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Credit Facility [Member]

Credit Facility [Member]

Credit Facility [Member]

Genco [Member]

Genco [Member]

Genco [Member]

Class B Stock Par Value [Member]

Class B Stock Par Value [Member]

Class B Stock Par Value [Member]

Class B Stock Par Value [Member]

Class B Stock Par Value [Member]

Class B Stock Par Value [Member]

Baltic Leopard [Member]

Baltic Panther [Member]

Baltic Cougar [Member]

Baltic Jaguar [Member]

Baltic Bear [Member]

Baltic Wolf [Member]

Baltic Wind [Member]

Baltic Cove [Member]

Baltic Breeze [Member]

Baltic Fox [Member]

Baltic Hare [Member]

Baltic Lion [Member]

Baltic Tiger [Member]

Minimum [Member]

Genco [Member]

Genco [Member]

Genco [Member]

Genco [Member]

Genco [Member]

Baltic Leopard Limited [Member]

Baltic Panther Limited [Member]

Baltic Cougar Limited [Member]

Baltic Jaguar Limited [Member]

Baltic Bear Limited [Member]

Baltic Wolf Limited [Member]

Baltic Wind Limited [Member]

Baltic Cove Limited [Member]

Baltic Breeze Limited [Member]

Baltic Fox Limited [Member]

Baltic Hare Limited [Member]

Baltic Lion Limited [Member]

Baltic Tiger Limited [Member]

Amended Credit Facility [Member]

t

t

t

t

t

t

t

t

t

t

t

t

t

Vessels [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capacity of vessels (in dwt)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

53,447

53,351

53,432

53,474

177,717

177,752

34,409

34,403

34,386

31,883

31,887

179,185

[1]

179,185

[1]

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common shares (in shares)

13,800,000

6,419,217

'

'

'

'

'

'

'

276,000

128,383

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Offering price (in dollars per share)

$4.60

$3.60

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds after deducting underwriters' fees and expenses

$59,481

$21,560

'

'

'

'

'

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interest held (in hundredths)

'

'

'

'

'

13.97%

24.78%

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cost of investment

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of additional shares to be received (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares held by parent (in shares)

'

'

'

'

'

'

'

'

'

'

'

6,103,471

5,699,088

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate voting power held (in hundredths)

'

'

'

'

'

70.90%

83.17%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

$110,000

$150,000

$100,000

'

'

'

'

'

'

'

'

$1,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Delivery dates for vessels being delivered in the future are estimates based on guidance received from the sellers.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Vessels, Net [Abstract]	'	'	'	'	'
Useful lives	'	'	'25 years	'	'
Depreciation expense	$3,844	$3,720	$11,163	$11,079	'
Estimated scrap value (per lwt)	'	'	245	'	'
Income Taxes [Line Items]	'	'	'	'	'
Taxable income	-2,262	-4,818	-11,957	-12,916	'
Estimated income tax expense	8	4	22	26	'
Deferred Revenue [Abstract]	'	'	'	'	'
Accrual related to estimated customer claims	72	'	72	'	7
Voyage Expense Recognition [Abstract]	'	'	'	'	'
Net losses on purchase and sale of bunker fuel	-87	-119	-79	-45	'
United States [Member]	'	'	'	'	'
Income Taxes [Line Items]	'	'	'	'	'
Taxable income	420	200	1,059	1,321	'
Estimated income tax expense	$8	$4	$22	$26	'

CASH_FLOW_INFORMATION_Details

CASH FLOW INFORMATION (Details) (USD $)	9 Months Ended		0 Months Ended	1 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	16-May-13	17-May-12
			Directors [Member]	Directors [Member]
Supplemental cash flow information [Line Items]	'	'	'	'
Purchase of vessels included in accounts payable and accrued expenses	$69	'	'	'
Purchase of fixed assets included in accounts payable and accrued expenses	33	'	'	'
Due to parent for the purchase of fixed assets	36	'	'	'
Deferred financing cost included in non cash activities	123	'	'	'
Stock issuance costs incurred in non cash activities	280	'	'	'
Cash paid for interest	2,700	2,843	'	'
Cash paid for estimated income taxes	22	22	'	'
Nonvested common stock granted (in shares)	59,680	'	59,680	12,500
Fair value of nonvested stock	'	'	$225	$48

VESSEL_ACQUISITIONS_Details

VESSEL ACQUISITIONS (Details) (USD $)	Jul. 02, 2013	Oct. 31, 2013
In Thousands, unless otherwise specified	Handysize Drybulk Vessels [Member]	Capesize Drybulk Vessels [Member]
	Vessel	Vessel
VESSEL ACQUISITIONS [Line Items]	'	'
Number of vessels purchased	2	2
Aggregate purchase price	$41,000	'

NET_LOSS_PER_COMMON_AND_CLASS_2

NET LOSS PER COMMON AND CLASS B SHARE (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Class of Stock [Line Items]	'	'	'	'	'
Nonvested shares outstanding (in shares)	557,429	'	557,429	'	664,249
Anti-dilutive shares (in shares)	'	'	557,429	'	'
Denominator:	'	'	'	'	'
Basic net loss per share (in dollars per share)	($0.08)	($0.22)	($0.46)	($0.58)	'
Denominator:	'	'	'	'	'
Diluted net loss per share (in dollars per share)	($0.08)	($0.22)	($0.46)	($0.58)	'
Common Stock [Member]	'	'	'	'	'
Numerator:	'	'	'	'	'
Allocation of loss	($1,827)	($3,589)	($9,300)	($9,627)	'
Denominator:	'	'	'	'	'
Weighted-average shares outstanding, basic (in shares)	24,122,467	16,584,250	20,013,385	16,546,536	'
Basic net loss per share (in dollars per share)	($0.08)	($0.22)	($0.46)	($0.58)	'
Numerator:	'	'	'	'	'
Allocation of loss	-1,827	-3,589	-9,300	-9,627	'
Reallocation of undistributed loss as a result of conversion of Class B to common shares	-501	-1,518	-2,851	-4,626	'
Reallocation of dividends paid as a result of conversion of Class B to common shares	58	285	172	1,311	'
Allocation of loss	-2,270	-4,822	-11,979	-12,942	'
Denominator:	'	'	'	'	'
Weighted-average shares outstanding, basic (in shares)	24,122,467	16,584,250	20,013,385	16,546,536	'
Conversion of Class B to common shares (in shares)	5,845,471	5,699,088	5,764,408	5,699,088	'
Weighted-average shares outstanding, diluted (in shares)	29,967,938	22,283,338	25,777,793	22,245,624	'
Diluted net loss per share (in dollars per share)	($0.08)	($0.22)	($0.46)	($0.58)	'
Class B Stock [Member]	'	'	'	'	'
Numerator:	'	'	'	'	'
Allocation of loss	-443	-1,233	-2,679	-3,315	'
Denominator:	'	'	'	'	'
Weighted-average shares outstanding, basic (in shares)	5,845,471	5,699,088	5,764,408	5,699,088	'
Basic net loss per share (in dollars per share)	($0.08)	($0.22)	($0.46)	($0.58)	'
Numerator:	'	'	'	'	'
Allocation of loss	-443	-1,233	-2,679	-3,315	'
Reallocation of undistributed loss as a result of conversion of Class B to common shares	0	0	0	0	'
Reallocation of dividends paid as a result of conversion of Class B to common shares	0	0	0	0	'
Allocation of loss	($443)	($1,233)	($2,679)	($3,315)	'
Denominator:	'	'	'	'	'
Weighted-average shares outstanding, basic (in shares)	5,845,471	5,699,088	5,764,408	5,699,088	'
Conversion of Class B to common shares (in shares)	0	0	0	0	'
Weighted-average shares outstanding, diluted (in shares)	5,845,471	5,699,088	5,764,408	5,699,088	'
Diluted net loss per share (in dollars per share)	($0.08)	($0.22)	($0.46)	($0.58)	'

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Constantine Georgiopoulos [Member]	'	'	'
RELATED PARTY TRANSACTIONS [Line Items]	'	'	'
Amount due to the related party	$20	'	$0
Constantine Georgiopoulos [Member] | Legal Service [Member]	'	'	'
RELATED PARTY TRANSACTIONS [Line Items]	'	'	'
Expenses incurred from transactions with related party	20	0	'
Aegean Marine Petroleum Network Inc. [Member]	'	'	'
RELATED PARTY TRANSACTIONS [Line Items]	'	'	'
Expenses incurred from transactions with related party	323	458	'
Amount due to the related party	35	'	83
General Maritime Corporation [Member]	'	'	'
RELATED PARTY TRANSACTIONS [Line Items]	'	'	'
Expenses incurred from transactions with related party	0	1	'
Amount due to the related party	0	'	0
Genco [Member] | Internal Audit Services [Member]	'	'	'
RELATED PARTY TRANSACTIONS [Line Items]	'	'	'
Expenses incurred from transactions with related party	23	30	'
Amount due to the related party	7	'	18
Genco [Member] | Reimbursable Expense [Member]	'	'	'
RELATED PARTY TRANSACTIONS [Line Items]	'	'	'
Expenses incurred from transactions with related party	106	22	'
Amount due to the related party	44	'	'
Amount due to the entity from a related party	'	'	7
Genco [Member] | Commercial Technical Administrative and Strategic Services [Member]	'	'	'
RELATED PARTY TRANSACTIONS [Line Items]	'	'	'
Expenses incurred from transactions with related party	2,563	2,109	'
Genco [Member] | Commercial Service Fees [Member]	'	'	'
RELATED PARTY TRANSACTIONS [Line Items]	'	'	'
Amount due to the related party	51	'	23
Genco [Member] | Purchase Fee [Member]	'	'	'
RELATED PARTY TRANSACTIONS [Line Items]	'	'	'
Expenses incurred from transactions with related party	'	$410	'
Purchase fee (in hundredths)	1.00%	'	'

DEBT_Details

DEBT (Details) (USD $)

9 Months Ended

1 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Aug. 31, 2013

Sep. 30, 2013

Nov. 30, 2010

Apr. 16, 2010

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Aug. 31, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

2010 Credit Facility [Member]

2010 Credit Facility [Member]

2010 Credit Facility [Member]

2010 Credit Facility [Member]

2010 Credit Facility [Member]

2010 Credit Facility [Member]

2013 Credit Facility [Member]

2013 Credit Facility [Member]

2010 and 2013 Credit Facility [Member]

2010 and 2013 Credit Facility [Member]

2010 and 2013 Credit Facility [Member]

2010 and 2013 Credit Facility [Member]

Reduction

Baltic Hare [Member]

Baltic Fox [Member]

Installment

Draw

Line of Credit Facility [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

'

$110,000

'

$150,000

$100,000

'

'

$22,000

$22,000

'

'

'

'

Remaining borrowing capacity

'

'

'

'

7,750

'

25,000

'

'

0

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

Applicable margin over reference rate for condition one (in hundredths)

'

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

Ratio of maximum facility amount to aggregate appraised value of vessels mortgaged (in hundredths)

'

'

'

55.00%

'

'

'

'

'

'

'

'

'

'

'

Applicable margin over reference rate for condition two (in hundredths)

'

'

'

3.35%

'

'

'

'

'

'

'

'

'

'

'

Maturity date

'

'

'

'

'

'

'

'

'

4-Sep-19

'

'

'

'

'

Commitment fee percentage (in hundredths)

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

23

'

'

'

'

'

Amount of periodic payment

'

'

'

'

'

'

'

'

'

375

'

'

'

'

'

Period after latest vessel delivery date for first periodic repayment

'

'

'

'

'

'

'

'

'

'3 months

'

'

'

'

'

Final payment on maturity date

'

'

'

'

'

'

'

'

'

13,375

'

'

'

'

'

Earnings to be maintained under liquidity covenants

'

'

'

'

'

'

'

'

'

500

'

'

'

'

'

Cash or cash equivalents plus undrawn working capital lines of credit to be maintained per vessel

'

'

'

'

'

'

'

'

'

750

'

'

'

'

'

Maximum ratio of financial indebtedness to total assets (in hundredths)

'

'

'

'

'

'

'

'

'

70.00%

'

'

'

'

'

Consolidated net worth threshold, base amount

'

'

'

'

'

'

'

'

'

232,796

'

'

'

'

'

Consolidated net worth threshold, percentage of the value of any subsequent primary equity offerings (in hundredths)

'

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

Aggregate fair market value of the mortgaged vessels as a percentage of amount outstanding through August 30, 2016 (in hundredths)

'

'

'

'

'

'

'

'

'

130.00%

'

'

'

'

'

Aggregate fair market value of the mortgaged vessels as a percentage of amount outstanding after August 30, 2016 (in hundredths)

'

'

'

'

'

'

'

'

'

135.00%

'

'

'

'

'

Number of drawdowns

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

Drawdowns during the period

1,000

0

'

'

'

'

'

10,730

11,270

'

'

'

'

'

'

Repayment of the outstanding debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2013 (October 1, 2013 - December 31, 2013)

'

'

'

'

0

'

'

'

'

375

'

'

'

'

'

2014

'

'

'

'

0

'

'

'

'

1,500

'

'

'

'

'

2015

'

'

'

'

2,250

'

'

'

'

1,500

'

'

'

'

'

2016

'

'

'

'

100,000

'

'

'

'

1,500

'

'

'

'

'

2017

'

'

'

'

'

'

'

'

'

1,500

'

'

'

'

'

Thereafter

'

'

'

'

'

'

'

'

'

15,625

'

'

'

'

'

Total debt

$122,750

'

$101,250

'

$102,250

'

'

'

'

$22,000

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Effective Interest Rate (excluding impact of unused commitment fees) (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

3.21%

3.24%

3.21%

3.25%

Range of Interest Rates, minimum (excluding impact of unused commitment fees) (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

3.18%

3.22%

3.18%

3.22%

Range of Interest Rates, maximum (excluding impact of unused commitment fees) (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

3.61%

3.25%

3.61%

3.30%

FAIR_VALUE_OF_FINANCIAL_INSTRU2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Carrying Value [Member]	'	'
Fair value of financial instruments	'	'
Cash and cash equivalents	$61,917	$3,280
Floating rate debt	124,250	101,250
Fair Value [Member]	'	'
Fair value of financial instruments	'	'
Cash and cash equivalents	61,917	3,280
Floating rate debt	$124,250	$101,250

PREPAID_EXPENSES_AND_OTHER_CUR2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract]	'	'
Lubricant inventory, fuel oil and diesel oil inventory and other stores	$1,643	$1,767
Prepaid items	1,054	861
Insurance receivable	66	126
Other	553	138
Total	$3,316	$2,892

DEFERRED_FINANCING_COSTS_Detai

DEFERRED FINANCING COSTS (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Line of Credit Facility [Line Items]	'	'	'	'	'
Total deferred financing costs	$3,846	'	$3,846	'	$3,027
Less: accumulated amortization	1,615	'	1,615	'	1,204
Total	2,231	'	2,231	'	1,823
Amortization expense of deferred financing costs	180	117	411	350	'
2010 Credit Facility [Member]	'	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'	'
Total deferred financing costs	3,339	'	3,339	'	3,027
2013 Credit Facility [Member]	'	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'	'
Total deferred financing costs	$507	'	$507	'	$0

ACCOUNTS_PAYABLE_AND_ACCRUED_E2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
ACCOUNTS PAYABLE AND ACCRUED EXPENSES [Abstract]	'	'
Accounts payable	$460	$430
Accrued vessel operating expenses	1,813	1,622
Accrued general and administrative expenses	420	111
Total	$2,693	$2,163

FIXED_ASSETS_Details

FIXED ASSETS (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Property, Plant and Equipment [Line items]	'	'	'	'	'
Total cost	$239	'	$239	'	$48
Less: accumulated depreciation	44	'	44	'	36
Total	195	'	195	'	12
Depreciation expense	3,847	3,724	11,172	11,090	'
Computer Equipment [Member]	'	'	'	'	'
Property, Plant and Equipment [Line items]	'	'	'	'	'
Total cost	43	'	43	'	43
Vessel Equipment [Member]	'	'	'	'	'
Property, Plant and Equipment [Line items]	'	'	'	'	'
Total cost	196	'	196	'	5
Property Plant and Equipment Excluding Vessels [Member]	'	'	'	'	'
Property, Plant and Equipment [Line items]	'	'	'	'	'
Depreciation expense	$3	$4	$8	$12	'

REVENUE_FROM_SPOT_MARKETRELATE1

REVENUE FROM SPOT MARKET-RELATED TIME CHARTERS (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
REVENUE FROM SPOT MARKET RELATED TIME CHARTERS [Abstract]	'	'	'	'
Total revenue earned on spot market-related time charter, short-term time charters and in vessel pools	$9,102	$6,291	$21,467	$20,188
Future minimum time charter revenue	'	'	'	'
Remainder of 2013	351	'	351	'
Subsequent year	$201	'	$201	'

NONVESTED_STOCK_AWARDS_Details

NONVESTED STOCK AWARDS (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Number of Shares [RollForward]	'	'	'	'
Outstanding at the beginning of the period (in shares)	'	'	664,249	'
Granted (in shares)	'	'	59,680	'
Vested (in shares)	'	'	-166,500	'
Forfeited (in shares)	'	'	0	'
Outstanding at the end of the period (in shares)	557,429	'	557,429	'
Weighted Average Grant Date Price [RollForward]	'	'	'	'
Outstanding at the beginning of the period (in dollars per share)	'	'	$7.70	'
Granted (in dollars per share)	'	'	$3.77	'
Vested (in dollars per share)	'	'	$10.76	'
Forfeited (in dollars per share)	'	'	$0	'
Outstanding at the end of the period (in dollars per share)	$6.37	'	$6.37	'
Additional disclosures [Abstract]	'	'	'	'
Total fair value of shares vested	'	'	$643	$505
Unrecognized future compensation cost related to nonvested stock awards [Abstract]	'	'	'	'
Unrecognized future compensation cost	964	'	964	'
Weighted-average period for recognition of unrecognized future compensation cost	'	'	'1 year 11 months 19 days	'
General, Administrative and Technical Management Fees [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Recognized nonvested stock amortization expense	$341	$403	$1,156	$1,377

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (Termination of contract, Genco [Member], USD $)	9 Months Ended
	Sep. 30, 2013
	Multiplier
Termination of contract | Genco [Member]	'
Commitments and contingencies [Line Items]	'
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	$19,816

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	3 Months Ended		9 Months Ended		1 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Oct. 31, 2013	Oct. 31, 2013	Oct. 31, 2013	Oct. 31, 2013
					Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]
						Purchase of Vessels [Member]	Purchase of Vessels [Member]	Purchase of Vessels [Member]
							Baltic Lion [Member]	Baltic Tiger [Member]
							t	t
SUBSEQUENT EVENTS [Line Items]	'	'	'	'	'	'	'	'
Dividends declared per share (in dollars per share)	$0.01	$0.05	$0.03	$0.23	$0.02	'	'	'
Aggregate amount of the dividend	'	'	'	'	$874	'	'	'
Dividend declaration date	'	'	'	'	31-Oct-13	'	'	'
Dividend payment date	'	'	'	'	22-Nov-13	'	'	'
Dividend record date	'	'	'	'	18-Nov-13	'	'	'
Capacity of vessels (in dwt)	'	'	'	'	'	'	179,185	179,185
Acquisition price	'	'	'	'	'	$103,000	'	'