Genco Shipping to merge with Baltic Trading

Combined companies will a have fleet of 70 dry bulkers.    Genco Shipping & Trading Limited and its subsidiary Baltic Trading Limited (BALT) (“Baltic Trading”) today announced that they have entered into a definitive merger agreement under which Genco will acquire Baltic Trading in a stock-for-stock transaction.
   Genco has 53 ships and Baltic 15 ships with two additional vessels on order. Upon consummation of the transaction, Genco shareholders are expected to own approximately 84.5 percent of the combined company and Baltic Trading shareholders are expected to own approximately 15.5 percent. Genco expects to have its stock listed on the NYSE upon consummation of the transaction.
   The combined fleet of 70 drybulk vessels will have an average age of 8.8 years and an aggregate carrying capacity of approximately 5,159,000 dwt, consisting of 13 Capesize, eight Panamax, 21 Supramax, four Ultramax, six Handymax and 18 Handysize vessels, after the expected delivery of two Ultramax newbuildings previously contracted by Baltic Trading.