Crew Reviews, Ratings & Info for Genco-Hornet

Baltic Trading Limited proudly announces the successful delivery of the Baltic Hornet, its inaugural Ultramax vessel boasting a deadweight tonnage of 64,000. This vessel marks the first of a total of four Ultramax ships that the company is set to welcome under its announced agreements with Yangfan Group Co., Ltd. The Baltic Hornet is expected to begin its tenure with charterer Swissmarine around November 1, 2014, engaging in a time charter linked to spot market rates for a duration of 12 to 15 months. The charter agreement is contingent upon final documentation, with the rate structured to reflect 115.5% of the average daily rates from the Baltic Supramax Index (BSI), as issued by the Baltic Exchange. To finalize the transaction, Baltic Trading utilized existing cash reserves and tapped into a $16.8 million credit facility arranged on October 8, 2014. This funding agreement, established with ABN AMRO Capital USA LLC and its affiliate, was further detailed in a Form 8-K filed on October 10, 2014. Importantly, specific obligations under this facility are backed by insurance from the China Export & Credit Insurance Corporation (Sinosure). Source: Baltic Trading Ltd.