Baltic Trading Ltd. completed the sale of 16.3 million shares of its common stock at a price of $14.00 per share. This was the company’s initial public offering, and Baltic Trading Limited raised a total of $228.2 million in gross proceeds before the payment of commissions and other underwriting expenses.

Morgan Stanley & Co. Inc. and Dahlman Rose & Company, LLC are the co managers of the offering and retain an option to purchase an additional 2.45 million shares from Baltic Trading Limited to cover any over allotments.

Baltic Trading Limited was formed in association with Genco Shipping & Trading Limited, which contributed $75 million in capital. The company is headquartered in the Marshall Islands, and is a shipping company focused on the dry bulk industry.

Baltic Trading Limited plans on using the proceeds from the initial public offering and the capital contribution from Genco Shipping & Trading Limited to purchase two Capesize vessels and four Supramax vessels. The ships will be delivered in April and October 2010.

Baltic Trading Limited has already signed contracts for the two Capesize vessels with Cargill International S.A. for term contracts ranging from 11 to 13 ½ months.