Baltic Trading amends credit agreement to release vessels as collateral

By Toni Weeks

San Luis Obispo, Calif., Aug. 4 – Genco Shipping & Trading Ltd. subsidiary Baltic Trading Ltd. amended its $148 million senior secured credit agreement on Aug. 3 with Nordea Bank Finland plc, New York Branch as administrative and security agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment provides for a procedure by which additional vessels pledged as collateral under the credit facility to satisfy the collateral maintenance covenant may be released if they are no longer necessary to satisfy such covenant.

Baltic Trading is a New York-based owner of drybulk vessels.

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