Baltic Trading Limited (NASDAQ:BALT) Q4 2014 Earnings Conference Call - Final Transcript

Mar 03, 2015 • 08:30 am ET


Baltic Trading Limited (NASDAQ:BALT) Q4 2014 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Good morning ladies and gentlemen and welcome to the Baltic Trading Limited fourth quarter 2014 earnings conference call and presentation. Before we begin, please note that there will be a slide presentation accompanying today's conference call. That presentation can be obtained from Baltic Trading's website at To inform everyone, today's conference is being recorded and is now being webcast at the company's website We will conduct a question and answer session after the opening remarks, instructions will follow at that time.

A replay of the conference will be accessible anytime during the next two weeks by dialing 888-203-1112 or 719-457-0820 and entering the pass code 8507390. At this time I will turn the conference over to the company. Please go ahead.

Apostolos Zafolias

Before we begin our presentation, I note that in this conference call we'll be making certain forward-looking statements pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as anticipate, budget, estimate, expect, project, intend, plan, believe, and other words in terms of similar meaning in connection with the discussion of potential future events, circumstances, or future operating or financial performance.

These forward-looking statements are based on management's current expectations and observations. For a discussion of factors that could cause results to differ, please see the company's press release that was issued yesterday, the materials relating to this call posted on the company's website and the company's filings with the Securities & Exchange Commission, including with that limitation, the company's annual report on Form 10-K for the year ended December 31, 2014 and the company's subsequent reports filed with the SEC.

At this time I would like to introduce John Wobensmith, the President and Chief Financial Officer of Baltic Trading Limited.

John Wobensmith

Welcome to Baltic Trading's fourth quarter 2014 conference call. With me today is our Chairman, Peter Georgiopoulos and Apostolos Zafolias. As outlined on Slide Two of the presentation, I will begin today's call by reviewing our fourth quarter results followed by a review of our financial results for the quarter. We will then discuss the industry's current fundamentals and open up the call for questions.

Beginning on Slide Four, we review Baltic Trading highlights for the fourth quarter. We operated in a challenging dry bulk market during the fourth quarter and continue to focus on maintaining a cost effective operating platform, providing superior service to leading charters, and successfully accessing capital under favorable terms. For the three-month period ended December 31, 2014, Baltic Trading recorded a net loss of $5.6 million or $0.10 basic and diluted loss per share.

We commenced 2015 having entered into a new $148 million credit facility which has enabled us to refinance the total amount outstanding under the company's 2010 credit facility that was scheduled to mature in 2016. The facility will also be used to partially fund the acquisition of two 64,000 dead weight ton new building Ultramax vessels; the Baltic Scorpion and the Baltic Mantis. Following the delivery of