Other News from the Street

The Baltic Trading IPO successfully launched and priced at $14/share, which was at the low end of expectations, but still within range, which is the first time that has occurred since January according to the WSJ. The shares traded flat on the first day of trading. Total proceeds raised, exclusive of the over-allotment was $228.2 million. We understand that the issue was well oversubscribed with both good retail and institutional interest. Reflecting a continuing belief in the China story and the benefits of being more market-levered, investment banks were swapping people out of Drys and Eagle into BALT. Peter G now serves as Chairman of four publicly traded entities, clearly deserving an entry in the Guinness Book of World Records.

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