The US hedge fund Apollo Management has increased its stake in bulker owner Baltic Trading. The US hedge fund Apollo Management said it has acquired a further 376,234 shares in the US-listed shipowner paying an average of $1.789 per share. The filing to the US Securities and Exchange Commission (SEC) said Apollo now controls over 7m shares, or over 10% of the company.
Baltic Trading boasts a fleet of 17 bulkers, including four newbuildings, but was recently reported to be looking to exit the capesize sector.
Shares in Baltic are down nearly 80% over the last nine months. The shares closed in New York on Monday at $1.71 each.
The US hedge fund Apollo Management , hedge fund fronted by Leon Black, Joshua Harris and Marc Rowan, has strong shipping links with other shipowners.
The US hedge fund Apollo Management has a joint venture with German owner Rickmers, is a partner in Jones Act owner Philly Tankers, backed by Kristian Rokke, and an investor in Principal Maritime among others.