Baltic Trading secured credit from ABN Amro for two ultramaxes

The New York-based shipowner Baltic Trading will receive $33.6m, which will cover more than half of the total $56m cost of the newbuildings of ultramaxes.
Baltic Trading got 10-year term and its interest is to be paid at a three or six month Libor annual rate plus a margin of 250 basis points. Principal repayments will start six months after the actual deliveries of the 64,000-dwt MV Baltic Hornet and MV Baltic Wasp which are under construction at China’s Zhejiang Yangfan.