<SUBMISSION>
<ACCESSION-NUMBER>0001104659-10-011632
<TYPE>FWP
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20100303
<DATE-OF-FILING-DATE-CHANGE>20100303
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>Baltic Trading Ltd
<CIK>0001474042
<ASSIGNED-SIC>4412
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>1T
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>FWP
<ACT>34
<FILE-NUMBER>333-162456
<FILM-NUMBER>10651514
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>299 PARK AVENUE, 20TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10171
<PHONE>646-443-8550
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>299 PARK AVENUE, 20TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10171
</MAIL-ADDRESS>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>Baltic Trading Ltd
<CIK>0001474042
<ASSIGNED-SIC>4412
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>1T
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>FWP
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>299 PARK AVENUE, 20TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10171
<PHONE>646-443-8550
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>299 PARK AVENUE, 20TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10171
</MAIL-ADDRESS>
</FILED-BY>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>a09-33313_3fwp.htm
<DESCRIPTION>FWP
<TEXT>

<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed Pursuant to Rule&nbsp;433<br>
Issuer Free Writing Prospectus dated March&nbsp;3, 2010<br>
Relating to Preliminary Prospectus dated February&nbsp;26, 2010<br>
Registration Statement No.&nbsp;333-162456</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-weight:bold;"><img width="144" height="130" src="g333133bci001.gif"></font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Baltic Trading Limited</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Baltic
Trading Limited (the &#147;Company&#148;) has filed a registration statement on Form&nbsp;S-1
(including a prospectus) with the SEC for the offering to which this free
writing prospectus relates. Before you invest, you should read the prospectus
in that registration statement and other documents the Company has filed with
the SEC for more complete information about the Company and this offering.
Investors should rely upon the prospectus and any relevant free writing
prospectus for complete details. You may get these documents and other
documents the Company has filed for free by visiting EDGAR on the SEC website
at www.sec.gov. Alternatively, the Company, any underwriter or any dealer
participating in the offering will arrange to send you the prospectus if you
request it by </font></i><i><font size="2" style="font-size:10.0pt;font-style:italic;">contacting Morgan Stanley&nbsp;&amp; Co. Incorporated by e-mailing
prospectus@morganstanley.com, or from Dahlman Rose&nbsp;&amp; Company, LLC by
calling (212) 702-4521 or by e-mailing prospectus@dahlmanrose.com</font></i><i><font size="2" style="font-size:10.0pt;font-style:italic;">. You may also access
our company&#146;s most recent preliminary prospectus dated March&nbsp;3, 2010,
which is included in Amendment No.&nbsp;7 to the Company&#146;s registration
statement on Form&nbsp;S-1, as filed with the SEC via EDGAR on March&nbsp;3,
2010, or Amendment No.&nbsp;7, by visiting EDGAR on the SEC website at</font></i><font size="2" style="font-size:10.0pt;">  <i><a href="http://www.sec.gov/Archives/edgar/data/1474042/000104746910001728/a2195450zs-1a.htm">http://www.sec.gov/Archives/edgar/data/1474042/000104746910001728/a2195450zs-1a.htm</a>.
</i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following
information supplements and updates the information contained in the Company&#146;s
preliminary prospectus dated February&nbsp;26, 2010. &#160;All references to page&nbsp;numbers are to page&nbsp;numbers
in Amendment No.&nbsp;7.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNDERWRITING</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The
following disclosure has been added on page&nbsp;127 immediately before the
paragraph that begins with the sentence, &#147;Prior to the offering, there has been
no public market for the Common Stock&#148;:</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At our request, the
underwriters have reserved five percent of the shares of Common Stock offered
by this prospectus for sale, at the initial public offering price, to
directors, officers, employees, business associates and related persons of
Baltic Trading Limited. The number of shares of Common Stock available for sale
to the general public will be reduced to the extent these individuals purchase
such reserved shares. Any reserved shares that are not so purchased will be offered
by the underwriters to the general public on the same basis as the other shares
offered by this prospectus. We have agreed to indemnify the underwriters
against certain liabilities and expenses, including liabilities under the
Securities Act, in connection with the sales of the directed shares. </font></p>

<p style="margin:0in 0in 12.0pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except for our directors
and officers who have entered into 180-day lock-up agreements as described
elsewhere in this prospectus, each person buying shares through the directed
share program has agreed that, for a period of 180 days from the date of this
prospectus, he or she will not, without the prior written consent of Morgan
Stanley &amp; Co. Incorporated and Dahlman Rose &amp; Company, LLC, dispose of
or hedge any of our Common Stock purchased in the program or any securities
convertible into or exercisable or exchangeable for Common Stock, subject to
certain exceptions. If any of our directors or officers purchase shares through
the directed share program, the 180-day lock-up period described elsewhere in
this prospectus shall govern with respect to their purchases.&#160; The 180-day restricted period is subject to
extension under the same circumstances as the lock-up agreements to be entered
into by Genco, Genco Investments LLC, our officers and directors and the
officers and directors of Genco and Genco Investments LLC.&#160; Morgan Stanley &amp; Co. Incorporated and
Dahlman Rose &amp; Company, LLC, in their sole discretion, may release any of
the securities subject to these lock-up agreements at any time without notice.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Any disclaimers or other notices
that may appear below or elsewhere within the e-mail transmitting this
communication are not applicable to this communication and should be
disregarded. Such disclaimers or other notices were automatically generated as
a result of this communication being sent via Bloomberg or another e-mail
system.</font></i></b></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<div align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></i></b></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\lgoode\09-33313-3\task3972201\33313-3-bc.htm',USER='lgoode',CD='Mar  3 07:45 2010' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g333133bci001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g333133bci001.gif
M1TE&.#EAD`""`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+`````"0`((`AP``````````,P``9@``F0``S```_P`S```S,P`S
M9@`SF0`SS``S_P!F``!F,P!F9@!FF0!FS`!F_P"9``"9,P"99@"9F0"9S`"9
M_P#,``#,,P#,9@#,F0#,S`#,_P#_``#_,P#_9@#_F0#_S`#__S,``#,`,S,`
M9C,`F3,`S#,`_S,S`#,S,S,S9C,SF3,SS#,S_S-F`#-F,S-F9C-FF3-FS#-F
M_S.9`#.9,S.99C.9F3.9S#.9_S/,`#/,,S/,9C/,F3/,S#/,_S/_`#/_,S/_
M9C/_F3/_S#/__V8``&8`,V8`9F8`F68`S&8`_V8S`&8S,V8S9F8SF68SS&8S
M_V9F`&9F,V9F9F9FF69FS&9F_V:9`&:9,V:99F:9F6:9S&:9_V;,`&;,,V;,
M9F;,F6;,S&;,_V;_`&;_,V;_9F;_F6;_S&;__YD``)D`,YD`9ID`F9D`S)D`
M_YDS`)DS,YDS9IDSF9DSS)DS_YEF`)EF,YEF9IEFF9EFS)EF_YF9`)F9,YF9
M9IF9F9F9S)F9_YG,`)G,,YG,9IG,F9G,S)G,_YG_`)G_,YG_9IG_F9G_S)G_
M_\P``,P`,\P`9LP`F<P`S,P`_\PS`,PS,\PS9LPSF<PSS,PS_\QF`,QF,\QF
M9LQFF<QFS,QF_\R9`,R9,\R99LR9F<R9S,R9_\S,`,S,,\S,9LS,F<S,S,S,
M_\S_`,S_,\S_9LS_F<S_S,S___\``/\`,_\`9O\`F?\`S/\`__\S`/\S,_\S
M9O\SF?\SS/\S__]F`/]F,_]F9O]FF?]FS/]F__^9`/^9,_^99O^9F?^9S/^9
M___,`/_,,__,9O_,F?_,S/_,____`/__,___9O__F?__S/___P$"`P$"`P$"
M`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"
M`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"
M`P$"`P$"`P$"`P$"`P$"`P$"`PC_``$('$BPH,&#"!,J7,BPX<(6$%L(F#A`
MP(`6`"`ZW,BQH\>/(`=*!"!`8HL!%5&J1&F1I<0K&$/*G$DS)$R(+5?JW,E3
M98LK-8,*'4K29,Z>2)-6C$FTJ=.%1Y5*G3K@J=6F0#-&W;DU)5>>74M>'3L3
M(M6S:'<R)<M6(0NC*`FDG7MV;=N[&4_2W;O7+MZG6$I:[+HR+-C#7Q/S_'O5
M+-_'D*LR'OJ6<.3+4L5.+JL7LV>ZFC=WQ#A8I6'%A1'K/+U:=6'1'#M_GOW8
M+VR#E>/2WCW7]FV!$GD+Y_N[8/"DK%.C-NV:^7*6S8L#'TX]<G'+U;,K%2`:
MH_;O?2<?_V_]W"OY\\K1.U</O7Q+WU9E@Y^/EOM=[/3S]VP[7K]_J?`%Y5A/
MR:V7WH$&)M@>>^8AN.!K3UWQWX1H6148A1A*Q8)3\F7HX4Y8Y53@@PHV6.*(
M)I*H8HHLBDA4AQ_&B%*`'ETHXXVF#04CCA\*U5EI(J849&G0$2FD>4`R9V22
M12)Y9)-#.KGDDQ7YZ`(66&:IY99<=NGEEV"&*>:89())XT8M8*/FFFRVZ>:;
M<,8IYYQTUFFGG(.<Z=`5=_;IYY^`!BIG*P+R*>BAB"::**%!#:+HHY!&*J>>
M#;4BZ:68*MH*%C6EF>FGH/K)*4U86!KJJ:BZN6E-6*3JZJM9R?_$`@TT?$%#
M%K7>FBNNMO*J:Z^[!@OLL+\6Z^NQPAJ;+++$,JMLL\'24-,`"E1K[;789JOM
MMM82H*VWV8*+K;C7DLOMN>BBFT!-"IA;+;79PHNMO-?2F^Z]YU+KK;SVOJMM
MOPH`;"]-">!K\+E9N.)**PLWK###$"O<<,0/-YQ(*X,,\H6M-!SLL;;KS@3P
MQ_@Z>JHKM&Q<K;LD<^L"I0FUW+(KKV+CBJTRXTN3O0+_ZW.\-=!<,S:M?-%S
MO#]K.U/!.1],P]!L)M+TN3`?U`++4VMK,M1JTI*UMO:!Q/37Z";"-9NND'UM
MR!^Q8.W1\R9=[[5W6DJSW43;G+>@:<O__;;?DHFM]KDUU.F*"QW3@+@"BB=.
M*PTU9#&(V7Y^,3C;'@DP^+FMTIE%NP'_O2_H^E;[!>5UME*#VH%[-/;FV6XM
MY^<R?W$G[5\G4/5`$OKM+]+`7TN#J7/^'G?PU#YMN/%S!S]W`J.Z#KNV+J2>
MM>QQMC)X2`,L,'VYMM.I"-8&$Y"%G60OT#I'(\,>_IRX-TT+G;1T3/;NT_WM
MO/[''R_TH*OK7_..5P/BR6E_S.-?M73WD?8-S@7_BY/7OF8]M85M(V[['K:4
M-Z=!9,U\=1H?V2[RD==I\'URLMSUZA2_K&%N(Z!#8.ADR"\%8`].+E"@#HWG
MK<[-J17V@]L`_YN'/Q-J,()P.MS4.`B_S:VO(0Y46]#HU+>64<N'<Y+:YE[8
M$`UBZWQT4B')7'`Z.U5Q<"3DB`F%N,,9S@MU>%)`#5RPNCG6D8YR_-47%`%'
M.FF1C0D,I`(NR)`6>/%:!CS;S33(Q87D\)#5.AN;;$6^KW'D"D:<7N'.E@@Q
M'I*0"C%!&P'IQ@%BT54:,QXI5VDM!*`)DM7J8ZH283]85@MFFH-E(E]5-%L.
M<B.9A%WU)&FS%GZOD0>)`BMIF"T4XLD5@W!%(J`I36I.,YJ6VF4':5!#9M(0
MAK"\X9MJ:3!:2>Y.B7CD,3<R@`A`$HEO<D4-*LDM>"D"GF]*Q#R_]_]$A$21
M;#3`9YO.*+.$U<F#ZVS(24;INU+^C8EQ\B1#D68^;;J)G`X5)-SZ>9!@;DZ<
M;I)HSIP))RU.#Y0&R>4A70#2-JDS:ZD+H!-GT!"/#FYY:FLIFS"J-H?$4(`3
M[=\`-CFG,RYS7CI=TR"..L2W*1268)R32)M&TC<A%'8<)<@_OZ8(%@ZNJW2Z
MZN9<P!!;"K1-FSOK)!.J$)XUE)0*L!Y3^0?1B'83J!I=VT*VFK6HQE%M:F43
M(Q\"RZI>%+!V$NM8%8))6`9633)M6D!O-]B$9#"CF%UF`>FG2O[=%5XU,&P2
M\^I-I27$D)"L:SYSV#'6*L"UL$4<Y$(;S3__O11VR!2(3<E&`-&V*9MY`ZYP
M\_;8.?%TL0G9+=F2RK6IPBXAO2MM4P-)3#A9;JZDM99"8*E:8CIW>@I)@/>\
MV%VNU<^7O[1:.*NKID6B5P&GG6YFWZH`6=:L%8J@U>BD&]2Y)1>64&L%QG#V
M7FRA]+)>K$&ML&"K+S!XP0U^L(,C3&$(6[C!>-RGM^CIQ0AP5+F\[9:(5S;B
MGXKKQ"4N<+I\\U/Y8G>^_,VNB^G+WWZ6JIH18]@T<XSCB?4X8COV<9"![&,=
M%_G'%CORD)/,XR4;N<E*CC+$HD>04[+WRIBB\D`LBN4N)TH0H.2RE\<,*$%L
MB"">(K.:$<4H@@AB_\UP%M0@C//F.-NY3ZZX(`O$?.<^LRE6&1F$@!<FX$)#
MS-"#1G2B%4UH1#?:T(\N=*07[6A%'[K2C+;TI"\-:4TK>BTE48D+?")J4J-D
MU#,J=:I/;>H!H/HBJH8UJU?MZE:_NC.WCC6N;<UK6N=ZUK(>"`MX1.S(A*T_
M)VK.BE#$;&6WR-G-3@Q3BDUMOH2M(G*IMK:I,A#\;/O;*,F*D]P#[7*3^]P,
MBG:ZU<*='8'[W2@1B+?AK6V!T/O>.B'-L]'MH'VOF]_)!OBR51-J?!L<)[K9
M2;9ULO"5-%PE#T\XPWD2\0%4_.(4S[C"-3[QC7O<W0;?M@!@<I.?F!P++2M`
L.<IAHO*4N[SE,'^YS&-.\YG;O.8XO_G)9<YRGMN\YRN/2,F''A$LL"`@`#L_
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
