<SEC-DOCUMENT>0000922423-12-000221.txt : 20130222
<SEC-HEADER>0000922423-12-000221.hdr.sgml : 20130222
<ACCEPTANCE-DATETIME>20121009165027
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000922423-12-000221
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20121009

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Baltic Trading Ltd
		CENTRAL INDEX KEY:			0001474042
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		299 PARK AVENUE, 12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
		BUSINESS PHONE:		646-443-8550

	MAIL ADDRESS:	
		STREET 1:		299 PARK AVENUE, 12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">October 9, 2012</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">United States Securities and Exchange Commission</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Washington, D.C.&#160;&#160;20549-3561</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Baltic Trading Limited</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Form 10-K for the Year Ended December 31, 2011</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Filed February 29, 2012</font></div>

<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">File No. 001-34648</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ladies and Gentlemen:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Reference is made to a letter dated September 25, 2012 (the &#8220;Comment Letter&#8221;) to Mr. John Wobensmith, President and Chief Financial Officer of Baltic Trading Limited (the &#8220;Company&#8221;), setting forth the comments of the staff of the Securities and Exchange Commission (the&#160;&#8220;Staff&#8221;), to the Annual Report on Form 10-K for the year ended December&#160;31, 2011, filed by the Company (the &#8220;Annual Report&#8221;).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This letter sets forth the Company&#8217;s responses to the Staff&#8217;s comments. For your convenience, the Staff&#8217;s comments have been restated below in their entirety, with the response to each comment set forth immediately below the comment. The heading and numbered paragraphs in this letter correspond to the headings and numbered paragraphs of the Comment Letter.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Annual Report.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block">U.S. Securities and Exchange Commission</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">October 9, 2012</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">Page 2</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Form 10-K for the year ended December 31, 2011</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Liquidity and Capital Resources, page 49</font></font></div>

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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">1.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Since the collateral maintenance covenants of your bank credit facility require you to maintain pledged vessels with a value of at least 140% of your borrowings, please expand your disclosures to describe and quantify the relationship of the fair market value of your fleet as a whole to your total bank debt as of each balance sheet date.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company borrowed under this facility in 2010 when vessel values had already declined substantially from higher levels in 2007, and the Company does not view a violation of its collateral maintenance covenant reasonably likely within the next twelve months.&#160;&#160;Consistent with the Company&#8217;s response to the first comment in the comment letter dated March 16, 2011 from the Staff, the Company therefore respectfully submits that expansion of its existing disclosure should not be required.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">You state in your disclosures that you had planned to use the 2010 Credit Facility as a bridge to equity financing but recent conditions have been unfavorable for equity financings. Please revise your disclosure to explain the impact to your business should equity financing continue to remain unavailable as the means for repayment of this credit facility.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company will prospectively, beginning with its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2012, expand its disclosure concerning equity financings that currently appears at the top of page 50 of the Annual Report as follows (new text is underlined):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Given recent conditions we deem unfavorable for conducting equity financings, we have not used such financings to repay indebtedness under the 2010 Credit Facility, although we may conduct such financings if conditions improve.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">If equity financing continues to remain unavailable as a means to repay the 2010 Credit Facility, we may be unable to expand our fleet.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As amortization payments under the Company&#8217;s credit facility do not begin until November 30, 2015, and the Company believes it has reasonable options to refinance the credit facility if it desired to do so today, the Company respectfully submits that it would be premature to discuss further impact of the unavailability of equity financing.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We further note your disclosure that your plan is to continue to use the 2010 Credit Facility as a bridge to equity financing for future expansions of your fleet. At this time, it does not appear you will have sufficient borrowings available under this facility for such endeavors should you remain unable to repay the credit facility using equity</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">financing. As such, please revise your disclosure to explain the impact to your future plans for expanding your fleet should your liquidity position remain as it is at this time.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Please refer to our response to comment 2 above.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Critical Accounting Policies</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Vessels and Depreciation, page 54</font></font></div>

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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note that the vessel valuations of all your vessels for covenant compliance purposes under your 2010 Credit Facility as of the most recent compliance testing date were lower than their carrying values at the balance sheet date. We also note that the amount by which the carrying value of the vessels in your fleet exceeded the values of such vessels for covenant compliance purposes was an average of $11.4 million at December 31, 2011. On an ongoing basis, please expand your narrative to discuss these matters on a comparative basis.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company will prospectively, beginning with its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2012, expand its disclosure concerning the carrying value of the vessels in its fleet that currently appears at the bottom of page 54 of the Annual Report as follows (new text is underlined):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The amount by which the carrying value at [balance sheet date] of all of the vessels in our fleet exceeded the valuation of such vessels for covenant compliance purposes&#160;&#160;ranged, on an individual vessel basis, from $[___] million to $[___] million per vessel<font style="DISPLAY: inline; TEXT-DECORATION: underline">, compared to $[___] million to $[___] million per vessel as of [balance sheet date of prior year]</font>.&#160; The average amount by which the carrying value of these vessels exceeded the valuation of such vessels for covenant compliance purposes was $[___] million <font style="DISPLAY: inline; TEXT-DECORATION: underline">as of [balance sheet date and $[___] million as of [balance sheet date of prior year.]</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block">U.S. Securities and Exchange Commission</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">October 9, 2012</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">Page 4</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">U.S. Securities and Exchange Commission</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">October 9, 2012</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">Page 5</div>
</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">John C. Wobensmith</font></div>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
