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VESSEL ACQUISITIONS | 12 Months Ended
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Dec. 31, 2013
VESSEL ACQUISITIONS [Abstract] |
VESSEL ACQUISITIONS | 5 - VESSEL ACQUISITIONS On July 2, 2013, Baltic Trading entered into agreements to purchase two Handysize drybulk vessels from subsidiaries of Clipper Group for an aggregate purchase price of $41,000. The Baltic Hare, a 2009-built Handysize vessel, was delivered on September 5, 2013 and the Baltic Fox, a 2010-built Handysize vessel, was delivered on September 6, 2013. Baltic Trading financed the vessel purchases with proceeds from its May 28, 2013 common stock offering and borrowings under its $22 Million Term Loan Facility entered into on August 30, 2013. Refer to Note 9 – Debt below for further information regarding the Baltic Trading $22 Million Term Loan Facility. On October 31, 2013, Baltic Trading entered into agreements to purchase two Capesize drybulk vessels from affiliates of SK Shipping Co. Ltd. for an aggregate purchase price of $103,000. The Baltic Lion, a 2012-built Capesize vessel, was delivered on December 27, 2013, and the Baltic Tiger, a 2011-built Capesize vessel, was delivered on November 26, 2013. Baltic Trading financed the vessel purchases with cash on hand and borrowings under its $44 Million Term Loan Facility entered into on December 3, 2013. Refer to Note 9 – Debt below for further information regarding the Baltic Trading $44 Million Term Loan Facility. On November 13, 2013, Baltic Trading entered into agreements to purchase up to four 64,000 dwt Ultramax newbuilding drybulk vessels from Yangfan Group Co., Ltd. for a purchase price of $28,000 per vessel, or up to $112,000 in the aggregate. Baltic Trading agreed to purchase two such vessels, to be renamed the Baltic Hornet and Baltic Wasp, and obtained an option to purchase up to two additional such vessels for the same purchase price, which the Company exercised on January 8, 2014. These vessels are to be renamed the Baltic Mantis and the Baltic Scorpion. The purchases are subject to completion of customary additional documentation and closing conditions. The Baltic Hornet and Baltic Wasp are expected to be delivered to Baltic Trading during the third and fourth quarters of 2014, respectively. The Baltic Scorpion and the Baltic Mantis are expected to be delivered to Baltic Trading during the second and third quarters of 2015, respectively. As of December 31, 2013, there is $1,013 of deposits on vessels related to the Baltic Hornet and the Baltic Wasp. Baltic Trading intends to use a combination of cash on hand, future cash flow from operations as well as commercial bank debt to fully finance the acquisition of these four Ultramax newbuilding drybulk vessels. Refer to Note 1 — General Information for a listing of the vessel delivery dates for the vessels in the Company’s fleet and the estimated delivery dates for vessels that Baltic Trading has entered into agreements to purchase. Two of the Handysize vessels acquired from Metrostar during the year ended December 31, 2011 by GS&T had existing below market time charters at the time of the acquisitions. During the year ended December 31, 2011, GS&T recorded a liability for time charters acquired of $578 which is being amortized as an increase to voyage revenues during the remaining term of each respective time charter. There were no vessels acquired during the years ended December 31, 2013 and 2012 that had existing time charters. Below market time charters, including those acquired during previous years, were amortized as an increase in revenue in the amount of $334, $746 and $1,611 for the years ended December 31, 2013, 2012 and 2011, respectively. The remaining unamortized fair market value of time charter acquired at December 31, 2013 and December 31, 2012 is $84 and $418 respectively. This balance will be amortized into revenue over a weighted-average period of 0.56 years and will be amortized as follows: $84 for 2014. Capitalized interest expense associated with newbuilding contracts for the years ended December 31, 2013, 2012 and 2011 was $0, $0 and $179, respectively.

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- Definition Disclosure of all information related to significant acquisitions and dispositions of vessels, which includes disclosure of any capitalized interest associated with acquired vessels as well as amortization of the fair market value of time charters acquired as part of vessel acquisitions. + References No definition available. + Details
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