15 — DEFERRED FINANCING COSTS

Deferred financing costs include fees, commissions and legal expenses associated with securing loan facilities and other debt offerings and amending existing loan facilities. Total net deferred financing costs consist of the following as of March 31, 2014 and December 31, 2013:

	March 31, 2014		December 31, 2013

2007 Credit Facility	$	29,568	$	29,568
$100 Million Term Loan Facility	1,856		1,783
$253 Million Term Loan Facility	4,884		4,708
2010 Notes	3,637		3,637
2010 Baltic Trading Credit Facility	3,339		3,339
Baltic Trading $22 Million Term Loan Facility	529		518
Baltic Trading $44 Million Term Loan Facility	739		737
Total deferred financing costs	44,552		44,290
Less: accumulated amortization	24,498		22,279
Total	$	20,054	$	22,011

Amortization expense for deferred financing costs for the three months ended March 31, 2014 and 2013 was $2,220 and $1,835, respectively. This amortization expense is recorded as a component of interest expense in the Condensed Consolidated Statements of Operations.