<SEC-DOCUMENT>0001140361-14-014644.txt : 20140328
<SEC-HEADER>0001140361-14-014644.hdr.sgml : 20140328
<ACCEPTANCE-DATETIME>20140328170022
ACCESSION NUMBER:		0001140361-14-014644
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20140326
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140328
DATE AS OF CHANGE:		20140328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GENCO SHIPPING & TRADING LTD
		CENTRAL INDEX KEY:			0001326200
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33393
		FILM NUMBER:		14726576

	BUSINESS ADDRESS:	
		STREET 1:		299 PARK AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
		BUSINESS PHONE:		(646) 443-8550

	MAIL ADDRESS:	
		STREET 1:		299 PARK AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>form8-k.htm
<DESCRIPTION>GENCO SHIPPING & TRADING LIMITED 8-K 3-26-2014
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Section 13 OR 15(d) of the</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported):&#160; March 28, 2014 (March 26, 2014)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 24pt; FONT-WEIGHT: bold">GENCO SHIPPING &amp; TRADING LIMITED</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(Exact Name of Registrant as Specified in Charter)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(State or Other Jurisdiction</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">299 Park Avenue</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12th Floor</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">see</font> General Instruction A.2. below):</div>
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<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="page_de5569_1_2"><!--Anchor--></a><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 5.02</font></td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">On March 26, 2014, Genco Shipping &amp; Trading Limited (the "Company") entered into a letter agreement with John C. Wobensmith to amend his employment agreement with the Company dated September 21, 2007 (the "Genco Employment Agreement").&#160; Mr. Wobensmith serves as the Company's Chief Financial Officer, Principal Accounting Officer, and Secretary.&#160; Such letter agreement removes exceptions in the definition of Change of Control in the Genco Employment Agreement whereby certain acquisitions of the Company's stock or assets by Oaktree Capital&#160; Management, LLC or its affiliates would not be deemed to be a change of control of the Company.&#160; The exceptions were originally instituted at a time when an affiliate of Oaktree Capital Management, LLC was a significant shareholder of the Company and were deemed to be outdated.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">On March 26, 2014, Baltic Trading Limited, a subsidiary of the Company ("Baltic Trading"), entered into a letter agreement with Mr. Wobensmith to amend his employment agreement with&#160; Baltic Trading dated December 19, 2013 (the "Baltic Trading Employment Agreement").&#160; Mr. Wobensmith serves as Baltic Trading's President, Chief Financial Officer, Principal Accounting Officer, Secretary and Treasurer.&#160; The letter agreement amends the Baltic Trading Employment Agreement to incorporate the amended definition of Change of Control under the Genco Employment Agreement and to clarify the provision that provides that Mr. Wobensmith's annual incentive award for a given year includes the grant date value of any equity awards granted for such year if a termination without cause or resignation for good reason occurs within two years of a change in control of Baltic Trading.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(d) Exhibits:</div>

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<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>Exhibit No</u></font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">.</font></td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><u>Description</u></td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Letter Agreement dated March 26, 2014 between Genco Shipping &amp; Trading Limited and John C. Wobensmith<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">.</font></td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Letter Agreement dated March 26, 2014 between Baltic Trading Limited and John C. Wobensmith.</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 54pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, Genco Shipping &amp; Trading Limited has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">GENCO SHIPPING &amp; TRADING LIMITED</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">DATE:&#160;&#160; March 28, 2014</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;/s/ John C. Wobensmith&#160;&#160;&#160;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">John C. Wobensmith</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Chief Financial Officer and Secretary&#160; (Principal Financial and Accounting Officer)</div>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><u>Description</u></td>
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<td style="WIDTH: 108pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right"><a href="ex10_1.htm">10.1</a></td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Letter Agreement dated March 26, 2014 between Genco Shipping &amp; Trading Limited and John C. Wobensmith<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">.</font></td>
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<div><br>
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<td style="WIDTH: 108pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right"><a href="ex10_2.htm">10.2</a></td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Letter Agreement dated March 26, 2014 between Baltic Trading Limited and John C. Wobensmith.</td>
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</table>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #ffffff; FONT-SIZE: 10pt">4</div>
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<div>&#160;</div>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Thomson Reuters Accelus
    Document created using Disclosure Solutions PROFILE 2.5.3.0
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<div style="text-align: right; font-weight: bold;">Exhibit 10.1</div>

<div style="TEXT-ALIGN: center"><img style="width: 149px; height: 96px;" border="0" src="image0.jpg"></div>

<div style="TEXT-ALIGN: center; FONT-VARIANT: small-caps; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-VARIANT: small-caps; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">GENCO SHIPPING &amp; TRADING LIMITED</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">299 PARK AVENUE<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font>12TH FLOOR<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font> NEW YORK, NEW YORK 10171</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">646-443-8550</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">March 26, 2014</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Mr. John Wobensmith</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Genco Shipping &amp; Trading Limited</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">299 Park Avenue, 12<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">New York, New York 10171</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Dear John:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The purpose of this letter is to confirm our understanding regarding an amendment to the agreement between you and Genco Shipping &amp; Trading Limited ("Genco" or the "Company") dated September 21, 2007 (the "Agreement").&#160; When fully executed, this letter shall constitute an amendment to the Agreement.&#160; It is hereby agreed as follows:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Section 7(a) of the Agreement is hereby amended by deleting the phrase "Oaktree Capital Management, LLC and its related entities or" from clause (i) of the definition of Change of Control and the phrase "Oaktree Capital Management, LLC or" from clause (ii) of such definition.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Except as explicitly set forth herein, all terms and conditions contained in the Agreement shall remain in full force and effect.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">This letter and the Agreement contains the entire understanding between the parties on the subjects covered here and supersede all prior agreements, arrangements and understandings, whether written or oral, regarding the subjects covered here.&#160; The Agreement may not be changed, or any of its provisions waived, orally, but only in writing signed by both parties.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt">&#160;</div>

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<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Very truly yours,</div>
</td>
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<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">GENCO SHIPPING &amp; TRADING LIMITED</div>
</td>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">/s/ Robert Gerald Buchanan</div>
</td>
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<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Robert Gerald Buchanan</div>
</td>
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<div>&#160;</div>
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</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">President</div>
</td>
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<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">ACCEPTED AND AGREED TO:</div>
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<div>&#160;</div>
</td>
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<div>&#160;</div>
</td>
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<div>&#160;</div>
</td>
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<tr>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">/s/ John Wobensmith</div>
</td>
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<div>&#160;</div>
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<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

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<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">John Wobensmith</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

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<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Date:&#160; March 26, 2014</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>

<div>&#160;</div>
</div>

<div>&#160;</div>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex10_2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<html>
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<title></title>
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<body style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" bgcolor="#ffffff" text="#000000">
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<div>
<div style="TEXT-ALIGN: right; FONT-WEIGHT: bold">Exhibit 10.2</div>

<div style="TEXT-ALIGN: center"><img src="logo.jpg"><br>
</div>

<div style="TEXT-ALIGN: center; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-WEIGHT: bold">BALTIC TRADING LIMITED</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">299 PARK AVENUE, 12TH FLOOR</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">NEW YORK, NY 10171</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">646-443-8550</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">March 26, 2014</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Mr. John Wobensmith</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Baltic Trading Limited</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">299 Park Avenue, 12<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">New York, New York 10171</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Dear John:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The purpose of this letter is to confirm our understanding regarding an amendment to the agreement between you and Baltic Trading Limited ("Baltic Trading" or the "Company") dated December 19, 2013 (the "Agreement").&#160; When fully executed, this letter shall constitute an amendment to the Agreement.&#160; It is hereby agreed as follows:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Section 1 of the Agreement is hereby deleted in its entirety and restated as follows:</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">Baltic Trading agrees to employ you and you agree to be employed by Baltic Trading upon the termination of your employment with Genco Shipping &amp; Trading Limited ("Genco") following a Change in Control, as such term is defined in your employment agreement with Genco dated September 21, 2007, as amended by letter dated March 26, 2014 (the "Genco Agreement") (a "Genco Change in Control").&#160; In the event of the foregoing, and provided that your employment with Genco terminates within eighteen (18) months of the Genco Change in Control, and subject to the terms and conditions of this Agreement, your employment with Baltic Trading shall commence on a date mutually agreed to by the parties (the "Effective Date").</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The third sentence of Section 6(c) is hereby deleted in its entirety and restated as follows:</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">In addition, with respect to a termination of your employment by you for Good Reason or by the Company without Cause (other than due to your death or Disability) upon or within two years of a Baltic Trading Change in Control (as defined in Section 7), your Annual Incentive Award shall also include the value on the date of grant of any equity awards granted to you for such year (other than the equity award described under Section 5(c)), which for stock options shall be the Black-Scholes value.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Except as explicitly set forth herein, all terms and conditions contained in the Agreement shall remain in full force and effect.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">This letter and the Agreement contains the entire understanding between the parties on the subjects covered here and supersedes all prior agreements, arrangements and understandings, whether written or oral, regarding the subjects covered here.&#160; The Agreement may not be changed, or any of its provisions waived, orally, but only in writing signed by both parties.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Kindly indicate your acceptance of this letter by signing and returning a signed original to me on or before March 28, 2014.</div>

<div><br>
</div>

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<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Very truly yours,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
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</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">BALTIC TRADING LIMITED</div>
</td>
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<div>&#160;</div>
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<div>&#160;</div>
</td>
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<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">/s/ John Wobensmith</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">John Wobensmith</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">President &amp; Chief Financial Officer</div>
</td>
</tr>

<tr>
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<div>&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">ACCEPTED AND AGREED TO:</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
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<td style="WIDTH: 45%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
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<div>&#160;</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
