In their quarterly report issued Tuesday, Baltic Trading Limited announced that it has initiated a fuel efficiency upgrade program for certain vessels, in order to generate considerable fuel savings going forward. The cost of the upgrades is expected to be approximately $500,000 per vessel.
Baltic’s current fleet consists of four Capesize, two Ultramax, four Supramax, and five Handysize vessels with an aggregate capacity of approximately 1,221,000 dwt. The company also announced the expected delivery of two Ultramax newbuildings that Baltic Trading has agreed to acquire, which will increase the fleet to 17 drybulk vessels.
Baltic Trading Limited is based in the Marshall Islands but formed by New York-based Genco Shipping & Trading Limited. The company is focused on the spot charter market, transporting iron ore, coal, grain, steel products and other drybulk cargos along global shipping routes.