Panning Capital Management Significantly Increases Passive Stake In Baltic Trading Ltd (BALT)

Panning Capital Management, managed by Kieran Goodwin, is bullish on Baltic Trading Ltd (NYSE:BALT). A new filing with the U.S. Securities and Exchange Commission showed that the fund has significantly increased its position in Baltic Trading Ltd (NYSE:BALT) to 7.28 million shares from 2.33 million shares held previously. The new position is passive by nature and is equivalent to 14.2% of common stock outstanding.

Baltic Trading

Baltic Trading Ltd (NYSE:BALT) is a $359 million market cap drybulk company focused on the spot charter market. The company transports iron ore, coal, grain, steel products and other drybulk cargoes along global shipping routes. Baltic Trading Ltd (NYSE:BALT) traded at $6.31 on Wednesday. The consensus average target price is $7.4, while the consensus average recommendation is ‘Buy’. The company has a 52 week low of $3.41 and a 52 week high of $7.94.

For the first quarter of 2014, Baltic Trading Ltd (NYSE:BALT) reported a 119% increase in revenues to $13.1 million for the quarter, compared to $6.0 million for the three months ended March 31, 2013. The increase was attributed primarily to higher spot market rates achieved by the company’s vessels as well as the increase in the size of its fleet. The company posted a net loss of $3.5 million, or $0.06 basic and diluted net loss per share, compared to a net loss of $5.1 million, or $0.23 basic and diluted net loss per share, in the same period of 2013. EBITDA for the quarter was $3.1 million, compared to $0.4 million for the first quarter of 2013.

New York-based Panning Capital Management is a long/short fund investing in loans, distressed assets and other credit instruments. The fund mainly focuses on Technology and Finance Stocks. The value of the fund’s equity portfolio was $570.2 million. The fund held 5.98 million shares in Genworth Financial Inc (NYSE:GNW) and 1.61 million shares in Navigator Holdings Ltd as of the end of 2013.

Disclosure: none

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