Amendment No. 3 to Management Agreement by and between Baltic Trading Limited and Genco Shipping & Trading Limited dated as of August 21, 2013

Contract Categories: Business Operations - Management Agreements
EX-10.1 2 ex10_1.htm EXHIBIT 10.1
Exhibit 10.1
AMENDMENT NO. 3 TO MANAGEMENT AGREEMENT
 
THIS AMENDMENT NO. 3 TO MANAGEMENT AGREEMENT is dated as of August 21, 2013 and is by and between Baltic Trading Limited, a Marshall Islands corporation (the "Company"), and Genco Shipping & Trading Limited, a Marshall Islands corporation (the "Manager") and is entered into pursuant to Section 2.8 of the Management Agreement between the Company and the Manager dated as of March 15, 2010 (the "Agreement") solely for purposes of updating Schedule A to the Agreement.

Schedule A to the Agreement is hereby amended and restated in its entirety as follows:

SCHEDULE A
VESSELS
(As of August 21, 2013)

This Schedule may be updated from time to time by the parties in accordance with Section 2.8.
 
Vessel
Capacity
(dwt)
Built
Current
Employment
Current
Charterer
Expiration
of Charter
Flag
Capesize
 
 
 
 
 
 
Baltic Bear
177,717
2010
Spot market-related time charter
Swissmarine Services S.A.
February 2015
Marshall Islands
Baltic Wolf
177,752
2010
Spot market-related time charter
Cargill International S.A.
May 2014
Marshall Islands
Supramax
 
 
 
 
 
 
Baltic Leopard
53,447
2009
Spot market-related time charter
Resource Marine PTE Ltd. (part of the Macquarie group of companies)
February 2014
Marshall Islands
Baltic Panther
53,351
2009
Spot pool
Bulkhandling Handymax A/S Pool
 
May 2014
Marshall Islands
Baltic Cougar
53,432
2009
Spot pool
Bulkhandling Handymax A/S Pool
May 2014
Marshall Islands
Baltic Jaguar
53,474
2009
Spot market-related time charter
Resource Marine PTE Ltd. (part of the Macquarie group of companies)
April 2014
Marshall Islands
Handysize
 
 
 
 
 
 
Baltic Wind
34,409
2009
Spot market-related time charter
Cargill International S.A.
September 2013
Marshall Islands
Baltic Cove
34,403
2010
Spot market-related time charter
Cargill International S.A.
February 2014
Marshall Islands
Baltic Breeze
34,386
2010
Spot market-related time charter
Cargill International S.A.
July 2014
Marshall Islands
Baltic Fox(1)
31,883
2010
Spot pool
Clipper Logger Pool(2)
September 2015
Marshall Islands
Baltic Hare(1)
31,887
2009
Spot pool
Clipper Logger Pool(2)
September 2015
Marshall Islands
 
(1) These vessels have not yet been delivered to the Company but will be subject to the engagement under the Agreement upon such delivery.

(2) These chartering arrangements are to commence following delivery of the vessel to the Company.

Except as amended hereby, the Agreement remains in full force and effect.

[Signature page follows.]
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to Management Agreement as of the date first set forth above.
 
BALTIC TRADING LIMITED
 
GENCO SHIPPING & TRADING LIMITED
 
 
 
 
 
 
 
By:
 /s/ John C. Wobensmith
 
By:
 /s/ John C. Wobensmith
 
Name: 
John C. Wobensmith
 
Name: 
John C. Wobensmith
 
Title:
President and Chief Financial Officer
 
Title:
Chief Financial Officer