The US hedge fund said it has acquired a further 376,234 shares in the US-listed shipowner paying an average of $1.789 per share.

The filing to the US Securities and Exchange Commission (SEC) said Apollo now controls over 7m shares, or over 10\% of the company.

Baltic boasts a fleet of 17 bulkers, including four newbuildings, but was recently reported to be looking to exit the capesize sector.

Its 179,200-dwt Baltic Lion (built 2012) and Baltic Tiger (built 2011) have been circulated by sale and purchase brokers in Europe.

Baltic bought the ships as K Global Pride and K Happiness in late 2013 via an en bloc deal with SK Shipping at above today’s market level.

Shares in Baltic are down nearly 80\% over the last nine months. The shares closed in New York on Monday at $1.71 each.

Apollo, the hedge fund fronted by Leon Black, Joshua Harris and Marc Rowan, has strong shipping links with other shipowners.

It has a joint venture with German owner Rickmers, is a partner in Jones Act owner Philly Tankers, backed by Kristian Rokke, and an investor in Principal Maritime among others.

source:www.tradewindsnews.com