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Exhibit 10.2
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BALTIC TRADING LIMITED
299 PARK AVENUE, 12TH FLOOR
NEW YORK, NY 10171
646-443-8550

March 26, 2014

Mr. John Wobensmith
Baltic Trading Limited
299 Park Avenue, 12th Floor
New York, New York 10171

Dear John:

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").  When
fully executed, this letter shall constitute an amendment to the Agreement.  It
is hereby agreed as follows:

1.            Section 1 of the Agreement is hereby deleted in its entirety and
restated as follows:
 
Baltic Trading agrees to employ you and you agree to be employed by Baltic
Trading upon the termination of your employment with Genco Shipping & 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").  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").

2.            The third sentence of Section 6(c) is hereby deleted in its
entirety and restated as follows:
 
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.

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3.            Except as explicitly set forth herein, all terms and conditions
contained in the Agreement shall remain in full force and effect.
 
4.            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.  The Agreement may not be changed, or any of its
provisions waived, orally, but only in writing signed by both parties.
 
Kindly indicate your acceptance of this letter by signing and returning a signed
original to me on or before March 28, 2014.

 
Very truly yours,
 
 
 
 
BALTIC TRADING LIMITED
 
 
 
 
 
 
 
By:
/s/ John Wobensmith
 
 
John Wobensmith
 
 
President & Chief Financial Officer
 
 
 
ACCEPTED AND AGREED TO:
 
 
 
 
 
 
 
 
/s/ John Wobensmith
 
 
John Wobensmith
 
 
 
 
 
 
 
 
3/26/14
 
 
Date
 
 

 
 

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