Panning, ledby William Kelly, Kieran Goodwin and Franklin Edmonds, has amassed a 14.2%slice of the New York-listed bulker owner, a filing said.

Its 7,282,018shares have a market value of $45m based on the last trade of the company’sshares on Monday.

This is the first time the hedge fund hasdisclosed a holding in Baltic Trading of more than 5%. However, it has been aninvestor in the shipowner for some time.