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