FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person *   Apollo Management Holdings GP, LLC 2. Date of Event Requiring Statement (Month/Day/Year) 01/20/2015 3. Issuer Name and Ticker or Trading Symbol Baltic Trading Ltd [BALT] (Last) (First) (Middle) 9 W. 57TH STREET, 43RD FLOOR 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) NEW YORK, NY 10019 6. Individual or Joint/Group Filing(Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Common stock, par value $0.01 6,693,249 I See footnote (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Apollo Management Holdings GP, LLC 9 W. 57TH STREET 43RD FLOOR NEW YORK, NY 10019	Â	  X	Â	Â
Apollo Management Holdings, L.P. 9 W. 57TH STREET NEW YORK, NY 10019	Â	  X	Â	Â
Apollo Capital Management GP, LLC 9 WEST 57TH STREET NEW YORK, NY 10019	Â	  X	Â	Â
Apollo Capital Management, L.P. 9 WEST 57TH STREET NEW YORK, NY 10019	Â	  X	Â	Â
Apollo Principal Holdings II, L.P. 9 W. 57TH STREET 43RD FLOOR NEW YORK, NY 10019	Â	  X	Â	Â
Apollo Principal Holdings II GP, LLC 9 W. 57TH ST. 43RD FLOOR NEW YORK, NY 10019	Â	  X	Â	Â
Apollo Value Investment Master Fund, L.P. 9 WEST 57TH STREET NEW YORK, NY 10019	Â	  X	Â	Â
Apollo Value Advisors, LP TWO MANHATTANVILLE ROAD PURCHASE, NY 10577	Â	  X	Â	Â
APOLLO SPECIAL OPPORTUNITIES MANAGED ACCOUNT LP ONE MANHATTANVILLE ROAD SUITE 201 PURCHASE, NY 10577	Â	  X	Â	Â
Apollo SVF Management, L.P. TWO MANHATTANVILLE ROAD PURCHASE, NY 10577	Â	  X	Â	Â

Signatures

See signatures attached as Exhibit 99.2		01/26/2015
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	See Exhibit 99.1.

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