Print Page  |  Close Window
News Release
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
NewLead Holdings Announces Time Charter for Newlead Castellano

PIRAEUS, Greece, June 23, 2015 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company") announced today that it has entered into a time charter contract for one of its Eco-type dry bulk Handysize vessels, the Newlead Castellano, for a minimum of three and a maximum of five months. The gross charter-out rate is US$7,650 per day less a 6.25% commission paid to third parties. The vessel was delivered to the charterers at the beginning of June 2015.   

NewLead Holdings Ltd.

The Newlead Castellano is a 2013-built dry bulk Eco-type Handysize vessel of 35,542 dwt and is one of the three Eco-type dry bulk Handysize vessels that were delivered to NewLead's fleet in 2014.

Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "NewLead achieved a time charter agreement at a premium compared to the industry's average year to date Handysize dry bulk vessels earnings. We continue to benefit from our strong and long-lasting relationships with charterers, traders and brokers. NewLead's commercial competence is the result of continuous investment in the development of commercial relationships and in the maintenance of its vessels' technical quality standards."

Mr. Zolotas added, "Throughout historically distressed dry bulk market conditions, we continue to make the most of our cost-efficient ship management capabilities while maintaining the operating condition of our vessels at the highest levels."

NewLead has approximately 50.71% and 36.53% of its operating days covered for 2015 for its dry bulk and tanker vessels, respectively.

Fleet Update

The following table details NewLead's fleet as of June 22, 2015:

 

Vessel Name

Size (dwts)

Vessel Type

Year Built

Charter Expiration Date

Dry Bulk Carriers


Newlead Castellano

35,542

Eco-type Handysize

2013

Q4 2015

Newlead Albion

32,318

Eco-type Handysize

2012

Spot

Newlead Venetico

32,394

Eco-type Handysize

2012

Spot

Newlead Victoria

75,966

Panamax

2002

Q2 - Q3 2018

Newlead Markela

71,733

Panamax

1990

Q2 2016

Tanker Vessels


  Newlead Granadino

5,887

Asphalt/Bitumen Oil Tanker

2009

Spot

  Katerina L

3,357

Asphalt/Bitumen Oil Tanker

2009

Q3 2015

  Nepheli

3,416

Asphalt/Bitumen Oil Tanker

2009

Q1 2016

  Ioli

3,396

Asphalt/Bitumen Oil Tanker

2009

Q4 2015

  Sofia

2,888

Asphalt/Bitumen Oil Tanker

2008

Spot

  Gema1

19,831

Oil Tanker

2001

Spot

 

1. Third party vessel under management   

About NewLead Holdings Ltd.
NewLead Holdings Ltd. is an international vertically integrated shipping, logistics and commodity company providing ideal solutions for seaborne transportation of dry bulk commodities and petroleum products through owned and managed vessels. NewLead controls a fleet of ten vessels, including five dry bulk and five tanker vessels and manages one third party tanker vessel. NewLead is a Securities and Exchange Commission ("SEC") reporting Foreign Private Issuer in compliance with applicable SEC rules and regulations and current in its SEC reporting, utilizing U.S. Generally Accepted Accounting Principles' financial reporting standards. NewLead's common shares are traded under the symbol "NEWL" on the Over-the-Counter market. To learn more about NewLead Holdings Ltd., please visit NewLead's renewed website at www.newleadholdings.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This press release includes assumptions, expectations, projections, intentions and beliefs about future events. These statements, as well as words such as "anticipate," "estimate," "project," "plan," and "expect," are intended to be ''forward-looking" statements. We caution that assumptions, expectations, projections, intentions and beliefs about future events may vary from actual results and the differences can be material. Forward-looking statements include, but are not limited to, such matters as the creditworthiness of our counterparties, the reliability of reserve reports, our ability to extract or acquire coal to fulfill contracts, the consummation of conditional contracts, future operating or financial results; our liquidity position and cash flows, our ability to borrow additional amounts under our revolving credit facility and, if needed, to obtain waivers from our lenders and restructure our debt, and our ability to continue as a going concern; statements about planned, pending or recent vessel disposals and/or acquisitions, business strategy, future dividend payments and expected capital spending or operating expenses, including dry-docking and insurance costs; statements about trends in the product tanker and dry bulk vessel shipping segments, including charter rates and factors affecting supply and demand; expectations regarding the availability of vessel acquisitions; completion of repairs; length of off-hire; availability of charters; and anticipated developments with respect to any pending litigation. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although NewLead believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, NewLead cannot assure you that it will achieve or accomplish these expectations, beliefs or projections described in the forward looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter rates and vessel values, failure of a seller to deliver one or more vessels, and other factors discussed in NewLead's filings with the U.S. Securities and Exchange Commission from time to time. NewLead expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in NewLead's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Investor and Media Relations:
Elisa Gerouki 
NewLead Holdings Ltd.                                                              
Telephone: + 30 213 014 8023
Email: egerouki@newleadholdings.com 

Logo - http://photos.prnewswire.com/prnh/20150303/179145LOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/newlead-holdings-announces-time-charter-for-newlead-castellano-300103278.html

SOURCE NewLead Holdings Ltd.