Boston, MA 05/05/2014 (wallstreetpr) – Recently, NewLead Holdings Ltd (NASDAQ:NEWL) has made an announcement that it has entered into two agreements eco-type Handysize bulk carriers, which were built in 2012. NewLead again made an announcement regarding the company signing purchase agreements for buying two second-hand Panamax vessels. All these vessels together would leave a total number of seven dry bulk vessels with the company.
Acquiring vessels
NewLead Holdings Ltd (NASDAQ:NEWL) has executed two definitive agreements for acquiring two eco-type handy-size vessels for a total amount of $37 million. The two vessels would come into the possession of NewLead by the later part of June and July of this year. After the end of this acquisition, NewLead will come to possess five dry-bulk vessels out of which two would be Panamax and three would be Handysize vessels.
NewLead had announced recently that it would be financing this acquisition partly through the money achieved by the company through the issuance of preferred shares and partly through debt financing. The Chief Executive Officer and President of NewLead expressed his delight at the purchase of these vessels. He stated that NewLead has purchased these at a competitive price. He also revealed that these eco type dry bulk handy size vessels have an employment lifetime of twenty-three years, and they also have unlimited trading flexibility.
NewLead also made an announcement regarding the acquisition of two other dry bulk second-hand Panamax vessels. The company had previously signed a term sheet with a financial institution to provide for debt financing for these two vessels, which NewLead is purchasing at a total price of $35 million. The Chief Executive Officer of NewLead, namely, Michael Zolotas is quite excited about the fact that the company is acquiring these vessels. He is also delighted because, after the completion of all the above-mentioned acquisitions of these four dry bulk vessels, NewLead Holdings Ltd (NASDAQ:NEWL) would own a total of seven vessels.
