Boston, MA 06/05/2014 (wallstreetpr) – NewLead Holdings Ltd (NASDAQ:NEWL) on May 19, 2014 announced that a 2012-built dry-bulk eco-type Handysize vessel known as Newlead Albion was delivered to its fleet. The new vessel has the capacity of 32318 dwt.
About Newlead Albion
Newlead Albion is among the two eco-type kinds of vessels which NewLead Holdings had agreed to acquire in March 2014. The total acquisition was worth $37.0 million, with each vessel valued at $18.5 million. At present, the market value of the two vessels is around $20.25 million each. NewLead Holdings will acquire the second vessel of the same kind in July 2014.
Financing of the Newlead Albion
Newlead Holdings Ltd (NASDAQ:NEWL) financed the Newlead Albion by combining cash as well as using certain external finances. In March 2014, NewLead Holdings made a payment deposit of $1.85 million in cash. Rest of the finance was paid by making a combination of cash, as well as 75% financing through the transaction arranged by Pareto Project Finance AS.
Statement from the Chairman and Chief Executive Officer of NewLead Holdings
The Chairman and Chief Executive Officer of Newlead Holdings Ltd (NASDAQ:NEWL), Mr. Michael Zolotas said that the company was pleased to acquire Newlead Albion, the first vessel added to the fleet of the company after restructuring. He explained that in order to receive the delivery of this vessel, the company secured financing through financial and shipping institution.
Michael Zolotas further added that the company was trying to modernize the fleet by acquiring fuel efficient vessels. For this purpose, the company is also optimizing the fleet age. At the same time, Newlead Holdings Ltd (NASDAQ:NEWL) expects that three new modern Handysize vessels will also be added to its existing fleet by August 2014 end.
It is also known that the company signed term sheet for 75% financing in order to acquire two dry bulk Panamax vessels. After all these transactions, the company would have a fleet of ten vessels; out of which seven will be under its own control and three will be under the control of management.
