Boston, MA 06/02/2014 (wallstreetpr) – On May 19, 2014, NewLead Holdings Ltd (NASDAQ:NEWL) announced that a 2012-constructed dry-bulb eco-type Handysize vessel named ‘Newlead Albion’ was delivered on the same day. The new vessel weighs 32318 dwt.
NewLead Holdings Ltd (NASDAQ:NEWL) is a global, vertically integrated logistics, commodity and shipping company. The company possesses 2 dry bulb Panamax vessels besides managing 2 small bitumen tanker vessels, one Handysize MR Product tanker and 3 third party tanker vessels. NewLead looks forward to delivering 3-updated ecotype dry-bulb Handysize vessels between May and August 2014. Moreover, it also includes a wash plant as well as mine in Kentucky, U.S. in its portfolio.
Newlead Albion, the latest introduction:
The newborn vessel, ‘Newlead Albion’ is one of the two eco-type vessels that NewLead decided to purchase in March 2014. It was previously announced that the company would acquire the two vessels for a total acquisition value of $37 million, $18.5 million each. However, in today’s market valuation, each of these vessels is estimated to be worth of approximately $20.25 million. Furthermore, the second vessel is assumed to be delivered to the company’s fleet as announced, in July 2014.
Trading of Newlead Albion:
The newly introduced eco-type vessel is trading on the spot market. It is as well supposed to bring in $2 million EBITDA every year expecting $1.73 million yearly OPEX. NewLead Holdings Ltd (NASDAQ:NEWL) financed the new Handysize vessels via a mix of external financing and cash. In March 2014, the company made a payment of a cash-deposit of $1.85 million, while the rest of the balance was compensated via coupling of cash together with 75% funding in a deal approved by Pareto Project Finance AS and support by sturdy institutional investors.
The CEO commented:
The Chief Executive officer and Chairman of NewLead, Michael Zolotus said that NewLead Holdings Ltd (NASDAQ:NEWL) is enthusiastic about the announcement of Newlead Albion’s delivery. He added that it was the first vessel to be included in the company’s fleet subsequent to its successful re-forming.
