NewLead Holdings Announces Extension of Time Charter for the MT Newlead Granadino

Dec 08, 2015, 09:00 ET from NewLead Holdings Ltd.

HAMILTON, Bermuda, Dec. 8, 2015 /PRNewswire/ -- NewLead Holdings Ltd. (OTC Pink: NEWL) ("NewLead" or the "Company") announced today that the charterer of MT Newlead Granadino ("Newlead Granadino"), a 2009-built double hull bitumen tanker vessel of 5,887 dwt, has exercised the option to extend the existing contract for an additional six months at an increased daily net charter-out rate of $10,750. The extension is expected to commence at the end of January 2016. The charterer has the option to extend the existing contract for two additional six month periods.

As previously announced, on September 15, 2015, NewLead had entered into a time charter contract for the Newlead Granadino for a minimum of six months with the charterer's option to extend the contract at the end of the first six months for additional six month periods up to a maximum of eighteen months. The daily net charter-out rate was $10,500 for the initial six months and $10,750 for all optional periods, if exercised.

The Newlead Granadino is currently trading in North and Central America where the vessel was repositioned in August 2015 to perform on the latest time charter agreement. Since the delivery of Newlead Granadino to NewLead through today, 184,213 tons of bitumen have been transported. The vessel's utilization since delivery to the existing charterer is 100%.

Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "The extension of the current contract of Newlead Granadino reflects the satisfaction of the charterer by the operational performance of the vessel amongst some of the most demanding trade routes and petroleum refineries. NewLead had invested and will continue to invest in the improvement of the technical and operational condition of the Company's vessels in order to ensure continuous competitive and efficient commercial performance."

NewLead has approximately 1.64% and 42.19% of its operating days covered for 2016 for its dry bulk and tanker vessels, respectively.

Fleet Update
The following table details NewLead's fleet as of December 7, 2015:

Vessel Name

Size (dwt)

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

min Q4 2015 - max Q1 2016

Newlead Venetico

32,394

Eco-type Handysize

2012

min Q4 2015 - max Q1 2016

Newlead Victoria

75,966

Panamax

2002

Spot

Newlead Markela

71,733

Panamax

1990

Spot

Tanker Vessels


  Newlead Granadino

5,887

Asphalt/Bitumen Oil Tanker

2009

min Q2 2016 - max Q3 2017

  Katerina L

3,357

Asphalt/Bitumen Oil Tanker

2009

Q4 2015

  Nepheli

3,416

Asphalt/Bitumen Oil Tanker

2009

Q3 2016

  Ioli

3,396

Asphalt/Bitumen Oil Tanker

2009

min Q1 2016 - max Q1 2020

  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 OTC Pink Current marketplace. To learn more about NewLead Holdings Ltd., please visit NewLead's 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

SOURCE NewLead Holdings Ltd.



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