NewLead Holdings Ltd. Announces Commercial Performance of MV Newlead Venetico

Aug 25, 2015, 08:30 ET from NewLead Holdings Ltd.

HAMILTON, Bermuda, Aug. 25, 2015 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company") announced today a review of the commercial performance of the MV Newlead Venetico ("Newlead Venetico") since January 1, 2015.

The Newlead Venetico is a 2012-built dry bulk eco-type Handysize vessel of 32,394 dwt and is one of the three dry bulk eco-type Handysize vessels that were delivered to NewLead's fleet during 2014.

Since the beginning of 2015, the Newlead Venetico has been trading in the spot market and has already completed four charter party agreements. Initially, the vessel was trading in the Pacific area where she completed one voyage charter and one time charter trip. Thereafter, NewLead's management took a position to fix the vessel on a time charter trip from the Pacific to the Atlantic area where charter rates are most competitive. By the end of the third quarter of 2015, the Newlead Venetico is expected to have completed three time charter trips in the Atlantic area.

The Newlead Venetico has transported approximately 84,200 metric tons of steel raw materials and 63,000 metric tons of grains. The vessel is expected to transport up to a maximum of 31,000 metric tons of steel raw materials by the end of the third quarter of 2015.

Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "NewLead has managed to endure the historic distressing dry bulk market conditions by achieving a diversification not only of the employment but also of the geographical positioning of its dry bulk fleet. NewLead has ensured the positioning of its handysize dry bulk vessels not only in the Atlantic area where the rates are most competitive but also in the Pacific area to capture any opportunities in that market. NewLead has maintained a balanced employment strategy among long term period charters, spot employment and COAs."

Mr. Zolotas, added, "NewLead constantly monitors the dry bulk market landscape as it acclimates with the global economy and trade outlook, as well as oil price trends. Our adaptive approach to chartering, as well as our operational flexibility, allows NewLead to be in a position to consider any long term charter party agreement at any time, provided the appropriate dry bulk market conditions develop."

NewLead has approximately 37.83% and 74.73% of its operating days covered for 2015 and 20% and 16.27%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 August 24, 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

Q3 2015

Newlead Venetico

32,394

Eco-type Handysize

2012

Q3 2015

Newlead Victoria

75,966

Panamax

2002

min Q2 - max Q3 2018

Newlead Markela

71,733

Panamax

1990

Spot

Tanker Vessels


Newlead Granadino

5,887

Asphalt/Bitumen Oil Tanker

2009

min Q1 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 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

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SOURCE NewLead Holdings Ltd.



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