NewLead Holdings Announces a Summary of Recent Corporate Developments and Growth

PIRAEUS, Greece, Feb. 10, 2015 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company") announced today that it has succeeded in growing the fleet of the Company from two to ten vessels in less than one year following its growth strategy and delivering on its commitments.

NewLead's fleet has been entirely transformed to include younger, flexible in size, fuel-efficient vessels with an anticipated substantially longer employment lifetime and revenue capacity. Today, NewLead controls a fleet of ten vessels, five dry-bulk and five tanker vessels, with an average fleet age of 7.4 years. At the beginning of 2014, NewLead controlled a fleet of two dry-bulk vessels with an average fleet age of 17.84 years.

NewLead succeeded in taking delivery of three modern, high quality eco-type Handysize vessels, the 2012-built "Newlead Albion" and "Newlead Venetico" and the 2013-built "Newlead Castellano" in May, July and September 2014, respectively. The flexible size of these three vessels allows them to trade to all ports including smaller ports with length and draught restrictions and the fact that they are geared permits them to trade in emerging countries with ports with developing infrastructure for cargo loading operations.

NewLead recently announced the delivery of five bitumen tanker vessels, the 2009-built "Captain Nikolas I", "Nepheli", "Ioli" and "Katerina L" and the 2008-built "Sofia". These five bitumen tanker vessels are highly sophisticated tankers vessels, transporting asphalt and operating in niche markets with relatively low competition. All five vessels are trading with oil majors and oil trading companies.

Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "Our in-house highly qualified commercial management with access to industry partners, shipyards, charterers and traders, together with the constant evaluation of the market conditions and current market trends permitted us to decide to invest in the Handysize dry bulk vessels. Our in-house experienced technical management encouraged us to invest in the highly specialized bitumen tanker vessels. Our strong long-lasting relationships with recognizable ship finance banks and maritime financial institutions allowed us to realize the investment opportunities and develop a diversified fleet to capture opportunities in the market."   

Mr. Michael Zolotas, continued, "Today, NewLead has proven that it can perform and deliver on its commitments. NewLead's management team, who are the cornerstone of our growth, continue to create solutions in bringing NewLead forward despite challenging and unpredictable industry conditions. We brought the completely restructured NewLead to the next era and anticipate expanding the Company further. NewLead has proven that it can weather all market conditions. We expect to continue to execute on our growth strategy with the same pace as in the past months, aiming to further expand the fleet under our control."

COVERAGE

Newlead has 24.6% and 23.9% of its operating days covered for 2015 for the dry-bulk and tanker vessels, respectively, with the "Newlead Victoria" and the "Nepheli" on a period time charter until June 2018 and July 2015, respectively, and the rest of the Company's fleet trading on the spot market.

Fleet Update

The following table details NewLead's fleet as of February 10, 2015:

1. This is a 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'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 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: [email protected]

SOURCE NewLead Holdings Ltd.

Related Links

http://www.newleadholdings.com