NewLead Holdings Announces Time Charter Contract of the M/T Ioli

May 19, 2015, 09:00 ET from NewLead Holdings Ltd.

PIRAEUS, Greece, May 19, 2015 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company") announced today that it has entered into a time charter contract with a first class charter ("Charterer") for one of its recently delivered bitumen tanker vessels, the Ioli, for a minimum of one year. The vessel has already been delivered to the Charterer that has the option to extend the time charter contract for up to four additional one year periods.  

The Ioli is a 2009-built bitumen tanker vessel of 3,396 dwt and is one of the five bitumen tanker vessels that were recently delivered to NewLead's fleet.

Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "NewLead continues to perform on its adaptive, prudent and long-term chartering strategy to optimize the employment of the Company's fleet and enhance the revenues and cash flow of the Company."

Mr. Zolotas added, "NewLead follows a responsive chartering strategy to market conditions, capitalizing on its commercial and technical expertise to capture opportunities with first-class oil majors and traders."

NewLead has approximately 48.58% and 38.05% of its operating days covered for 2015 for its dry bulk and tanker vessels, respectively.

Fleet Update
The following table details NewLead's fleet as of May 18, 2015:

 

Vessel Name

Size (dwts)

Vessel Type

Year Built

Dry Bulk Vessels

Newlead Castellano

35,542

Eco-type Handysize

2013

Newlead Albion

32,318

Eco-type Handysize

2012

Newlead Venetico

32,394

Eco-type Handysize

2012

Newlead Victoria

75,966

Panamax

2002

Newlead Markela

71,733

Panamax

1990

Tanker Vessels

  Newlead Granadino

5,887

Asphalt/Bitumen Tanker

2009

  Katerina L

3,357

Asphalt/Bitumen Tanker

2009

  Nepheli

3,416

Asphalt/Bitumen Tanker

2009

  Ioli

3,396

Asphalt/Bitumen Tanker

2009

  Sofia

2,888

Asphalt/Bitumen Tanker

2008

  Gema1

19,831

Oil Tanker

2001


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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