PIRAEUS, Greece, Dec. 9, 2010 /PRNewswire/ -- NewLead Holdings Ltd. (Nasdaq: NEWL) ("NewLead" or "the Company"), an international, vertically integrated mixed fleet shipping company, today announced that on December 3, 2010, the new geared Kamsarmax vessel "Newlead Tomi" of 79,224 dwt was delivered from Cosco Dalian Shipyard Co. to NewLead's owned fleet.
The "Newlead Tomi" is one of the two geared Kamsarmaxes that NewLead is building at Cosco Dalian Shipyard Co. The second Kamsarmax vessel is expected to be delivered in the fourth quarter of 2011.
$28,710 for five years plus charterer's option for
one plus one additional years or owner's put
option for one plus one year at a net charter rate
between $19,800 and $28,710 per day.
(1) EBITDA calculation assumes daily operating expenses of $5,500 per day and 360 revenue days.
(2) Aggregate EBITDA over the life of the contract assuming daily operating expenses of $5,500 per day (growing at 3% annually). Includes lower rate for the two option periods.
About NewLead Holdings Ltd.
NewLead Holdings Ltd. is an international, vertically integrated shipping company that owns and manages product tankers and dry bulk vessels. NewLead currently controls 22 vessels, including six double-hull product tankers and 16 dry bulk vessels of which four are newbuildings. NewLead's common shares are traded under the symbol "NEWL" on the NASDAQ Global Select Market. To learn more about NewLead Holdings Ltd., please visit the new 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 future operating or financial results; statements about planned, pending or recent acquisitions and business strategy. 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.
NewLead Holdings Ltd.
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SOURCE NewLead Holdings Ltd.