PIRAEUS, Greece, March 21, 2011 /PRNewswire/ -- NewLead Holdings Ltd. (Nasdaq: NEWL) ("NewLead"), an international, vertically integrated shipping company, today announced that two of its product tankers, the Hiona and the Hiotissa, will participate in Scorpio's Handymax Tanker Pool ("SHTP"), a major tanker pool with more than 30 vessels currently participating.
The Hiona (37,337 dwt, 2003-built) and the Hiotissa (37,329 dwt, 2004-built) will enter SHTP upon completion of their current charter commitments. Both vessels are expected to enter the aforementioned pool in the second quarter of 2011 and will participate for a minimum of one year.
Mr. Michael Zolotas, president and chief executive officer of NewLead, stated, "We are pleased that the Hiona and the Hiotissa will participate in a competitive pool with a quality fleet profile. Both vessels will profit from full premium spot market opportunities while being fully employed, allowing NewLead to benefit from competitive earnings. As a result of this transaction, NewLead will have 100% of its product tanker fleet fixed for 2011."
As a result of this transaction, NewLead expects to have 78% of its operating days covered for 2011, 61% for 2012 and 50% for 2013.
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, four of which 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.