NewLead Holdings Announces Time Charter Contract of the MT Ioli

Mittwoch, 15.06.2016 14:35 von PR Newswire

PR Newswire

HAMILTON, Bermuda, June 15, 2016 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWLF) ("NewLead" or the "Company") announced today that it has entered into a new time charter contract for six months, expiring at the end of October 2016, with a European manufacturer of bitumen (the "Charterer") for one of its five bitumen tanker vessels, the MT Ioli (the "Ioli"). The Ioli was delivered to the new Charterer on April 22, 2016 and is currently trading in North Europe; specifically in Scandinavia.

NewLead Holdings Ltd.

The Ioli is a 2009-built bitumen tanker vessel of 3,396 dwt and is one of the five bitumen tanker vessels that were delivered to NewLead's fleet in 2014.

The Ioli has transported 76,989 and 1,110,455 barrels of bitumen in 2014 and 2015, respectively, principally among major refineries in North Europe. The utilization of the Ioli was 67.6% and 93.1% in 2014 and 2015, respectively.

NewLead's bitumen fleet utilization for 2015 was 92.7%. The operating revenue from bitumen tanker vessels was approximately $15.7 million for the year ended December 31, 2015 compared to approximately $1.35 million for the year ended December 31, 2014.

Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "NewLead's continuous strategy to expand in the bitumen tanker sector is reflected in the enhancement of the Company's commercial relationships. The Ioli was recently chartered out to a major European manufacturer with longstanding presence in the bitumen market and access to a number of European refineries, as well as access to long-term supply agreements with third party suppliers. The Ioli performs a demanding trade which requires excellent vessel operations and a highly competent crew."

Mr. Zolotas added, "The employment efficiency of the Ioli is the result of NewLead's effective commercial, operational and technical management of bitumen tankers, as well as of the Company's ability to capitalize on longstanding relationships with oil majors, oil traders and with oil refineries directly."

Mr. Zolotas, concluded: "The Company is presently evaluating market opportunities in the bitumen market to proceed with additional acquisitions in the sector to become a leading bitumen marine transportation company. More precisely, the Company is already in advanced negotiations to acquire two additional bitumen tanker vessels that include a long term charter to a leading asphalt products trading company."

Fleet Update

The following table details NewLead's fleet as of June 14, 2016:

Vessel Name

Size (dwt)

Vessel Type

Year Built

Charter Expiration Date

Dry Bulk Carriers


Newlead Castellano

35,542

Eco-type Handysize

2013

Spot

Newlead Albion

32,318

Eco-type Handysize

2012

Spot

Newlead Venetico

32,394

Eco-type Handysize

2012

Spot

Newlead Victoria

75,966

Panamax

2002

min Q2 2016 - max Q4 2016

Tanker Vessels


  Newlead Granadino

5,887

Asphalt/Bitumen Oil Tanker

2009

min Q3 2016 - max Q3 2017

  Katerina L

3,357

Asphalt/Bitumen Oil Tanker

2009

Q4 2016

  Nepheli

3,416

Asphalt/Bitumen Oil Tanker

2009

Q3 2016

  Ioli

3,396

Asphalt/Bitumen Oil Tanker

2009

Q4 2016

  Sofia

2,888

Asphalt/Bitumen Oil Tanker

2008

Spot

About NewLead Holdings Ltd.

NewLead Holdings Ltd. is an international vertically integrated shipping company providing ideal solutions for seaborne transportation of dry bulk commodities and petroleum products through owned and managed vessels. NewLead controls a fleet of nine vessels, including four dry bulk and five bitumen tanker vessels. 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 "NEWLF" on the OTC Pink marketplace. 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: egerouki@newleadholdings.com

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SOURCE NewLead Holdings Ltd.