NEWLEAD HOLDINGS LTD HAMILTON, Bermuda, Dec. 8, 2015 /PRNewswire/ -- NewLead Holdings Ltd. (OTC Pink: NEWL) ("NewLead" or the "Company") announced today that the charterer of MT Newlead Granadino ("Newlead Granadino"), a 2009-built double hull bitumen tanker vessel of 5,887 dwt, has exercised the option to extend the existing contract for an additional six months at an increased daily net charter-out rate of $10,750. The extension is expected to commence at the end of January 2016. The charterer has the option to extend the existing contract for two additional six month periods.
As previously announced, on September 15, 2015, NewLead had entered into a time charter contract for the Newlead Granadino for a minimum of six months with the charterer's option to extend the contract at the end of the first six months for additional six month periods up to a maximum of eighteen months. The daily net charter-out rate was $10,500 for the initial six months and $10,750 for all optional periods, if exercised.
The Newlead Granadino is currently trading in North and Central America where the vessel was repositioned in August 2015 to perform on the latest time charter agreement. Since the delivery of Newlead Granadino to NewLead through today, 184,213 tons of bitumen have been transported. The vessel's utilization since delivery to the existing charterer is 100%.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "The extension of the current contract of Newlead Granadino reflects the satisfaction of the charterer by the operational performance of the vessel amongst some of the most demanding trade routes and petroleum refineries. NewLead had invested and will continue to invest in the improvement of the technical and operational condition of the Company's vessels in order to ensure continuous competitive and efficient commercial performance."
NewLead has approximately 1.64% and 42.19% of its operating days covered for 2016 for its dry bulk and tanker vessels, respectively.
Fleet Update
The following table details NewLead's fleet as of December 7, 2015:
Vessel Name Size (dwt) Vessel Type Year Built Charter Expiration Date
----------- --------- ----------- ---------- -----------------------
Dry Bulk Carriers
-----------------
Newlead
Castellano 35,542 Eco-type Handysize 2013 Q4 2015
----------- ------ ------------------ ---- -------
Newlead
Albion 32,318 Eco-type Handysize 2012 min Q4 2015 - max Q1 2016
------- ------ ------------------ ---- -------------------------
Newlead
Venetico 32,394 Eco-type Handysize 2012 min Q4 2015 - max Q1 2016
--------- ------ ------------------ ---- -------------------------
Newlead
Victoria 75,966 Panamax 2002 Spot
--------- ------ ------- ---- ----
Newlead
Markela 71,733 Panamax 1990 Spot
-------- ------ ------- ---- ----
Tanker Vessels
--------------
Newlead
Granadino 5,887 Asphalt/Bitumen Oil Tanker 2009 min Q2 2016 - max Q3 2017
---------- ----- -------------------------- ---- -------------------------
Katerina L 3,357 Asphalt/Bitumen Oil Tanker 2009 Q4 2015
---------- ----- -------------------------- ---- -------
Nepheli 3,416 Asphalt/Bitumen Oil Tanker 2009 Q3 2016
------- ----- -------------------------- ---- -------
Ioli 3,396 Asphalt/Bitumen Oil Tanker 2009 min Q1 2016 - max Q1 2020
---- ----- -------------------------- ---- -------------------------
Sofia 2,888 Asphalt/Bitumen Oil Tanker 2008 Spot
----- ----- -------------------------- ---- ----
Gema(1) 19,831 Oil Tanker 2001 Spot
------ ------ ---------- ---- ----
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 OTC Pink Current 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.
