NewLead Holdings Sells Two Vessels

Wednesday, January 13, 2010

NewLead Holdings Ltd. (NASDAQ:NEWL) announced the sale the Saronikos Bridge and MSC Seine to a third party. The Saronikos Bridge was delivered to her new owners on January 7, 2010. The MSC Seine will be delivered to her new owners by the end of January 2010. Each of the vessels is a 2,917 TEU container vessel built in 1990, and their sale marks NewLead's exit from the container market. The sale of these vessels will create gross proceeds of approximately $13m. The company plans to use these proceeds, less related expenses, to reduce debt.


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