NewLead Holdings Ltd announced today that it has previously signed a term sheet with a leading financial institution to provide 75% debt financing for two second-hand Panamax vessels for a total of $35 million. The two vessels are expected to be delivered to NewLead's fleet within the next three months, subject to the receipt of the necessary financing for the balance of the purchase price.
Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "Upon delivery of those two vessels, NewLead is expected to have a fleet of seven dry bulk vessels."
NewLead Holdings Ltd. is an international, vertically integrated shipping and commodity company that manages product tankers and dry bulk vessels. NewLead currently owns two dry bulk vessels and has agreements to acquire three eco-type Handysize dry bulk vessels, one of which is a newbuilding. NewLead owns a wash plant and a mine in Kentucky
, USA. NewLead's common shares are traded under the symbol "NEWL" on the NASDAQ Global Select Market.