NewLead Holdings Ltd. (NASDAQ:NEWL) announced it has completed the dropdown of six vessels (four drybulk vessels and two product tankers) and Newlead Shipping S.A., an integrated technical and commercial management company, from Grandunion Inc. In connection with this transaction, NewLead transferred to Grandunion 8,844,444 shares of NewLead's common stock and assumed existing liabilities. Michael S. Zolotas, President and Chief Executive Officer of NewLead Holdings Ltd., stated, "The successful closing of this transaction is another step in transforming NewLead Holdings. The six vessels have quality time charters and are expected to add approximately $19.4m in EBITDA annually." Zolotas continued, "Newlead Shipping S.A.