NewLead Fixes Newcomer, "Newlead Castellano"

 

NewLead Holdings Ltd. announced today that it has entered into a time charter contract for the recently delivered Handysize vessel, the "Newlead Castellano".

The Newlead Castellano has been chartered-out at a gross rate of $9,500 per day, minus a 6.25% commission payable to third parties, for a minimum of three and a maximum of five months. This employment is anticipated to generate approximately $855,000 of gross revenue for the minimum scheduled period of the time charter.

The Newlead Castellano is a 2013-built dry-bulk eco-type Handysize vessel of 35,542 dwt and is the third modern eco-type Handysize vessel to be delivered to NewLead's owned fleet in 2014.

As previously announced on September 22, 2014, when NewLead took delivery of the Newlead Castellano, the vessel is expected to generate approximately $1.7 million EBITDA per year assuming $1.73 million yearly operating expenses.

Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "We continue to capitalize on opportunities that arise in the dry bulk sector to increase the cash flow and future revenues of the Company. The Newlead Castellano has been fixed at a premium to current market charter rates."