NewLead Fixes Newlead Castellano

 

NewLead Holdings Ltd. announced yesterday that it entered into a time charter contract for one of its dry bulk Eco-type Handysize vessels, the Newlead Castellano, for two consecutive voyages, anticipated to be completed by the end of November 2015, at a gross charter-out rate of US $7,000 per day less a 6.25% commission paid to third parties. The vessel was delivered to the charterers at the beginning of September 2

The Newlead Castellano is a 2013-built dry bulk Eco-type Handysize vessel of 35,542 dwt and is one of the three dry bulk Eco-type Handysize vessels that were delivered to NewLead's fleet in 2014.

Since the beginning of 2015, the Newlead Castellano has completed three time charter contracts and has transported 125,995 tons of dry bulk cargo. The vessel's utilization in 2015 up until today is 95%.

The Newlead Castellano has been primarily trading in the Atlantic Ocean area although the trading location is at the charterers' option.

Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "NewLead's constant emphasis on the development and management of commercial relationships is reflected in the continuous employment of its vessels at competitive charter-out rates despite distressed dry bulk market conditions."

Mr. Zolotas added, "We continue to perform on our prudent and adaptive commercial strategy but at the same time we ensure a diversified employment and geographical positioning of our dry bulk vessels to seize chartering opportunities."

NewLead has approximately 60% and 81% of its operating days covered for 2015 and 20% and 16.27% of its operating days covered for 2016 for its dry bulk and tanker vessels, respectively.