NewLead Holdings Ltd. Announces New Spot-Market-Related Charter for MV Grand Victoria

PIRAEUS, Greece, May 6 /PRNewswire-FirstCall/ -- NewLead Holdings Ltd. (Nasdaq: NEWL) ("NewLead") announced today that it has reached an agreement with a first class charterer to enter into a spot-market-related time charter for the MV Grand Victoria, a 2002 built, 75,966 dwt Panamax for 20 to 22 months. The time charter is expected to commence upon redelivery of the vessel from current charter, which is expected during the fourth quarter of 2010. The net effective rate for the spot-market-related time charter will be based on approximately 100% of the Baltic Panamax Index.

Michael S. Zolotas, President and Chief Executive Officer of NewLead Holdings Ltd. stated, "We chose to operate the Grand Victoria on the spot market in order to balance the chartering strategy of our drybulk fleet. The Grand Victoria is currently NewLead's only drybulk vessel scheduled for the spot market. This agreement offers us the opportunity to take advantage of attractive spot market rates for Panamax vessels without incurring voyage expenses, while relying on our drybulk fleet's long term charters to ensure a profitable foundation."

About NewLead Holdings Ltd.

NewLead Holdings Ltd. is an international shipping company that owns and operates product tankers and dry bulk vessels. NewLead's common stock is listed on the NASDAQ Global Select Market where it trades under the symbol "NEWL". To learn more about the Company, please visit the Company's new website at www.newleadholdings.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This press release includes assumptions, expectations, projections, intentions and beliefs about future events. These statements, as well as words such as "anticipate," "estimate," "project," "plan," and "expect," are intended to be ''forward-looking" statements. We caution that assumptions, expectations, projections, intentions and beliefs about future events may vary from actual results and the differences can be material. Forward-looking statements include, but are not limited to, such matters as future operating or financial results; statements about planned, pending or recent acquisitions and business strategy. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although NewLead believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, NewLead cannot assure you that it will achieve or accomplish these expectations, beliefs or projections described in the forward looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter rates and vessel values, failure of a seller to deliver one or more vessels, and other factors discussed in NewLead's filings with the U.S. Securities and Exchange Commission from time to time. NewLead expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in NewLead's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

SOURCE NewLead Holdings Ltd.