NewLead Holdings Ltd. Announces Time Charter and Commercial Performance of Newlead Castellano

HAMILTON, Bermuda, Sept. 24, 2015 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company") announced today that it has 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 2015.  

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.

Fleet Update

The following table details NewLead's fleet as of September 23, 2015:

1. Third party vessel under management   

About NewLead Holdings Ltd.
NewLead Holdings Ltd. is an international vertically integrated shipping, logistics and commodity company providing ideal solutions for seaborne transportation of dry bulk commodities and petroleum products through owned and managed vessels. NewLead controls a fleet of ten vessels, including five dry bulk and five tanker vessels and manages one third party tanker vessel. NewLead is a Securities and Exchange Commission ("SEC") reporting Foreign Private Issuer in compliance with applicable SEC rules and regulations and current in its SEC reporting, utilizing U.S. Generally Accepted Accounting Principles' financial reporting standards. NewLead's common shares are traded under the symbol "NEWL" on the Over-the-Counter market. To learn more about NewLead Holdings Ltd., please visit NewLead's renewed 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 the creditworthiness of our counterparties, the reliability of reserve reports, our ability to extract or acquire coal to fulfill contracts, the consummation of conditional contracts, future operating or financial results; our liquidity position and cash flows, our ability to borrow additional amounts under our revolving credit facility and, if needed, to obtain waivers from our lenders and restructure our debt, and our ability to continue as a going concern; statements about planned, pending or recent vessel disposals and/or acquisitions, business strategy, future dividend payments and expected capital spending or operating expenses, including dry-docking and insurance costs; statements about trends in the product tanker and dry bulk vessel shipping segments, including charter rates and factors affecting supply and demand; expectations regarding the availability of vessel acquisitions; completion of repairs; length of off-hire; availability of charters; and anticipated developments with respect to any pending litigation. 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.

Investor and Media Relations:
Elisa Gerouki
NewLead Holdings Ltd.                                                             
Telephone: + 30 213 014 8023
Email: [email protected]

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SOURCE NewLead Holdings Ltd.

Related Links

http://www.newleadholdings.com

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