NewLead to Acquire Two Eco-Type Handysize Vessels

NewLead Holdings Ltd. (NewLead) has executed definitive agreements for the acquisition of two eco-type 31,800 dwt, Handysize bulk carriers built in 2012 for a total acquisition price of $37.0 million.

The two eco-type vessels are expected to be delivered in NewLead by the end of June and July this year. Upon completion of this acquisition, NewLead will own five dry-bulk vessels, consisting of three Handysize and two Panamax vessels.

The Company expects to finance the acquisition of the two vessels through the combination of proceeds from its recent preferred shares issuance along with the 75% debt financing, as previously announced. On March 11, 2014, NewLead paid a deposit of $1.85 million to the acquisition price, and the remaining $7.4 million, not subject to the debt financing, is expected to be paid in installments upon delivery of the two vessels.

Michael Zolotas, President and Chief Executive Officer of NewLead, stated, “We are pleased to bring into NewLead two more eco-type dry bulk Handysize vessels at a competitive price with a upside in market value, a 23 year employment lifetime, unlimited trading flexibility and projected EBITDA and OPEX of $4.0 million and $1.73 million, respectively, per year per vessel as per current market levels.”

NewLead, March 14, 2014; Image: Wikimedia

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Seawork 2020

Seawork is Europe’s leading commercial marine and workboat exhibition, providing businesses the opportunity…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >

Europort Romania

Europort Romania is the premier maritime networking event of the Black Sea and will connect maritime technology and service suppliers with high level professionals from Romania and surrounding shipbuilding markets.

More info

read more >