NewLead Holdings Ltd. Announces Participation in Scorpio's Handymax Tanker Pool

PIRAEUS, Greece, March 21, 2011 /PRNewswire via COMTEX/

NewLead Holdings Ltd. (Nasdaq: NEWL) ("NewLead"), an international, vertically integrated shipping company, today announced that two of its product tankers, the Hiona and the Hiotissa, will participate in Scorpio's Handymax Tanker Pool ("SHTP"), a major tanker pool with more than 30 vessels currently participating.

The Hiona (37,337 dwt, 2003-built) and the Hiotissa (37,329 dwt, 2004-built) will enter SHTP upon completion of their current charter commitments. Both vessels are expected to enter the aforementioned pool in the second quarter of 2011 and will participate for a minimum of one year.

Mr. Michael Zolotas, president and chief executive officer of NewLead, stated, "We are pleased that the Hiona and the Hiotissa will participate in a competitive pool with a quality fleet profile. Both vessels will profit from full premium spot market opportunities while being fully employed, allowing NewLead to benefit from competitive earnings. As a result of this transaction, NewLead will have 100% of its product tanker fleet fixed for 2011."

COVERAGE:
As a result of this transaction, NewLead expects to have 78% of its operating days covered for 2011, 61% for 2012 and 50% for 2013.

About NewLead Holdings Ltd.
NewLead Holdings Ltd. is an international, vertically integrated shipping company that owns and manages product tankers and dry bulk vessels. NewLead currently controls 22 vessels, including six double-hull product tankers and 16 dry bulk vessels, four of which are newbuildings. NewLead's common shares are traded under the symbol "NEWL" on the NASDAQ Global Select Market. To learn more about NewLead Holdings Ltd., please visit the new website at www.newleadholdings.com.

Source: NewLead Holdings Ltd. press release