NewLead Holdings Ltd. Announces Acquisition of 2003-Built Handysize Dry Bulk Vessel "Newlead Prosperity"

PIRAEUS, Greece, May 16, 2011 /PRNewswire via COMTEX/

NewLead Holdings Ltd. (NASDAQ: NEWL) ("NewLead"), an international, vertically integrated shipping company, today announced that on May 10, 2011 it acquired the 2003-built, 34,682 dwt, Handysize dry bulk vessel, Newlead Prosperity, for a total consideration of $24.5 million. The Newlead Prosperity was initially delivered under a bareboat charter during Q4 2010. The charter period ended May 10, 2011.

Mr. Michael Zolotas, president and chief executive officer of NewLead, stated, "Newlead Prosperity is the first Handysize dry bulk vessel in our operational fleet. We expect to take delivery of two additional newbuild Handysize bulk vessels in the second quarter of 2011 and the third quarter of 2012. Handysize vessels have proven to be relatively stable in this market, so we are pleased to take ownership at this time."

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 of which four 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