NewLead Holdings Announces Extension of Time Charter for the MT Newlead Granadino

Hamilton, Bermuda - Dec. 8, 2015 - PRNewswire

NewLead Holdings Ltd. (OTC Pink: NEWL) ("NewLead" or the "Company") announced today that the charterer of MT Newlead Granadino ("Newlead Granadino"), a 2009-built double hull bitumen tanker vessel of 5,887 dwt, has exercised the option to extend the existing contract for an additional six months at an increased daily net charter-out rate of $10,750. The extension is expected to commence at the end of January 2016. The charterer has the option to extend the existing contract for two additional six month periods.

As previously announced, on September 15, 2015, NewLead had entered into a time charter contract for the Newlead Granadino for a minimum of six months with the charterer's option to extend the contract at the end of the first six months for additional six month periods up to a maximum of eighteen months. The daily net charter-out rate was $10,500 for the initial six months and $10,750 for all optional periods, if exercised.

The Newlead Granadino is currently trading in North and Central America where the vessel was repositioned in August 2015 to perform on the latest time charter agreement. Since the delivery of Newlead Granadino to NewLead through today, 184,213 tons of bitumen have been transported. The vessel's utilization since delivery to the existing charterer is 100%.

Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "The extension of the current contract of Newlead Granadino reflects the satisfaction of the charterer by the operational performance of the vessel amongst some of the most demanding trade routes and petroleum refineries. NewLead had invested and will continue to invest in the improvement of the technical and operational condition of the Company's vessels in order to ensure continuous competitive and efficient commercial performance."

NewLead has approximately 1.64% and 42.19% of its operating days covered for 2016 for its dry bulk and tanker vessels, respectively.


The 2009-built double hull bitumen tanker vessel of 5,887 dwt, MT Newlead Granadino.   Image by NewLead Holdings Ltd.

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 OTC Pink Current marketplace. To learn more about NewLead Holdings Ltd., please visit NewLead's website at www.newleadholdings.com.

NewLead Holdings Ltd. press release