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Hamilton, Bermuda - Dec. 22, 2015 - PRNewswire
NewLead Holdings Ltd. (OTC Pink: NEWL) ("NewLead" or the "Company") announced today that it has renewed the Contract of Affreightment (the "CoA") for one of its bitumen tanker vessels, the MT Katerina L ("Katerina L" or the "Vessel"), for an additional twelve month period, for the transportation of a minimum of 49,600 metric tons of bitumen over 16 voyages, or, at the Charterer's option, up to a maximum of 74,400 metric tons of bitumen over 24 voyages. The first shipment is scheduled to commence at the beginning of January 2016.
The Katerina L will be trading in the Mediterranean area between all the major refineries, on the basis of the Vessel's relevant oil major approvals. In 2015, the Katerina L performed 15 voyages and transported 45,669 metric tons of bitumen in the Mediterranean area, (the initial term of the first CoA was only for 31,000 metric tons of bitumen). The employment efficiency of Katerina L for 2015 was 97%.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "The Katerina L is expected to transport 46% more bitumen, according to the second Contract of Affreightment, than the initial term in the first Contact of Affreightment the vessel entered into. The continuous employment of our specialized bitumen tanker vessels and the improved employment terms is the return on our investment in the long-lasting relationships with oil majors and oil trading companies, as well the operational excellence of our vessels."
Coverage
Newlead has 2.19% and 39.84% of its operating days covered for 2016 for the dry-bulk and tanker vessels, respectively.
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
MT Katerina L. Image by NewLead Holdings Ltd.