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Hamilton, Bermuda - Jan. 20, 2016 - PRNewswire
The Sofia is a 2008-built bitumen tanker vessel of 2,888 dwt and is one of the five bitumen tanker vessels that were delivered to NewLead's fleet during the fourth quarter of 2014.
In 2015, the Sofia traded in the spot market under consecutive voyages. From January to December 2015, the Vessel completed twenty different voyage charter agreements and twenty-nine different voyages. During the same period, the Vessel transported approximately 76,785 metric tons of bitumen stored and delivered at temperatures above 180 degrees Celsius.
The Sofia has been trading mainly in the Central and East Mediterranean and the Black Sea areas with the Vessel loading in Greece and Italy and discharging in Greece, Lebanon, Cyprus, Libya, Romania, Egypt and Turkey at oil major refineries.
Upon delivery of the Sofia to NewLead, the Company invested in the maintenance and improvement of the Vessel's condition so as to become more attractive to charterers. NewLead improved the intake capacity of the Vessel, as well as the fuel efficiency for steaming and heating that resulted from the installation of new high specification equipment and the continuous efforts of the specialized crew on board the Vessel.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "The employment efficiency of Sofia in 2015 was the result of NewLead's effective commercial, operational and technical management. The adaptive but prudent chartering strategy, the flexible operational performance together with the successful vetting of the vessel by principal oil majors and oil traders led to the enhanced and continuous attraction by reliable and reputable charterers. In 2015, the Sofia was constantly employed at competitive market rates while the vessel traded in a highly demanding and competitive market area that continues to remain one of the most active bitumen trading areas worldwide."
Mr. Zolotas, added: "Global asphalt trade is rising both regionally and globally and is expected to increase over the period 2016-2020 due to tight supply. Bitumen prices are getting more competitive since they are directly related to oil prices. I believe increased funding for road infrastructure in all developed and developing countries is expected to increase demand for bitumen in the next four years."
Coverage
NewLead has 6.82% and 55.75% of its operating days covered for 2016 for the dry-bulk and bitumen tanker vessels, respectively.
Fleet Update
The following table details NewLead's fleet as of January 19, 2016:
1. Third party vessel under management
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 nine vessels, including four 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 Sofia. Image by NewLead Holdings Ltd.