NewLead Holdings Ltd. Announces New Spot-Market-Related Charter for MV Grand Victoria

PIRAEUS, Greece, May 6, 2010 /PRNewswire via COMTEX/ --NewLead Holdings Ltd. (Nasdaq: NEWL) ("NewLead") announced today that it has reached an agreement with a first class charterer to enter into a spot-market-related time charter for the MV Grand Victoria, a 2002 built, 75,966 dwt Panamax for 20 to 22 months. The time charter is expected to commence upon redelivery of the vessel from current charter, which is expected during the fourth quarter of 2010. The net effective rate for the spot-market-related time charter will be based on approximately 100% of the Baltic Panamax Index.

Michael S. Zolotas, President and Chief Executive Officer of NewLead Holdings Ltd. stated, "We chose to operate the Grand Victoria on the spot market in order to balance the chartering strategy of our drybulk fleet. The Grand Victoria is currently NewLead's only drybulk vessel scheduled for the spot market. This agreement offers us the opportunity to take advantage of attractive spot market rates for Panamax vessels without incurring voyage expenses, while relying on our drybulk fleet's long term charters to ensure a profitable foundation."

About NewLead Holdings Ltd.

NewLead Holdings Ltd. is an international shipping company that owns and operates product tankers and dry bulk vessels. NewLead's common stock is listed on the NASDAQ Global Select Market where it trades under the symbol "NEWL". To learn more about the Company, please visit the Company's new website at www.newleadholdings.com.

Source: NewLead Holdings Ltd.