Greek-based shipping company NewLead Holdings Ltd has closed a USD 10 million loan with TCA Fund Management Group (TCA).
The initial draw will be set at USD 4,2 million, TCA said.
“We have been in talks for over a year, with TCA witnessing our growth from just two vessels to over 10 in less than a year. We are looking forward to growing our fleet further with the financial support of TCA, ” said NewLead President and CEO, Mr. Michael Zolotas.
The financing is intended to be used for further fleet expansion as NewLead looks into opportunities in the sale and purchase as well as chartering of the vessels.
The company revealed plans to focus on younger vessels to ensure a longer revenue capacity through extended employment lifetime and to improve the overall fleet age profile and trading flexibility.
NewLead controls a fleet of ten vessels, including five dry-bulk and five tanker vessels and manages one-third party tanker vessel.