NewLead to Acquire Two

NewLead, an international shipper that owns a fleet of dry bulk carriers and double-hull product tankers, continues with its restructuring and is now just a steep closer to acquire two second-hand Panamax ships.

The company has signed a term sheet with a leading financial institution to provide 75% debt financing for the two vessels for a total of $35 million.

If all goes to schedule, the two ships should enter NewLead’s fleet within the next three months.

Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated: “We are pleased to bring into NewLead the opportunity to acquire two more dry bulk Panamax vessels. Upon delivery of those two vessels, NewLead is expected to have a fleet of seven dry bulk vessels.”

NewLead currently owns two dry bulkers and has agreements to acquire three eco-type Handysize vessels, one of which is a newbuilding.

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World Maritime News Staff, April 9, 2014