Seeking Alpha

NewLead shares nearly triple as handysize vessel is delivered

  • NewLead Holdings (NEWL +238.3%) skyrockets after announcing its dry bulk, eco-type handysize vessel, NewLead Albion, had been delivered to the company's fleet.
  • The Newlead Albion is one of the two eco-type vessels NEWL agreed to acquire in March for $18.5N each; NEWL says the market value of each vessel is now ~$20.25M, and expects the second vessel to be delivered to its fleet this July.
  • The eco-type ships are both more fuel-efficient and emit less carbon dioxide than earlier vessels.
  • NEWL expects the ship to generate $2M/year EBITDA.
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