NewLead’s Q3 Loss Narrows

21 December 2010 (Last Updated December 21st, 2010 18:30)

NewLead Holding has reported a loss of $14.2m during the third quarter of 2010, compared with the $111.3m loss it reported in the corresponding quarter in 2009. The Greece-based shipping company reported an operating revenue of $28.7m compared with $9.24m during the same quarter a year

NewLead Holding has reported a loss of $14.2m during the third quarter of 2010, compared with the $111.3m loss it reported in the corresponding quarter in 2009.

The Greece-based shipping company reported an operating revenue of $28.7m compared with $9.24m during the same quarter a year ago.

NewLead also reported operating revenue of $72.64m during the nine months of 2010 compared with $31.73m it reported for the same period in 2009.

The increase in revenue was primarily due to a 102.2% growth in its fleet and the corresponding increase in available and operating days of 170% and 179.8%.