NewLead Invests in Fleet Expansion

1 August 2010 (Last Updated August 1st, 2010 18:30)

NewLead Holdings has acquired five dry bulk vessels from Grandunion for $147m. The five vessels, being built at a Korean shipyard, include two 35,000dwt handysize vessels and three 81,000dwt Kamsarmax units, NewLead said. The handysize vessels, scheduled for delivery in the fi

NewLead Holdings has acquired five dry bulk vessels from Grandunion for $147m.

The five vessels, being built at a Korean shipyard, include two 35,000dwt handysize vessels and three 81,000dwt Kamsarmax units, NewLead said.

The handysize vessels, scheduled for delivery in the first quarter of 2011 and third quarter of 2012, will be chartered for 12 years, the company said.

The company said that to help fund the acquisition, around $93m has been procured through bank loans, while the remainder will be paid in instalments.

The acquisition has increased the company’s fleet to 24 vessels, comprising nine product tankers and 15 dry bulk carriers.