New Lead Holdings Ltd. Announces Closing of Container Vessel Sale
NewLead Holdings Ltd. announced that the MSC Seine, a 1990-built 2,917 TEU Container vessel, was delivered to her new owner today, January 20, 2010. As previously announced, the gross proceeds from sale will be used to reduce debt and add flexibility to the balance sheet. Earlier in the month, the company had delivered to its new owners another container vessel, the Saronikos Bridge. The delivery took place on January 7, 2010. Each of the vessels is a 2,917 TEU container vessel built in 1990, and their sale marks NewLead's exit from the container market.
The sale of these vessels will create gross proceeds of approximately $13.0 million. The Company plans to use these proceeds, less related expenses, to reduce debt.
"The disposition of these two vessels was one of our short-term goals, as it allowed us to exit the container sector and while adding flexibility to our balance sheet," said Mr. Michael S. Zolotas, President and Chief Executive Officer. "We will continue to optimize our fleet as we pursue operational excellence and accretive growth."
NewLead Holdings Ltd. is an international shipping company that owns and operates product tanker and dry bulk vessels. The Company's products tanker fleet consists of five MR tankers and four Panamax tankers, all of which are double-hulled. The Company also owns three dry bulk vessels secured on period charters.