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NewLead Holdings announces time charter for a 3,396-dwt, 2009-built bitumen tanker

17 Ιουνίου 2016.

ioliplNewLead Holdings Ltd. (OTC: NEWLF) ("NewLead" or the "Company") announced that it has entered into a new time charter contract for six months, expiring at the end of October 2016, with a European manufacturer of bitumen (the "Charterer") for one of its five bitumen tanker vessels, the MT Ioli (the "Ioli"). The Ioli was delivered to the new Charterer on April 22, 2016 and is currently trading in North Europe; specifically in Scandinavia. NewLead Holdings Ltd.

The Ioli is a 2009-built bitumen tanker vessel of 3,396 dwt and is one of the five bitumen tanker vessels that were delivered to NewLead's fleet in 2014.

The Ioli has transported 76,989 and 1,110,455 barrels of bitumen in 2014 and 2015, respectively, principally among major refineries in North Europe. The utilization of the Ioli was 67.6% and 93.1% in 2014 and 2015, respectively.

NewLead's bitumen fleet utilization for 2015 was 92.7%. The operating revenue from bitumen tanker vessels was approximately $15.7 million for the year ended December 31, 2015 compared to approximately $1.35 million for the year ended December 31, 2014.

Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "NewLead's continuous strategy to expand in the bitumen tanker sector is reflected in the enhancement of the Company's commercial relationships. The Ioli was recently chartered out to a major European manufacturer with longstanding presence in the bitumen market and access to a number of European refineries, as well as access to long-term supply agreements with third party suppliers. The Ioli performs a demanding trade which requires excellent vessel operations and a highly competent crew."

Mr. Zolotas added, "The employment efficiency of the Ioli is the result of NewLead's effective commercial, operational and technical management of bitumen tankers, as well as of the Company's ability to capitalize on longstanding relationships with oil majors, oil traders and with oil refineries directly."

Mr. Zolotas, concluded: "The Company is presently evaluating market opportunities in the bitumen market to proceed with additional acquisitions in the sector to become a leading bitumen marine transportation company. More precisely, the Company is already in advanced negotiations to acquire two additional bitumen tanker vessels that include a long term charter to a leading asphalt products trading company."