The 32,318 dwt Newlead Albion (built 2012) is the first of the two eco-type vessels the Greek companyagreed to acquire in March 2014 for $18.5m each, but which it says now have an estimated market value of about $20.25m each. Newlead forecasts it willhave yearly operating expenses of $1.73m.
The second vessel isexpected to be delivered to NewLead, as scheduled, in July2014.
NewLead financed the new handysize ship by paying a deposit of $1.85min cash, with the balance paid through a combination of cash and 75% financingin a transaction arranged by Pareto Project Finance that was supported by institutionalinvestors.
Chairman and chief executive Officer MichaelZolotas says the financing of the first vessel to be added to its fleet after asuccessful restructuring demonstrates “thirdparty belief in the transformation of NewLead."
Zolotas adds that Newlead expects to have three more modern fuelefficient handysize vessels in its fleet by the end of August 2014.
