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Spring Housecleaning Continues

Last week NewLead Holdings sold three additional non-core vessels and agreed to purchase a 92,000 DWT Post-Panamax Bulker, being constructed in Korea for delivery in the 2Q 2011. While no price was indicated for the new vessel, the company did disclose that it had arranged a seven-year charter to a first class European at a floor rate of $15,000 per day with a 50-50 profit sharing when 110% of the BPI exceeds $17,000 per day. Assuming operating expenses of $5,500 per day and 360 revenue days, the charter will provide annual EBITDA of $3.2 million. As it has in the past, the company indicates that it will finance the acquisition with a combination of debt and cash on hand again giving credence to the existence of bank lending.

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Written by: | Categories: Freshly Minted, The Week in Review | May 6th, 2010 |

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