NewLead expands fleet

Greek shipping company recently increased its fleet size from two to 10 vessels in less than a year.    Greek company NewLead Holdings Ltd. has increased the size of its fleet from two to 10 vessels – five dry bulk ships and five tankers – in less than a year.
   At the start of 2014, NewLead controlled a fleet of just two dry-bulk vessels with an average fleet age of 17 years. The new ships reduce the average age of NewLead’s fleet to seven years.
   NewLead took delivery of three handy-size vessels, the 2012-built Newlead Albion and Newlead Venetico, and the 2013-built Newlead Castellano in May, July and September 2014, respectively. These ships generally operate in emerging markets where port infrastructure is minimal, the company said.
   The company also recently took delivery of five bitumen tanker vessels, the 2009-built Captain Nikolas I, Nepheli, Ioli, and Katerina L, and the 2008-built Sofia. These vessels transport asphalt and operate in niche markets with relatively low competition. All five ships are trading with oil majors and oil trading companies, NewLead said. 
   “Our strong long-lasting relationships with recognizable ship finance banks and maritime financial institutions allowed us to realize the investment opportunities and develop a diversified fleet to capture opportunities in the market,” said Michael Zolotas, NewLead’s chairman and chief executive officer, in a statement.