Shipping company, NewLead Holdings has entered into a time charter contract with an undisclosed customer.
The Newlead Castellano will be chartered out at a rate of $9,500 per day (minus 6.25% commission payable to third parties) for a term of three to five months. The contract is expect to generate around $850,000 gross revenue for the minimum time period.
The Castellano, a 35,542 dwt dry bulk, eco-type handysize vessel, is the third to be delivered to NewLead’s owned fleet this year.
The vessel should generate an EBITDA of approximately $1.7 million per year.
Speaking about the new contract, Chairman and CEO of NewLead Michael Zolotas said, "We continue to capitalise on opportunities that arise in the dry bulk sector to increase the cash flow and future revenues of the company. The Newlead Castellano has been fixed at a premium to current market charter rates."