Nasdaq-listedNewLead watched its stock climb 32.83% before topping out at around $0.90 followinga spike in trading volume that was more than three-times the typical daily average.
The gain came inthe wake of an announcement in which it shed light on the signing of a termsheet with a “leading financial institution” to provide 75% debt financing for atransaction totaling $37m.
NewLead failed toidentify the vessels by name in its note to investors but said the both shipswere built in 2012, boast individual carrying capacities of approximately31,800-dwt and are due for delivery within the next three months.
In the samestatement chief executive Michael Zolotas applauded what he described as “thenext milestone” in the transformation of his company, which shored up itsbalance sheet while diversifying its revenue stream but hit a number ofstumbling blocks along the way.
One industryobserver believes that investors reacted positively to today’s developmentbecause it addressed lingering doubts about the Athens-based operator’s abilityto secure funding for fleet renewal and recent foray into the commoditiesbusiness by way of mining investments.
