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NewLead Holdings Sells Two Vessels

January 12, 2010 (FinancialWire) — Greek shipping firm NewLead Holdings Ltd. (NASDAQ: NEWL) said it has sold two vessels, the Saronikos Bridge and MSC Seine, to a third party. The Saronikos Bridge was delivered to her new owners on January 7, 2010. The MSC Seine will be delivered to her new owners by the end of January 2010.

Each of the vessels is a 2,917 TEU container vessel built in 1990, and their sale marks NewLead’s exit from the container market.

The sale of these vessels will create gross proceeds of approximately $13.0 million. The company plans to use these proceeds, less related expenses, to reduce debt.

Greece-based NewLead Holdings owns and operates product tanker and dry bulk vessels. The company’s products tanker fleet consists of five MR tankers and four Panamax tankers, all of which are double-hulled. The company also owns three dry bulk vessels secured on period charters.

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