Published On: Mon, Nov 21st, 2016

NewLead Holdings Ltd (OTCMKTS:NEWLF) Retains Its Weekly Gains

On Friday, the shares price of NewLead Holdings Ltd (OTCMKTS:NEWLF) closed flat to end the week at $0.00010. With a flat close, the stock was able to retain a big part of gains recorded in same week. The traded share volume on Friday amounted to 286.63 million compared to average share volume of 98.98 million.

There is no evident news behind the strong gains recorded last week except that it is a firm operating in the shipping industry. Most of the stocks in the sector have recorded remarkable gains after Donald Trump was elected as the U.S. President.

The buzz

NewLead Holdings released its last PR last month wherein it updated on the resignation of Michail S. Zolotas, who served as CEO, President, and Chairman of the company’s Board. The reason behind this resignation was stated as personal reasons. Hereafter, Zolotas will continue to be the main shareholder of firm. Mrs. Anna Zolota has been elected as the new Chairman of the Board. She will also be the CEO, and President of NewLead.

Mrs. Zolota has been with the firm since 2009. Initially, she served as Senior Insurance Officer as well as Senior Commercial Officer. She had also worked as the company’s VP of the Commercial Unit.

Noting on the new responsibility, Mrs. Zolota stated that NewLead has been strengthening its capability to function in today’s distressed shipping market. They will work to enhance the firm’s platform to boost overall growth, through a dedicated team who assure the broad proficient performance of vessels, advancing from long-standing links across the board and adjusting to today’s tough times for the international shipping market.

In other news, the firm talked about the proficiency of its bitumen tanker unit, and its performance in last year. Operating revenues from the respective unit amounted to almost $15.7 million for the year concluded December 31, 2015. In 2015, the firm transported 515,219 tons bitumen made by oil refineries across the world via some of the most complex trade routes.

NewLead runs a fleet of 5 bitumen tanker vessels, bringing 18,918 dwt with a present mean age of 7.2 years. The fleet utilization last year came at 92.7%. The team posted that they were exhilarated with the strong performance of respective unit and YoY growth in operating revenues in the same segment.

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