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NewLead Holdings (NEWL) Stock Extends Rally Through to Tuesday

NEW YORK (TheStreet) -- NewLead Holdings (NEWL) stock is extending its rally through to Tuesday's session. By market open, shares had surged 24.6% to $2.45.

A day earlier, shares of the micro-cap exploded 305.2% on news the shipper had received delivery of its eco-type handysize vessel, NewLead Albion, a ship with capacity of 32,318 dwt. The company said the Newlead Albion is expected to generate $2 million EBITDA per year, assuming $1.73 million yearly OPEX.  

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Albion, one of two eco-type vessels which NewLead agreed to acquire in March, was purchased for $18.5 million. At current prices, the market value of the vessel is around $20.25 million each. The second vessel is scheduled for delivery in July. 

Must Read: Will This Downgrade Hurt Anadarko Petroleum (APC) Stock Today?

Over Monday's session, NewLead pulled other shipping stock FreeSeas (FREE) and Eagle Bulk Shipping (EGLE - Get Report) higher. FreeSeas added 14.9%, while Eagle Bulk climbed 9.2%. 

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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NEWL $0.00 0.00%
EGLE $0.47 0.00%
FREE $0.07 0.00%
AAPL $93.99 0.00%
FB $102.01 0.00%


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