The company announced on Monday it had received deliver of NewLead Albion, an eco-type handysize vessel with a capacity of 32,318 dwt. Shares promptly exploded 305.2% on Monday and continued to rise Tuesdya and Wednesday in the wake of the news. NewLead also said it expects NewLead Albion to generate $2 million EBITDA per year assuming $1.73 million yearly OPEX.
NewLead agreed to purchase two eco-type vessels in March and paid $18.5 million for Albion. The second vessel is scheduled for delivery in July.
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The stock was down 8.95% to $4.01 at 10:10 a.m.