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