NEW YORK (TheStreet) -- NewLead Holdings  (NEWL) continued to soar Wednesday after the shipping company's announcement on Monday of delivery of one eco-type handysize vessel.

NewLead shares exploded 305.2% on Monday after the company said it received delivery of NewLead Albion, a ship with capacity of 32,318 dwt. The company announced 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.

Must Read: Warren Buffett's 25 Favorite Stocks

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

The stock was up 29.46% to $4.29 at 10:20 a.m.

NEWL Chart

NEWL data by YCharts

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

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.