Why NewLead Holdings (NEWL) Continues to Surge Today

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.

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

NEWL Chart

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