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.

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.

More from Markets

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

Flashback Friday: The Market Movers

Flashback Friday: The Market Movers

OPEC Deal Doesn't Boost Production Enough to Drive Down Crude, Gasoline Prices

OPEC Deal Doesn't Boost Production Enough to Drive Down Crude, Gasoline Prices