On Monday, the firm announce that it had taken delivery of a new eco-type Handysize vessel, the NewLead Albion, a dry bulk carrier of around 32,000 deadweight tons. A second Handysize vessel is scheduled for delivery in July. The company paid $18.25 million for each of the vessels, and their current market value, according to NewLead, is $20.25 million.
The eco-type ships are both more fuel-efficient and emit less carbon dioxide than earlier vessels. Shippers have been relying on slow-steaming to keep costs down as demand for shipping has slowed. The Baltic Dry Index has tumbled 55% since the beginning of the year and is currently at around 1,022. That is only a hair above the 1,000 starting value of the index in 1985.
NewLead’s shares were trading at around $3.47 in the noon hour on Tuesday, up more than 76% for the day after rising nearly 300% Monday.
ALSO READ: Does a Wider Trade Deficit Even Matter?
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
