NewLead bitumen tanker has contract of affreightment renewed

NewLead bitumen tanker has contract of affreightment renewed

NewLead Holdings’ bitumen tanker  Katerina L has had its contract of affreightment (COA) renewed for a further 12 months, during which it will carry between 49,600 to 74,400 tonnes of bitumen over 16 to 24 voyages. The daily rate was not reported.

The first shipment is scheduled to commence in the Mediterranean at the beginning of January 2016, NewLead said today.

Katerina L won the original COA in February this year, during which NewLead says it undertook 15 voyages and transported 45,669 tonnes of bitumen over a period of 10 months. The initial term was only for 31,000 tonnes.

“The Katerina L is expected to transport 46% more bitumen, according to the second COA, than the initial term in the first COA the vessel entered into,” Michael Zolotas, chairman and CEO of NewLead, said in a release.

“The continuous employment of our specialised bitumen tanker vessels and the improved employment terms is the return on our investment in the long-lasting relationships with oil majors and oil trading companies, as well the operational excellence of our vessels.”

The ship is one of five second-hand bitumen tanker vessels purchased by NewLead this year. The acquisitions also include the 2009-built Captain Nikolas I, Nepheli, Ioli and the 2008-built Sofia.

Newlead’s tanker fleet has 39.84% of its operating days covered during 2016. The fleet comprises five owned asphalt/bitumen carriers and one third-party oil tanker under management.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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