June 29, 2010 (FinancialWire) — NewLead Holdings Ltd. (NASDAQ: NEWL) said it has signed a letter of intent for the dropdown of five dry bulk vessels, including two newbuildings, and the right of first refusal for three newbuildings from Grandunion, Inc.

The transaction is scheduled to be concluded in the third quarter of 2010.

Total consideration for the dropdown of the five vessels is around $148 million, which includes assumed debt and shipyard financing.

NewLead said it also secured the right of first refusal for three 81,000 dwt Kamsarmaxes, being constructed at a first-class shipyard in Korea, scheduled for delivery in 2013 with long-term charters attached.

As a result of this transaction, NewLead's fleet, including newbuildings, will consist of 24 vessels-nine product tankers and 15 dry bulk carriers.

Greece-based NewLead Holdings is a shipping company that owns and operates product tankers, and dry bulk vessels.

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