Austbulk buys up final NewLead bulker
The fleet of collapsed US-listed owner NewLead Holdings is in the process of being sold off, with its remaining bulker — the Tsuneishi-built, 75,000-dwt NewLead Victoria (built 2002) — auctioned in Malaysia.
The ship, which is due for special survey, has gone to little-known Malaysian owner Austbulk Shipping for just $5m. VesselsValue estimates the ship to be worth $7.7m.
The vessel was arrested in November over unpaid bills for spares and provisions, while the onboard crew was owed $220,000 in wages. The NewLead Victoria was mortgaged to Germany’s Portigon, which was owed $24m on the ship.
In March 2005, NewLead paid a Japanese owner $49.5m for the vessel — then named Santa Vitoria. Last month, Greek owner Goldenport Holdings made an offer of just $3.5m for the vessel at an auction supervised by the Malaysian Admiralty Court. Portigon reportedly was dissatisfied with the original bids received and sought a higher price. The bank is still involved in a lawsuit with the NewLead Victoria's crew over unpaid wages.
NewLead also had four small bitumen carriers. The 5,800-dwt NewLead Granadino (built 2009), which was arrested by France's Natixis, has since been sold to Greece's Alberti Marine for $2.85m. Eurotankers is the management company for Alberti Marine.
Natixis also has control of the 3,400-dwt Nepheli (built 2009), which is moored in Piraeus and awaiting sale.
US-based business lender TCA Global has seized the 2,900-dwt Sofia (built 2008), which remains moored off Malta and is also awaiting sale. National Bank of Greece holds the lien on the 3,370-dwt Ioli (built 2009), which remains moored at Drammen harbour in Norway.
In October last year, Michael Zolotas resigned as company president, chief executive and board chairman because of a row with Cypriot authorities over an alleged role in a bank failure. All three posts were filled by his cousin, Anna Zolota.
NewLead subsequently filed a notice with US financial regulators that Zolotas was back as chairman and chief executive "following... a strictly personal legal matter, which is wholly unrelated to NewLead and its operations".
