Newlead Holdings Ltd. (fka NEWLF)

[GaryJPalys]

I know some of you here don't do your due diligence... Let me get you started!

These five tankers that NEWL just financed come from one company, Harmonia Shipping Management. They are Captain Nikolas I, Nepheli, Ioli, Katerina L, and Sofia. They are all very small chemical tankers. Being chemical tankers, they have individualized compartments, for different types of chemicals. You really have to wonder why they bought these ships. They were the only ships owned by Harmonia Shipping Management, so they basically are buying another companies entire fleet. Doesn't that seem a little strange? Why would that company be selling off their entire fleet? We'll have to dig into that, and also see what the relationship is between that company and Zolotas!

http://www.shipspotting.com/gallery/search.php?limit=12&limitstart=0&search_title=&search_title_option=&search_imo=&search_pen_no=&search_mmsi=&search_eni=&search_callsign=&search_category_1=&search_cat1childs=&search_uid=&search_country=&search_port=&search_subports=&search_flag=&search_homeport=&search_adminstatus=&search_classsociety=&search_builder=&search_buildyear1=&search_owner=Harmonia%20Shipping%20Management%20-%20Athens,%20Greece&search_manager=&sortkey=p.lid&sortorder=desc&page_limit=12&viewtype=1

Gema is a small oil tanker with a dead weight of 19,831 tons. Dead weight is the weight of the ship and it's cargo combined. Notice how Gema was not listed as one of the new ships, but yet suddenly it's on their fleet page? Chances are it's just under management and not actually part of NEWL's own fleet. In comparison, supertankers, like the ones that they will be storing oil at sea on, have a dead weight of between 250,000 and 500,000 tons. So you can see how small of a ship the Gema is. The owner is Stralia Maritime S.A. Again, we will look to see if we can find any relationship between that company and Zolotas...

The tanker, Captain Nikolas I as you know was under management all along... I am not sure, but Sofia I believe was also under management before.

I am just trying to figure out why they would have bought those chemical tankers. What was the purpose? Is it part of a bigger con game?