NewLead Holdings Ltd (OTCMKTS:NEWLF) recently highlighted the success it has had with its bitumen tanker segment. The company has a fleet of five bitumen tanker vessels, which had been utilized up to 92.7%, during the FY2015. In its FY2015 financial report, the company had reported operating revenues of $15.7 million, from the tanker segment alone. It should be noted here that the current average age of the fleet is 7.2 years.
NEWLF claimed that its vessels were operational for a total of 1,678 out of 1,810 available days. The difference was mainly attributable to scheduled repairs maintenance of the fleet. The CEO of NewLead, Michael Zolotas, expressed his delight at the performance of the tanker segment. He lauded the efforts of the company’s commercial department, in maintaining good working relationships with its brokers. Mr. Zolotas also reminded the investors that there have been no claims for the hull and machinery nor any injuries have occurred on board the vessels.
Regarding the current charter policy, the CEO stated that it would continue to change, as needed by the market conditions. However, the company would still prefer to target 65-70% long-term time charter contracts. The remainder would be spot charters. Mr. Zolotas concluded by stating that NewLead would look towards expanding its fleet as well as its global presence, in the future.
As the month draws to an end, NewLead’s MT Newlead Granadino’s charter is all set for renewal. The company had announced in June that its current charterer had decided to exercise the second option to extend its current charter, for another six months. As such, the second charter would start at the end of this month. However, even after this period, the charterer would have the option to extend the charter, for another six months. It should be noted here that the charter had begun on September 15, 2015 and can be as long as a total of 18 months.
NewLead Holdings Ltd (OTCMKTS:NEWLF) had a trade volume of 25.14 million, but did not report an overall change in its share value. The stock closed at a share price of $0.0004, the same as the session before.
Life Clips Inc (OTCMKTS:LCLP) Bullish Run Under Threat
Life Clips Inc (OTCMKTS:LCLP) impressive rally that began in April is under pressure, the stock having tanked by more than 16%. The downturn this week comes even on the company affirming its credential on taking the likes of GoPro head on, on the production of action cameras.
While other companies bet big on high-end cameras, Life Clips is looking to accrue some market share by developing cameras that have better features at a far lower price. By making its cameras cost 50%, less than GoPro Inc (NASDAQ:GPRO) Cameras, the company is hoping to undercut its rivals when it comes to sales.
Over the next two months, the company is planning to have its 4K action cameras on sale in big box retailers. The company is also working on having its Mobeago charger on the shelves over the next three months.
During a recently held conference call, CEO, Bob Gruder reiterated that they are doing all they can to have the stock up-listed in the NASDAQ.