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HFW advises NewLead on acquisition of bitumen tanker fleet

2 February 2015

A team of HFW lawyers has advised NewLead Holding Ltd in relation to the recent delivery of five bitumen tankers to NewLead’s fleet, the “CAPTAIN NIKOLAS I”, the “NEPHELI”, the “SOFIA”, the “IOLI” and the “KATERINA L”.

The acquisition of three out of the five bitumen tankers, CAPTAIN NIKOLAS I, NEPHELI and SOFIA, is to be funded through a combination of equity and debt financing. IOLI and KATERINA L were added to NewLead’s fleet following two separate bareboat/leasing agreements. The quintet were added to NewLead’s fleet together with associated debt and in exchange of NewLead’s issuance of shares of common stock of NewLead.

Four of the five vessels, CAPTAIN NIKOLAS I, NEPHELI, IOLI and KATERINA L, were built in 2009 and SOFIA was built in 2008. NewLead has been managing CAPTAIN NIKOLAS I and SOFIA for over a year. The remaining three vessels were delivered to NewLead’s fleet at various times during the fourth quarter of 2014.

Corporate and Ship Finance Partner, Jasel Chauhan, said of the deal: “Corporate transactions involving both equity and debt finance are a core and growing area for HFW in Piraeus. Despite the challenging market conditions both in Greece and internationally, we are delighted to have been able to assist NewLead on their latest acquisition.”

HFW’s team was led by Piraeus-based Partners Jasel Chauhan and Dimitri Vassos and Associate Holly Foster.

For more information, please contact:

Jasel Chauhan, Partner, on +30 210 429 3978 or email

Nick Hutton, Partner, on +44 (0)20 7264 8254 or email

Tania Phayre, Head of Marketing, on +44 (0)20 7264 8546 or email

Press Contact
Dimitri Vassos