Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "Our strong relationships with oil majors and specialized oil and bitumen trading companies allowed us to enter into the Contract of Affreightment
for the transportation of all bitumen within a few months of the final delivery of all five bitumen tanker vessels.
Cargoes include those from spot markets and contract of affreightment
Contract of affreightment
: When the terms and conditions of the contract provide that the importer has to arrange transport for the goods, the importer has to conclude a contract of affreightment
and to administer it in accordance with the terms established under it.
The Company's Contract of Affreightment
segment also reported lower results in the fourth quarter of 2010 as compared to the same period in 2009, primarily as a result of lower cargo volumes.
Today out of an operational fleet of 45 vessels, 41, including four in Contract of Affreightment
("CoA"), operate on secured employment, 39 of which on charters with downside protection and upside potential, and four in the pure spot market.
The results of the Contract of Affreightment
segment were lower compared to the prior year period due to the scheduled reduction in the contracted freight rates that took effect in the fourth quarter of 2009.
17 /PRNewswire-FirstCall/ -- Polaris Minerals Corporation (TSX:PLS) today announced that it has signed a 15-year Contract of Affreightment
with CSL International Inc.
Kleimar also has an extensive Contract of Affreightment
("COA") business, a large percentage of which involves transporting cargo to China.
The results for the Contract of Affreightment
segment were lower compared to the prior-year period due to the scheduled reduction in the contracted freight rates that took effect in the fourth quarter of 2009.