Newlead Holdings is to buy two 31,800dwt eco-type Handysize bulkers, in a deal worth $37m.

The vessels, both built in 2012, are expected to be delivered to NewLead in June and July of this year. Following the purchase, the company will own five dry-bulk vessels, including three Handysize and two Panamax.

The company will finance the acquisition using the proceeds from its preferred share issue, as well as its 75% debt financing. So far, Newlead has paid a $1.85m deposit, with the remainder to be paid in instalments upon delivery.

Newlead ceo Michael Zolotas said: "We are pleased to bring into NewLead two more eco-type dry bulk Handysize vessels at a competitive price with a upside in market value, a 23 year employment lifetime, unlimited trading flexibility and projected EBITDA and OPEX of $4.0m and $1.73m, respectively, per year per vessel as per current market levels."