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NewLead Holdings is on the lookout for cash to fund fleet growth.

Chief executive Michael Zolotas said "NewLead has the option to transport the coal," worth around $64m deal.

He added "We are currently in discussion with a number of financial institutions to secure financing for fleet expansion to fulfill the transportation needs of our commodities arm."

Meanwhile, the company did not reveal whether it would invest in newbuilding or second-hand ships of a certain size.