The contract provides for the sale of 130,000 metric tons of coal, starting in March, followed by 150,000 metric tons per month from April until the end of 2013.
The price was established based on the prevailing steam coal market price at the time the contract was entered.
Loading of the steam coal is expected to start by the end of next month. Delivery will be via NewLead's fleet of existing or newly chartered-in vessels.
Chairman, president and CEO of NewLead, Michael Zolotas, said the company was integrating its commodity and transport operations.
“We secured a contract not only to profitably supply steam coal, but to also profitably transport this coal to our buyer, a creditworthy counterparty,” he said.
“Our vertically integrated operation provides various profitable sectors and, we believe, an advantage over other competitors."
The company also announced it had extended the closure date on previously announced acquisitions in Kentucky and Tennessee. It has been extended to March 5 to accommodate financial delay.