Petronav Carriers, expanding its tanker fleet adding one more FKAB MR tanker;
Petrogress (OTC PINK: PGAS) announced a long-term lease agreement for a 38,000 DWT tanker with its subsidiary, Petronav Carriers LLC. The lease, effective February 17, 2021, spans 4 years with an option for an additional tanker. This eco-friendly vessel will service a new Affreightment (COA) project in West Africa. Petrogress operates in the oil sector across three segments: upstream, downstream, and midstream, and is focused on expanding its oil and gas activities internationally.
- Long-term lease agreement for a 38,000 DWT tanker enhances fleet capacity.
- New tanker will support expansion in West Africa, indicating growth potential.
- Affreightment (COA) project targets petroleum shipping between Nigeria and Europe.
- None.
NEW YORK, March 02, 2021 (GLOBE NEWSWIRE) -- Petrogress, Inc. (OTC PINK: PGAS) ("Petrogress" or the "Company"), a fully integrated oil commodity business that primarily serves the Mediterranean and West Africa, today announced that its wholly owned subsidiary, Petronav Carriers LLC. (“PCL”), on February 17, 2021, entered into a long-term lease agreement (TCH) of an FKAB MR.
The TCH anticipates the long-term (4 years) lease of a 38,000 DWT Tanker of Oil Products and Chemicals, with an option to lease one more MR within the next two months. The FKAB MR is IMO type II, carrying oil products and chemicals, designed for worldwide unrestricted operations with the energy-efficient technical solutions as well as careful impact on the environment. The new MR will join Petronav’s tanker fleet the first week of March, and she will be employed in West Africa, to service Petronav’s new Affreightment (COA) project for the shipping of petroleum products within Nigeria and Europe.
Petronav Carriers (www.petronavcarrier.com) is a wholly-owned subsidiary of Petrogress Inc., which manages an in-house fleet of crude oil carriers and trades them in West Africa and Mediterranean. Petronav’ s leadership team, holds substantial combined shipping industry experience in managing financial, commercial and technical aspects of the business and ensures leading the company on a foundation of safe, cost-and energy-efficient and environmentally-friendly practices. The company values its team, which consists of skilled and experienced managers, port captains, technicians, ship officers, as well as specialists in the areas of safety, commercial and personnel management. Petronav retains key talent, rewards performance and continually develops its staff and holds it to high performance standards. Through qualified experience in conducting safe operations, understanding of environmental challenges, and strong leadership and coordination, Petronav shuttle fleet provides Ship-to-Ship (STS) services and/or lighting other product carriers in the area where Petronav is active.
About Petrogress Inc
Petrogress Inc. (Delaware), is an integrated energy company, engaged in the upstream, downstream and midstream segments. The Upstream segment consists of exploration and production of crude oil in West Africa, associated with processing and storage. The downstream segment comprises of refining of crude oil into petroleum products as well as marketing of crude oil and refined products of Gas Oil, Naphtha, Fuels and lubricants. The company operates internationally through its wholly owned subsidiaries "Petrogress Int'l LLC." and "Petronav Carriers LLC.". Petrogress is involved in diversified oil and gas activities throughout the U.S., Europe and Africa and has branches and representations in Greece, Cyprus, Monaco, Egypt, Ghana and Nigeria. The Company is actively seeking expansion opportunities in oil reserves and exploration in West Africa, including operating and developing natural gas production and transmission facilities along with LPG processing. Petrogress -as an independent Maritime Company- also owns and operates a fleet of tankers from its base in the historic Port of Piraeus through a series of Marshall Islands entities and provides sea-transportation services by its tankers fleet. Since last year, the company entered into the retailing market by leasing a number of Gas-fueling stations in Greece.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, without limitation, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker shipping capacity, changes in our operating expenses, including oil prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: the negotiation and execution, and the terms and conditions, of a definitive agreement relating to the proposed transaction and the ability of Petrogress to enter into or consummate such an agreement; changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; Petrogress does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the Securities and Exchange Commission (the "SEC") on May 13, 2020 and future periodic reports filed with the SEC on or after the date hereof. All of Petrogress' forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date hereof.
No Offer or Solicitation
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
FAQ
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