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GlobeNewswire

Petronav Carriers, increasing its tanker fleet by including one other FKAB MR tanker;

NEW YORK, March 2, 2021 (GLOBE NEWSWIRE) – Petrogress, Inc. (OTC PINK: PGAS) (“Petrogress” or the “Firm”), a completely built-in petroleum merchandise firm serving primarily the Mediterranean and South Africa ‘West as we speak introduced that its wholly owned subsidiary, Petronav Carriers LLC. (“PCL”), on February 17, 2021, entered right into a long-term lease (TCH) of an FKAB MR. TCH anticipates the long-term (4 yr) lease of a 38,000 DWT petroleum and chemical tanker, with an choice to lease a further RM over the subsequent two months. The FKAB MR is IMO II kind, transporting petroleum and chemical merchandise, designed for limitless operations worldwide with vitality environment friendly technical options in addition to cautious environmental influence. The brand new MR will be part of the Petronav tanker fleet within the first week of March, and will probably be employed in West Africa, to service Petronav’s new Affreightment Mission (COA) for transport petroleum merchandise to Nigeria and Europe. . Petronav Carriers (www.petronavcarrier.com) is a 100% subsidiary of Petrogress Inc., which manages an in-house fleet of crude oil carriers and trades them in West Africa and the Mediterranean. Petronav’s administration staff has a mixed strong expertise of the transport trade in managing the monetary, industrial and technical features of the enterprise and gives management of the enterprise on the idea of protected, economical practices. vitality and environmentally pleasant. The corporate values ​​its staff, which consists of certified and skilled managers, port captains, technicians, ship’s officers, in addition to specialists within the fields of safety, industrial administration and ship administration. employees. Petronav retains key expertise, rewards efficiency and frequently develops and maintains employees to excessive efficiency requirements. With expert expertise in conducting protected operations, understanding environmental challenges, and powerful management and coordination, the Petronav shuttle fleet gives Ship-to-Ship (STS) and / or l lighting of different product carriers within the space the place Petronav is lively. About Petrogress Inc Petrogress Inc. (Delaware), is an built-in vitality firm, lively within the upstream, downstream and midstream segments. The Upstream phase contains the exploration and manufacturing of crude oil in West Africa, related to processing and storage. The downstream phase contains the refining of crude oil into petroleum merchandise in addition to the advertising and marketing of crude oil and refined merchandise of gasoline oil, naphtha, fuels and lubricants. The corporate operates internationally by means of its wholly owned subsidiaries “Petrogress Int’l LLC”. and “Petronav Carriers LLC”. Petrogress is concerned in diversified oil and gasoline actions in the USA, Europe and Africa and has branches and representations in Greece, Cyprus, Monaco, Egypt, Ghana and Nigeria. The Firm is actively looking for alternatives for enlargement in oil and exploration reserves in West Africa, together with the operation and improvement of pure gasoline manufacturing and transmission amenities in addition to LPG processing. . Petrogress – as an unbiased transport firm – additionally owns and operates a fleet of tankers from its base within the historic port of Piraeus by means of a sequence of Marshall Islands entities and gives transport companies by means of its tanker fleet. Since final yr, the corporate has entered the retail market by leasing numerous gasoline refueling stations in Greece. CAUTIONS RELEVANT TO FORWARD-LOOKING INFORMATION Sure statements contained on this press launch are “forward-looking statements” inside the that means of the Non-public Securities Litigation Act of 1995. Phrases or expressions comparable to “anticipate”, “count on”, “a intention ”,“ Plans ”,“ aims ”,“ forecasts ”,“ tasks ”,“ believes ”,“ analysis ”,“ schedule ”,“ estimates ”,“ positions ”,“ continues ”,“ might ”,“ may “,” ought to, “” will “,” budgets “,” outlook “,” tendencies “,” recommendation “,” focus “,” on schedule “,” on observe “,” deliberate “,” objectives “,” aims “,” methods, “alternatives”, “in stability”, “potential” and related expressions are meant to establish such forward-looking statements. These forward-looking statements are primarily based on our present expectations and beliefs and are topic to numerous threat components and uncertainties that would trigger precise outcomes to vary materially from these described in forward-looking statements. These dangers and uncertainties embrace, however are usually not restricted to, the power of worldwide economies and currencies, common market circumstances together with fluctuations in constitution charges and vessel values, adjustments in demand for capability tanker transport, adjustments in our working bills together with oil costs, drought. mooring and insurance coverage prices, the marketplace for our vessels, the provision of financing and refinancing, the efficiency of the constitution counterparty, the flexibility to acquire financing and to adjust to the restrictive covenants of those financing agreements , adjustments in authorities guidelines and rules or actions taken by regulatory authorities, potential legal responsibility for pending or future litigation, common nationwide and worldwide political circumstances, potential disruption of transport routes resulting from accidents or political occasions, ship breakdowns and circumstances of non-hires and different components. Vital components that would trigger precise outcomes to vary materially from forward-looking statements embrace: the negotiation and execution, in addition to the phrases and circumstances, of a definitive settlement regarding the proposed transaction and the flexibility to Petrogress to enter into or consummate any such settlement; adjustments in crude oil and pure gasoline costs and demand for our merchandise, and manufacturing reductions resulting from market circumstances; crude oil manufacturing quotas or different measures that could be imposed by the Group of the Petroleum Exporting Nations and different producing nations; public well being crises, comparable to pandemics (together with coronavirus (COVID-19)) and epidemics, and all associated authorities insurance policies and actions; adjustments within the financial, regulatory and political environments within the numerous nations during which the corporate operates; nationwide and worldwide financial and political circumstances; adjustments in refining, advertising and marketing and chemical compounds margins; the corporate’s potential to attain anticipated price financial savings, expense reductions and efficiencies related to enterprise transformation initiatives; Petrogress doesn’t undertake to replace or revise any forward-looking assertion. Traders ought to learn the danger components set out within the Annual Report on Type 10-Okay for the fiscal yr ended December 31, 2019, as filed with the Securities and Alternate Fee (the “SEC”) on Could 13, 2020 and the longer term periodic stories tabled. with the SEC on or after the date hereof. All of Petrogress’s forward-looking statements are expressly certified by all of those threat components and different cautionary statements. The data introduced right here is barely legitimate as of the date hereof. No Supply or Solicitation This press launch is for informational functions solely and doesn’t represent a proposal to promote or the solicitation of a proposal to purchase securities pursuant to the transaction or in any other case, and there will probably be no sale of securities in a jurisdiction during which it might be unlawful to supply, solicit, or promote previous to registration or eligibility underneath the securities legal guidelines of such jurisdiction. No provide of securities could also be made besides via a prospectus assembly the necessities of part 10 of the Securities Act of 1933, as amended. CONTACT: Firm contact: [email protected] +30 (210) 459 9741 www.petrogressinc.com



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