HONG KONG, April 28, 2021 /PRNewswire/ -- Euro Tech Holdings
Company Limited (Nasdaq: CLWT) reported that the company
has recently received a contract worth about
US$ 0.8 million from a port
client in Jiangsu Province,
China. This project
covers design, manufacture, supply and commissioning
of a ballast water port solution system with 2,000 cubic
meters per hour treatment capacity with explosion proof requirement
and is expected to complete before the end of August 2021.
The accumulation of sales orders for port solutions in last six
months is worth about US$ 2 million based on
four contracts received from port clients in East China.
As the first pioneer to commence on commercial ballast water
port reception treatment service in the Asia Pacific region, it is expected that the
company will receive more potential leads from
China and Southeast Asia.
About BWTS
BWTS are an imminent requirement by IMO to prevent the
biological unbalance caused by the estimated 12 billion tons of
ballast water transported across the seas by ocean-going vessels
when their ballast water tanks are emptied or refilled. In 2012,
ballast water discharge standard became a law in the US. Any vessel
constructed in December 2013 or later
will need to comply when entering US waters, and existing vessels
will follow shortly after. IMO's Ballast Water Management
Convention entered into force for new-built vessels on September 8, 2017 after ratification by 52
States, representing 35.1441% of world merchant shipping tonnage.
In July 2017, IMO decided that the
phase-in period for ballast water system retrofits started on
8 September 2019.
The company obtained type approval certificate from China's Classification Society for its 200,
300, 500, 750, 1200 and 1250 Cubic Meters per hour in 2016.
The IMO convention stipulates that type approval for revised G8
requirements must be obtained for all BWTS installed on or after
October 28, 2020, and the
company have been in compliance with such requirements.
The ballast water port solution system is a system installed in
port to offer ballast water treatment services for ocean going
ships without their own BWTS and for those with damaged BWTS.
Forward Looking Statements
Certain statements in this news release regarding the Company's
expectations, estimates, present view of circumstances or events,
and statements containing words such as estimates, anticipates,
intends, or expects, or words of similar import, constitute forward
looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements indicate uncertainty
and the Company can give no assurance with regard to actual
outcomes. Specific risk factors may include, without limitation,
having the Company's offices and operations situated in
Hong Kong and Mainland China, doing business in Mainland China, competing with Chinese manufactured
products, competing with the Company's own suppliers, dependence on
vendors, and lack of long term written agreements with suppliers
and customers, development of new products, entering new markets,
possible downturns in business conditions, increased competition,
loss of significant customers, availability of qualified personnel,
negotiating definitive agreements, new marketing efforts and the
timely development of resources. See the "Risk Factor" discussions
in the Company's filings with the Securities and Exchange
Commission, including its Annual Report on Form 20-F for its fiscal
year ended December 31, 2019.
Website: http://www.euro-tech.com
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SOURCE Euro Tech Holdings Company Limited