HONG KONG, Oct. 9, 2020
/PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT)
reported that the company
has recently received a letter of
award worth about US$440,000
from a Shanghai port client.
This project
covers design, manufacture, supply and
commissioning of a ballast water port solution
system with 1,000 cubic meters per hour treatment capacity and is
expected to complete before the end of this year.
The company has become the first pioneer to commence on
commercial port reception ballast water treatment in the
Asia Pacific region. This new
milestone will consolidate the company's business positioning in
China as well as Asia. It is expected that the company will
receive more potential leads after the completion of this benchmark
project.
To comply with the International Maritime Organization ("IMO")
IMO revised G8 requirements, the company's BWTS has been undergoing
the land based test in Xiaoyangshan Harbor in Shanghai. The company expects to obtain the
revised G8 type approval certification in October 2020.
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 BWTS and
Alternate Management Systems ('AMS") acceptance for its full range
BWTS 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.
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.
About AMS
AMS acceptance by the U.S. Coast Guard is a temporary
designation given to BWTS approved by a foreign administration. It
enables BWTS to be used on vessels for a period of up to 5 years,
while the treatment system undergoes approval testing to U.S. Coast
Guard standards.
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 China, doing business in 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.
View original
content:http://www.prnewswire.com/news-releases/euro-tech-holdings-company-limited-reports-ballast-water-treatment-systems-bwts-update-301149326.html
SOURCE Euro Tech Holdings Company Limited