PETROGRESS, INC.

Climate Impact & Sustainability Data (2019, 2020-01 to 2020-09, 2020-06-30)

Short-term Goals:

Complete paperwork and commence oil production at Salt-Pond oil fields within six months.

Decreased price realization associated with crude oil and petrochemicals benchmarks.
Hijacking of one of our vessels and long period that two of our vessels remained idle for repairs and maintenance.
Increased costs as a result of being a public company.
Loss of key personnel.
Seasonal fluctuations in tanker demand and charter rates.
Exchange rate fluctuations.
Increased costs of fuel.
Inherent risks in shipping, including marine disasters, bad weather, and political instability.
Failure to comply with international safety regulations.
Risks associated with older vessels.
Natural events disrupting customer operations.
Consolidation and governmental regulation of suppliers.
Violations of anti-corruption laws.
Changes in tax laws.
Litigation.
Volatility in the price of common stock due to being a relatively unknown company with a small public float.

Efforts to improve the company’s sales.
Reductions in operating expenses, pacing and re-focusing of capital and exploratory expenditures.
Policies, procedures and internal controls in place to monitor compliance with anti-corruption laws.
Periodically protecting prices on forecasted sales to support cash flow and liquidity.
Monitoring the vessel market for opportunities to add larger and younger tanker vessels.
Seeking debt and/or equity capital to fund its operations.

Significant decrease in demand for products due to COVID-19 and decreased commodity prices.
Disruptions and volatility in the global marketplace.
Uncertainty regarding the length and impact of the COVID-19 pandemic.
Impacts of the novel coronavirus (COVID-19) pandemic and geopolitical factors have resulted in a significant decrease in demand for Petroleum products and caused a precipitous drop in commodity prices.

The outbreak of COVID-19 and decreases in commodity prices resulting from oversupply and government-imposed travel restrictions have caused a significant decrease in the demand for our products and has created disruptions and volatility in the global marketplace beginning in the second quarter 2020, which negatively affected significantly our results of operations and cash flows.
The coronavirus pandemic has imposed the continuing lockdown of the Company’s offices in Greece and Africa and the majority of its operations ceased. While our employees, vessel’s crew and labors are staying at their homes and our fleet still remains idle.

effecting reductions in operating expenses, pacing and re-focusing of capital and exploratory expenditures
suspended its repayments of short-terms debts and reduced also the purchase of the crude oil from its suppliers
A number of our vessels crew dismissed to mitigate the daily non-operating expenses of our fleet