ADDITIONAL FISHING VESSELS FOR PINGTAN MARINE
Additional fishing vessels for Pingtan Marine. Pingtan Marine Enterprise Ltd. (Nasdaq: PME, “Pingtan” or the “Company”), a global fishing company based in the People’s Republic of China (PRC), today announced that following the approval of modification and rebuilding for 27 fishing vessels from the Ministry of Agriculture and Rural Affairs of the People’s Republic of China (“MOA”), an additional 24 fishing vessels of the Company have recently received approval for modification and rebuilding from the MOA. These vessels are approved to operate in the international waters of the Indian Ocean, North Pacific Ocean, Southeast Pacific and Southwest Atlantic (including Argentina) after completion of modification and rebuilding.
The modification and rebuilding of these vessels mainly include upgrading the fishing method to satisfy international waters fishing requirements and to expand gross tonnage of the vessels. The new vessels will be put into operation in the designated fishing area after completing the modification and rebuilding process along with all related procedures.
Among the 24 fishing vessels, 9 will be modified as light luring seine fishing vessels with gross tonnage of 1,100 tons and are approved to operate in the international waters of the Indian Ocean; and 15 will be modified as squid jigging vessels, 9 with gross tonnage of 1,210 tons and the remaining 6 with gross tonnage of 1,478 tons, and are approved to operate in the international waters of the Indian Ocean, North Pacific Ocean, Southeast Pacific and Southwest Atlantic (including Argentina).
Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented: “We recently received the approval document for modification and rebuilding of a group of vessels from the Ministry of Agriculture and Rural Affairs. These vessels will greatly increase the aggregate tonnage of our vessels, improve our fishing equipment and technology, expand our fishing territories and enrich the variety of species of catch and significantly enhance our production capacity. We will soon start preparation for the rebuilding of the 24 fishing vessels so that they will be completed and put into operation at an early date.”
Pingtan is a global fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.