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Pingtan intends to consolidate its international fishing presence. (Photo: Pingtan Marine Enterprise Ltd.)
Pingtan Marine invests USD 38 million to expand fishing fleet
(CHINA, 3/31/2017)
Global fishing company Pingtan Marine Enterprise Ltd. has announced its purchase of five vessels from Fuzhou Honglong Ocean Fishery Co, which have fishing licences, in order to expand its fleet as part of its international presence consolidating strategy.
The cost of the ships, including a refrigerated transport vessel and 4 squid jigging vessels, amounts to approximately CNY 265.3 million (USD 38.5 million).
The firm’s representatives explained that the acquisition took place in order to meet requirements from the Ministry of Agriculture of the People's Republic of China (MOA), which suspended the acceptance of shipbuilding applications for new tuna harvesting vessels, squid harvesting vessels, Pacific saury harvesting vessels, trawlers operating on international waters, seiners on international waters, and vessels operating in the Arafura Sea, Indonesia.
MOA's decision implies that the Company could only expand its fleet through the acquisition of vessels with fishing licenses for harvesting the above species. Vessels and fishing licenses make up the predominant portion of the total asset value.
The recently acquired five vessels are currently licensed and sanctioned by the Chinese Fisheries Management Bureau, under the Ministry of Agriculture of China, which allows the vessels to operate and fish in the high seas of the International Waters.
Pingtan Marine expects to put these vessels in operation and begin recognizing sales during the second quarter of 2017.
"The company is committed to expanding our fishing territory while seeking various methods to increase our production capacity and enrich product categories, and acquiring fully licensed vessels from other companies is the most convenient and quickest way to increase our production capacity," pointed out Xinrong Zhuo, Chairman and CEO of the company.
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Information of the company:
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Address:
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CN11 Legend Town No 1 Balizhuandongli, Chaoyang District
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City:
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Beijing
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State/ZIP:
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10-65503186 (BEJ 100025)
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Country:
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China
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