vessels have received ratifications from the Ministry of Agriculture of the
People's Republic of China (MOA), which ensures that the licenses to fish in
foreign waters will be transferred to the new vessels.
will retire 25 of its older existing fishing vessels, and the replaced fishing
vessels will use new vessel names once put into operations.
vessels are expected to be built in China, and will be delivered to the Company
within next 18 to 24 months. At full operation, each vessel is capable of
harvesting 900 to 1000 tons of approximately 30 types of species of fish from
the Indian and Indonesia Ocean.
will finance this fleet replacement plan by utilising one of its three bank
facilities totalling RMB393.62m (approximately $63.31m) with The Export-Import
Bank of China Fujian Branch and China Development Bank Fujian Branch, which
both have a long-standing relationship with the company, or its credit lines
with China MinSheng Bank Fujian Branch, China Development Bank Fujian Branch,
and The Export-Import Bank of China Fujian Branch which total in the aggregate RMB707.7m
chairman and CEO, Xinrong Zhuo, stated, "We look forward to continuing to
strengthen our fleet. We feel it is important to continue reinvesting in
our company by deliberately replacing older vessels with newly built assets
without disruption to our fishing operations. We feel this is a benefit
resulting from having access to capital and operational leverage which allows
us to reinvigorate our fleet as necessary. We are also pleased to complete
these financings with highly-regarded banking establishments. These
facilities provide Pingtan with a greater level of financial flexibility as we
move forward in our plans to expand our fishing enterprise."
the 25 vessels to be retired are trawlers that fish in either Indian on
Indonesian fishing areas.