Pingtan Marine Enterprise Ltd has announced that it has signed an agreement with its vessel constructor to replace 20-30 of its existing fishing vessels.
Pingtan is an integrated marine services company in the People's Republic of China (PRC). The company expects the new fishing vessels to increase the efficiency of trawling and trawling accuracy, increase the speed of the fishing vessels, and comparatively reduce operating costs.
The replacement of the fishing vessels was part of the company's 2013 Fleet Renewal Plan, with the majority of the company's vessels in its current fleet upgraded and modernised. Pingtan says that it does not expect this to affect previously announced guidance of net income of between $40 and $43 million (excluding the discontinued dredging business) for the year ended 31 December 2013 and between $80 and $85 million for the year ending 31 December 2014.
The company's Chairman and CEO, Xinrong Zhuo, said, "We have initiated our strategy of fleet replacement, with the replacement of these fishing vessels enhancing our future earnings potential. We continue to take full advantage of the strong demand for seafood in China and are preparing a modern fleet for long-term and sustainable growth."
