Pingtan Orders 25 Newbuild Fishing Vessels

By Michelle Howard
Thursday, May 29, 2014

Pingtan Marine Enterprise Ltd., a global fishing company based in the People's Republic of China (PRC), has announced that the company recently ordered 25 newly-built fishing vessels as a continuation of its fleet replacement plan.  The 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.  The company will retire 25 of its older existing fishing vessels, and the replaced fishing vessels will use new vessel names once put into operations.


The replaced vessels are expected to be built in China, and will be delivered to the Company within next 18-24 months.  At full operation, each vessel is capable of harvesting 900-1,000 tons of approximately 30 types of species of fish from the Indian and Indonesia Ocean.


Pingtan is prepared to finance this fleet replacement plan by utilizing one of its three bank facilities totaling RMB 393.62 million (approximately $63.31 million) 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 RMB 707.7 million (approximately $113.7 million).


Pingtan's Chairman and CEO, Xinrong Zhuo, stated, "We look forward to continuing to strengthen our fleet.  We feel it is important to continue reinvesting 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."

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Horizon Delivers Towboat Marty Cullinan for FMT

In June 2016 Horizon Shipbuilding, Inc. of Bayou La Batre, Ala. delivered the M/V Marty Cullinan, a 120’ towboat with a retractable pilot house, to its home port of New Orleans, La.

New Dredger for North Carolina’s Coastal Waterways

The North Carolina Department of Transportation recently took delivery of a new, fully customized cutter suction dredge, which it christened the Dredge Manteo in a ceremony held April 28,

New 'Mega Passenger Ship' for Star Cruises

Elomatic Ltd and Deltamarin Ltd have signed a tri-party engineering contract with shipbuilder MV Werften for the design of Star Cruises’ new Global Class “mega passenger ship,

Finance

U.S. Awards $61.8 Mln for Port Projects

U.S. Transportation Secretary Anthony Fox today announced 40 awards totaling nearly $500 million in funding for the  FY 2016 Transportation Investment Generating Economic Recovery (TIGER) grants.

Moody's: Challenges Ahead for Asian Port Operators

Moody's Investors Service says lackluster global growth, weak commodity prices, high capital expenditure commitments and a liner industry struggling with overcapacity

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

News

U.S. Awards $61.8 Mln for Port Projects

U.S. Transportation Secretary Anthony Fox today announced 40 awards totaling nearly $500 million in funding for the  FY 2016 Transportation Investment Generating Economic Recovery (TIGER) grants.

DP World takes over Rodney Container Terminal, Canada

DP World has signed a long-term lease agreement for the expansion and operation of the multi-purpose Rodney Container Terminal at Saint John, New Brunswick, Canada.

MED AMERICAS will Replace MGE Service

CMA CGM is revamping it MGE service becoming the MED AMERICAS, stand-alone CMA CGM service with dedicated fleet of 11 vessels of 2,500 TEU, in a continuous effort to improve service coverage,

Vessels

Horizon Delivers Towboat Marty Cullinan for FMT

In June 2016 Horizon Shipbuilding, Inc. of Bayou La Batre, Ala. delivered the M/V Marty Cullinan, a 120’ towboat with a retractable pilot house, to its home port of New Orleans, La.

New Dredger for North Carolina’s Coastal Waterways

The North Carolina Department of Transportation recently took delivery of a new, fully customized cutter suction dredge, which it christened the Dredge Manteo in a ceremony held April 28,

New 'Mega Passenger Ship' for Star Cruises

Elomatic Ltd and Deltamarin Ltd have signed a tri-party engineering contract with shipbuilder MV Werften for the design of Star Cruises’ new Global Class “mega passenger ship,

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1149 sec (9 req/sec)