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 Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

MacGregor Reorganizes into 7 Operative Divisions

MacGregor, part of Cargotec, announces changes in its operative structure and starts a reorganization into seven operative divisions which will become effective on January 1, 2015.

Iridium Partners with Trimble to Support Expansion

Iridium Communications Inc. announced an agreement with Trimble that expands the company's use of satellite communications in its core Transportation and Logistics

Shipbuilding

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

U.S. Shipbuilding: ESG Nabs Two Z-Drive Tug Contracts

Eastern Shipbuilding (ESG) said that Suderman & Young Towing Company and Bay Houston Towing Company each exercised one additional Z-Drive Tug to be built at ESG.

FMT Orders Another Towboat from Eastern Shipbuilding

Eastern Shipbuilding Group, Inc. is pleased to announce that Florida Marine Transporters, Inc. of Mandeville, LA exercised another additional 90’x32’x10’ “Canal

News

Documentary Examines Shipbreaking Practices in Bangladesh

Toxic ships for Bangladesh: TV documentary on German ship owners and their shipbreaking practices A new documentary titled "Giftiger Tankerschrott für Bangladesch

Containers, Cruises Help Boost Marseilles Fos

Container throughput at French port Marseilles Fos reached 876,711 teu for the period January to September, an increase of 6% on the first nine months last year.

Interferry Applauds IMO Consideration of BWTS Exemption

Interferry has praised a decision made at last week’s meeting of the IMO Marine Environment Protection Committee (MEPC) that could exempt certain ferry operators

Vessels

Bright Outlook for BWM Convention

The Danish Maritime Authority informed that the Ballast Water Management Convention is now one step closer to ratification following last week’s meeting of United

Chief of Naval Personnel Visits Naval Special Warfare

Chief of Naval Personnel (CNP) Vice Adm. Bill Moran visited Naval Special Warfare (NSW) Sailors during an all hands call on Joint Expeditionary Base Little Creek-Fort Story, Oct.

FMT Orders Another Towboat from Eastern Shipbuilding

Eastern Shipbuilding Group, Inc. is pleased to announce that Florida Marine Transporters, Inc. of Mandeville, LA exercised another additional 90’x32’x10’ “Canal

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2377 sec (4 req/sec)