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Pingtan News

10 Apr 2023

Chinese Fishing Crews Ensnared in Taiwan Tensions

Copyright Igor Groshev/AdobeStock

As China sends warships and fighter jets to the Taiwan Strait after a U.S. visit by Taiwan President Tsai Ing-wen, deemed a separatist by Beijing, fishing crews plying the narrow waterway say they fret more about their livelihood than politics.For years, Chinese fishermen trawling for fish, shrimp and crab have played cat and mouse with Taiwanese authorities as they closely track boats that near the median line of the Taiwan Strait.Villagers on Pingtan island in China's southeastern Fujian province…

01 Mar 2019

Incat Crowther Wins Taiwan Ro-Pax Contract

Photo: Incat Crowther

Incat Crowther will design a 1000-passenger high speed ro-pax ferry to operate between mainland China and Taiwan.To be built by AFAI Southern Shipyard, the Incat Crowther 113 design will be operated by Fujian Strait Shipping Co (CSF) between Pingtan Island and the Taiwanese cities of Taichung, Taipei and Kaohsiung.The high speed ro-pax ferry will have two vehicle decks, capable of carrying 230 cars or 42 containers.The resiliently mounted passenger cabin will have seating for 1000, in a mix of economy and business class.

29 May 2014

Pingtan Orders 25 Newbuild Fishing Vessels

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…

29 Oct 2013

China's Pingtan Sells Subsidiary Companies to Chairman

Nasdaq-listed Pingtan Marine Enterprise Ltd. (PME) is to sell its 100% owned dredging subsidiary, China Dredging Group  and its PRC operating subsidiaries, Fujian Xing Gang Port Service Co., Ltd. business and operating assets to an affiliate of the Company's Chairman, CEO and majority shareholder Mr. Xinrong Zhuo. In addition to the fairness opinion on the proposed transaction from Duff and Phelps, LLC, the Board received appraisal reports from BMI Appraisals Limited for the respective operating rights and licenses to conduct fishing services of 20 new vessels which are included as part of transaction consideration. The Board, excluding Chairman and CEO Mr. Xinrong Zhuo, and the Company's Senior Officer, Mr. Bin Lin, unanimously approved moving forward with the transaction.

15 Sep 2013

China's Pingtan Receive 20 New Fishing Vessels

Pingtan Marine Enterprise Ltd. says that with  the addition of these vessels and the recent acquisition of 46 vessels in June 2013, the Company's total current fleet has increased to 106. The vessels delivered were built in , and have an expected run-in period of 3 - 6 months, for sea trials and furthr testing. Pingtan say that each of the new vessels, built in Shandong Province is capable of harvesting 900 to 1000 tons of approximately 30 types of species of fish from the Indian Ocean. At current prices and operating at full capacity, each vessel can generate annual revenue of approximate $3 million USD with annual net income of approximate $800,000 to $1 million. Mr. Xinrong Zhou, Pingtan's Chairman and CEO, stated, "We are pleased to announce the delivery of these new vessels.

30 Jul 2013

China's Pingtan Board Consider Offer for Dredging Subsidiary

Pingtan Marine Enterprise Ltd. provider of territorial sea fishing and dredging services in the People's Republic of China (PRC), announce that its Board of Directors has received an offer from its Chairman and CEO, Mr. Xinrong Zhuo, to acquire the assets of China Dredging Group, or CDGC, and its PRC operating subsidiaries, Fujian Xing Gang Port Service Co., Ltd. The Company's Board of Directors recently met to review the proposed terms of the offer, and as part of the process the Board has retained an independent financial advisor and investment banking firm, Duff & Phelps LLC, to provide a fairness opinion in connection with a proposed transaction (the "Proposed Transaction," as described below). Mr. Zhuo and the Company's Senior Officer, Mr.

11 Jul 2013

China's Pingtan in Clear with Nasdaq

Dredging and Ocean Fishing listed firm Pingtan Marine Enterprise Ltd. (Nasdaq: PME) confirms its continued listing & compliance with all quantitative listing requirements. Pingtan, a marine services company providing territorial sea fishing and dredging services in the People's Republic of China (PRC), has announced that the it has received a letter from the Nasdaq Listing Qualifications Panel (the "Panel") stating that it has concluded that the company has demonstrated compliance with all applicable listing requirements. Accordingly, the listing review has been closed. Pingtan's Chairman and CEO, Mr. Xinrong Zhou, stated, "We are very pleased with the recent ruling by Nasdaq and are focused on increasing shareholder value by continuing to grow our business…

21 Jun 2013

China's Pingtan to Buy 46 Fishing Vessels

Pingtan Fishing Vessel: Photo credit the owners

Pingtan Marine Enterprise Ltd. an integrated marine services company providing territorial sea fishing and dredging services in the People's Republic of China (PRC), has expanded its fleet, signing of a 'Master Agreement' to purchase 46 fishing trawlers in a transaction totaling approximately $410.1 million. After a thorough third-party appraisal process, the Master Agreement was signed between Pingtan and Fuzhou Honglong Ocean Fishery Co., Ltd., or "Hong Long," a company owned by Pingtan's Chairman and CEO, Mr.

17 Feb 2006

57 Missing After Ships Sink

At least 57 people are missing after two ships sank in high winds in the Taiwan Strait off southeast China, the state news agency said on Friday, according to a report on www.cbc.ca. Xinhua said the first ship, carrying 37 people, struck a reef near coastal Fujian province's Pingtan island late Thursday. The Fujian Maritime Safety Administration says the ship, headed for Indonesia, was fully loaded with aquatic products when strong winds carried it onto the reef. About two hours later, a fishing boat with 27 people sank near Pingtan island. Three people were rescued, but the rest are missing.