Pingtan Marine Enterprise to significantly increase production capacity
Pingtan Marine announced that 27 fishing vessels of the company have received approval dated April 2, 2018 from the Ministry of Agriculture and Rural Affairs of the People's Republic of China and are expected to operate in the international waters of the Indian Ocean after completion of modification and rebuilding. These vessels will first undergo the modification and rebuilding process to upgrade their fishing method in order to meet the fishing requirements of the international waters of the Indian Ocean and to expand gross tonnage. The new vessels will be put into operation in the designated fishing area after completing the modification and rebuilding process along with all related procedures. Among the 27 fishing vessels, 7 will be modified as light luring seine fishing vessels with annual harvest capacity of 6,000 to 8,000 tons per vessel, primarily focusing on harvesting tuna, sardine, blackbody trevally, anchovy and mackerel fish products, and the other 20 vessels will be modified as squid jigging vessels with annual harvest capacity of 2,000 to 3,000 tons per vessel focusing on capturing squid products. The 27 fishing vessels are expected to significantly increase the Company's total annual harvest capacity by 80,000 to 110,000 tons. For the year 2017, the Company's annual sales volume was 17,986 tons, revenue was $63.2M and net income was $32.5M.