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.  We believe that the expansion of our fleet will continue to create economies of scale for Pingtan.  Increasing our volume will help in our negotiations with distributors and exporters, and also create the possibility of selling downstream directly to end markets.  We expect to remain aggressive in increasing our fleet, and look forward to enhancing our leading position in China's seafood industry."

Pingtan Fishing primarily engages in ocean fishing with many of its self-owned vessels operating within the Indian Exclusive Economic Zone and the Arafura Sea of Indonesia. Pingtan Fishing is a growing fishing company and provider of high quality seafood in the PRC.