Pingtan Marine Enterprise's 20 Fishing Vessels to Resume Operations in Different Fishing Grounds after Modification and Rebuilding
Pingtan Marine Enterprise Ltd. (NASDAQ: PME) recently announced that 20 of its fishing vessels received approval for modification and rebuilding from China's Ministry of Agriculture and Rural Affairs.
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Rhea-AI Summary
Pingtan Marine Enterprise Ltd. (NASDAQ: PME) recently announced that 20 of its fishing vessels received approval for modification and rebuilding from China's Ministry of Agriculture and Rural Affairs. The vessels, acquired in December 2013, had ceased operations due to a government-mandated moratorium in Indonesia in 2015. After modifications, these vessels will operate as seine fishing vessels with a length of 57 meters and a gross tonnage of 1,110. Eight vessels will operate in the Indian Ocean and twelve in the North Pacific, enhancing Pingtan's fishing capacity.
Positive
- Approval received for modification and rebuilding of 20 fishing vessels.
- Vessels will enhance fleet capacity and resume operations in lucrative fishing regions.
Negative
- None.
Details
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FUZHOU, China, Dec. 29, 2020 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (NASDAQ: PME) ("Pingtan" or the "Company"), today announced that 20 fishing vessels operated by the Company received approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China ("MARA") for modification and rebuilding.
The Company acquired the exclusive operating rights to the 20 vessels on December 4, 2013 and the vessels were placed in the Indonesian waters for operations. Due to the impact of the moratorium implemented by the Indonesian government in December 2014, these vessels ceased operations in 2015. For the purpose of recovering fishing operations as early as possible and expanding the fishing capacity of its fleet, the Company decided to initiate modification and rebuilding projects for these vessels.
The 20 fishing vessels will be modified into seine fishing vessels with vessel length of 57 meters and gross tonnage of 1,110. Among the 20 fishing vessels, 8 were approved by the MARA to operate in the international waters of the Indian Ocean, and 12 were approved to operate in the international waters of North Pacific Ocean after the completion of the modification and rebuilding.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
michaelyung@ptmarine.net
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
mli@ptmarine.net
INVESTOR RELATIONS
PureRock Communications Limited
PTmarine@pure-rock.com
View original content:http://www.prnewswire.com/news-releases/pingtan-marine-enterprises-20-fishing-vessels-to-resume-operations-in-different-fishing-grounds-after-modification-and-rebuilding-301198970.html
SOURCE Pingtan Marine Enterprise Ltd.
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