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Pingtan Marine Enterprise Reports Unaudited Financial Results for its First Quarter Ended March 31, 2013

May 14, 2013

FUZHOU, China, May 14, 2013 /PRNewswire/ — Pingtan Marine Enterprise Ltd. (Nasdaq: PME), (“Pingtan,” or the “Company”) a provider of dredging services in the People’s Republic of China (PRC) and territorial sea fishing globally, today announced its unaudited financial results for the first quarter of 2013.

Operating Highlights

  • Completed landmark business combination in February 2013, creating Pingtan Marine Enterprises, one of the largest U.S.-listed marine services operating company in China
  • Currently operates a fleet that consists of 9 dredgers and 40 fishing vessels (see attached asset table)
  • Dredging segment (“China Dredging”) continues transition to primary contractor with a backlog of $214.5 million as of March 31, 2013
  • Fishing segment (“Merchant Supreme”) reported 26.4% growth in revenues during Q1 2013 and launched 20 vessels during December 2012 (with revenues beginning to ramp up on those vessels in the second quarter of 2013)

First Quarter 2013 Financial Highlights (A)

    ($ in millions, except per share       3 months ended       3 months
     data)                                                        ended
    --------------------------------

                                           March 31, 2013       March 31,
                                                                   2012
                                               --------------  ---------

      Dredging Services                                 $26.7       $59.5

      Fishing                                           $19.7       $15.6
                                                        -----       -----

    Total Revenue                                       $46.4       $75.1

    Cost of Revenue                                      30.3        37.7

    Gross Profit                                         16.1        37.3

    Gross Profit Margin                                  34.7%       49.7%

    Net Income                                           13.8        26.9

    Basic and Diluted Weighted
     Average Shares Outstanding                          79.1        79.1

    EPS                                                 $0.17       $0.34

Balance Sheet Highlights (A)

                              3/31/2013 12/31/2012
                              --------- ----------

    Cash and Cash Equivalents    $206.1     $175.5

    Total Current Assets          297.5      277.7

    Total Assets                  505.7      484.0

    Working Capital               225.1      210.6

    Total Long-term Debt           17.7       16.7

    Shareholders' Equity          415.6      400.3

    Book Value Per Share          $5.25       5.06

(A) Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Limited) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2012, rather than on February 25, 2013.

Management Comments

Mr. Xinrong Zhuo, Chairman and CEO of the Company, stated, “The last several weeks have been a monumental period in our Company’s history, as we believe our team has created a diversified entity in the global marine service market. We remain very optimistic about the growth opportunity in both of our dredging and fishing segments. We are very pleased to have generated strong cash flow from operations and profitability in our first quarter during a transitional period for our Company.”

Dredging Segment Operating and Financial Review

Mr. Zhuo continued, “In our dredging business, we continue to leverage our long-term customer relationships, many of whom have worked with China Dredging since its inception. One of our goals in the coming years will be to build upon this strong base of projects and further diversify by transitioning from a sub-contractor for projects in the PRC to the role of a general contractor. We have invested considerably in our Build-Transfer (BT) strategy, which will expand the pipeline and give China Dredging more control over its projects. Our first project in Kemen Industrial Zone of Lianjiang County, Fujian Province, began in January 2013 and is estimated to continue for 18 months. While this investment directly affected our first quarter financial results, as a result of incurring advanced payments with minimal revenue contribution, we expect to begin realizing the full impact from this project in the second quarter of 2013.”

For the three months ended March 31, 2013, revenue from our dredging services decreased to $26.7 million from $59.5 million in the same period last year. This was primarily as a result of decreased dredging volume caused by the Company’s termination of the leasing agreement for three dredgers in July 2012 and one in December 2012, as these four dredgers were not fit for the Company’s new BT project, which has a higher unit price. In addition, four of the Company’s vessels working on a project in northern China were operated at only 30% of their dredging capacity due to unusually inclement weather conditions during the first quarter of 2013. The Company does not believe there will be any impact in future quarters; however, as a result of these factors, China Dredging completed 12.7 million cubic meters of dredging volume in the first quarter of 2013 compared to 32.5 million in the same period last year, a decrease of 60.9%. As of March 31, 2013, the Company has a backlog of $214.5 million, which included $15.6 million in new contracts for the first quarter of 2013.

Fishing Segment Operating and Financial Review

Mr. Zhuo continued, “We are very pleased with the development of our fishing business, and are currently selling approximately 30 different species of fish, primarily from India and Indonesia, to over 300 distributors and retailers. We currently own and operate 38 single trawling vessels and 2 drift netters. Our goal in the coming months is to continue to opportunistically purchase assets and expand our fleet while diversifying our customer base.”

In the first quarter of 2013, The Company’s revenue from its fishing business increased by 26.4% to $19.7 million compared to $15.6 million in the same period last year. The Company also acquired 20 new fishing vessels in 2012, which began operation in December 2012 and began operating at full capacity in the current second quarter of 2013 after a breaking in period. The Company and the Company’s independent directors have also agreed with Mr. Zhuo, that $48.3 million (due to the Company in accordance with the terms of the share purchase agreement pursuant to which the Company acquired its fishing business) can be repaid with fishing vessels from Fujian Honglong Ocean Fishery Co., Ltd., or Hong Long, a Company owned by Mr. Zhuo. Hong Long’s fishing vessels currently have licenses that will enable the Company’s fishing business to increase its harvest volume, revenue and net income rapidly. The fair value of such fishing vessels to be contributed to the Company will be determined by an independent appraisal company hired by the independent directors of Pingtan’s Board of Directors. On May 13, 2013, Pingtan entered into an engagement letter with BMI Appraisals Limited for the performance of such appraisals, which it expects to complete in the next two months.

Consolidated Financial Review

Revenues

The Company reported revenues during the period of $46.4 million, compared to $75.1 million for the same period in 2012. An increase in the revenues from the Company’s fishing business was offset by lower volume from the Company’s dredging business.

Gross Margin

The Company’s gross margin decreased to 34.7% in the quarter ended March 31, 2013 from 49.7% for the same period last year, principally due to lower gross margins for the dredging segment. The Company incurred $4.1 million in advanced fees during the period as part of reclamation for its BT project. These advanced payments were included in cost of goods sold. In addition, the Company incurred lower margins in its fishing segment, as 20 vessels launched by the Company in December 2012 did not immediately operate at full capacity.

Selling, General & Administrative Expenses

Total selling, general and administrative expenses were $1.6 million for the three months ended March 31, 2013, or 3.4% of total revenue, compared to $2.7 million, 3.6% of total revenue, for the same in 2012.

Net Income

Net income for the three months ended March 31, 2013 was $13.8 million, or $0.17 per basic and diluted share, compared to $26.8 million, or $0.34 per basic and diluted share, in the same period in 2012.

Outlook for 2013

Mr. Zhuo concluded, “We benefit from having a team of dedicated employees that has considerable experience in operating an integrated company, and believe that we have the right management team in place to continue developing both segments of our business. The Company’s financial position is very strong, with approximately $206 million in cash as of March 31, 2013 and cash from operations during the period of $31.5 million. We expect to leverage this free cash flow to continue growing our fleet of fishing vessels and expanding our dredging capabilities as a general contractor. We look forward to the future with confidence and will keep shareholders apprised of our progress.”

About Pingtan

Pingtan is a marine enterprises group, engaging in dredging services and ocean fishing through two wholly-owned subsidiaries, China Dredging Group, or CDGC, and Merchant Supreme, and their respective PRC operating subsidiaries, Fujian Xing Gang Port Service Co., Ltd., or Fujian Service, PingTan XingYi Port Service Co., Ltd., or PingTan XingYi and Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.

Fujian Service provides specialized dredging services exclusively to the PRC marine infrastructure market and is, based on the number and capacity of the dredging vessels it operates, one of the leading independent (not state-owned) providers of such services in the PRC. Since its inception, it has functioned exclusively as a specialist subcontractor, performing dredging services for other companies licensed to function as general contractors. PingTan XingYi’s Build-Transfer (“BT”) strategy, commenced in 2012, is expected to expand the pipeline and provide more control over its projects as it assumes the role of a general contractor.

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.

Business Risks and Forward-Looking Statements

This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. These include statements regarding Pingtan’s ability to accelerate growth of its business segments, Pingtan’s future financial position, the impact of weather on the dredging business, diversification of customer base, and leverage of free cash flow, Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. In addition, please refer to the risk factors contained in Pingtan’s SEC filings available at www.sec.gov, including Pingtan’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Definitive Proxy Statement. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason.

CONTACT:

Roy Yu
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
ryu@ptmarine.net

INVESTOR RELATIONS:

The Equity Group Inc.
Adam Prior, Senior Vice President
(212) 836-9606
aprior@equityny.com

In China
Katherine Yao, Associate
86 10 6587 6435
kyao@equityny.com

    PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

    CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)

    (IN U.S. DOLLARS)

                                                            For the Three Months Ended
                                                                    March 31,
                                                            --------------------------

                                                                     2013              2012 (A)
                                                                     ----              -------

    Revenue                                                   $46,408,547                       $75,055,734

    Cost of revenue                                           (30,314,630)                      (37,731,229)
                                                              -----------                       -----------

    Gross profit                                               16,093,917                        37,324,505

    Selling and marketing expenses                               (194,688)                         (209,674)

                                                                                    .

    General and administrative expenses                        (1,407,815)                       (2,472,715)
                                                               ----------                        ----------

    Operating income                                           14,491,414                        34,642,116

    Other income/(expense)

       Subsidy income                                              35,387                                 -

       Interest income                                            170,132                           150,269

       Interest expenses                                         (685,377)                         (464,614)

       Sundry income                                                2,003                                 -

       Gain on foreign exchange, net                              207,984                            51,538

       Gain/(loss) on derivative                                1,764,249                          (192,957)
                                                                ---------                          --------

    Total other income/(expense)                                1,494,378                          (455,764)

    Income before income taxes                                 15,985,792                        34,186,352

    Income tax expense                                         (2,203,251)                       (7,329,896)
                                                               ----------                        ----------

    Net income                                                $13,782,541                       $26,856,456
                                                              ===========                       ===========

     Earnings per ordinary share

        - Basic and diluted                                         $0.17                             $0.34
                                                                    -----                             -----

     Weighted average number of ordinary shares outstanding

        - Basic and diluted                                    79,055,053                        79,055,053
                                                               ----------                        ----------

    PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

    (IN US DOLLARS)

                                                                                                      For the Three Months Ended March 31,
                                                                                                     ------------------------------------

                                                                                                                          2013              2012 (A)
                                                                                                                          ----               -------

    Net income                                                                          $13,782,541                             $26,856,456

    Other comprehensive income

       Foreign currency translation gain                                                                             1,552,499                       92,635

    Total comprehensive income                                                          $15,335,040                             $26,949,091
                                                                                        ===========                             ===========

    (A) Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly
    known as China Growth Equity Investment Limited) completed its merger with China Dredging Group Co., Ltd.
    and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2012, rather than on February 25, 2013.

    PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS

    (IN U.S. DOLLARS)

                                                                                                                        March 31, 2013                December 31, 2012

                                                                                                                          (Unaudited)                        (A)

    Assets

    Current assets

                                Cash                                                                                                   $206,108,221                     $175,488,715

                                Notes receivable (banker's acceptances)

                                transferred from related parties                                                                                  -                        3,645,817

                                Accounts receivable - third parties                                                                       6,594,416                       34,924,685

                                Cost and estimated earnings in excess of billings

                                on contracts in progress                                                                                  9,531,476                        8,133,021

                                Other receivables                                                                                         8,868,730                           34,074

                                Advance to related parties                                                                               60,318,092                       49,802,821

                                Prepaid expenses                                                                                          1,444,979                          410,966

                                Inventories                                                                                               4,647,929                        5,223,984

    Total current assets                                                                                                                297,513,843                      277,664,083
                                                                                                                                        -----------                      -----------

    Other assets

                                Prepaid other deposits                                                                                        4,830                            4,430

                                Prepaid dredger deposits                                                                                 23,346,429                       23,274,105

                                Security deposits                                                                                        21,204,998                       25,087,880

                                Long-term investment                                                                                      3,381,207                        3,328,789

                                Deposit on setting up of Joint Venture                                                                            -                        6,090,302

                                Deposit for BT project                                                                                   67,060,604                       66,852,860

                                Dredger, fishing vessel, motor vehicle, machinery and equipment, net                                     93,225,303                       81,707,388

    Total other assets                                                                                                                  208,223,371                      206,345,754
                                                                                                                                        -----------                      -----------

    Total assets                                                                                                                       $505,737,214                     $484,009,837
                                                                                                                                       ============                     ============

    Liabilities and equity

    Current liabilities

          Short-term loans                                                                                                              $12,020,599                      $25,169,260

          Long-term loans - current portion                                                                                               7,499,034                        8,094,308

          Accounts payable - third parties                                                                                                7,462,804                        3,761,149

          Accounts payable - related parties                                                                                              4,956,093                        5,765,632

          Advance from related parties                                                                                                   19,147,153                          714,177

          Derivative liability                                                                                        -                             1,764,249

          Receipt in advance - third parties                                                                                                793,244                                -

          Receipt in advance - related parties                                                                                            4,908,426                       12,681,102

          Income tax payable                                                                                                              1,584,914                        5,333,519

          Accrued liabilities and other payables                                                                                          4,645,682                        3,738,134

          Deferred income                                                                                                                 9,410,382                                -
                                                                                                                                          ---------                              ---

    Total current liabilities                                                                                                            72,428,331                       67,021,530
                                                                                                                                         ----------                       ----------

    Other liabilities

            Long-term loans, net of current portion                                                                                      17,674,857                       16,689,321
                                                                                                                                         ----------                       ----------

    Total other liabilities                                                                                                              17,674,857                       16,689,321
                                                                                                                                         ----------                       ----------

    Total liabilities                                                                                                                    90,103,188                       83,710,851
                                                                                                                                         ----------                       ----------

    Shareholders' equity

          Ordinary shares, 225,000,000 shares authorized with $0.001 authorized                                                              79,055                           79,055
                with $0.001 per share; 79,055,053 shares issued and outstanding
                as of March 31, 2013 and December 31, 2012

          Statutory reserves                                                                                                             19,481,703                       19,386,642

          Additional paid-in capital                                                                                                    141,381,098                      141,381,098

          Retained earnings                                                                                                             230,911,700                      217,224,220

          Accumulated other comprehensive income                                                                                         23,780,470                       22,227,971
                                                                                                                                         ----------                       ----------

    Total shareholders' equity                                                                                                          415,634,026                      400,298,986
                                                                                                                                        -----------                      -----------

    Total liabilities and shareholders' equity                                                                                         $505,737,214                     $484,009,837
                                                                                                                                       ============                     ============

    (A) Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as
    China Growth Equity Investment Limited) completed its merger with China Dredging Group Co., Ltd. and the share
    purchase of Merchant Supreme Co., Ltd. on January 1, 2012, rather than on February 25, 2013.

    PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

    (IN U.S. DOLLARS)

                                                                                                                                                                                                       For the Three Months Ended March 31,
                                                                                                                                                                                                       ------------------------------------

                                                                                                                                                                                                     2013                                              2012 (A)
                                                                                                                                                                                                     ----                                               -------

    Cash flows from operating activities

    Net income                                                                                                                                                                                                                           $13,782,541                                                           $26,856,456

    Adjustments to reconcile net income to net

                                                                                cash provided by operating activities

                                                                                Depreciation of dredger, fishing vessel, motor vehicle,                                                         2,648,376                                                            2,701,825
                                                                                   machinery and equipment

                                                                                (Gain)/loss on derivative                                                                                      (1,764,249)                                                             192,957

    Changes in operating assets and liabilities

                                                                                Accounts receivable - third parties                                                                            28,555,829                                                            2,247,242

                                                                                Accounts receivable - related parties                                                                                   -                                                           (2,168,154)

                                                                                 Cost and estimated earnings in excess of billings on
                                                                                 contracts                                                                                                     (1,371,834)                                                           6,956,820

                                                                                 in progress

                                                                                Other receivables                                                                                              (8,825,504)                                                             (24,668)

                                                                                Prepaid expenses                                                                                               (1,026,911)                                                           3,703,227

                                                                                Inventories                                                                                                       594,162                                                           (1,593,977)

                                                                                Accounts payable - third parties                                                                                3,685,453                                                              750,194

                                                                                Accounts payable - related parties*                                                                             5,280,689                                                                4,822

                                                                                Receipt in advance - third parties                                                                                792,465                                                           (1,162,810)

                                                                                Receipt in advance - related parties*                                                                          (7,964,540)                                                                   -

                                                                                Income tax payable                                                                                             (3,761,484)                                                            (958,004)

                                                                                Accrued liabilities and other payables                                                                            883,230                                                           (1,260,362)

    Net cash provided by operating activities                                                                                                                                                                                             31,508,223                                                            36,245,568
                                                                                                                                                                                                                                          ----------                                                            ----------

    Cash flows from investing activities

                                                                                Deposit paid for other fixed assets                                                                                  (386)                                                                   -

                                                                                Changes in security deposits                                                                                    3,956,956                                                                    -

                                                                                Proceeds from deferred income**                                                                                 9,401,148                                                                    -

                                                                                Purchase of dredger, fishing vessels, motor vehicle                                                           (13,342,866)                                                          (1,587,377)

                                                                                machinery and equipment

                                                                                Advance to related parties                                                                                     (9,962,327)                                                          (9,096,655)

    Net cash used in investing activities                                                                                                                                                                                                 (9,947,475)                                                          (10,684,032)
                                                                                                                                                                                                                                          ----------                                                           -----------

    Cash flows from financing activities

                                                                                Proceeds from short-term loans                                                                                  9,727,422                                                            9,117,597

                                                                                Repayment of short-term loans                                                                                (23,259,126)                                                           (7,607,248)

                                                                                Advance from related parties                                                                                   22,355,241                                                           12,330,083

    Net cash provided by financing activities                                                                                                                                                                                              8,823,537                                                            13,840,432
                                                                                                                                                                                                                                           ---------                                                            ----------

    Net increase in cash                                                                                                                                                                                                                  30,384,285                                                            39,401,968

    Effect of exchange rate                                                                                                                                                                                                                  235,221                                                               (32,402)

    Cash at the beginning of period                                                                                                                                                                                                      175,488,715                                                           114,204,340

    Cash at the end of period                                                                                                                                                                                                           $206,108,221                                                          $153,573,906
                                                                                                                                                                                                                                        ============                                                          ============
    PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - CONTINUED

    (IN U.S. DOLLARS)

                                                                                                                                For the Three Months Ended March 31,
                                                                                                                               ------------------------------------

                                                                                                                                                                2013                                                       2012 (A)
                                                                                                                                                                ----                                                       -------

    Supplemental disclosure of cash flow information:

    Cash paid:
    ----------

                                                            Income tax paid                                                                               $5,964,685                                                                        $8,287,901

                                                            Interest paid                                                                                   $685,377                                                                          $464,614

    Supplemental disclosures of non-cash transactions:

    Deferred income                                                                                                                                                                                          $7,550,451                              $                                                   -
                                                                                                                                                                                                             ----------                            ---                                                 ---

    *Note 1: Deposit on setting up Joint Venture netted off with accounts payable - related parties.

    **Note 2: Deferred income relates to government grants to construct new fishing vessels.

    (A) Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China
    Growth Equity Investment Limited) completed its merger with China Dredging Group Co., Ltd. and the share purchase of
    Merchant Supreme Co., Ltd. on January 1, 2012, rather than on February 25, 2013.

    Pingtan Marine Enterprises, Ltd. Asset Summary
    ----------------------------------------------

    Pingtan Dredgers (as of March 31, 2013)

                                            Trailer suction hopper dredger                                      Capacity                  Leased/Owned       Purchase/Lease Date
                                                                                                           (cubic meters per hour)
                                                                                                                                                                                 ---

              Hengshengjun #88                                                                                                     3500      Leased             January 2008

              Liya #10                                                                                                             6500      Leased               June 2010

                                              Non-Self-Propelling Cutter                                        Capacity                  Leased/Owned       Purchase/Lease Date
                                                   Suction Dredgers                                      (cubic meters per hour)
                                                   ----------------                                      ----------------------

              Xinggangjun #3                                                                                                       2000      Owned                May 2008

              Xinggangjun #66                                                                                                      3500      Owned               March 2008

              Xinggangjun #6                                                                                                       2500      Owned                May 2008

              Xinggangjun #9                                                                                                       2500      Owned              June 2008 (1)

              Honglinjun #19                                                                                                       3800      Leased              April 2011

                                                    Grab dredgers                                               Capacity                  Leased/Owned       Purchase/Lease Date
                                                                                                         (cubic meters per hour)
                                                                                                                                                                                 ---

              Hengshunda #1                                                                                                         350      Leased               June 2011

              Hengshengjun #10 (formerly known as Liya #2)                                                                          350      Leased               June 2011

              (1) Company commenced leasing Xinggangjun #9 in June 2008 and acquired it in January 2011.

    Pingtan Fishing Vessels (as of March 31, 2013)

              Trawlers                                                                                        Fishing Area              Carrying Tonnage        Capacity (KW)
              --------

              FuYuanYu 135                                                                                        India                                  264                     441

              FuYuanYu 136                                                                                        India                                  264                     441

              FuYuanYu 137                                                                                        India                                  264                     441

              FuYuanYu 138                                                                                        India                                  264                     441

              FuYuanYu 139                                                                                        India                                  264                     441

              FuYuanYu 140                                                                                        India                                  264                     441

              FuYuanYu 151                                                                                      Indonesia                                230                     441

              FuYuanYu 152                                                                                      Indonesia                                230                     441

              FuYuanYu 155                                                                                      Indonesia                                272                     441

              FuYuanYu 156                                                                                      Indonesia                                274                     441

              FuYuanYu 725                                                                                      Indonesia                                297                     698

              FuYuanYu 726                                                                                      Indonesia                                297                     698

              FuYuanYu 727                                                                                      Indonesia                                297                     698

              FuYuanYu 728                                                                                      Indonesia                                297                     698

              FuYuanYu 729                                                                                      Indonesia                                297                     698

              FuYuanYu 730                                                                                      Indonesia                                297                     698

              FuYuanYu 731                                                                                      Indonesia                                297                     698

              FuYuanYu 732                                                                                      Indonesia                                297                     698

              FuYuanYu 733                                                                                      Indonesia                                297                     698

              FuYuanYu 734                                                                                      Indonesia                                297                     698

              FuYuanYu 735                                                                                      Indonesia                                236                     368

              FuYuanYu 736                                                                                      Indonesia                                236                     368

              FuYuanYu 737                                                                                      Indonesia                                192                     441

              FuYuanYu 738                                                                                      Indonesia                                192                     441

              FuYuanYu 739                                                                                      Indonesia                                292                     810

              FuYuanYu 740                                                                                      Indonesia                                292                     810

              FuYuanYu 741                                                                                      Indonesia                                292                     810

              FuYuanYu 742                                                                                      Indonesia                                292                     810

              FuYuanYu 743                                                                                      Indonesia                                292                     810

              FuYuanYu 745                                                                                      Indonesia                                292                     810

              FuYuanYu 746                                                                                      Indonesia                                292                     810

              FuYuanYu 747                                                                                      Indonesia                                292                     810

              FuYuanYu 748                                                                                      Indonesia                                292                     810

              FuYuanYu 749                                                                                      Indonesia                                292                     810

              FuYuanYu 750                                                                                      Indonesia                                270                     441

              FuYuanYu 751                                                                                      Indonesia                                270                     441

              FuYuanYu 791                                                                                      Indonesia                                266                     552

              FuYuanYu 792                                                                                      Indonesia                                266                     552

              Drifters
              --------

              FuYuanYu 793                                                                                      Indonesia                                210                     287

              FuYuanYu 794                                                                                      Indonesia                                207                     434

SOURCE Pingtan Marine Enterprise Ltd.


Source: PR Newswire