Pingtan Marine Enterprise Announces Delivery of 20 Newly-built Fishing Vessels
FUZHOU, China, Sept. 13, 2013 /PRNewswire/ — Pingtan Marine Enterprise Ltd. (Nasdaq: PME), (“Pingtan,” or the “Company”) an integrated marine services company in the People’s Republic of China (PRC), today announced the recent delivery of 20 newly-built fishing vessels, which were initially ordered by the Company in September 2012. 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 Company expects these vessels will materially increase its fish harvest volume and revenue, while being immediately accretive to net income.
The vessels delivered to the Company (full list below), which were built in Shandong Province, were delivered to the Company in early September. These vessels have an expected run-in period of 3 – 6 months, in which each are placed into the sea for testing prior to full operation. At full operation, each vessel 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 is a marine enterprises group, engaging in dredging services and ocean fishing through its wholly-owned subsidiaries, China Dredging Group and Merchant Supreme, and their respective PRC operating subsidiaries, Fujian Xinggang 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.
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.
List of 20 Newly-built Fishing Vessels Trawlers Fishing Area Carrying Tonnage Capacity (KW) -------- FuYuanYu 171 India 156 1000 FuYuanYu 172 India 156 1000 FuYuanYu 173 India 156 1000 FuYuanYu 174 India 156 1000 FuYuanYu 175 India 156 1000 FuYuanYu 176 India 156 1000 FuYuanYu 177 Indonesia 156 1000 FuYuanYu 178 Indonesia 156 1000 FuYuanYu 179 Indonesia 156 1000 FuYuanYu 180 Indonesia 156 1000 FuYuanYu 181 Indonesia 156 1000 FuYuanYu 182 Indonesia 156 1000 FuYuanYu 183 Indonesia 156 1000 FuYuanYu 184 Indonesia 156 1000 FuYuanYu 185 Indonesia 156 1000 FuYuanYu 186 Indonesia 156 1000 FuYuanYu 187 Indonesia 156 1000 FuYuanYu 188 Indonesia 156 1000 FuYuanYu 189 Indonesia 156 1000 FuYuanYu 190 Indonesia 156 1000
Business Risks and Forward-Looking Statements
This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. 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.
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
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SOURCE Pingtan Marine Enterprise Ltd.