Financial|Misc. Financial Services Pingtan Marine Enterprise Ltd PME:NASDAQ TRADE Last Change / % Change Dividend Yield Volume Avg Volume (10 day) S&P Capital IQ Ranking 2.62 0.00 0.00% 0.00% 0 197.7K No Ranking Add to Watch ListSet Alert Education help is ON Market data is in Real-time. Summary News Charts Options Fundamentals Insiders Earnings Financials SEC Filings Search for Pingtan Marine Enterprise Ltd specific news Search Across: Enter Search Term: Time Period: Older Stories Lower Slider HandleUpper Slider Handle 4/20 4/30 5/10 5/20 5/30 6/09 6/19 Newer Stories ResetSearch « Stock News Overview : Article Pingtan Marine Enterprise Ltd. Orders 25 New Build Fishing Vessels 22 days 2 hours 33 minutes ago - DJNF Ministry of Agriculture Ratifies New Builds as Company Continues Fleet Replacement Plan FUZHOU, China, May 28, 2014 /PRNewswire-FirstCall/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), (Pingtan, or the Company) a global fishing company based in the Peoples Republic of China (PRC), today announced that the Company recently ordered 25 newly-built fishing vessels as a continuation of its fleet replacement plan. The vessels have received ratifications from the Ministry of Agriculture of the Peoples Republic of China (MOA), which ensures that the licenses to fish in foreign waters will be transferred to the new vessels. The Company will retire 25 of its older existing fishing vessels, and the replaced fishing vessels will use new vessel names once put into operations. The replaced vessels are expected to be built in China, and will be delivered to the Company within next 18 to 24 months. At full operation, each vessel is capable of harvesting 900 to 1000 tons of approximately 30 types of species of fish from the Indian and Indonesia Ocean. The Company is prepared to finance this fleet replacement plan by utilizing one of its three bank facilities totaling RMB393.62 million (approximately $63.31 million) with The Export-Import Bank of China Fujian Branch and China Development Bank Fujian Branch which both have a long-standing relationship with the Company or its credit lines with China MinSheng Bank Fujian Branch, China Development Bank Fujian Branch, and The Export-Import Bank of China Fujian Branch which total in the aggregate RMB707.7 million (approximately $113.7 million). Pingtans Chairman and CEO, Mr. Xinrong Zhuo, stated, We look forward to continuing to strengthen our fleet. We feel it is important to continue reinvesting in our Company by deliberately replacing older vessels with newly built assets without disruption to our fishing operations. We feel this is a benefit resulting from having access to capital and operational leverage which allows us to reinvigorate our fleet as necessary. We are also pleased to complete these financings with highly-regarded banking establishments. These facilities provide Pingtan with a greater level of financial flexibility as we move forward in our plans to expand our fishing enterprise. List of 25 Renewed Fishing Vessels (Vessels to be retired as new builds are delivered) Name of Type of Gross Name of Vessel Fishing Area of Date of Tonnage/Net Vessel (Old) Method(s) Fishing Completion Tonnage (New) FU YUAN YU FU YUAN YU 1 135 Trawler India 12/15/1983 264/94 9709 FU YUAN YU FU YUAN YU 2 136 Trawler India 12/15/1983 264/94 9710 FU YUAN YU FU YUAN YU 3 137 Trawler India 09/15/1982 264/94 9711 FU YUAN YU FU YUAN YU 4 138 Trawler India 09/15/1982 264/94 9712 FU YUAN YU FU YUAN YU 5 139 Trawler India 11/15/1983 264/94 9713 FU YUAN YU FU YUAN YU 6 140 Trawler India 11/15/1983 264/94 9714 FU YUAN YU FU YUAN YU 7 151 Trawler Indonesia 08/28/1990 230/69 9701 FU YUAN YU FU YUAN YU 8 152 Trawler Indonesia 08/28/1990 230/69 9702 FU YUAN YU FU YUAN YU 9 737 Trawler Indonesia 10/10/1989 192/57 9703 FU YUAN YU FU YUAN YU 10 738 Trawler Indonesia 10/10/1989 192/57 9704 FU YUAN YU FU YUAN YU 11 750 Trawler Indonesia 10/24/1989 270/94 9705 FU YUAN YU FU YUAN YU 12 751 Trawler Indonesia 10/24/1989 270/94 9706 FU YUAN YU FU YUAN YU 13 761 Trawler Indonesia 09/22/1997 112/38 9607 FU YUAN YU FU YUAN YU 14 762 Trawler Indonesia 09/20/1997 112/38 9608 FU YUAN YU FU YUAN YU 15 763 Trawler Indonesia 09/22/1997 112/38 9609 FU YUAN YU FU YUAN YU 16 764 Trawler Indonesia 09/22/1997 112/38 9610 FU YUAN YU FU YUAN YU 17 765 Trawler Indonesia 09/22/1997 112/38 9611 FU YUAN YU FU YUAN YU 18 767 Trawler Indonesia 08/20/1997 112/38 9613 FU YUAN YU FU YUAN YU 19 770 Trawler Indonesia 05/24/1997 112/38 9614 FU YUAN YU FU YUAN YU 20 771 Trawler Indonesia 05/24/1997 112/38 9615 FU YUAN YU FU YUAN YU 21 772 Trawler Indonesia 07/11/1997 112/38 9616 FU YUAN YU FU YUAN YU 22 773 Trawler Indonesia 07/17/1997 112/38 9617 FU YUAN YU FU YUAN YU 23 774 Trawler Indonesia 07/17/1997 112/38 9618 FU YUAN YU FU YUAN YU 24 776 Trawler Indonesia 07/20/1997 112/38 9620 FU YUAN YU FU YUAN YU 25 777 Trawler Indonesia 07/11/1997 112/38 9621 About Pingtan Pingtan is a global fishing company, engaging in ocean fishing through its wholly-owned subsidiary, 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. 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 the Companys SEC filings available at sec.gov, including the Companys most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Definitive Proxy Statement and Registration Statement on Form S-3. 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. +86 591 87271753 [email protected] INVESTOR RELATIONS: The Equity Group Inc. In China Katherine Yao, Associate +86 10 6587 6435 kyao@equityny Adam Prior, Senior Vice President +1 (212) 836-9606 aprior@equityny SOURCE Pingtan Marine Enterprise Ltd. 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Posted on: Thu, 19 Jun 2014 13:36:15 +0000
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