Pingtan Marine Enterprise Gets OK for 27 Fishing Vessels to Operate in International Waters of Indian Ocean

Pingtan Marine Enterprise (PME) said 27 of its fishing vessels have received approval dated April 2 from the Ministry of Agriculture and Rural Affairs of the People’s Republic of China and are expected to operate in the international waters of the Indian Ocean after completion of modification and rebuilding.

Among the 27 fishing vessels, 7 will be modified as light luring seine fishing vessels with annual harvest capacity of 6,000 to 8,000 tons per vessel, primarily focusing on harvesting tuna, sardine, blackbody trevally, anchovy and mackerel fish products, and the other 20 vessels will be modified as squid jigging vessels with annual harvest capacity of 2,000 to 3,000 tons per vessel focusing on capturing squid products. The 27 fishing vessels are expected to significantly increase total annual harvest capacity by 80,000 to 110,000 tons. For the year 2017, the annual sales volume was 17,986 tons, revenue was $63.2 million and net income was $32.5 million.

After modification and rebuilding, the gross tonnage of the light luring seine fishing vessels and squid jigging vessels are expected to be 1140 tons and 1100 tons respectively, a significant increase in unit gross tonnage compared with the unit gross tonnage range of 192 to 480 tons before modification and rebuilding.

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