Pingtan Marine Enterprise Announces Departure of 10 New Squid Jigging Vessels

Rhea-AI Summary

Pingtan Marine Enterprise Ltd. (Nasdaq: PME) announced on September 16, 2020, the departure of 10 new large-scale squid jigging vessels from Shidao, Weihai. These vessels, each 65.16 meters long and with a gross tonnage of 1227, are authorized for fishing operations in various international waters, including the Indian Ocean and North Pacific. This expansion aims to enhance the company's seafood supply and improve catching capacity. CEO Xinrong Zhuo highlighted adjustments in sales strategy to boost both catching volume and selling price, emphasizing squid as a key product.

Positive

• Launch of 10 new large-scale squid jigging vessels enhances operational capacity.
• New vessels authorized for fishing in multiple international waters, expanding market reach.
• Management expresses optimism about increased seafood supply and growth in sales.

Negative

• None.

FUZHOU, China, Sept. 16, 2020 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company"), a global fishing company based in the People's Republic of China (PRC), announced today that the Company's 10 new squid jigging vessels have left the port of Shidao in Weihai in the morning of September 15 local time and are sailing towards their designated fishing areas in the international waters for operations.

These new vessels are all large-scale squid jigging vessels of 65.16 meters long and with 1227 gross tonnage. The modification and rebuilding projects for these vessels were completed in June this year. As indicated in the approval by the Ministry of Agriculture and Rural Affairs of the People's Republic of China, the 10 squid jigging vessels are allowed for fishing operations in the international waters of the Indian Ocean, the North Pacific Ocean, the Southeast Pacific Ocean and Southwest Atlantic Ocean.

Management Commentary

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented: "We held a simple ceremony as these 10 new vessels left port. We believe that the fishing operations of these vessels will further enhance our catching capacity and increase the Company's supply of seafood to the market. Squid is one of our key products. The Company is continuing to make adjustments to its sales strategy in an effort to achieve our goal of growth in both catching volume and selling price, and we believe these new vessels will assist the Company in reaching these goals."

About Pingtan

Pingtan is a global 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 

 

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SOURCE Pingtan Marine Enterprise Ltd.

FAQ

What are the recent developments at Pingtan Marine Enterprise Ltd. (PME) as of September 2020?

Pingtan Marine Enterprise Ltd. has launched 10 new squid jigging vessels to enhance its fishing capacity and seafood supply.

Where are Pingtan's new vessels authorized to fish?

The new vessels are authorized to fish in the Indian Ocean, North Pacific Ocean, Southeast Pacific Ocean, and Southwest Atlantic Ocean.

What is the significance of Pingtan's new squid jigging vessels?

These new vessels will improve the company's seafood supply and are expected to increase both catching volume and selling price.