Pingtan Marine Enterprise Ltd. chairperson and CEO Xinrong Zhuo. (Photo: Pingtan)
Pingtan adds two new jiggers to its fleet
Saturday, December 03, 2016, 01:30 (GMT + 9)
Global fishing company Pingtan Marine Enterprise Ltd. has completed construction on its two squid jigging vessels, which are ready to depart for their fishing designation.
The vessels are expected to arrive at their fishing designation in the international waters of Southwest Atlantic and Southeast Pacific Oceans by late December 2016, and will be put into operation to focus on harvesting squid products.
"The two large-scaled squid jigging vessels are twice the average gross tonnage of our other fishing vessels, and we are excited to launch them into a new fishing territory,” pointed out Xinrong Zhuo, Chairman and CEO of the Company.
Pingtan currently operates 135 fishing vessels, 12 of which are operating in the Bay of Bengal in India along with 13 vessels operating in Indo-Pacific Waters.
With the two squid jigging vessels, the total 27 fishing vessels will make the Company's production capacity recover to approximately 23 per cent.
Squid jigging is a technique that uses a lead sinker with a hook molded into it to attract squid. The Company believes that the newly constructed squid jigging vessels will increase fishing efficiency and accuracy and it expects to begin recognizing sales from these two squid jigging vessels during the first quarter of 2017.
In accordance with the Company's previous results of 2014, which is the last full financial year prior to the Indonesian government moratorium since 2015, each of its fishing vessels can generate annual revenue of approximately USD 3 million with annual net income of approximately USD 800,000 to USD 1 million.
"We expect that the two squid jigging vessels will diversify our product mix by providing different type of squid products from the regions and accelerate the expansion of our fishing territories worldwide, as well as allowing us to remain competitive as we may rapidly adjust our strategy in light of market changes," Zhuo concluded.