China: Pingtan Marine Inks Agreement on Replacing Its Fishing Vessels

Pingtan Marine Enterprise Ltd., an integrated marine services company in the People’s Republic of China (PRC), today announced that the Company has recently signed a framework service agreement with the Company’s vessel constructor to replace 20-30 of its existing fishing vessels.

The Company expects the new fishing vessels to increase the efficiency of trawling and trawling accuracy, increase the speed of the fishing vessels, and comparatively reduce operating costs.

The replacement of the fishing vessels was part of the Company’s 2013 Fleet Renewal Plan, with the majority of the Company’s vessels in its current fleet upgraded and modernized. The Company notes that it expects the plan will not affect previously announced guidance of net income of between $40 and $43 million (excluding the discontinued dredging business) for the year ended December 31, 2013 and between $80 and $85 million for the year ending December 31, 2014.

 The Company’s Chairman and CEO, Mr. Xinrong Zhuo, stated, “We have initiated our strategy of fleet replacement, with the replacement of these fishing vessels enhancing our future earnings potential. We continue to take full advantage of the strong demand for seafood in China and are preparing a modern fleet for long-term and sustainable growth.

Pingtan Marine, January 7, 2014

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