Pingtan Marine Enterprise's 20 Fishing Vessels to Resume Operations in Different Fishing Grounds after Modification and Rebuilding
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FUZHOU, China, Dec. 29, 2020 /PRNewswire/ --
Pingtan Marine Enterprise Ltd. (NASDAQ: PME) ("Pingtan" or the "Company"), today announced that 20 fishing vessels operated by the Company received approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China ("MARA") for modification and rebuilding.
The Company acquired the exclusive operating rights to the 20 vessels on December 4, 2013 and the vessels were placed in the Indonesian waters for operations. Due to the impact of the moratorium implemented by the Indonesian government in December 2014, these vessels ceased operations in 2015. For the purpose of recovering fishing operations as early as possible and expanding the fishing capacity of its fleet, the Company decided to initiate modification and rebuilding projects for these vessels.