Bank Loans (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
|---|
| Bank Loans [Abstract] |
|
| Schedule of short-term bank loans |
| |
|
September 30,
2015 |
|
|
December 31, 2014 |
|
| Loan from China Development Bank, due on July 22, 2015 with variable annual interest rate based on LIBOR(1) plus 245 basis points (3.1374% at December 31, 2014), guaranteed by Xinrong Zhuo, Honghong Zhuo, Zhiyan Lin and Shuhui Ke and repaid on due date |
|
$ |
- |
|
|
$ |
5,000,000 |
|
| Loan from China Development Bank, due on March 9, 2015 with variable annual interest rate based on LIBOR(1) plus 245 basis points (2.777% at December 31, 2014), guaranteed by Xinrong Zhuo, Honghong Zhuo, Zhiyan Lin and Shuhui Ke and repaid on due date |
|
|
- |
|
|
|
3,185,980 |
|
| Loan from China Development Bank, due on November 24, 2015 with variable annual interest rate based on LIBOR(1) plus 245 basis points (2.777% at September 30, 2015 and December 31, 2014), guaranteed by Xinrong Zhuo, Honghong Zhuo, Zhiyan Lin and Shuhui Ke |
|
|
9,500,000 |
|
|
|
9,500,000 |
|
| Loan from China Development Bank, due on December 22, 2015 with variable annual interest rate based on LIBOR(1) plus 245 basis points (2.8074% at September 30, 2015 and December 31, 2014), guaranteed by Xinrong Zhuo, Honghong Zhuo, Zhiyan Lin and Shuhui Ke |
|
|
5,000,000 |
|
|
|
5,000,000 |
|
| Loan from China Development Bank, due on December 29, 2015 with variable annual interest rate based on LIBOR(1) plus 245 basis points (2.8074% at December 31, 2014), guaranteed by Xinrong Zhuo, Honghong Zhuo, Zhiyan Lin and Shuhui Ke and repaid on August 24, 2015 |
|
|
- |
|
|
|
5,000,000 |
|
| Loan from Industrial and Commercial Bank of China, due on January 23, 2015 with annual interest rate of 2.200% at December 31, 2014, guaranteed by Xinrong Zhuo, and repaid on due date |
|
|
- |
|
|
|
1,640,693 |
|
| Loan from Industrial and Commercial Bank of China, due on February 17, 2015 with annual interest rate of 2.000% at December 31, 2014, guaranteed by Xinrong Zhuo, and repaid on due date |
|
|
- |
|
|
|
1,027,217 |
|
|
Loan from China Development Bank, due on February 11, 2016 with variable annual interest rate based on LIBOR(1) plus 245 basis points (2.927% at September 30, 2015), guaranteed by Xinrong Zhuo, Honghong Zhuo, Zhiyan Lin and Shuhui Ke
|
|
|
7,000,000 |
|
|
|
- |
|
| Loan from Fujian Haixia Bank, due on September 7, 2016 with annual interest rate of 7.360% at September 30, 2015, collateralized by Pingtan Fishing's 17 fishing vessels |
|
|
4,721,584 |
|
|
|
- |
|
| Loan from Fujian Haixia Bank, due on September 20, 2016 with annual interest rate of 4.500% at September 30, 2015, collateralized by Pingtan Fishing’s 17 fishing vessels |
|
|
2,349,440 |
|
|
|
- |
|
| |
|
$ |
28,571,024 |
|
|
$ |
30,353,890 |
|
| |
(1) |
Represents six-month LIBOR rate on the loan commencement date. |
|
| Schedule of long-term bank loan |
| |
|
September 30,
2015 |
|
|
December 31, 2014 |
|
| Loan from China Minsheng Bank, due on various dates until March 16, 2015 with annual interest rate of 7.741% at December 31, 2014, collateralized by Pingtan Fishing's and Hong Long's fishing vessels and guaranteed by Xinrong Zhuo and repaid on various scheduled due dates |
|
$ |
- |
|
|
$ |
4,874,969 |
|
| Loan from Fujian Haixia Bank, due on various dates until March 22, 2015 with annual interest rate of 8.400% at December 31, 2014, guaranteed by Xinrong Zhuo and repaid on various scheduled due dates |
|
|
- |
|
|
|
1,629,062 |
|
| Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 5.250% and 6.400% at September 30, 2015 and December 31, 2014, respectively, collateralized by Hong Long's investment in equity interest of a China local bank |
|
|
14,573,955 |
|
|
|
20,265,537 |
|
| Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 5.250% and 6.400% at September 30, 2015 and December 31, 2014, respectively, collateralized by Fujian International Trading and Transportation Co., Ltd.'s investment in equity interest of a China local bank |
|
|
2,848,689 |
|
|
|
3,453,612 |
|
| Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 5.250% and 6.400% at September 30, 2015 and December 31, 2014, respectively, guaranteed by Hong Long |
|
|
12,339,073 |
|
|
|
12,413,456 |
|
| Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 6.400% at December 31, 2014, respectively, collateralized by Pingtan Fishing's investment in equity interest of a China local bank and repaid in the third quarter of 2015 |
|
|
- |
|
|
|
1,906,003 |
|
| Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 5.4075% and 6.8775% at September 30, 2015 and December 31, 2014, respectively, guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 14 fishing vessels under construction |
|
|
11,961,346 |
|
|
|
12,951,048 |
|
| Total long-term bank loans |
|
$ |
41,723,063 |
|
|
$ |
57,493,687 |
|
| Less: current portion |
|
|
(12,150,209 |
) |
|
|
(18,868,616 |
) |
| Long-term bank loans, non-current portion |
|
$ |
29,572,854 |
|
|
$ |
38,625,071 |
|
|
| Schedule of future maturities of long-term bank loans |
| Due in twelve-month periods ending September 30, |
|
Principal |
|
| 2016 |
|
$ |
12,150,209 |
|
| 2017 |
|
|
10,954,075 |
|
| 2018 |
|
|
10,434,700 |
|
| 2019 |
|
|
1,416,475 |
|
| 2020 |
|
|
1,573,861 |
|
| Thereafter |
|
|
5,193,743 |
|
| |
|
$ |
41,723,063 |
|
| Less: current portion |
|
|
(12,150,209 |
) |
| Long-term liability |
|
$ |
29,572,854 |
|
|