Bank Loans (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Bank Loans [Abstract] |
|
| Schedule of short-term bank loans |
| |
|
September 30,
2016 |
|
|
December 31, 2015 |
|
| Loan from China Development Bank, due on February 11, 2016 with variable annual interest rate based on London Interbank Offered Rate (“LIBOR”)(1) plus 245 basis points (3.395% at December 31, 2015), guaranteed by Xinrong Zhuo, Honghong Zhuo, Zhiyan Lin and Shuhui Ke and repaid on due date |
|
$ |
- |
|
|
$ |
7,000,000 |
|
| Loan from China Development Bank, due on November 25, 2016 with variable annual interest rate based on LIBOR(1) plus 230 basis points (2.941% at September 30, 2016 and December 31, 2015), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.8 million (RMB 5.12 million) and collateralized by a related party’s land use right |
|
|
4,000,000 |
|
|
|
4,000,000 |
|
| Loan from China Development Bank, due on December 9, 2016 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.049% at September 30, 2016 and December 31, 2015), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.8 million (RMB 5.12 million) and collateralized by a related party’s land use right |
|
|
4,000,000 |
|
|
|
4,000,000 |
|
| Loan from Fujian Haixia Bank, due on September 7, 2016 with annual interest rate of 7.360% at December 31, 2015, collateralized by Pingtan Fishing's 17 fishing vessels and repaid on due date |
|
|
- |
|
|
|
4,621,998 |
|
| Loan from Fujian Haixia Bank, due on September 13, 2017 with annual interest rate of 6.960% at September 30, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels |
|
|
4,498,156 |
|
|
|
- |
|
| Loan from Fujian Haixia Bank, due on September 20, 2016 with annual interest rate of 1.621% at December 31, 2015, collateralized by Pingtan Fishing’s 17 fishing vessels and repaid on due date |
|
|
- |
|
|
|
2,349,440 |
|
| Loan from Fujian Haixia Bank, due on September 22, 2017 with annual interest rate of 1.529% at September 30, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels |
|
|
1,150,000 |
|
|
|
- |
|
| Loan from China Development Bank, due on March 21, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.211% at September 30, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.6 million (RMB 4 million) and collateralized by a related party’s land use right |
|
|
3,000,000 |
|
|
|
- |
|
| Loan from China Development Bank, due on April 18, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.204% at September 30, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.6 million (RMB 4 million) and collateralized by a related party’s land use right |
|
|
3,000,000 |
|
|
|
- |
|
| Loan from China Development Bank, due on April 18, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.257% at September 30, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.3 million (RMB 2 million) and collateralized by a related party’s land use right |
|
|
1,500,000 |
|
|
|
- |
|
| Loan from China Development Bank, due on August 22, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.510% at September 30, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $1.0 million (RMB 6.7 million) and collateralized by a related party’s land use right |
|
|
5,000,000 |
|
|
|
- |
|
| |
|
$ |
26,148,156 |
|
|
$ |
21,971,438 |
|
|
(1) |
Represents six-month LIBOR rate on the loan commencement date. |
|
| Schedule of long-term bank loan |
| |
|
September 30,
2016 |
|
|
December 31, 2015 |
|
| Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.750% at September 30, 2016 and December 31, 2015, collateralized by Hong Long's investment in equity interest of a China local bank |
|
$ |
8,801,391 |
|
|
$ |
11,832,314 |
|
| Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.750% at September 30, 2016 and December 31, 2015, collateralized by Fujian International Trading and Transportation Co., Ltd.'s investment in equity interest of a China local bank |
|
|
1,724,293 |
|
|
|
2,310,999 |
|
| Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.750% at September 30, 2016 and December 31, 2015, guaranteed by Hong Long |
|
|
7,302,006 |
|
|
|
9,937,295 |
|
| Loan from The Export-Import Bank of China, due on various dates until January 30, 2023 with annual interest rate of 4.900% at September 30, 2016, guaranteed by Huanghai Ship Construction Co., Ltd, Xinrong Zhuo and Ping Lin and collateralized by 2 fishing vessels under construction |
|
|
18,742,316 |
|
|
|
- |
|
| Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 5.145% at September 30, 2016 and December 31, 2015, guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 6 fishing vessels |
|
|
10,345,758 |
|
|
|
11,169,827 |
|
| Total long-term bank loans |
|
$ |
46,915,764 |
|
|
$ |
35,250,435 |
|
| Less: current portion |
|
|
(15,098,809 |
) |
|
|
(12,679,680 |
) |
| Long-term bank loans, non-current portion |
|
$ |
31,816,955 |
|
|
$ |
22,570,755 |
|
| Schedule of future maturities of long-term bank loans |
| Due in twelve-month periods ending September 30, |
|
Principal |
|
| 2017 |
|
$ |
15,098,809 |
|
| 2018 |
|
|
12,025,070 |
|
| 2019 |
|
|
5,847,602 |
|
| 2020 |
|
|
5,997,541 |
|
| 2021 |
|
|
2,249,078 |
|
| Thereafter |
|
|
5,697,664 |
|
| |
|
$ |
46,915,764 |
|
| Less: current portion |
|
|
(15,098,809 |
) |
| Long-term liability |
|
$ |
31,816,955 |
|