Bank Loans (Tables)
|
3 Months Ended |
Mar. 31, 2017 |
|---|
| Bank Loans [Abstract] |
|
| Schedule of short-term bank loans |
| |
|
March 31,
2017 |
|
|
December 31, 2016 |
|
| Loan from Fujian Haixia Bank, due on September 13, 2017 with annual interest rate of 6.960% at March 31, 2017 and December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels |
|
$ |
4,348,267 |
|
|
$ |
4,324,636 |
|
| Loan from Fujian Haixia Bank, due on September 22, 2017 with annual interest rate of 1.529% at March 31, 2017 and December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels |
|
|
1,150,000 |
|
|
|
1,150,000 |
|
| Loan from Fujian Haixia Bank, due on October 10, 2017 with annual interest rate of 1.739% at March 31, 2017 and December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels |
|
|
1,080,000 |
|
|
|
1,080,000 |
|
| Loan from China Development Bank, due on March 21, 2017 with variable annual interest rate based on London Interbank Offered Rate (“LIBOR”)(1) plus 230 basis points (3.211% at December 31, 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, and repaid on due date |
|
|
- |
|
|
|
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 March 31, 2017 and December 31, 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, and repaid on due date |
|
|
3,000,000 |
|
|
|
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 March 31, 2017 and December 31, 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, and repaid on due date |
|
|
1,500,000 |
|
|
|
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 March 31, 2017 and December 31, 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 two vessels |
|
|
5,000,000 |
|
|
|
5,000,000 |
|
| Loan from China Development Bank, due on December 9, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.593% at March 31, 2017 and December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.5 million (RMB 3.5 million) and collateralized by a related party’s two vessels |
|
|
2,500,000 |
|
|
|
2,500,000 |
|
| Loan from China Development Bank, due on March 8, 2018 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.721% at March 31, 2017), secured by the Company’s restricted cash which is a deposit with the lender of approximately $1 million (RMB 7 million) and collateralized by seven vessels |
|
|
5,000,000 |
|
|
|
- |
|
| |
|
$ |
23,578,267 |
|
|
$ |
21,554,636 |
|
|
(1) |
Represents six-month LIBOR rate on the loan commencement date. |
|
| Schedule of long-term bank loan |
| |
|
March 31, 2017 |
|
|
December 31, 2016 |
|
| Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.900% at March 31, 2017 and December 31, 2016, collateralized by Hong Long's investment in equity interest of a China local bank |
|
$ |
5,884,655 |
|
|
$ |
5,852,674 |
|
| Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.900% at March 31, 2017 and December 31, 2016, collateralized by Fujian International Trading and Transportation Co., Ltd.'s investment in equity interest of a China local bank |
|
|
1,159,538 |
|
|
|
1,153,236 |
|
| Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.900% at March 31, 2017 and December 31, 2016, guaranteed by Hong Long |
|
|
4,768,600 |
|
|
|
4,742,684 |
|
| Loan from The Export-Import Bank of China, due on various dates until January 30, 2023 with annual interest rate of 4.900% at March 31, 2017 and December 31, 2016, guaranteed by Huanghai Ship Construction Co., Ltd, Xinrong Zhuo and Ping Lin and collateralized by 2 fishing vessels under construction and collateralized by three related parties’ investments in equity interest of two PRC local banks |
|
|
18,117,780 |
|
|
|
18,019,317 |
|
| Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 5.145% at March 31, 2017 and December 31, 2016, guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 6 fishing vessels |
|
|
9,421,245 |
|
|
|
9,370,045 |
|
| Total long-term bank loans |
|
$ |
39,351,818 |
|
|
$ |
39,137,956 |
|
| Less: current portion |
|
|
(17,393,069 |
) |
|
|
(17,298,544 |
) |
| Long-term bank loans, non-current portion |
|
$ |
21,958,749 |
|
|
$ |
21,839,412 |
|
|
| Schedule of future maturities of long-term bank loans |
| Due in twelve-month periods ending March 31, |
|
Principal |
|
| 2018 |
|
$ |
17,393,069 |
|
| 2019 |
|
|
5,652,747 |
|
| 2020 |
|
|
5,725,219 |
|
| 2021 |
|
|
4,348,267 |
|
| 2022 |
|
|
1,521,894 |
|
| Thereafter |
|
|
4,710,622 |
|
| |
|
$ |
39,351,818 |
|
| Less: current portion |
|
|
(17,393,069 |
) |
| Long-term liability |
|
$ |
21,958,749 |
|
|