Pingtan Marine Enterprise Ltd. (Nasdaq: PME) is one of the largest U.S.-listed marine services operating company in China. We engage in ocean fishing through its wholly-owned subsidiaries, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing. Pingtan Fishing primarily engages in ocean fishing with many of its self-owned vessels operating within the Indian Exclusive Economic Zone and the Arafura Sea of Indonesia. Pingtan Fishing is a growing fishing company and provider of high quality seafood in the PRC.
Pingtan Fishing is a limited liability company established in Pingtan County, Fujian Province, China, on February 27, 1998. Pingtan Fishing is a fast growing fishery company that harvests a variety of fish species in the Exclusive Economic Zone in Arafura Sea in Indonesia and in the Bay of Bengal in India. Pingtan Fishing markets its products in China to a diverse group of customers including distributors, restaurant owners and exporters.
As of December 31, 2014, Pingtan Fishing owns a premier fleet of 129 vessels. Each vessel carries a crew of 10 to 15 persons. Currently, Pingtan Fishing catches nearly 30 different species of fish including ribbon fish, squid, Spanish mackerel, spotted maigre, Indian white shrimp, octopus, red snapper and silver pomfret. All of Pingtan Fishing’s catch is shipped back to China. Pingtan Fishing’s fishing vessels transport frozen catch to cold storage warehouse at nearby onshore fishing bases. Pingtan Fishing then arranges periodic charted transportation ships to deliver frozen stocks to its three cold storage warehouses located in one of China’s largest seafood trading centers, Mawei Seafood Market in the Fujian Province.