Pingtan Marine Enterprise Ltd. (PME) on Thursday announced completion of the Pingtan International Marine Industry and Logistics Park (“Marine Industry Park”). The project is part of company’s strategic investment plan and now it came completing the construction related work of that project.
Pingtan also completed about 90% of equipment installation at Marine Industry Park and the project is likely to be operational by the end of this year.
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Global Deep Ocean Fishing (Pingtan) Industry Co. Ltd. (“GDOF”) has developed the Marine Industry Park located at North Aoqian Road in Pingtan Comprehensive Experimental Zone of China. GDOF will also be looking after the operations of the Marine Industry Park as Pingtan is a holder of 20% equity stakes in GDOF.
The Marine industry Park is comprised of a land area covering nearly 40,000 square meters with a floorage of over 80,000 square meters. An office complex, a fish processing plant, a distribution center, and a subzero and low-temperature freezing center is included in the facilities.
The Marine Industry Park integrates these facilities to perform multiple functions like state-of-the-art processing and bonded storage and cold-chain logistics. After commencing operations, the fish processing plant will have an annual processing capacity of 100,000 tons of catches and the subzero and low-temperature freezing center will be providing an annual storage capacity of 250,000 tons.
This strategic investment represents company’s first step towards exploiting the direct-to-retail market opportunities. PME is intending directly selling catches that are processed at its own facilities to the consumers in China utilizing online as well as offline channels. The move will definitely be vertically integrating the company’s business from catching to processing to selling directly to consumers. Pingtan is expecting integration of its business through investments like Marine Industry Park will resultantly improve the gross margin and earnings of the company.
The company has currently been operating 89 catching vessels in the oceans and is in believes that Marine Industry park will have a significant positive impact on its earnings in 2021.