Pingtan Marine Enterprise Announces Delivery Of Three Newly-Built Fishing Vessels

Pingtan Marine Enterprise Ltd.

, ("Pingtan," or the "Company") a global fishing company based in the People's Republic of China (PRC), today announced the recent delivery of 3 newly-built fishing vessels, which were initially ordered by the Company in October 2012. Each of these vessels is capable of harvesting about 2000 tons annually, and the Company's total current fleet has increased to 129 vessels. The vessels were built by Huanghai Ship Building Co., LTD in Rong Cheng, Shandong Province, and were delivered to the Company in September. These vessels have an expected run-in period of 3 - 6 months, in which each are placed into the sea for testing prior to full operation, and each vessel is capable of harvesting about 2000 tons annually of approximately 30 types of species of fish including red coat fish, saury, mackerel, sardine and pomfret from the waters of Indonesia. Mr. Xinrong Zhou, Pingtan's Chairman and CEO, stated, "We are excited to add these new vessels into our fishing fleet, as each of these vessels possesses twice the catching capacity compared to our other trawlers. We are benefitting from the decision to apply for fishing licenses in 2012 since the Ministry of Agriculture restricted the issuance of new fishing licenses in the Arafura Sea in Indonesia during 2013. This allows our Company to expand capacity in a market where other competitors either cannot expand or enter into the market. We expect these vessels to be in full operation at the beginning of the second quarter of 2015." 3 Newly- Built Fishing Vessels Trawlers Fishing Area Carrying Capacity (KW) FuYuanYu 191 Indonesia 244 1800 FuYuanYu 192 Indonesia 244 1800 FuYuanYu 193 Indonesia 244 1800