One of China’s leading tuna fishery firms has opened a large new shipyard which it says will focus on building and repairing tuna fishing vessels in order to expand its global tuna catch.
Zhejiang Rongchang Ship Repair and Construction Co. was opened recently in the key fishery processing hub of Zhoushan (in the east coast province of Zhejiang) by Ping Tai Rong Ocean Fishery Co. The firm was bought out of bankruptcy for CNY 120 million (USD 17.7 million, EUR 15.7 million) by Ping Tai Rong, which has 29 long liners and two 6,000-ton reefers operating in international waters, as well as a 4,000-ton and a 3,000-ton reefer in development.
Ping Tai Rong claims it processed 10,000 tons of tuna worth CNY 550 million (USD 81.3 million, EUR 71.9 million) in 2018. The firm has stated it wants to increase that figure to CNY 700 million (USD 103.4 million, EUR 91.6 million) in 2019. As part of that plan, it also aims to “convert more tuna processing waste into health products,” according to a company statement.
Ping Tai Rong Ocean Fishery Co. last year announced it aims for an IPO on one of China’s two main stock exchanges (Shanghai and Shenzhen). In a move that will please shareholders, the firm said it intends to use its new shipyard to expand its fleet further in international waters, according to Yu Xiong Wei, chief engineer at Ping Tai Rong Ocean Fishery Co. Yu was elected to last year’s sitting of the People’s Congress of Zhejiang Province and promised to use his new position to “promote the long-distance fishing sector.”
