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Chinese Government Announces Suspension On Tuna Boat Construction

A recent notification was issued by the Ministry of Agriculture (MOA) of the People’s Republic of China that will suspend the applications for the construction of tuna harvesting vessels on international waters and the Arafura Sea of Indonesia.

Pingtan Marine Enterprise, one of the largest fishing companies operating on the Arafura Sea with 106 vessels managed to precede the restrictions. Before the MOA’s notification was announced, Pingtan issued applications for the construction of new tuna vessels intended to fish in these waters that lie between Papua New Guinea and Australia.

Mr. Xinrong Zhou, Pingtan’s Chairman and CEO said: “We acknowledge the recent notification from the MOA, which we believe is a positive indicator for long-term stability and balance in China’s fishing industry. We have closely followed recent discussions surrounding the issue of over-fishing, most notably in November 2012 when the MOA issued a notification to limit new licenses.

“At that time, our management acted quickly to accelerate our new build efforts. We believe that this has helped to ensure our fishing productivity in international waters, while also serving as a major barrier to entry for competitors in our industry.”

Pingtan fishing is mainly associated with ocean fishing and many of its vessels operates with the Exclusive economic zone of India and the Arafura Sea.

Zhou added that the company was pleased with the direction of its operations and that the recent announcement to suspend tuna boat construction will only enhance its competitive position.