Annual report pursuant to Section 13 and 15(d)

RELATED PARTY TRANSACTIONS (Details)

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RELATED PARTY TRANSACTIONS (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Sale of frozen fish and other marine catches      
Sale of frozen fish and other marine catches, Total Sales $ 10,372,611 $ 13,787,620 $ 4,491,414
Purchase of fuel, fishing nets and other onboard consumables      
Purchase of fuel, fishing nets and other on board consumables 15,505,265 [1] 10,709,195 [1] 3,440,000 [1]
Purchase of fuel, fishing nets and other on board consumables paid on behalf      
Purchase of fuel, fishing nets and other on board consumables paid on behalf 18,019,029 3,245,177 1,037,441
Purchase of vessel maintenance service      
Purchase of vessel maintenance service 2,981,043 [2] 1,901,250 [2] 3,278,574 [2]
Purchase of transportation service      
Purchase of transportation service 9,157,281 [2] 4,213,118 [2] 1,992,075 [2]
Cold storage warehouse and office rental      
Cold storage warehouse and office rental 13,678 212,043 488,861
Crewmen compensation paid on behalf      
Crewmen compensation paid on behalf 1,125,043 985,569 308,725
Indonesia fishing licenses paid on behalf      
Indonesia fishing licenses paid on behalf, Total purchases and expenses 50,789,299 22,832,126 10,940,994
Haifeng Dafu Enterprise Company Limited [Member]
     
Purchase of transportation service      
Purchase of transportation service 4,122,861 [2] 2,118,321 [2] 237,207 [2]
Hai Yi Shipping Limited [Member]
     
Related Party Transaction [Line Items]      
Servicing Fees 230,903 [3] 0 [3] 0 [3]
Purchase of transportation service      
Purchase of transportation service 1,653,682 [2] 505,154 [2] 352,252 [2]
Shenzhen Western Coast Fisherman Pier Co Ltd [Member]
     
Sale of frozen fish and other marine catches      
Sale of frozen fish and other marine catches, Total Sales 10,372,611 0 0
Fuzhou Haifeng Dafu Ocean Fishing Co Ltd [Member]
     
Sale of frozen fish and other marine catches      
Sale of frozen fish and other marine catches, Total Sales 0 4,574,118 4,312,036
Fujian Xinnong Ocean Fisheries Development Co Ltd [Member]
     
Sale of frozen fish and other marine catches      
Sale of frozen fish and other marine catches, Total Sales 0 8,948,761 0
PT. Avona Mina Lestari [Member]
     
Purchase of fuel, fishing nets and other onboard consumables      
Purchase of fuel, fishing nets and other on board consumables 14,746,582 [1] 10,709,195 [1] 3,440,000 [1]
Purchase of vessel maintenance service      
Purchase of vessel maintenance service 2,981,043 [2] 1,901,250 [2] 1,602,900 [2]
Purchase of transportation service      
Purchase of transportation service 35,149 [2] 573,545 [2] 1,402,616 [2]
Indonesia fleet vessel agency fee payable      
Indonesia fleet vessel agency fee payable 1,042,738 [4] 410,000 [4] 90,000 [4]
Crewmen compensation paid on behalf      
Crewmen compensation paid on behalf 1,125,043 550,000 153,156
Indonesia fishing licenses paid on behalf      
Indonesia fishing licenses paid on behalf, Total purchases and expenses 1,748,239 1,155,774 305,318
PT. Dwikarya Reksa Abadi [Member]
     
Purchase of fuel, fishing nets and other onboard consumables      
Purchase of fuel, fishing nets and other on board consumables 757,557 [1] 0 [1] 0 [1]
Purchase of vessel maintenance service      
Purchase of vessel maintenance service 0 [2] 0 [2] 1,675,674 [2]
Fuzhou Honglong Ocean Fishery Co Ltd [Member]
     
Purchase of fuel, fishing nets and other on board consumables paid on behalf      
Purchase of fuel, fishing nets and other on board consumables paid on behalf 1,953,494 3,245,177 1,037,441
Purchase of vessel maintenance service paid on behalf      
Purchase of vessel maintenance service paid on behalf 1,196,983 0 0
Cold storage warehouse and office rental      
Cold storage warehouse and office rental 0 [5] 206,498 [5] 488,861 [5]
Crewmen compensation paid on behalf      
Crewmen compensation paid on behalf 0 435,569 155,569
Hongfa Shipping Limited [Member]
     
Purchase of fuel, fishing nets and other on board consumables paid on behalf      
Purchase of fuel, fishing nets and other on board consumables paid on behalf 16,065,535 0 0
Purchase of transportation service      
Purchase of transportation service 3,345,589 [2] 1,016,098 [2] 0 [2]
Ping Lin [Member]
     
Cold storage warehouse and office rental      
Cold storage warehouse and office rental 13,678 [6] 5,545 [6] 0 [6]
Zhiyan Lin [Member]
     
Purchase of fuel, fishing nets and other onboard consumables      
Purchase of fuel, fishing nets and other on board consumables 1,126 [1] 0 [1] 0 [1]
Cheng Chen [Member]
     
Sale of frozen fish and other marine catches      
Sale of frozen fish and other marine catches, Total Sales 0 185,839 179,378
Longhua Zhuo [Member]
     
Sale of frozen fish and other marine catches      
Sale of frozen fish and other marine catches, Total Sales $ 0 $ 78,902 $ 0
[1] Fuel, fishing nets and other consumables were sold to Pingtan Fishing.
[2] Vessel maintenance and transportation services were charged to Pingtan Fishing at prices mutually agreed by the related parties and Pingtan Fishing.
[3] On July 1, 2013, the Company entered into a service agreement with Hai Yi Shipping Limited that provided the Company a portion of use of premises located in Hong Kong as office, and clerical and administrative support and consultation services. The agreement will expire on December 31, 2014.
[4] Pursuant to a Fishery Cooperative Agreement dated December 31, 2012 with one-year term, entered into between Pingtan Fishing and Avona, Pingtan Fishing is payable to Avona an annual agency fee, calculated at mutually agreed amount of $20,000, for the period from January 1, 2013 to December 31, 2013, Avona acts as an agent for each of Pingtan Fishing’s fishing vessels. The agreement continues to be executed without disagreement from both parties.
[5] The Company sub-leased office area and cold storage warehouse cells from Hong Long. Pursuant to an Office Space Rental and Staff Dispatch Agreement entered into on January 1, 2010 with a three-year term, annual lease and facilities expenses are RMB1,000,000. Cold storage warehouse cell sub-lease contracts were entered into simultaneously with Hong Long’s lease contracts with the third party lessor, which are renewed every 12-to-16 months. The agreements were terminated on July 31, 2012.
[6] Pingtan Fishing entered into a three-year term office rental lease with Ping Lin on July 31, 2012. The annual lease is $13,678.