Quarterly report pursuant to Section 13 or 15(d)

Bank Loans (Tables)

v3.7.0.1
Bank Loans (Tables)
6 Months Ended
Jun. 30, 2017
Bank Loans [Abstract]  
Schedule of short-term bank loans
    June 30, 
2017
    December 31,
2016
 
Loan from Fujian Haixia Bank, due on September 14, 2017 with annual interest rate of 6.960% at June 30, 2017 and December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels   $ 4,428,436     $ 4,324,636  
Loan from Fujian Haixia Bank, due on September 22, 2017 with annual interest rate of 1.529% at June 30, 2017 and December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels     1,150,000       1,150,000  
Loan from Fujian Haixia Bank, due on October 10, 2017 with annual interest rate of 1.739% at June 30, 2017 and December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels     1,080,000       1,080,000  
Loan from China Development Bank, due on March 21, 2017 with variable annual interest rate based on London Interbank Offered Rate (“LIBOR”)(1) plus 230 basis points (3.211% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.6 million (RMB 4 million) and collateralized by a related party’s land use right, and repaid on due date     -       3,000,000  
Loan from China Development Bank, due on April 18, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.204% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.6 million (RMB 4 million) and collateralized by a related party’s land use right, and repaid on due date     -       3,000,000  
Loan from China Development Bank, due on April 18, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.257% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.3 million (RMB 2 million) and collateralized by a related party’s land use right, and repaid on due date     -       1,500,000  
Loan from China Development Bank, due on August 22, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.510% at June 30, 2017 and December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $1.0 million (RMB 6.7 million) and collateralized by a related party’s two vessels     5,000,000       5,000,000  
Loan from China Development Bank, due on December 9, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.593% at June 30, 2017 and December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.5 million (RMB 3.5 million) and collateralized by a related party’s two vessels     2,500,000       2,500,000  
Loan from China Development Bank, due on March 8, 2018 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.721% at June 30, 2017), secured by the Company’s restricted cash which is a deposit with the lender of approximately $1 million (RMB 7 million) and collateralized by seven vessels     5,000,000       -  
Loan from China Development Bank, due on April 24, 2018 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.721% at June 30, 2017), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.7 million (RMB 4.9 million) and collateralized by four vessels     3,500,000       -  
    $ 22,658,436     $ 21,554,636  

 

(1) Represents six-month LIBOR rate on the loan commencement date.
Schedule of long-term bank loans
    June 30,
2017
    December 31,
2016
 
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.750% and 4.900% at June 30, 2017 and December 31, 2016, respectively, collateralized by Hong Long’s investment in equity interest of a China local bank   $ 3,011,337     $ 5,852,674  
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.750% and 4.900% at June 30, 2017 and December 31, 2016, respectively, collateralized by Fujian International Trading and Transportation Co., Ltd.’s investment in equity interest of a China local bank     590,458       1,153,236  
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.750% and 4.900% at June 30, 2017 and December 31, 2016, respectively, guaranteed by Hong Long     2,479,924       4,742,684  
Loan from The Export-Import Bank of China, due on various dates until January 30, 2023 with annual interest rate of 4.900% at June 30, 2017 and December 31, 2016, guaranteed by Huanghai Ship Construction Co., Ltd, Xinrong Zhuo and Ping Lin and collateralized by 2 fishing vessels under construction and collateralized by three related parties’ investments in equity interest of two PRC local banks     16,237,600       18,019,317  
Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 5.145% at June 30, 2017 and December 31, 2016, guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 6 fishing vessels     9,004,488       9,370,045  
Total long-term bank loans   $ 31,323,807     $ 39,137,956  
Less: current portion     (11,838,687 )     (17,298,544 )
Long-term bank loans, non-current portion   $ 19,485,120     $ 21,839,412  
Schedule of future maturities of long-term bank loans
Due in twelve-month periods ending June 30,   Principal  
2018   $ 11,838,687  
2019     5,756,967  
2020     5,904,582  
2021     2,214,218  
2022     1,623,760  
Thereafter     3,985,593  
    $ 31,323,807  
Less: current portion     (11,838,687 )
Long-term liability   $ 19,485,120