Quarterly report pursuant to sections 13 or 15(d)

RELATED PARTY TRANSACTIONS (Details 1)

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RELATED PARTY TRANSACTIONS (Details 1) (Merchant Supreme Co Ltd [Member], USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Sale of frozen fish and other marine catches        
Related Party Transaction Sales To Related Party $ 2,341,114 $ 4,384,799 $ 10,305,654 $ 13,513,241
Purchase of fuel, fishing nets and other onboard consumables        
Purchase From Related Party Others 4,822,399 [1] 2,301,499 [1] 12,634,771 [1] 2,715,804 [1]
Purchase of transportation service        
Purchase From Related Party Transport Service 2,116,338 [2] 568,451 [2] 3,664,964 [2] 1,421,526 [2]
Cold storage Warehouse and Office Rent Paid 3,417 67,739 6,795 193,142
Crewmen compensation paid on behalf        
Crewmen Compensation Payment 0 214,285 0 452,980
Indonesia fishing licenses paid on behalf        
Related Party Transaction Purchases and Expenses 8,119,057 3,973,229 18,553,389 6,392,180
Shenzhen Western Coast Fisherman Pier Co Ltd [Member]
       
Sale of frozen fish and other marine catches        
Related Party Transaction Sales To Related Party 2,341,114 0 10,305,654 0
Fuzhou Haifeng Dafu Ocean Fishing Co Ltd [Member]
       
Sale of frozen fish and other marine catches        
Related Party Transaction Sales To Related Party 0 [3] 1,026,086 [3] 0 [3] 4,571,567 [3]
Fujian Xinnong Ocean Fisheries Development Co Ltd [Member]
       
Sale of frozen fish and other marine catches        
Related Party Transaction Sales To Related Party 0 3,358,713 0 8,941,674
Ping Lin [Member]
       
Purchase of transportation service        
Cold storage Warehouse and Office Rent Paid 3,417 [4] 0 [4] 6,795 [4] 0 [4]
Fuzhou Honglong Ocean Fishing Co Ltd [Member]
       
Purchase of fuel, fishing nets and other onboard consumables        
Purchase From Related Party Others 419,909 [1] 494,728 [1] 1,018,331 [1] 909,033 [1]
Purchase of transportation service        
Cold storage Warehouse and Office Rent Paid 0 [5] 67,739 [5] 0 [5] 193,142 [5]
Crewmen compensation paid on behalf        
Crewmen Compensation Payment 0 131,785 0 232,980
Haifeng Dafu Enterprise Company Limited [Member]
       
Purchase of transportation service        
Purchase From Related Party Transport Service 1,248,310 [2] 536,726 [2] 1,723,860 [2] 1,019,263 [2]
Hai Yi Shipping Limited [Member]
       
Purchase of transportation service        
Purchase From Related Party Transport Service 263,737 [2] 0 [2] 735,890 [2] 158,234 [2]
Hongfa Shipping Limited [Member]
       
Purchase of transportation service        
Purchase From Related Party Transport Service 604,291 [2] 0 [2] 1,170,065 [2] 0 [2]
Pt Avona Mina Lestari [Member]
       
Purchase of fuel, fishing nets and other onboard consumables        
Purchase From Related Party Others 4,402,490 [1] 1,806,771 [1] 11,616,440 [1] 1,806,771 [1]
Purchase of vessel maintenance service        
Purchase From Related Party Maintenance Service 710,708 [2] 631,553 [2] 1,315,374 [2] 1,266,504 [2]
Purchase of transportation service        
Purchase From Related Party Transport Service 0 [2] 31,725 [2] 35,149 [2] 244,029 [2]
Indonesia fleet vessel agency fee payable 172,595 [6] 56,866 [6] 345,037 [6] 104,487 [6]
Crewmen compensation paid on behalf        
Crewmen Compensation Payment 0 82,500 0 220,000
Indonesia fishing licenses paid on behalf        
License Costs $ 293,600 $ 132,836 $ 586,448 $ 237,737
[1] Fuel, fishing nets and other consumables were sold to Pingtan Fishing at prevailing market prices.
[2] Vessel maintenance and transportation services were charged to Pingtan Fishing at prices mutually agreed by the related parties and Pingtan Fishing.
[3] On January 4, 2012, Merchant Supreme's VIE, Pingtan Fishing, and Haifeng Dafu entered into a sale agreement. Pingtan Fishing sold Haifeng Dafu 2,193,820 kilograms of frozen hairtail, at price of $2.08 per kilogram, for a total consideration of $4,570,497.
[4] Pingtan Fishing leased office from Ping Lin. Pursuant to a rental agreement entered into on July 31, 2012 with three-year term, annual lease is $13,590.
[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] Pursuant to Fishing Vessel Administrative Agency Agreement dated December 28, 2009, followed by a Fishery Cooperative Agreement dated July 1, 2011 with a two-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 $10,000 and $20,000, for the period from January 1, 2010 to June 30, 2011, and for the period from July 1, 2011 to July 1, 2013, respectively, for each of Pingtan Fishing's fishing vessels Avona acts as an agent.