On March 26, Shanghai Kai Chuang Marine International Co., Ltd. announced that the company’s wholly-owned grandson, Pan Pacific Fish (RMI) Inc. entered into a Vessel Design and Construction Contract with Fujian Mawei Shipbuilding Co. for the construction of a tuna seine vessel at a price of US$22.88 million.
The announcement disclosed that on December 28, 2023, the Second (Extraordinary) Meeting of the Tenth Session of the Board of Directors of the Company considered and passed the ” Proposal for Reauthorization of the Project of Construction of a New Tuna Seine Vessel by Pan Pacific Fish (RMI) Inc.”, and agreed to authorize the management to re-initiate the bidding process.
Pan Pacific Fish (RMI) has selected Shanghai International Tendering Co., Ltd. as the bidding agent for the tuna seine vessel construction project as authorized by the Board of Directors, and selected Fujian Mawei Shipbuilding as the winning bidder for the vessel construction project through open bidding.
It is reported that the tuna seiner vessel under construction should be delivered by December 31, 2025 or by that date. Upon delivery, the vessel will replace LOJET, which has been scrapped and disposed of, and will enhance the safety performance and fishing technology of the production vessel, which will help to strengthen the fishing capacity of Pan Pacific Fish’s (RMI) tuna purse seine fleet and improve the overall profitability.