SeaFood Business

SEP 2013

SeaFood Business is the global trusted authority for seafood buyers and sellers. We are the seafood industry's leading trade magazine with more than 30 years of experience. Our coverage is based on the "business" of buying and selling seafood.

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Market Report Iceland increases whitefsh quotas Haddock unexpectedly turns a corner while cod surges on I n August, following the advice of the Icelandic Marine Institute (MRI), Iceland increased its haddock (Melanogrammus aeglefnus) quota for the new fshing year that runs from this month through next August. Iceland's quota is 38,000 metric tons (MT), up from 32,000 MT last year. While the total allowable catch (TAC) is signifcantly lower than the 64,000 MT set in 2010, it reverses the recent trend of reduced quotas, which came as a result of poor recruitment whitefsh within the stock. Historically, the country's annual haddock catches have ranged from 30,000 to 70,000 MT. Te MRI was not expected to recommend an increase in the TAC for at least another season and so it comes as a welcome surprise for many involved in the whitefsh sector. Te increase is not expected to spark a reduction in prices because the TAC increase is fairly small, according to processors. Much less of a surprise is Iceland's increased TAC for Atlantic cod (Gadus morhua). Based on MRI's advice, the cod quota has once again been ramped up for the new season — this time by 18,000 MT to 214,000 MT. Iceland's cod stocks are believed to be at their highest level since the mid-1980s. Unlike haddock, the larger cod quota will undoubtedly exert additional downward pressure on market prices, which are already at lows not seen for well over a decade. Icelandic cod is competing with Barents Sea cod, particularly of Norwegian origin, which have been caught and exported in record numbers over the past few years based upon the recommended TACs from the International Council for Exploration of the Sea. Iceland reported its earnings from cod catches fell more than 9 percent in the frst four months of this year, while the Norwegian Seafood Council has stated that Norway had never before exported as much cod as it did in the frst half of 2013, but also that it hadn't seen prices as low since 1997. — Jason Holland Sockeye shortage sends wild salmon prices higher U.S. shrimp report (Continued from page 12) were selling for around $3 for smaller sizes to more than $14 for U10s. Shell-on, headless whites were bringing in $4.50 for 41-50s to more than $12 for U-12s. Peeled, headless undeveined Gulf shrimp was in the range of the low$2s to around $4.25, depending on size, with larger sizes getting the higher prices. Some buyers aren't taking chances, choosing to buy enough to last through Lent, the CEO says, adding he has bought enough to last "a while," but not so much as to get caught when the market inevitably rebounds. — SFB Staff Japan shrimp report (Continued from page 12) Supplier predicts 'hangover' effect for next year W ith Alaska sockeye salmon not meeting projections, buyers are scrambling to fnd product and keep their best customers happy. Not all are having success, with some having to tell some customers they don't have any fsh for them. "I do not have the ability to get it. We're done," says the head of one distribution company that sells fresh and frozen wild salmon. "If there's more harvest we'll get more product. If there isn't more harvest, we won't have it. Will some of those customers who were buying wild switch to farmed? Sure. But there 14 SeaFood Business salmon is a market that wants wild, Alaska, sustainable and that market is not going to be satisfed with farmed product." While some customers will switch out and take farmed product instead, the distributor says many others will just forego salmon. "When we talk about wild salmon, 90 percent of what we're talking about is sockeye," he says. "Chums are a more downscale market — they have a home, don't get me wrong — September 2013 but it's not the same home. People are still trying to fll a hole and there isn't enough product to fll holes." Gillnet-caught whole sockeyes from Alaska were priced between $5 and $5.75 per pound, f.o.b. Seattle, depending on the size of the fsh. Frozen H&G; gillnet-caught sockeyes were fetching $4 to $4.60. Gillnet-caught whole cohos were in the high-$3 to low-$4 range, with troll-caught whole cohos in the low- to mid-$4 range. Gillnet-caught whole kings were bringing in $5.50 to $6.75, and troll-caught kings were priced between $6 and $7.75. A top sales executive at one Alaska seafood processor says the sockeye shortage is worse than expected. So far, 78 percent, or 26.7 million fsh, of the projected sockeye catch of more than 33 million fsh, has been caught. Tat means deals that were cut before the catch have to be renegotiated to refect current market conditions. "Tat's the reality every year. Tere's always something that doesn't come out like you planned," the executive says. "Next year you can expect to see a real hangover from this." — SFB Staff reductions in stocking ratios there are reported to have brought the disease under control. Green tiger shrimp (Penaeus semisulcatus) are gaining in popularity. Te name "fower shrimp" ("hana" in Japanese) has been adopted from Hong Kong, where the variety is popular, though there was already a Japanese name: kumaebi. In comparison with black tiger, the color when cooked is somewhat translucent with bands of pinkish orange while the black tigers have white fesh with reddish orange marks. Te fesh is softer than that of black tigers. — Chris Loew Visit us online at www.seafoodbusiness.com

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