Nueva Pescanova Group Eyeing $80 Million Capital Increase, Now on Path to Recovery

Spanish seafood giant Nueva Pescanova Group said that the strategic and operational measures adopted by its new leadership reversed the negative path the company traveled down for the past two years. The reversal now has the company believing that it is on the path to recovery.

The operational efficiencies implemented have led to an increase in margins, which has generated an EBITDA* of 18.1 million euros ($20.08 million USD), which is almost double (185%) the EBITDA of the entire previous year (9.8 million), per Nueva...

Indonesian NGOs Accuse Retailers of Perpetuating Forced Labor in Shrimp Sector

A report from a trio of Indonesia-based non-profit organizations found that labor and human rights violations occurred within Indonesia’s shrimp sector.

The NGOs claim that the violations are linked directly to supermarket pricing in the U.S., the United Kingdom, and Europe. The groups, Agitaka Centre for Social Analysis, Institute for Policy Research and Advocacy (ELSAM), and Migunani Research Institute, allege that because retailers pay less for shrimp than it costs to farm, they then raise prices for consumers, eliminating potential price recovery...

Seafood on Full Display During Outback Steakhouse’s Great Barrier Eats Promo

Outback Steakhouse announced its entrance into the value-menu arena that is occurring throughout the restaurant industry with its Great Barrier Eats limited-time menu.

The seafood-centric menu was inspired by the Great Barrier Reef, one of the seven natural wonders of the world and an Australian landmark. It showcases the chain’s shrimp and scallops.

The new menu features:

- Twin Reefs Shrimp: Dive into deliciousness with crispy breaded shrimp paired with buttery garlic shrimp scampi and a side. Starts at just $14.99...

Court Dismisses Sea Shepherd Case Against NMFS on New Zealand’s Maui Dolphin

Yesterday the U.S. Court of International Trade in New York City dismissed a four-year effort to protect the diminishing Māui dolphin population using a series of trade restrictions. The Māui dolphin is found only off the west coast of New Zealand’s North Island. 

In 2019 the Scientific Committee of the International Whaling Commission estimated that only 57 Māui dolphins remained, from approximately 2,000 in 1971. The marine mammals were often the victim of bycatch in set nets along the northwest coast.

Sea Shepherd New Zealand and ...

Japan: Frozen Cod Imports Recover; Russia Totals Double in January-July, Dip from U.S.

According to trade statistics from the Ministry of Finance, the average price for frozen cod imports from January to July was 623 yen/kg ($4.38/kg), 2% lower than the same period last year, while the volume recovered to 2,102 tons, a 52% increase. Imports from Russia saw a 5% decrease in price to 597 yen/kg ($4.20/kg) and a 2.1-fold increase in volume to 1,635 tons. Imports from the United States saw an 11% increase...

Chinese Consumers Get a Taste of Norwegian Seafood Alongside Prime Minister

Norwegian Prime Minister Jonas Gahr Støre attended an event where Chinese consumers got a taste of the country’s seafood. Norway is working to solidify one of its key markets.

“The people of China appreciate good fish and seafood. China is Norway’s second most important market for Norwegian seafood after the EU. It was wonderful to see how much the Chinese customers enjoyed the seafood that was being served,” said Prime Minister Støre...

Mason's Famous Lobster Rolls to Open New Location at Rio Lakefront, Gaithersburg

Mason's Famous Lobster Rolls®, known for its authentic Maine-sourced seafood and entrepreneur-friendly business model, is thrilled to announce the opening of its newest location at Rio Lakefront in Gaithersburg. This location will be operated by Sandra Cooper, a local entrepreneur who embodies the spirit of perseverance and community.

Sandra Cooper's entrepreneurial journey is a story of resilience. Originally from Indiana, Sandra moved to Baltimore as a teenager to create a better life. Over the years, she overcame numerous challenges, building a successful career...

Airport Workers Begin Strike at Santiago Airport Ahead of Chilean Holiday 

The union representing airport workers at Santiago Airport, the largest airport in Chile, announced that workers began a strike on September 12 after negotiations between the union and Nuevo Pudahuel, the company that runs the airport, fell apart.

Nuevo Pudahuel said in a statement that it has an agreement to ensure that operations continue without impacting “the experience of passengers and users of the Santiago Airport.”

The strike began just ahead of the Fiestas Patrias holiday in Chile and could linger throughout the holiday...

Russia to Continue Fishing in Baltic Sea Despite Protests of Baltic States

Russia will continue fishing in the Baltic Sea despite protests from the Baltic states of Estonia, Latvia, Lithuania, as well as Sweden, according to recent statements made by the head of the Russian Federal Agency of Fisheries (Rosrybolovstvo) Ilya Shestakov.

According to Shestakov, all the protests and claims are unfounded.

In July, some European media reported that Estonia, Latvia, Lithuania and Sweden complained to the Council of the European Union (EU) and the European Commission (EC) that Russia continues to fish for cod, herring and sprat in the...

Toast Unveils Restaurant Trends Report; Costs for Lunch Up, QSR Breakfast Spending Shifts

Toast, a digital platform for restaurants, unveiled its Q2 2024 Restaurant Trends report. The report highlights the state of the industry via aggregated data from a group of selected restaurants in U.S. cities on its platform.

During Q2 2024, Toast found that consumers paid higher prices at quickservice restaurants (QSR). Guests shelled out an average of $11.26 for sandwiches and wraps (+4.6% YOY), $12.98 (+4.6%) for bowls, $11.45 (+4.6% YOY) for burgers, $11.42...

ANALYSIS: Frozen Mahi Update as New C&SA Season Nears; Market Prices at 52-Week Lows

We are just a few weeks away from the onset of the 2024-2025 mahi fishing season in Central and South America. Fishing operations are scheduled to start this fall, but historically, the new season's supply typically does not reach the market until the first quarter of 2025. In preparation, stakeholders are crafting strategies to effectively manage their current inventories, ensuring that they can meet existing commitments and potential new orders amidst a backdrop of subdued buyer interest that has defined the seafood landscape...

NOAA Fisheries Denies Port Privileges to Fishing Vessels from 17 Nations

NOAA Fisheries denied U.S. port privileges to various vessels hailing from 17 nations, effective October 10, 2024.

NOAA said the denials are linked to involvement in illegal, unreported and unregulated fishing or fishing practices that harm protected marine life.

The affected vessels include:

- People’s Republic of China-flagged longline fishing vessels authorized under several international commissions

- Russian-flagged fishing vessels authorized under the Commission for the Conservation of Antarctic Marine Living Resources to target toothfish.

- Mexican-flagged vessels operating in...

Canada's Largest Food Distributor Adds Electric Tractors to Fleet in Victoria, British Columbia

Today, Sysco Corporation (NYSE:SYY), the world’s largest food distributor, celebrated the arrival of 8 heavy-duty electric tractors to their fleet in Victoria, which serves over 1,500 customers including restaurants, healthcare and education customers. In total, Sysco now has over 130 heavy-duty electric tractors globally across the United States, Canada, United Kingdom and Sweden.

“We are excited to scale our electric truck fleet into Canada and continue our journey to meet our climate goal of reducing emissions across the enterprise...

ANALYSIS: Wholesale U.S. Shrimp Prices Converging with Typically Lower Egg Prices

There is usually a common perception from consumers that seafood and shrimp are luxury items while eggs have appealed to price sensitive consumers. But the chart might tell a different story right now. From 2019 to 2020, the Expana Benchmark Price Large Shell Egg, Midwest averaged 19% of the price of the 16-20 count Peeled and Deveined, Tail-On White Shrimp, Asia origin...

Kyokuyo Feed-one Marine, Kyokuyo’s Bluefin Farming Arm, Enters Special Liquidation Proceedings 

According to a recent Tokyo Shoko Research (TSR) announcement, Kyokuyo Feed One Marine, which farms and sells bluefin tuna and other fish in Ehime Prefecture, received a special liquidation order from the Yokohama District Court on August 8. Minato Shimbun reported that its debts are approximately 2.465 billion yen ($17.21 million).

The company was established in November 2012 with joint investment from five companies, including Kyokuyo and leading feed manufacturer Nippon Formula Feed. It changed the corporate name to its current name...

September Import Cargo to Remain Elevated Ahead of Possible Port Strike

The nation’s major container ports are expected to see another busy month in September ahead of a potential labor strike at East Coast and Gulf Coast ports, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.

“This is a critical time as retailers prepare for the all-important holiday season, and we need every port in the country working at full capacity,” NRF Vice President for Supply Chain...

DFO Says Enforcement Officers are Working in Nova Scotia and New Brunswick, Locals Say No

Canada’s Department of Fisheries and Oceans (DFO) contends that their enforcement officers in Nova Scotia and New Brunswick are patrolling the area by land, sea, and air, arresting culprits for lobster poaching and other crimes, but local residents, including one Minister of Parliament, beg to differ.

Yesterday DFO issued a statement that “fisheries enforcement activity in the Maritimes Region is active – to suggest otherwise is false.” The statement listed arrests and seizures of unauthorized catch, equipment and vessels, including U.S. fishing gear placed over the ...

Quebec Invests $6 Million to Train Workers in Maritime Fisheries Sector

Minister of Employment and Minister responsible for the Côte-Nord region, Kateri Champagne Jourdain, and MNA for Gaspé, Stéphane Sainte-Croix , are announcing an investment of more than $6 million to train up to 500 workers in the fishing and marine product processing sectors in Eastern Quebec.

Training to adapt to new realities

This 315-hour classroom training course promotes learning related to real-world work situations. Workers will be able to enhance their skills to adapt to the new realities of the industry, particularly those related...

The Boiling Crab Partners With NPCF and RIF LA In Support of Childhood Cancer Awareness Month

In honor of Childhood Cancer Awareness Month, The Boiling Crab®, renowned for its authentic Louisiana-style Cajun seafood boils, is excited to announce a new partnership with The National Pediatric Cancer Foundation® (NPCF) and RIF Los Angeles. From September 16 to October 13, 2024, The Boiling Crab will contribute a portion of the proceeds from all boiled shrimp and crawfish sales—whether in-store or through online orders via Postmates—to support the National Pediatric Cancer Foundation's mission to end childhood cancer...

ANALYSIS: Cold-water Shrimp Face Global Trade Slowdown

Cold-water shrimp, also called Pandalus Borealis, is a wild shrimp species caught in North Atlantic and Arctic waters. Most of the time, it is purchased already cooked by mainly Scandinavian, British, and Chinese consumers. According to census data, this species represents 6.6% of the shrimp volume traded globally in 2023. However, figures for the first half of this year show a significant decline in global exports, which could indicate some tension for this type of shrimp in 2024...

North American Bluefin Tuna Prices Rise at Toyosu Market in August

According to a Jiji Press survey, the number of imported tuna arriving at the fresh tuna section of Tokyo's Toyosu Market in August was 3,077, down 3.5% from the same month last year. The number of bigeye tuna increased, but the number of wild bluefin and southern bluefin tuna decreased, as reported by Minato Shimbun.

The total number of bluefin tuna was 381, down about 16% from the same month last year. The main product, Canadian tuna, increased to 211 (167 in the same month last year)...

Netflix Drama Featuring the Norwegian Salmon Industry ‘Billionaire Island’ Makes Debut

Could salmon farming and aquaculture become Netflix’s next big hit?

The Norwegian salmon industry will serve as the backdrop for Netflix’s latest original series, “Billionaire Island,” which debuted on September 12 to worldwide audiences.

According to the streaming giant, the Norwegian dramedy will depict Norway’s fish farming industry and was shot on the island of Frøya, Trøndelag.

The Wall Street Journal reviewed the series and indicated that it resembles popular dysfunctional family dramas like Succession and The Borgias. However, instead of fighting over media empires like the Roy...

This Week in Retail: Rising Feature Volume for Roasts

This month marks an ideal blend of seasons for the retail sector, as grilling cuts continue to be featured along with autumn favorites like hearty roasts and everything pumpkin. The shift to cooler weather is already being reflected in increased promotions for pork and beef roasts, which have earned a larger share of circular ad space this week. 

In the beef category, roasts now account for 26.4 percent of total ad space, up from 17 percent the previous week. Steak promotions eased to 36.9 percent, a nearly 10-point decline from...

Russia's Navy Launches Ocean 2024 War Drills  Globally, USCG Alerts Alaska Fishing Industry

Yesterday, Russia began a long-planned, massive military exercise dubbed Ocean-24 in the Pacific and Arctic Oceans, the Mediterranean, Caspian, and Baltic Seas. The exercise involved over 400 warships, submarines, and support vessels, more than 120 planes and helicopters, and over 90,000 troops, the Russian Defense Ministry said in a statement. The ministry said the maneuvers would continue through Sept. 16.

Last week, Alaska’s 17th District of the US Coast Guard warned the fishing industry, particularly those operating in the Bering Sea and Aleutians, to be...

Norcod Names Stian Vollan-Hansen as New Chief Financial Officer

Norwegian cod farmer Norcod appointed Stian Vollan-Hansen as its new Chief Financial Officer (CFO). The company said Vollan-Hansen will assume the role on December 1, 2024.

Vollan-Hansen is based in Trondheim, and brings plenty of experience to Norcod’s executive suite from a financial management and business development standpoint. He previously spent nine years in a litany of roles at Entry, an energy consultancy agency, most recently as CFO.

"We are delighted to welcome Stian to the Norcod team. I am confident...

Dine Brands Expands Global Footprint With First Dual-Branded Applebee’s® and IHOP® in Honduras

Dine Brands International, an affiliate of Dine Brands Global, Inc., the parent company of Applebee’s®, IHOP®, and Fuzzy’s Taco Shop® restaurants, is further expanding its global footprint and unique dual-branded Applebee’s and IHOP concept to new international markets. Through a multi-unit development agreement with franchisee BLT Global Brands, the first dual-branded restaurant in San Pedro Sula, Honduras is planned to open on September 16, 2024...

Norway’s Opposition Party Wants to Cut Salmon Tax

Norway’s Conservative party, Høyre, said it wants to reduce taxes on aquaculture and improve the conditions in which the industry operates within the country.

The news comes after the Conservative party, the primary opposition, released its party program policy which proposed a cut on the current aquaculture tax from 25% to 15%.

“Taxes must be reduced, predictability increased and regulations must be simplified. In this program, we therefore prioritize removing the wealth tax on working capital, and are considering a partial switch to other business taxation. We propose...

Red Lobster Wants to Unite America Through Cheddar Bay Biscuits; Offering Chance to Win Free Seafood

Red Lobster launched the ‘Cheddar Bay 2024’ campaign, which aims to unite all parties ahead of the 2024 U.S. Presidential election through its fan favorite, Cheddar Bay Biscuits. The company said the “bite-partisan campaign,” admittedly a clever pun, can rally everyone, at least for a short time, at the dinner table.

Alongside the campaign, Red Lobster said that guests will have the chance to win free Red Lobster for four years, or a presidential term. Starting on September 9 through November 10...

Royal Greenland Say Half-Year Results Shows ‘Signs of Stabilization’ Amid Turnaround Plans 

Seafood company Royal Greenland shared its half-year financial results, which showed signs of stabilization despite ongoing challenges.

While Royal Greenland's net profit before tax improved from H1 2023 (DKK -113 million) to DKK -59 million, the company said the result was “unsatisfactory.” Revenues, on the other hand, increased by 3.7% to DKK 2.64 billion ($390 million), which indicated signs of stability.

“However, the result was negatively impacted by DKK 90 million compared to last year, mainly due...

High Liner Foods Donates $250,000 to The Health Services Foundation of the South Shore

High Liner Foods Incorporated announced a significant contribution to The Health Services Foundation of the South Shore with a donation of $250,000 in support of their Brighter Days Capital Campaign for the redevelopment of South Shore Regional Hospital. The donation was presented to hospital and Brighter Days senior volunteer leadership committee members during a cheque presentation held at the High Liner Foods Lunenburg Facility on September 8. High Liner's donation will be allocated to the hospital's Dialysis Unit...