ANALYSIS: Shrimp Demand Normalizes as Inventories Tighten 

Through October 2024, U.S. shrimp market dynamics reflect significant structural adjustments affecting supply and demand fundamentals. Total imports reached 164.7 million pounds, down 2.2% year-over-year, with year-to-date volumes contracting 4.2% to 1.376 billion pounds. November imports are projected at 162.6 million pounds, suggesting a 4.3% year-over-year increase. While this forecast might appear optimistic, the counterbalancing effect of October's decline could support some volume recovery, particularly given typical seasonal strengthening during this period. The October volume decline has been accompanied by strengthening replacement values, which advanced to...

ANALYSIS: After a Positive Summer, Argentinian Shrimp Exports Collapse in October

Latest figures from Argentinian customs show a significant drop in exports of muelleri wild shrimp in October. While the volume traded during the summer was at the highest in the last five years, exports collapsed in October at 13,026 MT, representing a 44% decline since September and a 42% decrease in value at $84,938...

NFI, Massive Industry Coalition Urge Resumption of Port Labor Talks

The National Fisheries Institute (NFI), along with a catalog of organizations from farming, agribusiness, restaurant, and other sectors, sent a letter to the leaders of the International Longshoremen’s Alliance (ILA) and the United State Maritime Alliance (USMX) calling on both sides to resume port labor talks.

Only weeks remain until a contract extension between port employers and union longshore workers expires, paving the way for another port strike at major U.S. ports along the East and Gulf coasts.

“It is imperative for the parties to resume negotiations...

StarKist to Land $7.5 Million Canned Tuna USDA Contract

Tuna canner StarKist looks to be on the verge of securing a $7.5 million contract from the U.S. Department of Agriculture’s Agricultural Marketing Service (AMS).

AMS released a “Notice of Intent to Sole Source” on December 5, announcing the USDA’s intention to award StarKist Co. a Firm Fixed-Price contract for 140,400 cases (78 truckloads) of tuna products.

The USDA said that based on market research, Star Kist is the only company that provides “Tuna Chunk Light Can-24/12 OZ” products as required by “The Agricultural Acquisition Regulation...

Canada To Fund $4.3 Million Job Program for B.C. Agriculture and Food Sectors

On Friday, December 6, 2024, the Government of Canada announced the rollout of the Recruitment, Retention and Innovative Skills Training Program, which will provide new supports for farming, seafood, and food-processing sectors within British Columbia in an effort to address labor-market needs.

The program falls under the Agriculture and Food Workforce Development Initiative and is delivered by the Investment Agriculture Foundation (IAF). Program offerings include employment and advancement opportunities for domestic workers and building and retainment measures for a skilled workforce. Applications for the...

Canada To Issue Exploratory Fishing Licenses for Quebec Lobster Industry in Spring 2025

On December 5, 2024, the Honorable Diane Lebouthillier, Minister of Fisheries, Oceans and the Canadian Coast Guard, announced the continuation of the data acquisition plan for Quebec’s lobster fishing industry.

Come spring 2025, the Department will issue new exploratory fishing licenses to assess lobster stock capacity and responsible fishery development as well as to support additional catches. License holders will participate in gathering critical data related to the stock assessment, including learning more about lobster abundance and distribution.

“Starting this spring, First Nations and industry will be..."

NEFMC Approves Scaled-Back Scallop Harvest Plan for 2025-26 Season

The New England Fishery Management Council (NEFMC) finalized Framework Adjustment 39 during its December 3-5 meetings. This framework establishes harvest specifications and management measures for the 2025-26 scallop fishing season.

The framework, which still needs the final thumbs-up from NOAA Fisheries, will set total landings at about 19.75 million pounds and revenue at $348.25 million. This represents just over a 25% decrease in total landings compared to the current 2024-25 season.

However, as Urner Barry by Expana covered in its latest U.S. Quarterly Scallop Market Insight publication...

ANALYSIS: Tariff-Driven Spike to Freight Rates Yet to Materialize

The re-election of US President-elect Donald Trump, on November 5, sparked speculation about the outlook for global trade, given the stringent tariff regime that he has stated he will impose. Some initial reactions expected the effects on international shipping and freight rates to be significant, with a short-term price spike resulting from US importers boosting their inventories before the tariffs come into effect. The results so far, however, have been more tepid than anticipated.

During his campaign, Trump indicated his intention...

Russian Fisheries Profit Drops 26% in 2024 Amid Challenging Economic Conditions

The profits of the Russian fisheries industry in January-August 2024 decreased by 26% compared to the same period in 2023 and amounted to 60 billion rubles ($598 million), according to recent statements made by the President of the All-Russian Association of Fish Producers German Zverev at the general meeting of the association.

The industry's current situation remains complex, mainly due to the country's tough business environment.

German Zverev comments:

"The financial and economic situation of the fisheries industry in 2024 has become significantly more complicated..

2025 TACs Up on Alaska Pollock and Mackerel, Down on Cod, Yellowfin Sole, POP in Bering Sea

Alaska Pollock stocks are strong enough to merit a 6% increase for the total allowable catch (TAC) in the Bering Sea, from 1.3 million metric tons in 2024 to 1.375 met in 2025. In the Gulf of Alaska, the 2025 TAC is 53,000 mt less at 133,075 mt compared to this year’s quota of 186,000 mt in the gulf.

The North Pacific Fishery Management Council met last week to set catch limits on 20 directed species and five prohibited species: halibut, herring, red ...

Oregon Crabbers Get the Jump on West Coast Commercial Dungeness Season

Oregon Department of Fish and Wildlife managers announced Friday that the Dungeness crab season will open Dec. 16, from the California border in the south to Cape Falcon in the north.

“Pre-season testing in this area shows crab meat fill meets criteria and domoic acid is below the safety threshold,” ODFW said in a public notice.

However, Washington and California ocean commercial crab fisheries will remain closed.

The ocean season for Washington ...

Japan's Imports of Russian Pacific Cod Surge 79% from January to October, Displacing US Cod by 17%

According to trade statistics from the Ministry of Finance, the average price per kilo for frozen cod imports from January to October was 620 yen ($4.13/kg), down 0.5% from the same period last year, while the volume recovered to 4,071 tons, up 42%. Imports from Russia increased, with the unit price falling 3% to 593 yen/kg ($3.95/kg) and the volume increasing 79% to 3,141 tons. Imports from the United States saw a unit price increase...

Grieg Seafood Faces Challenges in British Columbia as Q3 Operating Result Falls NOK 175 Million

In a report released by Grieg Seafood on November 27, 2024, the international seafood company provided detailed information on its financial and operational highlights for Q3 2024.

Despite its operating result being down NOK 175 million, overall sales reached NOK 1.5 billion, with the total EBIT reaching NOK 75 million for Q3 and NOK 500 million for 2024 so far. As of now, Norway’s EBIT is also up NOK 69 million, which is an all-time high for the company.

The negative operating...

US Crab Prices Soar Amid Diminished Supply

The 2024 Canadian snow crab season began with prices in April up 19% compared to the already remarkable levels of 2023, according to Urner Barry by Expana. Despite the increase, these prices remained manageable for retail and food service sectors, holding steady throughout the summer and into September. However, as inventories dwindled, prices surged further, with Canadian snow crab now up over 40% compared to the same time period last year.

More than 90% of U.S. imports of Canadian snow crab occurred early in the season when prices were lower, which benefited retailers and...

ANALYSIS: Key Drivers of Norwegian and Chilean Salmon Price Fluctuations

The average price reported by Expana of Norwegian Atlantic salmon whole, FOB Oslo, Norway, 4-5 kg during November 2024, shows an increase of 2.7% in the last three months. However, the price dropped by 9.5% year over year, averaging NOK 74.49 kg. The increase in price in the last three months may be associated with the rise in demand in Europe due to end-of-the-year festivities...

Signs Point to December Dungeness Season for Parts of West Coast

It’s almost time to start crackin’! Recent testing shows crab in Oregon are ready to harvest and domoic acid levels are all well below the safety threshold for starting the season.

Oregon crabbers talked with Oregon Department of Fish and Wildlife fishery managers Thursday and said afterward that most everyone agreed to a Dec. 16 opening between the California border and Cape Falcon on the North Coast.

Crab from Long Beach, Washington, have not fully filled out with meat yet, according to recent tests. At 19.9%, the ,,,

Alaskan Seafood Processor PSF, Inc. Pays $750K Penalty for Clean Water Act Violations

On December 5, 2024, the US Environmental Protection Agency (EPA) announced that PSF, Inc. (formerly known as Peter Pan Seafoods, Inc.) paid a $750,000 penalty for permit violations to state and federal requirements under the Clean Water Act (CWA).

The violations occurred at the company’s seafood processing facilities in Valdez and King Cove, Alaska.

At the Valdez facility, PSF was found to be discharging seafood processing waste from beyond the one-acre “zone of deposit” allowed under the permit...