ANALYSIS: Evolving Supply Dynamics and Terminal Pricing in the Whole Fish Market

Canadian wholesale pricing and Mid-Atlantic terminal prices tend to follow similar trends, as terminal markets represent the next step in the supply chain following wholesale distribution. Terminal buyers can source from the same upstream supply, primarily East Coast farms, so pricing movement between the two levels is often closely aligned. This relationship is especially evident during periods of steady harvest and consistent distribution, when values at both wholesale and terminal levels have moved in a relatively synchronized manner...

Tariff Talks 2025: Expana's Weekly Rundown #3

Expana’s global team of specialist reporters has been tracking every twist and turn in the fluid tariff situation.

Click to read "Tariff Talks 2025: Expana's Weekly Rundown #3."

This report allows the Expana community to see where key commodity markets stand as of this past week... Click the above PDF report, or keep scrolling to read in plain text...

ANALYSIS: Blue and Red Swimming Crab Meat Market and Tariff Implications

Announcements from President Trump on universal tariffs starting April 5 at 10% and reciprocal tariffs beginning on April 9, 2025, could deeply affect both the red and blue swimming crab meat industries. Looking at the producing countries, most are in Southeast Asia, which got hit the hardest by the reciprocal tariffs. Observing the pie chart below, the only country with no tariff on this list is Mexico. Indonesia, who holds almost 50% market share has a 32% tariff on goods...

Canadian Snow Crab Fishery Updates: NB Open Now, NL Opening April 10

New Brunswick’s fishery is underway

The Canadian snow crab season is officially underway in the province of New Brunswick (NB). As of 6 a.m. on April 5, snow crab fishermen from NB's Acadian Peninsula were permitted to put their traps in the sea.

According to the Ministry of Fisheries and Oceans, this permission applied to zones 12 (12, 18, 25, and 26) and 12E in the Gulf of St. Lawrence.

NB’s fishing season will go until the end of the day on June 30, when all fishermen must...

Minister Byrne Launches Seafood Marketing Support Program for Global Market Diversification

The Honourable Gerry Byrne, Minister of Fisheries, Forestry and Agriculture, is launching the Seafood Marketing Support Program, to support global market diversification. The program will help proponents identify, assess, target and develop new market opportunities in response to tariff threats from the United States and recent tariffs from China. It will support market diversification and reduce reliance on traditional markets while capitalizing on new opportunities in domestic and international markets.

Funding is available to licensed Newfoundland and Labrador fish processors, aquaculture companies, seafood marketing firms, industry associations, research and...

Asian Markets Plunge as Trump's Global Tariff Turmoil Deepens

Hong Kong (CNN) — Asian markets plunged on Monday, deepening a global stocks rout triggered by US President Donald Trump's trade war and China's forceful response to unexpectedly high tariffs.

Japan's benchmark Nikkei fell by more than 8% shortly after opening, while the broader Topix index last traded more than 6.5% lower after recovering from its steepest losses.

In mainland China, where markets reopened after a public holiday, the Shanghai Composite Index was last trading 6.7% lower. The blue-chip CSI300 index lost 7.5%. In Hong Kong, the benchmark Hang Seng index...

The Winding Glass: We Will All Pay the Price for Tariff Stupidity, Incompetence, and Hubris- Opinion

Trump has no tariff plan. Most tariffs are negotiated on specific commodities, with painstaking analysis of costs of inputs, subsidies, and trade balances. Anyone who remembers the imposition of shrimp tariffs in 2004 knows that even though the process was driven by the politics of domestic shrimpers, the actual process was detailed and company specific. As a result, those companies demonstrating a lack of subsidy and realistic cost inputs avoided significant tariffs. Within a short time, the shrimp market was healthy again...

Whales Return to California; CDFW Limits Crabbing to Reduce Entanglement Risks

While there are signs of spring showing up on land, one of the signs of spring in the ocean is the return of whales, particularly humpback whales, to California. And it’s definitely spring. 

The California Department of Fish and Wildlife and Dungeness Crab Fishing Gear Working Group representatives proposed changes to the current crab season based on updated information, as part of the Risk Assessment and Mitigation Program process.  Ultimately, April 15 marks a change for commercial fishermen across California. 

CDFW Director Charlton H. Bonham assessed entanglement risk under...

Murkowski, Kaine Introduce Legislation to Bolster Commercial Fishing Industry

Washington, D.C. - Today, U.S. Senators Lisa Murkowski (R-AK) and Tim Kaine (D-VA), introduced legislation vital to the fishing industry, the economy, and the food supply chain. The Save Our Seafood (SOS) Act would exempt fish processors from the H-2B visa caps in order to help the seafood industry meet workforce demands.

"Alaska's seafood industry is a delicate chain - and when processors don't have the workforce to meet demand, the whole industry can fall apart," said Senator Murkowski. "Coastal communities, family-owned fishing boats, and Alaskans who work in...

Navigating the Trump Tariff Turbulence: A Comprehensive Timeline

Today, the White House Press Conference will air at 4PM where US President Trump will make an announcement regarding immediately-effective reciprocal tariffs on countries who trade with the US.

"Too many foreign countries have their markets closed to [US] exports," said White House Press Secretary Karoline Leavitt when referring to trade deficits and non-monetary trade barriers.

The message that has been consistent: "If you make your product in America, you will pay no tariffs," said Leavitt.

Auto tariffs have been scheduled for April 3, according to an April 1 press...

ANALYSIS: Latest US Tariffs Place 54% on Groundfish Imports from China  

The US government announced the implementation of a universal 10% tariff effective April 5. This universal tariff will transition into a reciprocal tariff of 34% on imports from China starting April 9. Given the pre-existing 20% tariff on Chinese imports, the cumulative tariff on groundfish species such as cod, haddock, pollock, and flounder will escalate to 54% starting April 9...

Barclays Downgrades Salmar and Leroy Seafood to Underweight

Global financial services provider Barclays recently downgraded Salmar and Leroy Seafood to Underweight from Equal Weight status, thus indicating that the seafood companies’ stocks are currently underperforming in relation to their typical benchmarks.

This dip in price targets coincides with recently implemented U.S. import tariffs, which have spurred a decline in the global stock market. Tariffs have impacted exports of numerous countries including Norway and Chile, where the above companies are headquartered, amongst many others.

According to reporting by Theflyonthewall.com, Barclays analysts have indicated that Salmar’s price target dipped from NOK 530...

FDA Refuses Antibiotic-Contaminated Shrimp from Five Different Foreign Shrimp Exporters in March

On Friday, the U.S. Food and Drug Administration (FDA) released detailed data regarding one hundred and nineteen (119) seafood entry line refusals in March, of which eight (6.7%) were for shrimp for reasons related to banned antibiotics.

Through the first quarter of 2025, the FDA has reported refusing just twelve total entry lines of shrimp for reasons related to veterinary drug residues. If this same level of refusals is maintained through the remainder of the calendar year, it will be the lowest total of such refusals since...

Leroy Seafood's Q1 2025 Results Show 11,800 GWT Increase in Total Harvest Volume

Leroy Seafood recently released its financial results for Q1 2025, showing an increase in total harvest volume totaling 38,200 GWT, up 11,800 from the same period last year, excluding harvest volumes from Scottish Seafarms.

In addition, total wild catch volumes for Q1 in Leroy Havfisk amounted to 19,000 tonnes, down 4,100 tonnes from the same period last year.

Leroy’s quarterly harvest volumes by region/division read as follows (measured in 1,000 GWT):

*Lerøy Aurora: 7,100 GWT in Q1 2025 vs. 6,000 GWT in Q1 2024...

Alaska Govenor Appoints Olivia Irwin from YRDFA to Board of Fisheries, Starting July 1

Yesterday, Alaska Governor Mike Dunleavy announced that Olivia Henaayee Irwin of Nenana will replace Stan Zuray on the Board of Fisheries, effective July 1, 2025.

Irwin is the Policy Coordinator for the Yukon River Drainage Fisheries Association and has served as co-chair of the Minto/Nenana Fish and Game Advisory Committee.

According to her YRDFA bio, in 2020, Irwin began working for Alaska Native non-profits supporting the advancement of traditional ways of knowing and providing regulatory and policy analysis. In 2024, Irwin founded...

Conservative Party of Canada Announces Boost to Harbours Program While Criticizing Liberals

On April 1, under the title “Put Canada’s Fisheries First - for a Change,” Conservative leader Pierre Poilievre issued an announcement 1 that he will double funding for the Small Craft Harbours program and grant Harbour Authorities better access to federal commercial financing.

Canada’s Small Craft Harbours program supports 950 wharves across Canada and is a critical component of the nation’s seafood industry.

Poilievre noted, "Liberal governments have chronically neglected and underfunded the Small Craft Harbour program, hurting operations and holding back maintenance...

Glaciar Pesquera Achieves South America’s First FISH Certification

Recently, FISH Standard for Crew Inc. announced that two vessels of the Glaciar Pesquera S.A. fleet had been awarded FISH certification, making it the first Argentinian company to achieve FISH certification and the first company in South America to achieve such certification.

The certified vessels—the B/P Atlantic Surf III and B/P Capesante—both harvest Patagonian scallops in Argentina. Following extensive policy and procedure review, on-site vessel inspections, and in-person interviews with crew members, the two Glaciar Pesquera vessels were granted individual FISH certifications, having met all standard...