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STATEMENT - Pacific Seafood's Frank Dulcich Responds to Pandemic

UNITED STATES
Monday, March 23, 2020

Pacific Seafood is among the select few critical infrastructure companies in the US that are being called on to maintain our nation’s food supply during the COVID-19 pandemic. Through conversations with our retail customers we know they are experiencing challenges keeping enough proteins on shelves, and filling the demand for more ready-to-eat and ready-to-cook products amid restaurant closures.

“Due to our vertically integrated supply chain and geographically dispersed locations, we are in a unique position to solve this critical need.  We have already begun flexing our production capabilities, leveraging our availability of frozen inventory, and relying on the strength of our logistics operations and innovative packaging capabilities to rapidly meet customer needs in this unprecedented time.

“Pacific Seafood recognizes our unique responsibility to support our nation’s response to COVID-19 by continuing operations without interruptions to maintain our critical food supply. We also stand with our customers and are supporting them by using our distribution network to ensure the delivery of essential products. I also want to thank each and every one of our team members for their continued commitment during this difficult time.”

Frank Dulcich, Pacific Seafood President and CEO


Other Media | Audlindin: Weather and uncertainty in the markets keep ships in port

ICELAND
Monday, March 23, 2020

Bergs-Hugins fishing trawlers in the Vestmannaeyjar, Bergey VE and Vestmannaey VE, landed last fall. Wednesday. Both ships had a full load of large and beautiful saithe. Vestmannaey got the catch at Selvogsbankinn but Bergey just east of the Islands.

Now both ships are in port and the reason is twofold; on the one hand, bad weather forecasts over the weekend and on the other hand the uncertainty prevailing in the fresh fish markets due to Covid 19. As for the weather, two downturns are expected this weekend and the wave forecast is extremely bad. In terms of market conditions, the demand for fresh fish in traditional markets has collapsed. Stores prefer frozen products and restaurants are most closed.

Source: Audlindin | Read full article here


PRESS RELEASE - Samherji Holding requests an exemption from mandatory bid obligation in Eimskip

ICELAND
Saturday, March 21, 2020

Samherji Holding, a company affiliated with Samherji, has submitted a notice to the Central Bank of Iceland's Financial Supervisory Authority, requesting an exemption from mandatory bid obligation after the company exceeded the 30% threshold in ownership in Eimskip.

On the 10th of March, it was announced that Samherji Holding had increased its stake in Eimskip by 3.05% and controlled a 30.11% stake in the company after the acquisition. Samherji Holding announced plans to send other shareholders of Eimskip takeover bids for their shares within four weeks as required by law.

In a letter to the Central Bank of Iceland's Financial Supervisory Authority on the 20th of March, Samherji Holding requested an exemption from the takeover obligation due to the unique circumstances that had arisen in the financial market due to the spread of Covid-19. In the Securities Transactions Act, the Financial Supervisory Authority is authorized to grant such an exemption under special circumstances.

Samherji Holding's request states that uncertainty related to the spread of Covid-19 has created an unprecedented situation in the Icelandic economy.

"In just a few days, the entire economic environment has changed dramatically, well beyond what was projected. The impact is widespread and has had a chain-reaction across the financial market and the economy as a whole. We do not think it wise to issue a takeover bid in the current turmoil. We all hope that the situation will be better sooner rather than later. Our belief in Eimskip's future has not changed," says Björgólfur Jóhannsson, the interim CEO of Samherji Holding.

The matter is now under review by the Central Bank of Iceland's Financial Supervisory Authority. It may set conditions for the exemption, for example, regarding the deadline to sell shares in excess of 30% and voting rights during that period.


Other Media | SalmonBusiness: Currency shock provided big trade opportunities for Fish Pool

NORWAY
Saturday, March 21, 2020

Wild currency fluctuations provides both opportunities and threats.

The Salmon Exchange Fish Pool noted the effect of the largest fluctuations in the foreign exchange market that we have ever seen.

“Buyers in the EU are naturally very uncertain about the demand situation, and expect prices to be clearly lower than last year. Buyers in the EU were willing to make contracts of around EUR 4.60 / kg for the rest of 2020. With exchange rates around 11.50, as we have seen in recent days, it yielded NOK 52.90 / kg, but no fish farmer was willing to sell so low. Spot prices for the remaining year 2019, April-Dec were EUR 5.85 / kg (average currency 9.90 and average spot price was NOK 57.90 / kg). The sellers at Fish Pool demanded NOK 59.00 / kg, which means increased revenue compared to last year’s spot prices,” Søren Martens told SalmonBusiness.

He is the general manager of the Bergen company Fish Pool, which trades financial contracts in the future market for salmon.

Author: Aslak Berge / SalmonBusiness | Read the full article here


Other Media | SeafoodSource:China pushing its banks to prop up seafood sector

CHINA
Saturday, March 21, 2020

China’s state-controlled banking sector is being deployed to pull the country’s seafood sector through the coronavirus crisis.

China’s banks are offering loan deferrals, restructurings, and larger lines of credit to seafood companies struggling in the midst of the nearly countrywide shutdown of business following the spread of the coronavirus across the country since December.

Seafood distributor and processor Da Yang Shi Jia Co (also known as Ocean Family), one of China’s best-known seafood firms, has received a CNY 34.2 million (USD 4.8 million, EUR 4.4 million) boost in the form of a government-arranged loan to help it manage through the coronavirus emergency. The loan, which came from the local Ocean and Fisheries Bureau, is being delivered through local state-run banks. Da Yang Shi Jia operates a major seafood import and distribution operation and has trawlers in Argentina fishing for shrimp and squid.

Zhoushan Zhu Tai Distant Water Fishing Industry Co. is another of the companies benefitting from the Chinese government’s policy of providing economic assistance to its major seafood firms. Zhoushan received CNY 47 million (USD 6.6 million, EUR 6.1 million) to help it manage cash-flow problems and run a fleet of 50 vessels and seven reefers, according to a statement from the city’s Ocean and Fisheries Bureau. Many of Zhoushan’s 563 distant-water vessels are based globally, but 17 “will soon be setting sail and back to work,” the statement said.

Author: Mark Godfrey / SeafoodSource | Read the full article here 


Other Media | FiskerForum: Industry Exhibitions off the agenda

WORLDWIDE
Saturday, March 21, 2020

This year’s fishing industry exhibitions aren’t taking place – for obvious reasons as the Covid-19 pandemic continues to spread.

Three events that were scheduled for May have now been postponed, following the postponements of Boston and Brussels seafood exhibitions and the Irish Skipper Expo.
Now the Scottish Skipper Expo 2020, scheduled for 15-16th May and due to be held for the first time in Aberdeen’s P&J Live Arena has been pulled.

‘It is with great regret that we’ve decided to postpone Scottish Skipper Expo 2020. The wellbeing of our exhibitors and visitors is paramount,’ said Mara Media’s managing director Hugh Bonner, commenting that as the overwhelming priority is the health and safety of exhibitors, visitors and the wider public, this left no other option than to postpone the show.

‘Postponing now also brings an end to any uncertainty among exhibitors and visitors about whether the expo was going ahead on the planned dates. We value tremendously the support of everyone involved in Scottish Skipper Expo and we would like to thank them for their patience during this challenging time,’ he said.

The May AquacultureUK 2020 event in Aviemore has been postponed and a new 15-17th September date has already been announced for this year’s exhibition.

Vigo’s international shipbuilding exhibition Navalia have also announced a new 27-29th October date for their event, which would otherwise have taken place in May.

Author: Quentin Bates/FiskerForum | Read the full article here


Other Media | fishfarmingexpert: Salmon processor steps up financial support for self-isolating workers

UNITED KINGDOM
Saturday, March 21, 2020

Employee-owned salmon and trout processing business Aquascot has launched a financial support package for workers who choose to self-isolate because of coronavirus.

Partners – as all the company’s workforce are known – are also devising a flexible working scheme so that those with children will still be able to do their job when schools and nurseries close indefinitely after today.

Aquascot, based at Alness in Ross-shire, supplies supermarket chain Waitrose and online store Ocado and employs 190 people.

‘A responsible company’

Head of aquaculture Ed Ley-Wilson said that the number of partners self-isolating was low, but those who have done so wouldn’t be left to rely on the £94.25 per week statutory sick pay offered by the UK government.

“We recognise that the level of statutory sick pay set by Government is too low for most people to pay bills etc.,” added Ley-Wilson, who said that self-isolating partners and those in high-risk groups would receive a range of financial support, depending on their circumstances, to tide them over the self isolation period.

Source: fishfarmingexpert | Read the full article here


Other Media | FishFarmer: Fourth seafood minister this year for Norway

NORWAY
Saturday, March 21, 2020

NORWAY has its fifth fisheries and seafood minister in just over 18 months – and the fourth this year.

Odd Emil Ingebrigtsen takes over from ex-journalist and current labour minister Torbjørn Røe Isaksen, who was appointed in a stop-gap capacity last month after Geir Inge Sivertsen resigned in a row over severance payments.

Two weeks earlier, Harald T Nesvik quit following a political split between the coalition Conservative and Progressive parties.

Nesvik took over in August 2018 from Per Sandberg, who stood down after breaching security protocol by going on holiday to Iran with his

Iranian born former beauty queen girlfriend.

Ingebrigtsen said: ‘I can’t wait to get started. The fishing and seafood industry is important for Norway because it creates activity and jobs throughout the country. In addition, it is an industry with the greatest growth potential.’

Ingebrigtsen was previously at the Department of Petroleum and Energy and comes from an energy industry background.

Author: Vince McDonagh / FishFarmer | Read the article here


IN BRIEF - EAStalk webinar - Javier Ojeda - 'The role of Aquaculture Advisory Council'

BELGIUM
Saturday, March 21, 2020

 The AAC Chair Javier Ojeda will be presenting the AAC and its activities in an EAS webinar on the 07th April 2020, 14:00-15:00.

 

You can register to this (free) webinar here:  https://www.eventbrite.com/e/eastalk-webinar-javier-ojeda-the-role-of-aquaculture-advisory-council-tickets-98988855331


Other Media | SalmonBusiness: Salmon price takes a new hit

NORWAY
Saturday, March 21, 2020

The sales and logistics challenges are rising.

“I hear it is quite chaotic,” says a salmon buyer to SalmonBusiness. “People are talking about low (NOK) 50s. NOK 50-55 (€4.3-4.7),” he says about next week’s salmon price.

That means a heavy fall from the levels last Friday.

“It stops. Now the first wave is over at retail. They (the processing companies – ed. note) have contracts with them on the continent, and they are told to slow down on deliveries. Foodservice is down. Retail goes well, but slows down. This is phase two (of the crisis – ed. note)”.

Stop

The air cargo market has dried up as a result of the fight against the corona virus.

“There is a full stop on the US. Not much on China. Now it’s back to basic. Focus only on Europe for Norway. Chile is about to collapse due to US air traffic. Then we’ll see where that fish goes. There are large frozen inventories,” says the buyer.

He warns national authorities against short-term measures that will increase salmon production.

“It is not wise to increase Maximal Allowed Biomass now. That’s not the solution. That’s short term thinking. What Norway must do now is deliver as much fish as possible and not be as focused on the price they get. Poland is the market.”

The message is clear from all of the industry soures. The price will go down steeply.

Author: Aslak Berge / SalmonBusiness | Read the full article here


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