Bakkafrost's Profits Up in 2014 as Faroe Island Salmon Flows to Russian Market
SEAFOODNEWS.COM [Dow Jones] by Dominic Chopping - February 25, 2015
Faroe Island-based salmon farmer Bakkafrost posted a rise in fourth-quarter net profit and said the 2015 salmon farming outlook is favourable as it expects strong demand with only limited supply growth as many farmers are close to full capacity utilisation.
Bakkafrost said it expects a tight salmon market in 2015 with the global supply of farmed salmon expected to grow around 4% in 2015 and 2%-3% in 2016. Global supply growth in 2014 was 9%, which it said seems to be the rate needed to maintain the salmon market in balance.
The Russian ban of Norwegian salmon implemented in 2014 gave temporary challenges to move volumes between different markets, but the market adapted relatively well to the new market situation. Salmon from the Faroe Islands is not covered by the recent Russian import ban...
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