UB Consulting: Are Consumers Facing Credit Issues?

According to the Q1 NY Federal Reserve Bank’s Household Debt and Credit Report, total household debt increased by nearly 1 percent from Q4 2022 to $17.05 trillion, an all-time high. On a quarter-to-quarter basis, credit card loans remained flat, totaling $986 billion. These figures raised concerns for many analysts, mainly as outstanding consumer credit card loans typically shrink during these times as consumers try to pay off holiday shopping expenditures paid by credit cards. Despite robust retail sales data, recent credit reports have sparked...

The Retail Rundown: Attractive Pork Features Could Entice Consumers This Summer

Competitive retail pork prices this summer could entice more consumers to favor pork over other proteins, especially as beef production continues to decline due to tightening cattle supplies.

Retailers are still aggressively promoting beef, which make up 29.9% of total retail buying opportunities. Seafood closely follows with 28.7%, while pork ranks third at 21.3%. Chicken has 14.4% of total ad space, down about 3% from the week prior. 

Within pork, brand-label bacon features make up the majority of features this week. According to the latest Circana data for...

ANALYSIS: The EU and the UK Warm-Water Shrimp Imports Drop

In Europe, 2023 will probably be remembered as the year when inflation on energy and grocery prices strongly impacted households’ purchase power, with some double-digit price increases on numerous items. As consumers tend to buy more affordable meals, supermarket sales of fresh and frozen seafood are declining while other proteins, like poultry or eggs, progress. As a result, the EU and the UK imports of frozen warm-water shrimps significantly dropped in volume in the first quarter of this year compared with last year...

USITC Keeps Antidumping Orders On Shrimp From China, India, Thailand and Vietnam

Last week the U.S. International Trade Commission (USITC) made their determination in the five-year reviews of frozen warmwater shrimp from China, India, Thailand and Vietnam. The Commission determined that revoking the existing antidumping duty orders would likely lead to “continuation or recurrence of material injury within a reasonably foreseeable time.” Existing orders on imports of warmwater shrimp from the above named countries will remain in place.

U.S. Senator Bill Cassidy of Louisiana commented on the news, expressing his support for the decision...

NOAA Forecasts Gulf of Mexico Dead Zone to Impact 4,155 Square Miles in 2023

The National Oceanic and Atmospheric Administration (NOAA) is forecasting a below-average summer dead zone in the Gulf of Mexico. 

Dead zones – or hypoxic areas – occur yearly as a result of “excess nutrient pollution from human activities in cities and farm areas throughout the Mississippi watershed.” This nutrient pollution, which can be caused by agricultural runoff and wastewater treatment effluent, depletes oxygen in the water, killing fish, shellfish and other marine life.  

The U.S. Geological Survey (USGS) looks at Mississippi River discharge and nutrient...

Canadian Company FeelGood Natural Health Pleads Guilty to Illegally Selling Harp Seal Oil in U.S.

Whitby, Ontario-based company FeelGood Natural Health Stores has pleaded guilty to one count of violating the Lacey Act. Between April 2019 and May 2021 the company knowingly transported and sold harp seal oil capsules, which is a violation of the Marine Mammal Protection Act (MMPA). 

The Lacey Act prohibits trafficking in fish and wildlife in violation of underlying federal, state, foreign or Indian Tribal Laws. It also prohibits the making or submitting of a false label, record, or account of fish, wildlife...

Hokkaido Pollock Surimi Production in April Fell 65% to 179 Tons, the Lowest in Recent Years

The production of land-based surimi in Hokkaido in April, which the National Surimi Manufacturers Association announced, decreased sharply for Alaska pollock and Atka mackerel and remained sluggish overall, reported Suisan Keizai Shimbun.

Alaska pollock surimi, the main product, was produced in April at 179 tons, down 65.2% year-on-year. Although it surpassed 142 tons in March, it has been below 200 tons for two consecutive months, keeping production at the lowest level in recent years. Atka mackerel surimi decreased...

DFO: Canada is a World Leader in The Fight Against Illegal, Unreported and Unregulated Fishing

Today we mark the International Day for the Fight against Illegal, Unreported, and Unregulated (IUU) Fishing. IUU fishing is a major cause of declining fish stocks and marine ecosystem destruction around the world, threatening the livelihoods of law-abiding fish harvesters, including right here in Canada.

Combatting IUU fishing is a high priority for Canada. That is why the Government of Canada established the Shared Ocean Fund as part of Canada's Indo-Pacific Strategy and committed $84.3M over five years...

MSC Responds Sharply to ADF&G Commissioner Vincent-Lang’s Criticism on Treatment of Russia

On May 30, Commissioner of Alaska Department of Fish and Game Doug Vincent-Lang sent a letter to the Marine Stewardship Council (MSC) criticizing their treatment of Russia during the ongoing conflict in Ukraine.

"While government and corporations of good conscience reacted to the Russian invasion of Ukraine by seeking to isolate Russia and deprive it of revenue that could fuel its war machine, your program has instead spent the last 15 months working overtime to keep Russian seafood flowing to western markets," Vincent-Lang wrote, ...

ANALYSIS: Farmed Salmon Feeling the Summer Slowdown

Salmon at retail looks to be starting to feel the summer slowdown. Over the past five weeks, retail features or buying opportunities have trended below both the 3-and-5-year averages. In addition, outside of one-week, average price at retail for fresh Atlantic salmon fillets has been trending above both the 3-and-5-year averages. Year-to-date the total number of buying opportunities or retail features is very close with 2023 only 1.7 percent higher than YTD in 2022. Average retail price YTD is also very close...

SalMar Selling Frøy to Goldman Sachs Asset Management For Nearly $600 Million

Frøy ASA, a Norway-based integrated aqua service company, is being sold to Goldman Sachs Asset Management for nearly $600 million (6.6 billion Norwegian crowns).

Falcon Bidco AS, a company that is indirectly wholly owned by infrastructure funds managed by Goldman Sachs Asset Management, announced on Monday that they have entered into an agreement with NTS AS, a wholly owned subsidiary of SalMar ASA and Frøy ASA. As part of the agreement, Falcon Bidco will acquire NTS’s 72.11% shares in Frøy...

Direct Seafood Source USA, Taprobane Seafoods Sri Lanka Announce Strategic Partnership

Direct Source Seafood USA confirmed this week that they have entered into a strategic partnership with Taprobane Seafoods Sri Lanka to produce, market and sell sustainable Sri Lankan seafood in the U.S. 

As one of the largest crab and shrimp importers in the U.S., Direct Source Seafood is always looking to enter into new partnerships. The company recently formed vertically integrated partnerships in Mexico and Norway. Now, looking to meet growing demand for blue swimming crab and 4-star BAP certified shrimp, Direct Source Seafood is turning to...

Peter Pan Seafood Ups Their Game on Food Safety and Compliance with Automation

Bellevue, WA. & Salt Lake City, UT — Peter Pan Seafood is elevating their commitment to food safety, compliance, and sustainability with an automated platform that ensures regulatory and financial compliance for every fresh, canned, and frozen seafood product created at their four Alaskan facilities.

“For more than 100 years, Peter Pan Seafoods has taken pride in its reputation for producing the highest quality seafood products from Alaska,” said Hart Schwarzenbach Director, Quality Assurance at Peter Pan.

Schwarzenbach described the many certifications throughout their processing, storage, and marketing operations...

Biden-Harris Administration Announces $2.6 Billion Framework Through Investing in America Agenda to Protect Coastal Communities and Restore Marine Resources

Today, the U.S. Department of Commerce unveiled a $2.6 billion framework to invest in coastal resilience through President Biden’s Inflation Reduction Act (IRA). As part of the President’s Investing in America Agenda this initiative will support communities and people on the frontlines of climate change, dedicating nearly $400 million specifically for Tribal priorities and benefiting coastal and Great Lakes communities nationwide with an emphasis on environmental justice. Additional investments from the IRA will improve weather and...

FFAW Calls On Government To Provide Emergency Economic Grant For Crab Industry

Crab harvesters are finally back in the water and chipping away at their snow crab quota after a six week delay due to pricing negotiations. But FFAW-Unifor is still hard at work seeking economic support for the industry – this time due to the post–pandemic collapse of the fishery.

“Both federal and provincial governments declared fish harvesters and plant workers essential workers during the onset of the COVID-19 pandemic – critical to both the economy and food supply of the country,” said FFAW-Unifor President Greg Pretty...

United States Partners With Western Indian Ocean Countries to Tackle IUU Fishing

Fishery resources contribute to the food security of millions of people in the world and are especially important in island nations like Madagascar, Comoros, Mauritius, and the Seychelles. According to the United Nations, more than 600 million people depend on fisheries and aquaculture for their livelihoods, but fishery resources face increasing threats from Illegal, Unreported, and Unregulated (IUU) fishing.

Despite measures taken at both the national and regional levels to deter, combat, and eliminate IUU fishing, this problem poses a significant threat to marine biodiversity and the livelihoods...

PODCAST: Seafood Nutrition Partnership's Linda Cornish On The Summer Seafood Challenge

Linda Cornish, the Founder and President of the Seafood Nutrition Partnership, joins the SeafoodNews Podcast to talk about the organization's Summer Seafood Challenge. Listen to find out how you can get involved!

This episode of the SeafoodNews Podcast is brought to you by “Watch Us Eat.” "Watch Us Eat" is a fun and educational YouTube series. The brand aims to increase seafood consumption and promote a healthy, sustainable lifestyle by providing engaging content, tasty recipes and valuable insights into the seafood industry. You can find the "Watch Us Eat" series on the SeafoodNews Youtube channel and by following watchuseat_seafood on Instagram. Email acoghlan@urnerbarry.com for partnership information.