ANALYSIS: Wholesale U.S. Shrimp Prices Converging with Typically Lower Egg Prices

There is usually a common perception from consumers that seafood and shrimp are luxury items while eggs have appealed to price sensitive consumers. But the chart might tell a different story right now. From 2019 to 2020, the Expana Benchmark Price Large Shell Egg, Midwest averaged 19% of the price of the 16-20 count Peeled and Deveined, Tail-On White Shrimp, Asia origin...

Norway’s Opposition Party Wants to Cut Salmon Tax

Norway’s Conservative party, Høyre, said it wants to reduce taxes on aquaculture and improve the conditions in which the industry operates within the country.

The news comes after the Conservative party, the primary opposition, released its party program policy which proposed a cut on the current aquaculture tax from 25% to 15%.

“Taxes must be reduced, predictability increased and regulations must be simplified. In this program, we therefore prioritize removing the wealth tax on working capital, and are considering a partial switch to other business taxation. We propose...

Red Lobster Wants to Unite America Through Cheddar Bay Biscuits; Offering Chance to Win Free Seafood

Red Lobster launched the ‘Cheddar Bay 2024’ campaign, which aims to unite all parties ahead of the 2024 U.S. Presidential election through its fan favorite, Cheddar Bay Biscuits. The company said the “bite-partisan campaign,” admittedly a clever pun, can rally everyone, at least for a short time, at the dinner table.

Alongside the campaign, Red Lobster said that guests will have the chance to win free Red Lobster for four years, or a presidential term. Starting on September 9 through November 10...

Royal Greenland Say Half-Year Results Shows ‘Signs of Stabilization’ Amid Turnaround Plans 

Seafood company Royal Greenland shared its half-year financial results, which showed signs of stabilization despite ongoing challenges.

While Royal Greenland's net profit before tax improved from H1 2023 (DKK -113 million) to DKK -59 million, the company said the result was “unsatisfactory.” Revenues, on the other hand, increased by 3.7% to DKK 2.64 billion ($390 million), which indicated signs of stability.

“However, the result was negatively impacted by DKK 90 million compared to last year, mainly due...

High Liner Foods Donates $250,000 to The Health Services Foundation of the South Shore

High Liner Foods Incorporated announced a significant contribution to The Health Services Foundation of the South Shore with a donation of $250,000 in support of their Brighter Days Capital Campaign for the redevelopment of South Shore Regional Hospital. The donation was presented to hospital and Brighter Days senior volunteer leadership committee members during a cheque presentation held at the High Liner Foods Lunenburg Facility on September 8. High Liner's donation will be allocated to the hospital's Dialysis Unit...

Mowi Scotland Highlights Lowest Monthly Mortality Rate in Over 8 Years

Mowi Scotland announced that it had recorded a significant drop in salmon mortality in August 2024, coming in at about one-third of that recorded in recent years as the region has been severely impacted by El Niño conditions.

Mowi explained that the marine heat wave linked to El Niño led to gill disease and mortality throughout 2023 and 2024. Although, the company did note that fewer incidents of viral, bacterial and parasotic incidents were reported during that time frame.

Last month, the company said it...

Department of Labor Adds Shrimp from India to 2024 List of Goods Produced by Forced Labor

The Department of Labor (DOL) added shrimp produced in India to its 2024 “List of Goods Produced by Child Labor or Forced Labor.”

The Bureau of International Labor Affairs (ILAB) maintains a list of goods and their source countries that it believes are produced via child labor or forced labor under standards set in the Trafficking Victims Protection Reauthorization Act (TVPRA) of 2005.

The ILAB said that the List is used mostly to boost public awareness and to promote efforts to combat...

USDA Eyeing Bids for Remaining Section 32 Pacific Seafood Products

The U.S. Department of Agriculture (USDA) has invited offers for Pacific whiting and rockfish for use in various domestic food distribution programs. In all, the USDA is looking for 26,100 cases of frozen Pacific rockfish fillets and 3,600 cases of frozen Pacific whiting fillets. 

The invitation aims to complete the USDA’s previously approved $22 million purchase of Pacific Northwest and West Coast seafood products that was announced in July. 

A few weeks ago, the USDA fulfilled most of that total, with a roughly $17.3 million purchase of Pacific...

ANALYSIS: Constrained Supply in Spanish Octopus Drives Rapid Price Increases in the U.S. Market

At the start of 2024, Spanish octopus prices were slightly higher than they are currently. A surge in imports, coupled with weakening demand in the spring, contributed to a downward trend in prices. In January and February, year-over-year (YOY) imports spiked by 105%, but by mid-year, imports slowed, though they remained higher than the previous year. By July, the YOY increase had settled at 7.5%...

Kyokuyo Feed-one Marine, Kyokuyo’s Bluefin Farming Arm, Enters Special Liquidation Proceedings 

According to a recent Tokyo Shoko Research (TSR) announcement, Kyokuyo Feed One Marine, which farms and sells bluefin tuna and other fish in Ehime Prefecture, received a special liquidation order from the Yokohama District Court on August 8. Minato Shimbun reported that its debts are approximately 2.465 billion yen ($17.21 million).

The company was established in November 2012 with joint investment from five companies, including Kyokuyo and leading feed manufacturer Nippon Formula Feed. It changed the corporate name to its current name...

September Import Cargo to Remain Elevated Ahead of Possible Port Strike

The nation’s major container ports are expected to see another busy month in September ahead of a potential labor strike at East Coast and Gulf Coast ports, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.

“This is a critical time as retailers prepare for the all-important holiday season, and we need every port in the country working at full capacity,” NRF Vice President for Supply Chain...

DFO Says Enforcement Officers are Working in Nova Scotia and New Brunswick, Locals Say No

Canada’s Department of Fisheries and Oceans (DFO) contends that their enforcement officers in Nova Scotia and New Brunswick are patrolling the area by land, sea, and air, arresting culprits for lobster poaching and other crimes, but local residents, including one Minister of Parliament, beg to differ.

Yesterday DFO issued a statement that “fisheries enforcement activity in the Maritimes Region is active – to suggest otherwise is false.” The statement listed arrests and seizures of unauthorized catch, equipment and vessels, including U.S. fishing gear placed over the ...

Safe Catch Launches ASC Labeled Smoked Rainbow Trout

Safe Catch is elevating the tinned seafood trend with the introduction of its new line of premium Smoked Rainbow Trout – certified and labeled by the Aquaculture Stewardship Council (ASC) as responsibly farmed.

Launched in July and now available at Sprouts Farmers Markets or with free shipping at Amazon or SafeCatch.com, Safe Catch’s ASC labeled Smoked Rainbow Trout has a delicious mild flavor and delicate texture. It is available in water, or for a bit of a kick, in sunflower oil with chilis...

Tradewind Finance Providing Credit Facility to Indian Shrimp Exporter 

Tradewind Finance completed a $900,000 credit facility for an Indian seafood exporter specializing in frozen shrimp.  

Tradewind said the facility will provide working capital for the exporter to support its growth and increased demand for its value-added shrimp, which can come in peeled, deveined, and cooked varieties. The shrimp is primarily intended for the U.S. 

In the arrangement, the seafood company is securing pre-shipment financing from its bank and post-shipment financing from Tradewind, per a press release...

ANALYSIS: Japanese Scallop Pricing Soars to Start September

Both the domestic and Japanese scallop markets adjusted higher throughout this week. Japanese scallops are into their second week of higher adjustments and 16-18s have moved up 10.4 percent since August.  However, this same size remains 8.6 percent below the 5-year average and 11.7 percent lower than the same time last year...

EIS Released For California’s First Marine Sanctuary in 32 Years, Nation’s Third-Largest

The Biden-Harris administration released the environmental impact statement (EIS) for the Chumash Heritage National Marine Sanctuary, a 4,500 square mile area off the coast of central California last Friday. If designated, which is expected by the end of this year, the Chumash Sanctuary will be the third largest in the National Marine Sanctuary System.

Last Friday’s announcement is the penultimate step in creating the sanctuary. A final decision is expected in October. The area stretches along 116 miles of coastline that includes kelp forests, rocky reefs, ...

Russian Government Does Not Expect Shortage of Red Fish, Caviar

The Russian government does not expect a shortage of red fish and caviar this year despite the expected decrease in the salmon catch in Russia by twofold, compared to 2023.

According to recent statements made by the head of the Russian Federal Agency of Fisheries (Rosrybolovstvo) Ilya Shestakov, which were made during the Far Eastern Economic Forum in Russia, this year, the salmon catch in Russia will not exceed 250,000-260,000 tonnes.

Ilya Shestakov comments:

"This is not the smallest volume that was caught, if you look for the...