Les Hodges: Frozen Crab to the US, Live to China - Everything Else is Just Noise

As the industry enters the final weeks of 2025, one reality is unmistakable: global king and snow crab movement is now shaped almost entirely by the United States and China. The US has become the dominant outlet for frozen snow crab, absorbing record volumes from Canada and Norway, while China controls the live crab market and continues to pull the majority of Russian king and snow crab. Japan remains Asia's largest frozen crab buyer, but demand has fallen sharply under a weak yen and declining consumer...

ANALYSIS: China’s Crustacean Imports Hold Firm Despite Economic Slowdown

Despite an economic slowdown that has persisted since last year, China has sustained a healthy import budget for crustaceans, according to the latest GACC figures (General Administration and Customs of China). The first quarter saw shipments to China increase by 6.6%, then 7.4% in Q2 and 5.0% in Q3, so from January to September, shellfish imports rose 6.3% in volume and 6.6% in value year‑on‑year.

Shrimp account for the largest share of crustacean imports this year, representing 55% of the CNY 50,149 million total spent to date...

Alaska’s 2025 Season Nets 88 Percent More Salmon, Increasing YOY Value by 78 Percent

The Alaska Department of Fish and Game (ADF&G) has published preliminary catch and value data for this year’s salmon season, noting year-on-year increases for both volume and value. 

Total catch reached 194.8 million salmon, an 88% increase from the 2024 catch of 103.5 million salmon. Total value in 2025 for all species is estimated to be at $541 million, a significant increase from $304 million in 2024. Ex-vessel average prices per pound for all salmon species improved from 2024 values...

Recall of Frozen Norwegian Salmon Fillet

In a laboratory test conducted by the Food Service of the Central Health Bureau, it was found that two products — Norwegian skinless frozen salmon fillet, packaging date January 6, 2025 only, barcode 7290005816109, and Norwegian frozen salmon fillet, packaging date December 14, 2024 only, barcode 7290003424252 — showed a discrepancy between the labeling as Atlantic salmon of the *Salar* species and their actual composition as coho salmon (*Oncorhynchus* species).

Product details:

• Product name: Norwegian frozen salmon fillet with/without skin, vacuum packed
• Brand: Chirne Content: sold by weight
• Manufacturer: Smoke Fish...

ANALYSIS: US Shrimp Import Estimates Show Downtrend After Front‑loading

New import estimates (Aug–Oct) developed amid the government shutdown reveal a post‑frontload downtrend that trims near‑term availability. While imports were higher than 2023–24 (years that themselves showed declines), they remain below 2022 levels. Preliminary October signals—where peeled product trends toward the high end of estimates—point to tighter balances for certain forms even as total seasonal volumes cool. Seasonally, the projected Aug–Oct turn confirms the expected counter‑seasonal downtrend after the spring/summer front run. That combination—reduced post‑frontload inflows plus form‑specific...

High Liner Q3 Adjusted EBITDA Falls 29% as Tariffs, Foodservice Softness Squeeze Margins

Value-added frozen seafood company High Liner Foods reported an Adjusted EBITDA decline in the third quarter of 2025, when compared to last year.

High Liner’s President and CEO Paul Jewer said the company faced “a combination of macroeconomic factors” which included tariffs, soft consumer sentiment and reduced foodservice traffic that led to “greater pressure on margins and volumes than anticipated.”

"We are taking targeted actions - including pricing adjustments, continuous improvement initiatives, and disciplined cost management - to help offset short-term pressures on the business,” Jewer added...

ASMI Delivers “Powerful” ROI, Adds $464M in Value to Alaska Seafood in 2023

The Alaska Seafood Marketing Institute (ASMI) delivered a “powerful” return on investment and played a strong role in a $464 million increase in value for Alaska seafood in 2023, according to seafood economist Andy Wink’s independent analysis.

Wink showcased his findings at the recent ASMI meeting in Alaska this week.

The report quantifies ASMI’s impact over the past five years, encompassing major seafood species, domestic and international retail and foodservice promotions, and global food aid sales...

Steve Musser Named Senior Vice President of Seafood at What Chefs Want

Chef-driven foodservice distributor, What Chefs Want, announced the appointment of its new Senior Vice President of Seafood, Steve Musser.

Musser has more than two decades of experience in the industry with companies like Fortune Fish & Gourmet, East Coast Seafood, Inland Seafood, and America’s Kitchen. His track record proves his ability to grow revenue, expand markets and strengthen business partnerships.

"Steve’s vision and expertise are exactly what we need as we continue to build a best-in-class seafood program," said Monty Crawford, the company's Chief Sales Officer...

Bakkafrost: Q3 2025 Biology at Record Levels, But Financials Lag as Market Prices Weigh on Earnings

Regin Jacobsen, CEO of Faroe Island-based salmon farmer Bakkfrost, said the company was pleased with its “exceptionally strong” biological performance but not with the financial results in the third quarter of 2025.

Jacobsen credited the subpar financial results to weak market prices and high global supply.

“Looking ahead, we expect the market situation to gradually improve as global supply growth slows and demand for high-quality salmon remains firm. This should support higher price levels through the winter and into 2026,” Jacobsen said...

ANALYSIS: Scottish Salmon Production '24-25: Volume Trends, Health Impacts, and Market Implications

The Scottish Fish Farm Production Survey 2024, published in October 2025, reported a notable increase in Atlantic salmon production in 2024, reaching 192,000 metric tonnes (mt), up 41,051mt (+27%) year-on-year (y-o-y). Current estimates for 2025 production are approximately 195,182 mt, a further 1.7% increase y-o-y. Salmon production in Scotland has been volatile over the past decade (Figure 1), but if the 2025 forecast is met this will mark two consecutive years of growth...

Expana Publication Schedule For the Veteran’s Day Holiday

Expana will be observing the Veteran’s Day holiday on Tuesday, November 11, which will impact the publication of some Expana Benchmark Prices. All US offices will be closed on the day; daily reports (red meat, poultry, eggs) will not be published, and the following weekly and biweekly reports will be impacted:

Veal, US, will be published on Monday, November 10

Grains and Oilseeds, US, will be published on Monday, November 10

Seafood, US and EU Markets, will be published on Wednesday, November 12...

Red Lobster Launches Fresh Seafood Boils and Seasonal Delights

The popularity of the seafood boil has reemerged recently, fueled by food content creators and social media.

Armed with a relentless CEO and rebounding from bankruptcy, the company has embraced the trend in an effort to heat up its menu, and amplify foot traffic.

Expana first announced the addition of the new seafood boils in June . Following their successful debut, Expana later reported in September that the restaurant made the boils a permanent part of its menu.

Most recently, the company has added three new flavors...

US-China Tariff Cut Gives Short-Term Relief to Seafood Imports

The US and China reached a trade agreement that reduces a key tariff on Chinese goods and extends several reciprocal exclusions, providing immediate — albeit temporary — relief to US seafood importers and processors, who have been squeezed by higher duties.

Under the agreement, the so-called fentanyl tariff is reduced from 20% to 10%, and reciprocal tariff exclusions are extended through December 31, 2025. Separately, certain Section 301 exclusions that had been set to expire at the end of November 2025 were pushed out...

US Share of Norwegian Salmon Slips as Tariffs Push Growth Toward Asia in 2025

The United States has become a smaller share of the Norwegian salmon market in recent months as tariffs play a significant role in the market shift.

In its monthly Norwegian seafood export update, the Norwegian Seafood Council said that salmon export growth to the US has slowed down in recent months. Over the last three months, only 8% of Norwegian salmon exports were destined for the us. That number was as high as 11.5% in the first quarter of 2025. Despite this, the US remains among...

Argentine Red Shrimp Season Delayed After Prospecting Finds Low Abundance

Prospecting vessels from the Argentine red shrimp fleet sailed earlier this week, but the anticipated commercial opening out of Puerto Rawson has been postponed after prospecting results showed that shrimp abundance is insufficient to support an immediate start, according to local publication Revista Puerto. Chubut province, a key hub for Argentina’s inshore shrimp grounds and processing capacity, had been expected to set the season in motion for early November, but authorities and industry sources now say they will delay the zafra until assessments show adequate abundance...

Price of Hokkaido Processed Ikura Hits JPY 28,000/Kg at Toyosu Market in Tokyo

Amidst the historically low catch of fall chum salmon in Hokkaido, new Hokkaido-produced salmon roe (ikura) is beginning to appear on the market. On November 4th, the top brand, Marusa Sasaya Shoten of Kushiro City, Hokkaido, listed soy sauce-marinated ikura at the Toyosu Market in Tokyo and the Sapporo Market. Wholesale prices were more than double those of the same period last year, reaching 27,000 to 28,000 yen/kg ($175.92-182.40/kg), reported Minato Shimbun...

US Foods Serves Up Strong Financial Results; Sales Soar, Profits Rise

US Foods released its financial results for the third quarter, showcasing continued growth and strong business momentum.

During the quarter, total case volume increased 1.1% year over year (YOY), contributing to a 4.8% rise in net sales to $10.2 billion. This growth underscores the company’s solid market presence and steady demand for its products and services.

Gross profit rose 5.2% to $1.8 billion, representing 17.2% of net sales. Net income increased 3.4% to $153 million, while adjusted...