North Atlantic Seafood Market Report

Transcription

North Atlantic
Seafood Market Report
April
2013
1
Key Highlights
Íslandsbanki
Dear reader,
The North Atlantic Seafood Market
Íslandsbanki employs a group of experts who focus on the
seafood industry. The group is part of the corporate banking unit
and handles relationships and services for domestic and foreign
seafood companies, as well as the publication of analyses and
reports.
Íslandsbanki offers comprehensive financial services to
individuals, households, companies and professional investors.
The bank has assembled a dedicated team of experienced
professionals with a deep understanding of the seafood sector,
which has been an important part of the Bank’s operations since
establishment. Indeed, Íslandsbanki and its predecessors have
worked closely with the seafood industry for over a century.
Íslandsbanki’s international strategy is centred on the bank’s
core strengths in seafood and energy. The geographic focus is the
North Atlantic region.
•
•
•
In addition to providing banking services to the seafood industry,
the bank has issued reports on the sector since 2003. Through
these reports, we attempt to provide insights into key issues
affecting the industry.
•
It is once again our great pleasure to present this Íslandsbanki
Industry Report, this time focusing on the North Atlantic Ocean.
As before, the object of our Seafood Industry Report is to give a
comprehensive and analytical overview of a region or a country.
The following pages are an introduction to the seafood industry
in the North Atlantic with a special focus on Iceland, Norway,
Faroe Islands, Greenland, Canada and US. We invite you to read on.
•
Íslandsbanki’s Seafood Team
•
Fishing in the North Atlantic represents about 11% of total global landings
Atlantic herring is the most caught species in the North Atlantic, followed by Atlantic cod and Atlantic mackerel
Norway is the largest fishing nation in the North Atlantic, representing about 23% of total landings
All of the six focus countries (Iceland, Norway, Faroe Islands, Greenland, Canada and US) have quota systems, although the methodologies differ
from country to country
Salmon and cod are the most valuable export species for the focus countries
Aquaculture accounted for 41.3% of fish production in the world in 2011, a 6.2% increase
over 2010
Over the years, many of the largest and leading seafood companies
in Iceland and abroad have been customers of the bank.
At present, about 26% of the bank’s corporate loan portfolio
relates to the seafood industry.
North Atlantic Report
Vilhelm Mar Thorsteinsson
Managing Director
Corporate Banking
vilhelm.thorsteinsson@
islandsbanki.is
Runar Jonsson
Executive Director
Seafood
runar.jonsson@
islandsbanki.is
Timothy H. Spanos
Executive Director
International Lending
timothy.spanos@
islandsbanki.is
Has 14 years of finance
experience.
Has over 15 years of
finance experience.
Has over 25 years of banking
and finance experience.
Fig. 01. Íslandsbanki’s Loan Portfolio, by Industry
9%
Individuals
8%
Seafood
Real estate
12%
44%
Commerce and services
Industrials
Other
13%
14%
2
Seafood Industry Team
Foreword
Ragnar Gudjonsson
Business Manager
Seafood
ragnar.gudjonsson@
islandsbanki.is
Olafur Hrafn Olafsson
Credit Manager
Seafood
olafur.hrafn.olafsson@
islandsbanki.is
Linda G. Lyngmo
Analyst
Seafood
linda.lyngmo@
islandsbanki.is
Rafn Árnason
Associate
Corporate Finance
rafn@
islandsbanki.is
Has over 40 years of
finance experience.
Has 14 years of
finance experience.
Has 4 years of
finance experience.
Has 9 years of
finance experience.
3
Table of Contents
North Atlantic5
North Atlantic Ocean6
North Atlantic Landings7
Landings by Species8
Landings by Country9
Quota Systems10
Seafood Export Comparison12
Export Value by Destination13
Export Value by Species in 2011
14
North Atlantic Economy15
The Icelandic Economy16
The Norwegian Economy18
The Faroe Islands Economy
20
The Greenland Economy22
The Canadian Economy24
The US Economy26
National Comparison28
4
Main Fish Stocks in the North Atlantic
29
Atlantic Herring30
Atlantic Mackerel31
Atlantic Cod32
Blue Whiting33
Capelin34
Northern Prawn (Shrimp)35
North Atlantic
Aquaculture36
Aquaculture by Countries37
Aquaculture Production38
Atlantic Salmon39
Conclusion40
Disclaimer42
5
The Atlantic Ocean is the second largest of the world’s five oceans.
It lies between Africa, Europe, the Arctic Ocean, the Americas
and the Southern Ocean. It is rich in natural resources, including
crude oil, natural gas and seafood, which have contributed
significantly to the development of surrounding countries. This
is especially true in the North Atlantic where fishing is rooted
in the culture of many countries. This region hosts some of
the world’s richest fishing resources, especially in the waters
covering the continental shelves. The major fish stocks are cod,
haddock, hake, herring, and mackerel.
North Atlantic Landings
This report will focus on six North Atlantic nations, referred to
as “focus countries” throughout the report: Iceland, Norway, the
Faroe Islands, Greenland, Canada and the US. These nations are
all large seafood producers and share strong cultural and historical
ties. The countries all have large coastlines and the ocean has
played an important role in the development of their economies.
Million MT
North Atlantic Ocean
In 2011, total global landings were about 83.5 million metric
tonnes (MT), a 6.7% increase from 2010.
Total landings in the North Atlantic were 10.3 MT or about
12% of total global landings. Pelagic fish accounted for the largest
proportion of landings, as can be seen in figure 02.
Fishing in the northern Atlantic has fallen by over 25% since
2001. This decline was due in part to the decline in the blue
whiting catch, along with the collapse of the capelin stock.
Fig. 02. Historical Landings in the North Atlantic,
by Species and Groups
16
14
12
10
8
6
4
2
0
00 001 002 003 004 005 006 007 008 009 010 011
2
2
2
2
2
2
2
2
2
2
2
20
Pelagic Total
Groundfish total
Shelfish
Other
Million MT
Fig. 02. Total Landings Global, 1990-2010
90
80
70
60
50
40
30
20
10
0
60%
50%
40%
30%
20%
10%
0%
90
19
19
91
19
92
19
93
94
19
Total, marine
6
Sources: CIA World Factbook and Arctic Portal
Sources: Statistics Iceland and FAO
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
Total Atlantic percentage of total marine (r. axis)
03
20
20
04
20
05
20
06
20
07
20
08
09
20
20
10
11
20
North Atlantic percentage of total marine (r. axis)
7
Landings by Species
Landings by Country
In 2011, total landings in the North Atlantic decreased by
800,000 MT or about 7.2% compared to 2010.
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Fig. 04. Historical Landings in the North Atlantic,
Top 6 Species from 2000 to 2011
catch equal to the US of about 1,100,000 MT in 2011. The reason
for Iceland’s decline can primarily be traced back to fluctuations
in some of the largest Icelandic fishing stocks, such as capelin,
blue whiting and cod along with other groundfish species.
As seen in figure 06, the total catch for Norway and Iceland
has declined substantially from their peak in 2002. Norway
has however been showing signs of recovery since 2008, while
Iceland’s volume has continued to decline, ending with a total
Fig. 07. Total Catch in the North Atlantic in 2011
Fig. 06. Total Catch in the North Atlantic,
by Focus Countries and Volume
Fig. 05. Total Landings for the 6 Major Fish Species
in the North Atlantic from 2000 to 2011
3,000
Top 6 species
Other
40%
60%
2,500
00
Herring
01
20
02
20
03
20
Blue Whiting
04
20
Cod
05
20
06
20
Capelin
07
20
08
20
Mackerel
09
20
10
20
11
20
European Sprat
Norway
23%
2,000
Iceland
US
1,500
Canada
43%
1,000
Faroe Islands
11%
500
Greenland
Other
0
20
8
For the past decade, Norway has been the clear leader in the
North Atlantic region, representing about 23% of the total catch.
Iceland and the US are the second and third largest, catching
about 10% of all fish in the North Atlantic.
Thousand MT
Thousand MT
The six major species accounted for just over 50% of the total
catch in the North Atlantic in 2011. The Atlantic herring
accounted for about 20% of the total catch, followed by the
Atlantic cod and the Atlantic mackerel, with 8.7% and 8.1% of
total landings respectively.
It should be kept in mind that the figures below does not reflect
the value of each species. The largest species by volume are not
necessarily the most valuable.
01
20
02
20
Norway
03
20
04
20
Iceland
Sources: Statistics Iceland and FAO
05
20
US
06
20
Canada
07
20
08
20
09
20
Faroe Islands
10
20
11
20
2% 7%
4%
10%
Greenland
9
Quota Systems
The focus countries have developed six distinct types of fisheries
management systems. The systems operate under conditions that
differ significantly from nation to nation, especially in terms of
the countries’ economic dependence on fishery resources, their
socio-cultural approaches to fisheries, and their marine ecosystems.
Iceland: The Minister of Industry and Innovation determines
the TAC for each species, based on the scientific advice from
the Icelandic Marine Research Institute. The TAC is normally
20% of the total biomass, without ever exceeding the Maximum
Sustainable Yield.* The maximum total quota for each company
is 12% for all species combined and there is also a different limit
for each species. Iceland has a uniform and fairly complete ITQ
system applying to all vessels.
Norway: The Norwegian management system is in the form of a
“regulatory chain”, which is an annual, interactive process based
on incremental changes. The regulatory chain incorporates stages
such as gathering research data which, for example, explores the
marine environment and resources, quota negotiations with other
states, as well as allocating quotas to the various vessel groups.
Faroe Islands: A fisheries management system based on
individual transferable quotas, with various restrictions on
transferability, was introduced in 1996. The quotas are not given
in metric tonnes of individual species but as fishing days for
various groups of fishing vessels in the Faroese fisheries zone.
Greenland: Fishing is administrated through quotas and licenses
regulating the total allowable catch (TAC) for Greenlandic
waters as decided by the Government of Greenland based on
the biological advice of Greenlandic and international fisheries
organizations. A distinction is made between coastal fishing and
10 North Atlantic Report
Sources: Nordic Council, OECD, Ministry of Fisheries and Natural Resources Faroe Islands,
Statistics Greenland and Ministry of Fisheries and Aquaculture Iceland
ocean fishing. Permanent licenses are used for shrimp. These
licenses can be traded between ship owners, with limits of 10%
(coastal fishing) and 33% (off shore fishing) of the total quota for
each company. The distribution of quotas for most other species
is determined by the Greenlandic government through temporary
one-year licences that cannot be traded between ship owners.
Canada: The Department of Fisheries and Oceans (DFO)
determines the TAC for each species, based on the scientific
advice from the Canadian Science Advisory Secretariat and
input from the Regional Advisory Process. The assessment
criteria include acoustic surveys, bottom trawl surveys, gillnetter
telephone surveys, and historic catch volumes. As a general
rule, the TAC is normally 20% of the total biomass, without ever
exceeding the Maximum Sustainable Yield.*
*Maximum Sustainable Yield or MSY is, theoretically, the
largest yield (or catch) that can be taken from a species’
stock over an indefinite period. MSY is extensively used
for fisheries management. MSY has been refined in most
modern fisheries models and occurs at around 30% of the
unexploited population size. This fraction differs among
populations depending on the life history of the species
and the age-specific selectivity of the fishing method.
US: The US has eight Regional Fishery Management Councils
which serve as the front line of fisheries management, where
region specific management measures (such as fishing seasons,
quotas, and closed areas) are initiated, developed, and ultimately
adopted in a fully transparent and public process. The US
has Ecosystem based fisheries and it implements a fishery
management plan for all fish species caught in US waters. Some
plans are for single species fisheries while others cover species
and even multispecies complexes, sometimes providing separate
management strategies by species, gear type, area etc.
Sources: Nordic Council, OECD, Fisheries and Oceans Canada, Department and Ministry of
Fisheries and Coastal Affairs Norway
11
Export Comparison
Export Value by Destination
As shown in table 01 the seafood industry plays different roles
in each of the focus countries’ economies. Marine products
represent a large proportion of total export value in Greenland
and The Faroe Islands, while in the US the share is much lower.
Norway is the largest export country of these six focus countries.
However, the share of fish and seafood in Norway‘s total export
value is only 5.9%. The fishing sector in Norway is the second
largest export sector after oil and gas.
In all of the focus countries, the number of jobs in the seafood
sector has decreased during the last 10 years. The main causes
for that fall are mechanisation and optimisation of the nation’s
vessels fleets.
The three main markets for the six focus coutries can be seen in
the table below.
Greenland exports 87% of its total fish and seafood products
to Denmark. Greenland is able to export a large proportion of
its fish and seafood products because of its small population
and large amount of total landings. In Iceland, cod is the most
valuable species, with the UK and Spain as the main markets.
The UK is also a strong market for Faroese groundfish along with
the US and Nigeria is a valuable market for dried fish. Canada is
highly dependent on the US, which is a net importer of seafood
products. Norway enjoys diverse markets for its products with no
reliance on any single market.
Table 01. The North Atlantic Fisheries in Short Term
Employed in the
Fishing Industry
Fisheries Share of
National GDP
Fish and Seafood of
Total Export Value
Iceland
9,100
7.7%
34.0%
672,247
1,559
Norway
12,791
1.5%
5.9%
2,277,740
6,684
Faroe Islands
3,642
35.0%
85.0%
325,092
618
Greenland
1,381
NA
90.0%
109,788
316
Canada
81,000
2.5%*
34.0%
609,335
2,977
1,233,204
0.0%
0.3%
1,479,683
3,900
US**
Numbers from 2011
*Atlantic region’s GDP
Total Fish and
Seafood Export (MT)
Total Fish and Seafood
Export (Million EUR)
**US total edible seafood
Table 02. Main Export Countries in 2011
Iceland
Norway
Faroe Islands
Greenland*
Canada
US
1.
UK
(18%)
Russia
(10%)
UK
(14%)
Denmark
(87%)
US
(62%)
Canada
(19%)
2.
Spain
(9%)
France
(10%)
Nigeria
(10%)
Canada
(4%)
China
(9%)
EU
(17%)
3.
Norway
(7%)
Denmark
(7%)
US
(9%)
Iceland
(1%)
Japan
(6%)
Mexico
(14%)
*Numbers from 2009
Sources: Statistics Iceland, Fisheries and Oceans Canada, Statistics Norway, Directorate of
Fisheries Norway, Fishery Statistics Division US, Statistics Greenland and Statistics Faroe Islands
Sources: Statistics Iceland, Fisheries and Oceans Canada, Statistics Norway, Directorate of
Fisheries Norway, Fishery Statistics Division US, Statistics Greenland and Statistics Faroe Islands
Export Value by Species in 2011
Fig. 08.
Norway
Iceland
Salmon
Cod
13%
31%
30%
8%
12%
Lobster
23%
4%
7%
35%
56%
8%
9%
Faroe Islands
6%
Redfish
11%
10%
Prawn
Herring
9%
12%
Mackerel
16%
Haddock
Blue Whiting
Crab
Canada
Greenland
US
Saithe
Capelin
10%
5%
28%
Scallops
9%
55%
21%
9%
50%
4%
10%
18%
15%
Pollock
19%
25%
Greenland halibut
Other
11%
4%
7%
Sources: Statistics Iceland, Fisheries and Oceans Canada, Statistics Norway, Directorate of Fisheries
Norway, Fishery Statistics Division US, Statistics Greenland and Statistics Faroe Islands
North Atlantic
Economy
Historical Landings
The Icelandic Economy (Amounts in million EUR)
Area (km2)
103,000
Population
313,183
GDP (PPP)
10,071
GDP (growth) (PPP)
2.7%
GDP per capita (PPP)
30,639
The following figures show the development of the Icelandic
fishery from 2000 to 2011.
Total seafood catch in 2011 was valued at EUR 953 million, a 16%
increase from 2010.
Over the last decade three of the major species have decreased
in volume by an average 25%. The total catch has fallen by 42%
from about 1,900,000 MT in 2001 to just over 1,100,000 MT in
2011. The primary cause for the decline is a fall in the capelin stock.
Cod was the most important species in 2011 in terms of value
followed by redfish, herring and haddock.
GDP composition by sector
24.4%
Services
70.3%
Inflation rate
5.3%
Unemployment rate
5.6%
Trade balance
Export
3,966
Import
3,655
2,000
1,500
1,000
Numbers are 2012 est.
500
The Icelandic economy depends heavily on the fishing industry
and is the second largest fishing nation in the North Atlantic
behind Norway.
0
00
20
In 2011, the seafood sector provided over 38% of export earnings,
contributed about 8% of GDP, and employed over 5% of the work
force.
Fig. 10. Total Landings, by Species and Value
Fig. 09. Total Landings, by Species and Volume
Million EUR
Iceland is located in Northern Europe, an island between the
Greenland Sea and the North Atlantic Ocean, northwest of the
United Kingdom. The country is rich in natural resources such as
geothermal and hydropower, and seafood.
5.3%
Industry
Thousand MT
The Icelandic Economy
Agriculture
01
20
02
20
Capelin
Sources: CIA World Factbook and Statistics Iceland
The main species in terms of volume are capelin, herring, cod,
redfish and haddock.
03
20
04
20
Herring
05
20
Cod
Sources: FAO and Statistics Iceland
06
20
07
20
Haddock
08
20
09
20
Redfish
10
20
11
20
Other
1,000
900
800
700
600
500
400
300
200
100
0
00
20
01
20
02
20
Cod
03
20
Redfish
04
20
05
20
Herring
06
20
07
20
Haddock
08
20
09
20
Saithe
11
10
20
20
Other
17
Historical Landings
The Norwegian Economy (Amounts in million EUR)
Area (km2)
385,252
Population
4,722,701
GDP (PPP)
216,265
GDP (growth) (PPP)
3.1%
43,004
The following figures show the development of the Norwegian
fishery from 2000 through 2011.
The most significant change in terms of volume has been in
herring and capelin. After reaching its peak in 2009, herring has
decreased by 41%, reaching a total volume of 633,103 MT.
As in previous years, cod remains the most valuable species in
Norway accounting for 25% of total value in 2011.
Norway is rich in natural resources, such as petroleum, hydropower,
fish, forests, and minerals. The country is highly dependent on the
petroleum sector, which accounts for a significant portion of total
export revenue. Norway is the world’s second-largest natural gas
exporter and seventh largest oil exporter.
41.5%
Services
55.7%
Inflation rate
0.6%
Unemployment rate
3.1%
Trade balance
Export
126,524
Import
67,484
3,000
2,500
2,500
2,000
Million EUR
Norway comprises the western portion of the Scandinavian
Peninsula in Northern Europe. The country has long been
considered unique for its spectacular fjords, spanning more
than 21,000 km. About 80% of the country’s population resides
around the coast and up to 10 km inland.
2.7%
Industry
Thousand MT
The Norwegian Economy
Agriculture
2,000
1,500
1,000
1,000
500
500
The fishing sector is the second largest export sector in Norway,
with total exports valued at about EUR 5 billion in 2011 and
employing around 19,000 people, both directly and indirectly.
0
0
00
20
01
20
02
20
Herring
Sources: CIA World Factbook, the Directorate of Fisheries Norway and Statistics Norway
1,500
03
20
Capelin
04
20
05
20
Cod
06
20
07
20
Mackerel
08
20
Saithe
09
20
10
20
11
20
Other
Sources: CIA World Factbook, the Directorate of Fisheries Norway and Statistics Norway
00
20
01
20
Cod
02
20
03
20
Herring
04
20
05
20
Mackerel
06
20
07
20
Saithe
08
20
09
20
Haddock
10
20
Other
11
20
19
Historical Landings
The Faroe Islands Economy (Amounts in million EUR)
Area (km2)
1,393
Population
47,7090
GDP (PPP)
1,107
GDP (growth) (PPP)
2.9%
20,732
The following figures show the development of the Faroe Islands’
fishery from 2001 to 2011.
The collapse of the blue whiting stock has had a major impact on
the fishery. At its peak in 2003 the total catch of blue whiting was
320,000 MT, which represented 53% of the Faroese’ total catch.
In 2011, the total catch was 16,000 MT, a 95% decrease
compared to 2003.
For decades fishing has been the main source of income for the
Faroese, with fish and fish related products representing over
91% of Faroese exports in 2012. Initial discoveries of oil in the
Faroese area give hope for eventual oil production, which may
provide a foundation for a more diversified economy and less
dependence on Danish economic assistance.
16.0%
Industry
29.0%
Services
55.0%
Inflation rate
2.3%
Unemployment rate
6.8%
Trade balance
Export
621
Import
584
700
250
600
Million EUR
The Faroe Islands are an island group and archipelago under the
sovereignty of Denmark, situated between the Norwegian Sea
and the North Atlantic Ocean, about halfway between Norway
and Iceland.
Agriculture
Thousand MT
The Faroe Islands Economy
In recent years, increased mackerel landings have partially offset
the decline in the whiting catch. The mackerel catch increased
from 15,000 MT in 2009 to 125,000 MT in 2011.
500
400
100
200
50
0
0
Sources: CIA World Factbook and Statistics Faroe Islands
150
300
100
In 2012, Faroe Island’s commercial fishing industries generated
more than EUR 429 million and created more than 2,846 jobs.
Fish farming is also an important industry in the Faroe Islands,
creating more than 796 jobs, valued at EUR 245 million.
200
1
0
20
2
0
20
3
0
20
Blue Whiting
4
0
20
Herring
5
0
20
6
0
20
Saithe
Sources: FAO and Statistics Faroe Islands
7
8
0
20
0
20
cod
Mackerel
9
0
20
0
1
20
Other
1
1
20
01
20
02
20
Saithe
03
20
Cod
04
20
05
20
Monk fish
06
20
07
20
Ling
08
20
09
20
10
20
Greenland halibut
11
20
Other
21
Historical Landings
The Greenland Economy (Amounts in million EUR)
2,166,086
Population
56,7490
GDP (PPP)
1,529
GDP (growth) (PPP)
3.0%
25,423
As can be seen in the following figures, shrimp (northern
prawn) is by far the most caught species in Greenlandic waters,
accounting for over 46% of the total catch in 2011, followed by
the Greenland halibut and cod.
Recently, capelin has increased in volume, reaching 48,000 MT
in 2011, a sharp increase compared to the previous five years.
Snow crab was a substantial part of Greenland’s total catch up
until 2007 but has decreased by more than 50% since then (crab
is listed among other species in the figures).
Greenland, which is located between the Arctic Ocean and the
North Atlantic Ocean, is the largest island in the world. Ice covers
about 81% of the island and the majority of the population lives
in towns along the West Coast.
Greenland is rich in many natural resources, the main ones being
the fisheries, with more than 250 fish species living in its waters.
Furthermore, Greenland has abundant mineral resources such as
coal, iron ore, uranium, lead, zinc, molybdenum, diamonds and
gold, and has recently gained international attention because of
the country’s strategic location for the future development of the
Arctic, including Arctic shipping lanes.
4.0%
Industry
29.0%
Services
67.0%
Inflation rate
2.8%
Unemployment rate
4.9%
Trade balance
Export
289
Import
613
Numbers are 2009 and 2012 est.
The fishing industry is a vital part of the national economy,
accounting for 90% of the country’s exports and providing
around 1,500 jobs in 2011.
300
Thousand MT
The Greenland Economy
Agriculture
Northern prawn is also the most valuable species accounting for
more than 55% of total landings by value in 2011. Greenlandic
halibut is the second most valuable species with around 21% of
the total value in 2011.
250
Million EUR
Area (km2)
200
150
100
50
0
00
20
01
20
Shrimp
02
20
03
20
Capelin
04
20
05
20
06
20
Greenland Halibut
07
20
Cod
08
20
09
20
Lumpfish
10
20
11
20
Other
400
350
300
250
200
150
100
50
0
00
20
01
20
Shrimp
02
20
03
20
04
20
Greenland Halibut
05
20
06
20
Cod
07
20
08
20
Redfish
09
20
10
11
20
Capelin
20
Other
Note: The landings values for 2003-2007 are est. figures since the official data was not available
Sources: CIA World Factbook and Statistics Greenland
Sources: FAO and Statistics Greenland
23
Historical Landings
The Canadian Economy (Amounts in million EUR)
9,984,670
Population
34,568,211
GDP (PPP)
1,143,146
GDP (growth) (PPP)
1.9%
32,272
The following figures show the development of the Canadian
fishery in the Atlantic Region from 2000 to 2011.
Total seafood landings in 2011 were valued at EUR 1.3 billion,
a 19% increase from 2010.
Lobster was the most important species in 2011 in terms of value
followed by queen crab, shrimp, and scallop.
Located in North America, Canada borders the North Atlantic
Ocean on the east, North Pacific Ocean on the west, and the Arctic
Ocean on the north. The country is rich in natural resources
such as natural gas, oil, arable crops, wildlife, and seafood. Since
World War II the growth of manufacturing, mining, and service
sectors has transformed the country into an industrial economy.
1.8%
Industry
28.6%
Services
69.6%
Inflation rate
1.8%
Unemployment rate
7.3%
Trade balance
Export
374,594
Import
373,972
1,500
800
600
1,200
900
400
600
200
300
0
0
00
2
1
00
2
Shrimp
Sources: CIA World Factbook and Fisheries and Oceans Canada
1,000
0
Canada has one of the world’s most valuable commercial fishing
industries, directly contributing about EUR 1.3 billion a year and
is estimated to account for more than 81,000 jobs. Seafood is the
most significant food commodity exported by Canada.
Thousand MT
The Canadian Economy
Agriculture
All of the major species increased in total value between 2010
and 2011, by an average of 34%. This increase is primarily due
to increased landings and the weakening of the Canadian dollar.
Million EUR
Area (km2)
2
2
00
03
20
Herring
2
4
00
5
00
2
6
00
2
Crab, Queen
Sources: FAO and Fisheries and Oceans Canada
7
00
2
2
8
00
Lobster
9
00
2
Scallop
2
0
01
1
01
00
2
20
Other
Lobster
01
20
02
20
03
20
Crab, Queen
04
20
Shrimp
05
20
06
20
Scallop
07
20
08
20
09
20
10
20
11
20
Greenland turbot
Other
25
Historical Landings
The US Economy (Amounts in million EUR)
9,826,675
Population
316,668,567
GDP (PPP)
12,178,004
GDP (growth) (PPP)
2.2%
38,727
The following figures depict the development of the US fishery
in New England and Mid-Atlantic Region from 2002 to 2011.
Note that other large fisheries within the US (e.g. Alaska) are
not covered in this report which focuses on the North Atlantic
region. For additional information on these fisheries, please see
our report on the US dated September 2010.
The United States is located in North America, bordering both
the North Atlantic Ocean and the North Pacific Ocean, between
Canada and Mexico.
1.2%
Industry
19.1%
Services
79.9%
Inflation rate
2.0%
700
Unemployment rate
8.2%
600
Trade balance
Export
1,244,241
Import
1,835,255
The US is the third-largest country by total land area and
population. It abounds with natural resources, as well as having
well-developed infrastructure, and high productivity.
500
400
1,000
800
300
600
200
400
100
200
0
0
02
Menhaden
Sources: CIA World Factbook, NOAA and Fisheries Economics of the United States
Sea scallop and blue crab were the most valuable species in total
landings in the Mid-Atlantic Region.
1,200
20
Fisheries, whether for commerce or recreation, play significant
role in the US economy. Commercial fishermen in the US directly
contributed about EUR 3.8 billion in 2011 into the US economy
supporting 1.2 million full and part-time jobs.
In 2011, commercial fishermen in the Mid-Atlantic Region landed
354,000 MT of finfish and shellfish, valued at EUR 378 million, a
6.9% increase from 2010.
Thousand MT
The US Economy
Agriculture
In 2011, commercial fishermen in the New England Region
landed 282,000 MT of finfish and shellfish, valued at EUR 790
million, a 6.8% increase relative to 2010.
American lobster and sea scallop were the most important
species in 2011 in terms of value in the New England Region.
Million EUR
Area (km2)
03
20
Herring
04
20
05
20
06
20
American lobster
07
20
08
20
Blue crab
09
20
Sea scallop
Sources: FAO, NOAA and Fisheries Economics of the United States
10
20
11
20
Other
02
20
Sea scallop
03
20
04
20
American lobster
05
20
06
20
Blue crab
07
20
08
20
09
20
Cod & haddock
10
20
Squid
11
20
Other
27
National Comparisons
Main Fish Stocks in
the North Atlantic
These six nations of the North Atlantic are very different in terms
of geographic size, population and economic conditions. The US
is by far the largest country. However, Norway’s economy is the
strongest with 0.6% inflation, 3.1% unemployment and 3.1%
economic growth.
Table 03. Comparison of the North Atlantic Countries Economies (Amounts in Million EUR)
Iceland
Norway
Canada
Greenland
Faroe Islands
US
Area (km2)
Population
103,000
313,183
385,252
4,722,701
9,984,670
34,568,211
2,166,086
56,749
1,393
47,709
9,826,675
316,668,567
GDP (PPP)
GDP (growth) (PPP)
10,071
216,265
1,143,146
1,529
1,107
12,178,004
2.7%
30,639
3.1%
43,004
1.9%
32,272
3.0%
25,423
2.9%
20,732
2.2%
38,727
Agriculture
5.3%
2.7%
1.8%
4.0%
16.0%
1.2%
Industry
24.4%
41.5%
28.6%
29.0%
29.0%
19.1%
70.3%
5.3%
5.6%
55.7%
0.6%
3.1%
69.6%
1.8%
7.3%
67.0%
2.8%
4.9%
55.0%
2.3%
6.8%
79.9%
2.0%
8.2%
3,966
3,655
126,524
67,484
374,594
373,972
289
613
621
584
1,244,241
1,835,255
Services
Inflation rate
Unemployment rate
Trade balance
Export
Import
Sources: CIA World Factbook and Statistics Greenland
29
Atlantic Herring
Atlantic Mackerel
Herring is the most abundant fish in the North Atlantic. It is
a pelagic zooplankton feeder, mostly feeding on the copepod
Calanus finmarchicus. The herring’s common size is between 30
and 40 cm.
The North Atlantic herring is split into many stocks, based on
where and when they spawn. Historically, the largest of these
stocks is the Norwegian spring spawning herring. This stock
spawns along the coast of central Norway.
The mackerel is a streamlined and fast swimming fish known for
extensive migrations. Common size for adults is from 35 cm to 45
cm, but it can reach 60 cm in length. Mackerel feeds on a variety
of pelagic animals, mostly crustaceans and fish juveniles.
Herring is processed into meal and oil, and frozen or salted for
human consumption.
International landings of herring in the North Atlantic in 2011
were 1,800 MT, a 19% decrease from 2010.
The Atlantic mackerel can be found from the northeast coast
of US, up to Newfoundland. On the eastern side of the Atlantic,
it is found off Morocco, in the Mediterranean Sea and all the
way up to the Barents Sea. Three stocks are recognised in the
northeast Atlantic.
Fig. 21. International Landings of Herring (thousand MT)
Fig. 23. International Landings of Mackerel (thousand MT)
Fig. 22. Herring Landings in 2011,
by Countries and Volume
880
2,225
879
2,369
2,479
2,510
780
754
2,204
718
856
1,778
658
1,699
1,346
2006
2009
Focus countries
37%
Faroe Islands
531
554
2010
Other
1,121
2011
4%
4% 8%
11%
599
697
404
International landings of mackerel in the North Atlantic in 2011
were 938,000 MT, an about 7% increase from 2010.
Fig. 24. Mackerel Landings in 2011,
Norway
440
22%
380
283
329
US
1,483
2008
Iceland
Canada
1,756
1,514
2007
36%
Norway
938
The mackerel is a valuable pelagic fish and most of the catch is
used for human consumption.
249
225
2006
2007
Iceland
Faroe Islands
302
Canada
297
317
2008
2009
Focus countries
Other
476
498
2010
2011
47%
Other
17%
1%
13%
Other
Sources: FAO and Ministry of Fisheries Iceland
31
Atlantic Cod
Blue Whiting
The Atlantic cod is among the most caught species in the North
Atlantic. Common size for the Atlantic cod is in the range of 45
to 85 cm long.
The Atlantic cod is distributed from Cape Cod in the Northwestern Atlantic, along the coast of Labrador, off southern
Greenland, Iceland, Faroe Islands, south to the English Channel,
in the North Sea, Baltic Sea and in the Barents Sea.
Fig. 25. International Landings of Atlantic Cod (thousand MT)
951
834
335
500
2006
784
769
413
538
2007
2008
Focus countries
2009
Other
2010
International landings of blue whiting in the North Atlantic in
2011 were 103,000 MT, an 81% decrease from 2010.
2,024
Fig. 28. Blue Whiting Landings in 2011,
1,673
458
Norway
33%
504
454
The majority of the blue whiting catch is processed into fish
meal. However, a small but increasing share is frozen at sea for
human consumption.
Blue whiting is among the ten most fished species in the
world. The stock is very large and primarily fished in the
northeast Atlantic.
Fig. 27. International Landings of Blue Whiting (thousand MT)
Fig. 26. Atlantic Cod Landings in 2011,
315
474
International landings of cod in the North Atlantic in 2011 were
over 1,000 MT, a 10% increase from 2010.
The blue whiting is a rather small codfish, usually 22 to 30 cm
long, but can reach up to 50 cm in length. It is unique among
codfish since it is purely an open ocean pelagic fish. The blue
whiting is a true international fish and feeds on a variety of
pelagic organisms, small fishes, small squid, copepods and krill.
866
363
309
1,050
Cod is processed in a variety of ways; a large proportion is salted
and sold as quality food to southern Europe. A roughly equal
proportion is iced at sea and processed and frozen after landing.
A large but declining quantity is processed and frozen at sea, and
an increasing proportion is exported fresh by air or in containers
by sea.
592
581
Faroe Islands
Greenland
44%
739
Iceland
Other
2011
1%
2%
3%
17%
2006
2007
546
231
209
405
337
103
60
2008
2009
2010
2011
Other
59%
817
Focus countries
Iceland
635
1,092
Norway
Faroe Islands
460
1,284
Canada
20%
1,277
16%
45
5%
Other
33
Capelin
Northern Prawn (Shrimp)
Capelin is a small pelagic fish, usually between 15 and 18 cm in
length, and has a very short life cycle. It has a key role in the food
chain between animal plankton and larger fish. Most groundfish
species, feed on capelin at some stage in their life and it is
estimated that capelin may be 40% of the total feedstock of cod.
Fig. 29. International Landings of Capelin (thousand MT)
851
47
504
420
267
418
267
2006
253
2
246
2007
2008
Focus countries
77
363
803
Most of the capelin catch is processed for fish meal and oil. Part
of the catch is frozen at sea, or after landing, and processed for
human consumption.
International landings of capelin in the North Atlantic in 2011
were 850,000 MT, a 68% increase from 2010.
2010
450
66
70
428
69
US
385
352
71
376
380
20
International landings of the northern prawn in the North
Atlantic in 2011 were 328,000 MT, a 6.8% decrease from 2010.
328
20
Fig. 32. Northern Prawn Landings in 2011,
7%
1%
2% 6%
3%
359
331
308
36%
2006
2007
2008
Focus countries
Norway
Iceland
Faroe Islands
Other
Other
Greenland
US
Greenland
2011
Canada
45%
314
Canada
Faroe Islands
38%
2009
Iceland
42%
427
290
441
Norway
6%
73
The northern shrimp has opportunistic feeding habit. It
scavenges on the bottom sediments, is a predator on small
benthic invertebrates and also seems to be able to filterfeed
during migrations to the water column in the night.
Currently most of the shrimp catch is iced at sea and then
processed further and after landing. When shrimp catches were
higher, a considerable proportion was also frozen at sea. After
landing, the shrimp is cooked and peeled by machines.
Fig. 31. International Landings of Northern Prawn (thousand MT)
Fig. 30. Capelin Landings in 2011,
2% 6%
2%
4%
Northern shrimp is a subarctic species, widespread in the northern
parts of the North Atlantic and the North Pacific Oceans.
2009
2010
Other
2011
Other
35
Aquaculture by Countries
Aquaculture
Aquaculture has grown rapidly over the last decades. In 2011,
the total production of farmed fish was 63,000,000 MT with an
estimated value of EUR 94 million. Aquaculture accounted for
41.3% of global fish production in 2011, a 6.2% increase over 2010.
Aquaculture is predominantly used for human consumption.
Asia is by far the largest producer with about 90% of worldwide
production. FAO expects that farmed fish for human consumption
will outweigh caught fish by 2018.
The state of aquaculture in Canada, Faroe Islands, Greenland
and Norway could hardly be more different. Norway is by far the
largest producer in the region with 1,138,000 MT produced in
2011, placing them among the top ten producers in the world. On
the other hand Greenland has no aquaculture at all.
The east coast of Canada produced 71,000 MT in 2011, and Faroe
Islands produced 60,500 MT.
Fig. 34. Aquaculture by Countries and Value
Fig. 33. Aquaculture by Countries and Volume
1,400
Thousand EUR
Thousand MT
1,200
1,000
800
600
400
200
0
02
20
03
20
Norway
Sources: FAO
04
20
05
20
06
20
Canada East Coast
07
20
08
20
Faroe Islands
09
20
10
20
US East Coast
11
20
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
02
20
03
20
Norway
04
20
05
20
Faroe Islands
06
20
07
20
08
20
Canada East Coast
09
20
11
10
20
20
US East Coast
37
Aquaculture Production
Atlantic Salmon
Aquaculture has grown rapidly in Norway, increasing by
600,000 MT or 100% during the period from 2002 to 2011,
entirely due to increased salmon production. During this period,
aquaculture increased only slightly in the other North Atlantic
focus countries.
Atlantic salmon is an anadromus species and has a rather
complex life story. Salmon spawns in fresh water and juveniles
grow there for two to three years before migrating to the ocean.
It stays there for another two to three years before returning to
fresh water to spawn.
The value of farmed fish increased significantly during this
period from EUR 1.0 billion in 2002 to EUR 4.5 billion in 2011,
about 450% jump in value.
Fig. 35. Aquaculture by Species and Volume
for the 6 Focus Countries
1,400
Table 04. Aquaculture Production by Countries in 2011 (MT)
Iceland
Thousand MT
1,200
Atlantic cod
1,000
Atlantic salmon
Norway
Faroe
Islands
Canada
East Coast
US
East Coast
877
15,249
NA
NA
NA
1,083
1,059,958
60,473
27,184
18,595
800
Arctic charr
3,021
276
NA
NA
NA
600
Blue mussel
46
1,742
NA
25,209
2,213
400
Other salmonids
NA
72
NA
14,264
200
Rainbow trout
226
58,311
NA
NA
NA
Hard clam
NA
NA
NA
NA
28,841
0
02
20
03
20
Salmon
04
05
20
20
Trout
06
20
Mussel
07
20
08
20
Hard clam
09
10
20
20
Cod
Other
Fig. 36. World Production of Atlantic Salmon (thousand MT)
NA
1,379
1,440
1,426
569
627
479
402
810
824
2008
961
2009
Focus countries
Sources: FAO
International production of salmon increased by 21% compared
to 2010.
Fig. 37. Atlantic Salmon Production 2011,
1,721
1,452
2007
11
20
The salmon farming industry started in Norway in the 1980s and
has grown dramatically. In 2011, 1,721,000 MT were produced
in 12 countries, Norway being by far the largest with about 62%
of the production.
Sources: FAO
1,024
2010
554
Norway
Faroe Islands
32%
U.S. - East Coast
1,167
2011
Canada - East Coast
62%
Other
1%
2%
4%
Other
39
Conclusion
Conclusion
The North Atlantic Ocean has abundant seafood which is an
important resource for many countries. The ocean contains
many different species of fish whose harvesting is the foundation
of significant populations. It is unlikely that we will see major
expansion in wild caught species in the future, and therefore, the
focus nations will look for other ways to increase the value of
their seafood industry.
A major recent development has been improved processing
techniques designed to maximise the value extracted from the
sea. This involves processing as much of the catch as possible
for human consumption, and creating value from the parts of
the catch that were previously wasted. This has become a major
undertaking for seafood companies and there are a number of
opportunities for further efficiencies in processing. Progress in
the focus countries varies greatly, but there is much scope for
improvement for all of them.
In the future increasing supplies of seafood for human
consumption will come from further processing along with
aquaculture. Aquaculture has shown rapid growth rates in
recent years. Today, 47% of seafood for human consumption
is farmed and it is believed that farmed fish will overtake fish
caught for human consumption by 2018. As shown in the report,
some of the North Atlantic countries are already very advanced
in aquaculture and have built up strong local industries. Fish
farming at sea has limited growth potential due to the fact that it
is important not to disrupt the ecology of other organisms.
Disclaimer
This report was produced by Íslandsbanki hf.
The information in this report is based on publicly available data and
information from various sources deemed reliable. The information has
not been independently verified by Íslandsbanki hf. (“Íslandsbanki”) and
Íslandsbanki does not guarantee that the information is comprehensive
or accurate. All views expressed herein are those of the author(s) at
the time of writing and may change without notice. Íslandsbanki holds
no obligation to update, modify or amend this report or to otherwise
notify readers or recipients of this report in the event that any matter
contained herein changes or subsequently becomes inaccurate.
This report is informative in nature, and should not be interpreted as
a recommendation to take, or not to take, any particular investment
action. This report does not represent an offer or a solicitation to buy,
sell or subscribe to any particular financial instruments.
Íslandsbanki accepts no liability for any possible losses or other
consequences arising from decisions based on information in this report.
Any loss arising from the use of the information in this report shall be
the sole and exclusive responsibility of the investor. Before making an
investment decision, it is important to seek expert advice and become
familiar with the investment market and different investment alternatives.
Various financial risks are at all times present during investment
activities, such as the risk of no yield or the risk of losing the capital
invested. International investments include risks related to political
and economic uncertainties as well as currency risk. Each investor’s
investment objectives and financial situation is different. Past performance
does not indicate or guarantee the future performance of an investment.
Reports and other information received from Íslandsbanki are intended
for private use only. This material may not be copied, quoted or
distributed, in part or in whole, without prior written consent from
Íslandsbanki.
This report is a brief summary and does not purport to contain all
available information on the subject covered.
Regulator: The Financial Supervision Authority of Iceland (www.fme.is)
United States. Neither this report nor copies may be distributed in the
United States or to recipients who are citizens of the United States due
to restrictions stipulated in US legislation. Distributing the report in the
United States may be a breach of applicable legislation.
Canada. The information provided in this publication is not intended
to be distributed or circulated in any manner in Canada and therefore
should not be construed as any kind of financial recommendation or
advice provided within the meaning of Canadian securities law.
Other countries. Laws and regulations of other countries may also
restrict the distribution of this report.
This summary does not constitute any solicitation of services by
Íslandsbanki in the United States or Canada.
For further information relating to this introduction see:
https://www.islandsbanki.is
Íslandsbanki Seafood Team
Íslandsbanki, Kirkjusandi, 155 Reykjavík, Iceland
Tel.: +354 440 4500
For more information, please visit our websites:
www.islandsbanki.is/seafood
[email protected]

North Atlantic Seafood Market Report

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