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Frozen capelin aboard an Icelandic fishing ship. (Photo: Hugin blog.)
Companies with quotas will meet commitments
(ICELAND, 6/17/2010)
Companies controlling about 64 per cent of allocated catch quotas will probably be able to meet their commitments according to an evaluation of the 50 major fishing companies in Iceland, Íslandsbanki said in its latest report on the Iceland Seafood Market.
In its report, the bank considers the role and significance of the seafood industry in the national economy, the fishing activities and export statistics, the Icelandic fishery management system and the sector’s current financial situation.
The report also offers Íslandsbanki’s view on the proposed changes to Iceland’s individually transferable quota (ITQ) system.
Seafood is one of the foundations of the Icelandic economy, with the value of seafood products exported last year reaching EUR 1.2 billion -- about 42 per cent of the country’s total value of exported goods, according to the report.
In 2008 and 2009, the industry achieved its strongest EBITDA margin: over 25 per cent. Prospects for 2010 are favourable, Íslandsbanki said.
Proposed changes to the ITQ system may have a severe influence, as loans to fisheries companies are major items on new banks’ balance sheet, the report informed.
The report targets a readership chiefly in the domestic seafood sector in an effort to underscore the bank's active participation in the industry and its perspectives on the current debate. The report also offers its international audience with an insight into the seafood sector’s importance for Iceland's economy, and describes the bank's focus in collaborating with seafood companies both nationally and internationally.
Íslandsbanki has a team of experts focusing on the seafood industry as part of the bank´s Corporate and Investment Banking Division. The team takes care of customer relations and services to seafood companies in Iceland and abroad and of publishing research material and reports.
The report can is available on the seafood team’s website.
Íslandsbanki and its predecessors have been serving the seafood and seafood processing industry since 1904. Since then the bank has backed the Icelandic seafood sector and, beginning in 1999, has worked also internationally, starting with offering debt financing solutions to the fishery sector on Canada’s east coast.
The bank views the seafood sector as one of the key international sectors to continue focusing on.
Íslandsbanki provides industry-specific financial services, spanning from financing and tailor-made advice on financial risk, to finding the right industrial partner in another part of the globe.
Related article:
- Eimskip may ditch the cold storage business
By Natalia Real
[email protected]
www.seafood.media
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