Small fishing boat belonging to Havfisk. (Photo: Havfisk)

Havfisk achieves good catch rates and efficient fisheries in Q2

Trawler firm Havfisk reported increased volume, higher catch efficiency and change in the product mix in the second quarter this year compared with the same quarter last year.

During the analysed period, the firm had operating revenues of NOK 386 million (USD 45.9 million), which was NOK 129 million (USD 15.3 million) higher than the corresponding period in 2015 and its EBITDA was NOK 130 million (USD 15.4 million), compared with NOK 84 million (USD 10 million) for the corresponding period in 2015.

“It has been efficient operations with good catch rates in the quarter. More cod and haddock have been harvested in the quarter compared with the second quarter in 2015, and these are fisheries with good catch rates. Reduced maintenance stay at shipyards in the quarter has given more operating days and lower maintenance costs,” pointed out the firm’s CEO Webjørn Barstad.

Harvest volume per operating day increased by 17 per cent compared with the second quarter of 2015, and the growth consisted of considerably greater volumes of haddock, as well as an increase in cod and saithe.

Shrimp, redfish and Greenland halibut were also fished during the quarter, but to a smaller extent than in the same period in 2015. The total harvested volume for the quarter included 38 per cent cod, 25 per cent haddock, 11 per cent saithe, 7 per cent shrimp and 19 per cent other species. The corresponding figures for the second quarter of 2015 were 41 per cent cod, 8 per cent haddock, 9 per cent saithe, 14 per cent shrimp and 29 per cent other fish species.

The prices for cod and saithe have been good in the quarter. Combined average prices for all species, however, were 1 per cent lower in the second quarter of 2016 than in the second quarter of 2015.

During the second quarter, 53,501,793 shares in Havfisk, owned by Aker Capital AS were sold to Lerøy Seafood Group ASA and the transaction is conditional upon regulatory and third party approval.

In June, the International Council for the Exploration of the Sea (ICES) recommended a quota reduction for cod and haddock of 10 and 5 per cent respectively.

Besides, it is recommended that the saithe quota north of 62 degrees is increased by approximately 7 per cent, and in the North Sea the recommendation is for an increase in the total quota by as much as 62 per cent.

“Havfisk has a good quota position for the second half of 2016 even if somewhat more of the cod- and haddock quotas have been fished in the first half of 2016 compared with 2015. The quota advice for 2017 are also in line with expectations and show that the cod, haddock and saithe stocks are in good condition,” stated CEO Barstad.

As to the future, the firm’s executives pointed out that in the third quarter, fishing will be aimed at redfish and Greenland halibut, in addition to cod, saithe and haddock.

The Board also commented that due to the UK's decision to apply for exit from the EU, short term uncertainty has been caused in the market, especially for haddock and shrimp and that eventual consequences in the longer term are more uncertain.
 
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