Tariffs on Peruvian giant squid (dosidicus gigas) may soon be halved due to contracting demand driven by excessively high prices.

This year's Peruvian giant squid catch, which is already in short supply, is expected to drop to around half of the usual average. As international demand grows, Japan's supply is shrinking, leading to rising domestic prices. Trading companies are increasingly concerned that local stocks may soon be depleted.

Information chart based on data from Suisan-Keizai

To mitigate this shortfall, squid traders are turning to Illex squid from Argentina as an alternative.

For decades, Japan dominated global squid fishing and supply, but it is now being outpaced by China's growing fleet and squid products processed in Zhoushan.

Related news: 

• Southeast Pacific Squid Index: Giant squid (dosidicus gigas)

In September, South Korea imported 17,127 tons of frozen pollack, marking a 14% increase compared to 14,964 tons in the same period last year.

From January to September, cumulative imports totaled 105,136 tons, marking a slight decline of 1% compared to 106,596 tons during the same period in 2023. Frozen pollock comprised approximately 16% of the total seafood imports, which reached 651,137 tons by the end of September.

Geographically, 99% of frozen pollock imports (103,720 tons) originated from Russia, while the United States contributed 1,289 tons and China 127 tons. Among these, China had the highest import price at USD 1.61/kg, followed by the U.S. at USD 1.25/kg, and Russia at USD 0.96/kg.

In September 2024, the import value of frozen pollock reached USD 16 million, reflecting a 12% increase from USD 14.27 million in September 2023. However, the cumulative import value from January to September saw a 10% decrease, totaling USD 101.09 million, down from USD 112.85 million the previous year. The average import price was USD 0.96/kg, a 9% decline from USD 1.06/kg in 2023. While the volume of frozen pollock imports is rising, the decreasing import prices and overall value are raising questions about future trends in the market.

For reference, wholesale distribution prices for frozen pollock in Korea are approximately KRW 39,500 for the Russian-origin (7-count) variety and around KRW 29,500 for the 8-count variety.

Source: Union Forsea Corp.

Too high admixture of North Sea herring below the minimum target in the south-eastern part of the North Sea.

Controls have recently shown that the mixing of North Sea herring below the minimum size in catches from the south-eastern part of the North Sea in the Norwegian zone is far too high. The Directorate of Fisheries and the Coast Guard therefore encourage the fleet to exercise great caution when fishing.

Controls have revealed that the mixture has been up to 70% of herring below the minimum size. Large harvests of North Sea herring below the minimum size will weaken the resource base and thus also the food base for the fishermen in the long term.  

The Directorate of Fisheries and the Coast Guard will monitor this fishery closely.

It is expected that vessels that catch catches that are not in accordance with the current regulations take measures to avoid illegal catches. One such measure could be to change fishing patterns.

Breach of the provisions on minimum measurements, cf. the harvesting regulations § 47 (statutory data) and § 49 can lead to administrative reactions and sanctions or notification.

Source: Fiskeridirektoratet/Directorate of Fisheries

• The strip, the route and the rope that hangs?<

A recent report from the Northwest Atlantic Fisheries Organization (NAFO) highlights a concerning decline in the cold-water prawn population in Greenland. As a result, NAFO recommends that Greenland reduce its prawn catch by 27,600 tonnes in 2025 compared to 2024.

This reduction includes a decrease of 22,500 tonnes on the west coast and 5,100 tonnes on the east coast, according to reports from Greenlandic media Kalaallit Nunaata Raioa (KNR).

Senior advisor Ann Dorte Burmeister from Greenland's Nature Institute attributes the decline to both overfishing and an increase in cod populations, which prey on prawn. While the prawn stock in West Greenland remains within what NAFO defines as "optimal biomass," the stock in East Greenland has plummeted by 42 percent below the sustainability limit.

Further regulations may be necessary, especially with the implementation of the new Fisheries Act next year, which will prioritize sustainability as a central requirement, as noted by KNR.

The Marine and Freshwater Research Institute (MFRI) advises that when the harvest control rule agreed by the Coastal States is applied, there should be zero catch in winter 2024/2025.

This advice is based on results from acoustic measurements on the capelin stock by RV Árni Friðriksson (Icelandic), FV Polar Ammassak and RV Tarajoq (Greenlandic) conducted during the period 21 August to 1 October 2024.

The acoustic survey is considered to have covered the distribution area of the stock. The survey estimate had low coefficient of variation as the capelin was relatively evenly distributed.

The total biomass came to 610 000 tonnes of which the mature part of the stock amounted to 307 000 tonnes. When accounted for the estimated predation until spawning in March, the spawning stock biomass is estimated to be 193 000 tonnes. The goal of the management plan is to set the final total allowable catch with >95% probability of SSB being greater than or equal to Blim of 114 000 tonnes at spawning time. That will not be reached according to the stock assessment resulting in zero catch advice for the current fishing season.

The estimated number of juveniles came to 57 billion. More than 50 billion is required to provide non-zero preliminary advice for the next fishing season (2025/26) according to the management plan, but ICES will give advice on fishing opportunities for that season in June 2025.

The advice will be revised on basis results of the traditional winter acoustic measurements of the capelin stock in January 2025.

The commercial squid fishery received positive news this week as the Western Cape High Court reviewed and overturned the squid appeal decisions made by the former Minister of Forestry, Fisheries, and the Environment, Barbara Creecy, regarding Category A appellants.

The South African Squid Management Industry Association (SASMIA), representing the commercial squid fishing sector, had taken Minister Creecy to court over her decision to allocate a 15% fishing right for chokka squid to the small-scale sector, with plans to increase this allocation to 25%. SASMIA initiated legal proceedings against Creecy in June 2022 after she contested the ministerial division of squid resources.

In its court filings, SASMIA argued that this distribution would jeopardize the "existence of at least some rights holders" and could lead to significant job losses across the sector.

The company aims to address the UK’s overfishing crisis by introducing its cultivated fish technology to the British seafood industry.

It describes this initiative as “an urgently needed lifeline for a sustainable future.” Fish populations in UK waters are in serious decline, with one-third overfished and a quarter at critically low levels. UMAMI asserts that its technology can help protect marine biodiversity while ensuring a reliable supply of seafood for consumers.

“We will collaborate closely with leading institutions such as University College London (UCL) and Imperial College to advance the commercialization of our current generation of cultivated seafood solutions,” said Mihir Pershad, CEO of UMAMI Bioworks.

UMAMI’s technology leverages machine learning and stem cell biology to enable the large-scale production of cultivated seafood. The company partners with various organizations to develop seafood products, including a collaboration with US-based Friends & Family Pet Food Co, which plans to launch cultivated fish treats for cats in 2025.

Additionally, UMAMI recently announced a strategic partnership with South Korean biotechnology firm KCell Biosciences and bioprocess solutions provider WSG. This collaboration aims to integrate their technologies for the low-cost and efficient production of cultivated seafood in South Korea.

Pershad noted that “the ongoing support for cultivated meat technology” from the UK government, along with “a favorable regulatory environment, provides fertile ground for UMAMI’s success.”