Saudi Fisheries has announced plans for a rights issue to raise SR334.9 million (approximately US$89.3 million), subject to shareholder and regulatory approvals.  The capital raise aims to bolster the company's strategic initiatives following substantial losses in recent years.

The proposed rights issue represents a significant capital increase of 36.7%.  Following the announcement, shares closed down 5.3% on Monday at SR136.40, giving the company a market capitalization of SR913.7 million.

Financial performance for the nine months ending September 30th reveals a 58.9% year-on-year decline in revenue to SR17.6 million.  Net losses widened slightly to SR48.5 million, compared to SR47.1 million in the same period of 2023. The company cited supply chain disruptions as the primary cause of declining sales, with losses further impacted by reduced income from investment properties and increased consultancy expenses.

A January extraordinary general meeting (EGM) approved an 83.3% capital reduction to eliminate accumulated losses, leaving approximately 6.7 million shares outstanding.  As of September, accumulated losses stood at SR333 million, and liabilities exceeded assets by SR50.1 million.

Source: IFR

Following a mooring failure at Mowi's Storvika V facility in Dyrøy municipality, Troms, on Sunday, February 9th, an estimated 27,000 farmed salmon escaped. Mowi is now offering a reward of NOK 500 per recaptured salmon.

Fishermen can deliver caught salmon to designated fish reception centers in the municipalities of Senja, Dyrøy, Sørreisa, Salangen, Lavangen, Gratangen, Ibestad, Harstad, and Andenes. The fish will be registered on the Råfisklaget's final bill as farmed salmon (round or gutted with head) at a price of NOK 0, with the number of fish recorded.

Mowi will arrange payment of the bounty after the fishing effort is completed. The fish reception centers will retain the delivered salmon.

The bounty applies to escaped farmed salmon within a weight range of 4.5kg to 6.5kg.

Source: Norwegian Raw Fish Association

Related News:

• IN BRIEF - Estimated 27,000 Salmon Escape from Mowi Facility in Norway

Land-based yellowtail farmer The Kingfish Company has reported a sales volume of 556 tonnes for the last quarter of 2024, up from 343 tonnes year-on-year.

The Netherlands-based company said in its latest trading update that  sales for Q4 had been driven by “strong holiday season demand and a well-executed go-to-market approach.”

Growth in both retail and food service channels reached new levels compared to previous years. However, revenue per kg declined to €13.4, impacted by seasonal promotions and the need to sell an increased amount of small sized fish to adjust the biomass.

Author: Robert Outram / FIsh Farmer l Read the full article here

The Norway spot price weakened further last week. Volumes remain good.

The spot price of salmon fell by 2.81 NOK/kg in week 7, down to 86.52 NOK/kg. Thus, the price has dropped 42.92 NOK/kg over 5 weeks.

The price in week 7 was 22.51 NOK/kg lower than it was in the same week in 2024.

The average spot price so far this year is 101.04 NOK/kg, compared to 106.17 NOK/kg a year ago.

Author: Mugaas Jensen / fishfarmingexpert l Read the full article here

The sandeel stock has declined continuously from its peak in 2020. It is now at a historically low level, even after very low catches in the past two years. The survey in December also suggests that the 2024 year class is weak.

Predatory fish have made it difficult for researchers

In addition, the survey in recent years has given an overly optimistic picture of how many yearlings we can find in the sandeel fields in the spring.

"There has been a lot of haddock and whiting in the sandeel areas in the North Sea. These have probably grazed on the young sandeel before the fishing has started in the spring", explains marine researcher Espen Johnsen. According to the management model, the preliminary quota recommendation should be cautious. The researchers provide an updated recommendation when they receive new information about the stock through a trawl and acoustic survey in April-May. 

Little older fish and little new fish

Last year, the acoustic survey showed that the amount of sandeel was historically low. It was almost only area 3 (see map) that had catchable amounts.

"Low stock in the starting point, and signs of weak recruitment mean that we recommend keeping all areas closed from the start. We will come with an updated recommendation by mid-May", says Espen Johnsen.

The Atlantic Salmon Federation is releasing more video this week condemning the province’s aquaculture industry and calling for more enforcement, but the industry says the information is false.

NTV’s Colleen Lewis reports.

The turbulence in the frozen seafood sector continues.

Following recent bankruptcies of Proa Internacional, Pescados Rubén, and Aquamar Gold, Alimarket has exclusively learned that a prominent, family-owned group, ranking 38th in the TOP 100 with annual sales exceeding €110 million and a volume of nearly 9,000 tons, is facing significant operational constraints.

The company has been operating at a reduced capacity for several weeks while exploring various strategic alternatives and divestments to ensure its long-term viability. This report details the factors contributing to the group's current situation and the measures being considered to address these challenges.

Read the full story here (only available in spanish)

Vannamei shrimp farmers in Ungkea Village, North Morowali Regency, Central Sulawesi, Indonesia, recently discovered a unique, golden-colored shrimp during a harvest.

The 0.5-gram shrimp was found in a pond on Monday, February 10, 2025, report Rudy A. Mairi from Metro Sulteng.

Vannamei shrimp (Litopenaeus vannamei) are adaptable to saltwater, brackish water, and freshwater environments, and are found throughout the Pacific, coastal Mexico, the US, and Central America.  They are also commercially farmed in Ungkea, a village known for its tourism, agriculture, and fisheries. Shrimp farming is a significant contributor to Indonesia's foreign exchange earnings.

Veteran shrimp farmer Mahmud Nusu, who has decades of experience, expressed surprise at the discovery.  While harvesting 20 tons of shrimp, he noticed the unusual golden shrimp.  "During harvest, one of the shrimp caught our attention," said Nusu. "Its color was a yellowish gold. Perhaps this is a natural sign, or perhaps farmers can capitalize on this 'golden shrimp' and Ungkea can become a leading Vannamei shrimp producer for North Morowali Regency and even Central Sulawesi Province."

Elin Balyk, a long-established fish farm in Turkmenistan, is diversifying its aquaculture operations with the introduction of Rosenberg freshwater prawn breeding.

Located on a 130-hectare site along the Karakum River in the Ak Bugday district of Ahal province, the farm has been operating for over a decade.  Its facilities include 20 ponds (totaling 400 square meters), six indoor rearing facilities for various life stages of fish and shrimp, and a newly commissioned hatchery equipped with Russian, Iranian, and European technologies.

Elin Balyk utilizes modern aquaculture practices, featuring a closed water recirculation system that minimizes water consumption (10% water loss) and an intensive, chemical- and antibiotic-free approach with optimized oxygenation.

The farm has recently begun breeding Rosenberg freshwater prawns ( Macrobrachium rosenbergii), a species native to Thailand known for its large size (up to 100 grams) and distinctive appearance.

Further expansion is planned with the introduction of Vannamei shrimp (Litopenaeus vannamei), a saltwater species. Elin Balyk has invested in training its personnel in Iran and Thailand to acquire the specialized aquaculture techniques required for this new venture.  The company anticipates receiving an additional land allocation to support this expansion.