Barramundi Group Ltd. has entered reconstruction and applied for a Moratorium Order from the Singapore High Court under the Insolvency, Restructuring, and Dissolution Act (IRDA).

This order seeks to protect the company from actions such as liquidation, the appointment of receivers, or legal enforcement against its assets without court approval. The company aims to negotiate debt restructuring with creditors during this period. To support operations during this process, Barramundi Group has secured a bridging loan of SGD 400,000 from a shareholder. The moratorium is requested for six months, with updates to follow as the restructuring progresses.

Under the Moratorium Order, the following key reliefs applied for are:

1. no resolution for the winding up of the Company shall be passed;
2. no receiver or manager shall be appointed over any property or undertaking of the Company;
3. no execution, distress or other legal process against any property of the Company shall be commenced, continued, or levied, except with the leave of the Court and subject to such terms as the Court imposes; and
4. no enforcement of any security over any property of the Company, or repossession of any goods held by the Company under any chattels leasing agreement, hire-purchase agreement or retention of title agreement, shall be taken, except with the leave of the Court and subject to such terms as the Court imposes.

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.

As of October 5, 2024, the Russian catch of Commander squid reached 90 thousand tons, which is 40% more than the figure for the same date last year. It is also only 2% less than what was caught in the whole of 2023, the Analytical Center of the Fish Union calculated.

The production of squid whole round on ships increased by 12% over 9 months compared to the same period last year, to 40 thousand tons.

The production of squid fillets on vessels exceeded 4.5 thousand tons, which is 25% more than on the same date last year and 6% ahead of the production volume for the whole of 2023.

Source: Fish Union (translated from original in Russian)

The country marked a major breakthrough in aquaculture with the species farmed in a RAS system in Shizuoka, thanks to the collaboration with Proximar Seafood and Skretting.

On September 30, 2024, Japan took a decisive step in its aquaculture industry by celebrating its first domestic harvest of Atlantic salmon. This salmon was raised in a recirculating aquaculture system (RAS) facility located in Shizuoka Prefecture, built and operated by Norwegian company Proximar Seafood since 2022, marking a significant milestone in the sustainable development of aquaculture in the country.

Skretting, in strategic partnership with Proximar, has been collaborating closely since the start of the project.

Source: MundoAcuicola l Read the full article here

Aquaculture accounted for 59% of total aquatic production in 2022 and surpassed capture fishing for the first time, according to the FAO Sofia 2024 Report. In this sector, the Spanish company Culmarex, a subsidiary of the Canadian Cooke group that operates commercially as Cooke Spain, closed 2023 with a 23% increase in turnover and a return to profits, after a 2022 marked by the high cost of supplies and lower fish consumption due to inflation.

With facilities spread across the peninsular Mediterranean coast, it is one of the main suppliers of farmed sea bream, sea bass and croaker in Spain and Europe.

Source: Alimarket l Read the full article here

Salmon farmer Mowi harvested a record-high volume of 161,000 gutted weight tonnes in the third quarter of this year, an increase of 26,000 gwt compared to the same period last year.

Operating profit for the quarter was approximately €173 million (£144.3m), a reduction of €30m on the €203m earned in Q3 2023. Spot prices were lower throughout Q3 2024 than they were in the same quarter last year.

Source: fishfarmingexpert l  Read the full article here