Young’s Seafood saw its profits almost quadruple during its last financial year, which ended on 31 March 2024.

The group’s stronger financial performance was in spite of rising fish prices during the period, a spiral which has continued throughout the rest of 2024, and a very slight increase in revenue.

Grimsby-based Young’s produces and processes wild caught and farmed seafood. The group reported revenues of £649.5m for the 53 week period, against £625.9m for the 52 week period ended 31 March 2023.

Author:  Vince McDonagh / Fish Farmer l Read the full article here

Joining the programme, Cargill Canada became the first ASC certified feed company in Canada. Their feed mill, operating out of Surrey, British Columbia, produces feed for a variety of species, including trout, salmon, seabass, seabream and meagre, seriola, cobia and tilapia. Cargill Canada’s ASC feed certification is a key step forward for the company as it supplies its feed to farms across North America and the Pacific Rim.

Mowi Feed has also achieved ASC feed certification for both its facilities in Scotland and Norway. Operating out of Kyleakin on the east coast of the Isle of Skye, Scotland, and Valsneset in central-western Norway, respectively, their state-of-the-art feed mills produce feed for salmon. 

Source: The Fish Site l Read the full article here

DPC Dash, the exclusive franchisee of Domino’s Pizza in China, has announced plans to heavily expand the chain’s presence in the Asian market.

As part of the expansion, the chain has designed a menu catered toward local tastes, including several seafood options to accomplish that goal.

DPC Dash opened 14 new Domino’s stores across 13 mainland China cities during the 2024 holiday period, including outlets in cities like Chongqing and Shenyang.

Author: Mark Godfrey / SeafoodSource l Read the full article here

The Sri Lankan Navy seized two Indian fishing boats and arrested eight Indian fishermen for illegally fishing in Sri Lankan waters on Saturday night.

The boats were intercepted in the seas north of Mannar, located in the Northern Province of Sri Lanka. According to a press statement released on Sunday, the operation was part of the navy's ongoing efforts to prevent unauthorized fishing activities in the country’s territorial waters.

Illegal fishing by foreign vessels has long been a contentious issue, with Sri Lankan authorities emphasizing its detrimental impact on local fishing communities. The navy highlighted that such activities not only threaten the livelihoods of Sri Lankan fishermen but also contribute to the depletion of marine resources in the region. Regular patrols and operations are conducted to curb these practices and ensure sustainable use of maritime resources.

The arrests on Saturday bring the total number of Indian fishing boats seized by the Sri Lankan Navy this year to three, with 18 Indian fishermen detained so far. These incidents underscore the persistent challenges in managing cross-border fishing disputes, particularly in the waters between India and Sri Lanka, where the maritime boundaries are frequently crossed by fishing vessels.

Tilapia prices continued their downward trend in December 2024, driven by an oversupply of fish ready for market.

According to researchers at Cepea, the decline in prices for live and iced tilapia was less pronounced than in earlier months but still notable. The price drop was attributed to increased production levels and significant gains in the average weight of fish during the latter half of 2024.

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Export Boost Amid Local Oversupply

Despite lower domestic prices, Brazil's tilapia exports saw substantial growth, fueled by a favorable exchange rate and abundant supply. In December, Brazilian exporters shipped 2,100 tons of tilapia products, including fillets and by-products. This marked a 40.3% increase compared to November 2024 and an impressive 202.3% rise compared to December 2023, based on Secex data compiled by Cepea.

The export surge highlights the resilience of Brazil's tilapia industry, leveraging global demand to counterbalance domestic market pressures.

Manuel Barange, FAO Assistant Director-General and Director of Fisheries and Aquaculture, has expressed readiness to provide Cambodia with technical support in aquaculture, feed production, and fish hatchery. This commitment was conveyed during a meeting with Dith Tina, Cambodia’s Minister of Agriculture, Forestry and Fisheries, on January 9, 2024.

The meeting focused on strengthening collaboration to enhance Cambodia's fisheries and aquaculture sector. Minister Tina highlighted the government's initiatives to stabilize prices, deploy agricultural officers for farmer support, and build modern agricultural communities to reduce production costs and mitigate climate risks.

Tina also emphasized the importance of promoting aquaculture to ensure the sustainability of natural fisheries and transition from subsistence fishing to profitable aquaculture practices. He stressed the need for proper fish farming techniques, quality feed production, and investment in fish breeding and hatching.

Barange reaffirmed FAO’s commitment to assist Cambodia in these areas and explore further support for the agricultural sector, including conserving natural resources and building on past cooperative achievements.

The firm is among the three largest cephalopod processing companies in Spain

In the world of food exports, commercial relations are not only based on numbers, but are also deeply intertwined with cultural aspects and mutual understanding between countries. In this context, "we are proud of our strong relationship with Portugal, a bond that has been consolidated over the years and that adds value to both the company and our customers," says the Coruña-based food and frozen food company Salgado Frozen Seafood, located in the Pocomaco industrial estate (A Coruña).

Source: La Voz de Galicia l Read the full article here

EU-backed startup launches alternative product made with farmed seaweed

A German company that makes a plant-based alternative to tuna has launched a hot smoked salmon alternative made from farmed seaweed and European fava beans and peas.

BettaFish sources its brown macroalgae from seaweed farms off the Irish and Norwegian coasts.

Author: Gareth Moore / fishfarmingexpert l Read the full article here

Faroe Islands revise salmon farming tax model amid political consensus.

The Faroe Islands government, in conjunction with the opposition party Sambandsflokkurin, has introduced a revised taxation model for the salmon farming industry, set to remain in place until 2032. Effective January 1, 2025, the updated framework reduces the maximum revenue tax rate from 20% to 7.5% and introduces an additional corporate tax of 12%, applicable solely to marine farming operations.

Author: Matthew Wilcox / SalmonBusiness l Read the full article here