The lucrative Patagonian toothfish or Chilean sea bass (Dissostichus eleginoides) fishery in the French Southern and Antarctic Lands (TAAF) is reeling from a significant reduction in its catch quota, raising serious concerns among the five authorized fishing companies.

This decision, based on scientific advice indicating a need for greater conservation, marks a major challenge for the profitability of the highly regulated fleet operating around the Crozet and Kerguelen islands.

TAC Plunges by Over 20%

On July 18, the Total Allowable Catch (TAC) for Patagonian toothfish in the Crozet and Kerguelen Exclusive Economic Zones was set at 4,780 tonnes per year. This represents a substantial drop from the 6,000 tonnes authorized ten years ago, an over 20% cut.

This sharp decline was anticipated, but the severity has shocked the industry. "The decrease in the TAC for Patagonian toothfish is not a surprise, but to this extent, it's a real disappointment," summarized Jean-Pierre Le Visage, managing director of Comata, one of the five key fishing companies, in a statement reported by Marielle MARIE from Produit de la Mer (PDM).

The subsequent decision on August 27 by the TAAF prefecture maintained the number of authorized fishing vessels at eight, requiring them to share a total catch that is 15% lower than in recent seasons.

Scientific Basis and Industry Reaction

Scientific assessments, likely provided by research bodies like the French Research Institute for Exploitation of the Sea (IFREMER), form the foundation for the TAAF’s TAC setting. Patagonian toothfish is a long-lived species, with a maximum lifespan of up to 50 years and sexual maturity reached relatively late, between 11 and 17 years of age, according to international stock reports. This makes the population particularly vulnerable to overfishing and slow to recover.

"A decrease in a TAC is never good news. Given the early warning signs, we could have expected it, even if I didn't think the decrease would be this significant," noted Sébastien Camus, president of Réunion Pêche Australe. He added, "However, it seems that the latest data collected indicates better recruitment," referencing signs of juvenile fish entering the population.

This long-term biological reality underscores the industry's concern over stock recovery. "It's unrealistic to believe that a stock can replenish itself in two or three years. An even more improbable hypothesis with Patagonian toothfish, which lives for over 40 years and reaches sexual maturity at 7 [or later]," argued Antoine Le Garrec, CEO of Le Garrec et Compagnie, the majority shareholder of Cap Bourbon.

Profitability Squeeze

The dual decision to slash the quota while maintaining eight vessels has ignited a firestorm over economic viability. The directors of Comata, Cap Bourbon, and Pêche Avenir had lobbied the government to limit the number of licenses to ensure the profitability of the fleet, which has never relied on subsidies.

Photo: Cap Bourbon

Their plea was unsuccessful. "With eight vessels, it is impossible for us to be profitable and cope with unforeseen events. Especially not with more environmentally friendly vessels that need to be depreciated. We have invested. The government, quite rightly, encouraged us to do so, but its current level of requirements is inconceivable with a limited tonnage," stated Antoine Le Garrec and Jean-Pierre Le Visage just before the TAAF decision was finalized.

As this premium white fish, often marketed as Chilean sea bass, is primarily sold in global markets geared toward the United States and Asia, the euro-dollar exchange rate and the prevailing market price of Patagonian toothfish will be critical factors determining the financial future of these fishing companies.