The global market for yellowfin tuna is entering a period of turbulence as soaring fuel costs force fishing fleets to scale back operations. According to Food World (Beijing), marine fuel prices in several regions surpassed $2,000 per ton in April, prompting vessels across the Western Pacific and Indian Ocean to suspend activity or return to port. The result: reduced supply, rising prices, and increasingly volatile trading conditions for both yellowfin and skipjack tuna.

The disruption began at the fleet level. European industry sources report that a company operating in the Western Pacific halted approximately 60% of its fleet in March due to a combination of poor weather, elevated fuel costs, and weak fish prices. However, as skipjack tuna prices in General Santos City, Philippines climbed to around $2,100 per ton, nearly 80% of vessels have since resumed operations.

Meanwhile, the Philippine fleet cut activity by at least half, with only about 40% of vessels at sea or preparing to depart as of April 15. Some fleets from Taiwan have prolonged their port stays, while several South Korean vessels returned early for maintenance and dry-dock repairs.

As supply tightens, prices are beginning to climb—particularly in Europe. In Spain, spot prices for whole yellowfin tuna weighing 10–30 kg have risen significantly. While companies holding older inventory can still offer lower prices, newly landed fish is already commanding a premium.

Despite this, European canneries are not yet under immediate pressure. Stocks of raw materials remain sufficient, and inventories of processed yellowfin fillets are still high. For now, purchasing activity has not accelerated dramatically—but industry insiders warn that “the real pressure is yet to come.”

Europe faces a complex situation: prices are increasing, but demand has yet to fully respond. Analysts note that previously low yellowfin prices made imports under duty-free quotas more competitive than skipjack tuna, leading to a buildup of stock. However, with the summer peak season approaching, restocking could trigger a rapid transmission of higher costs throughout the supply chain—from canneries to retailers.

<-- Photo: Stockfile / FIS

Adding to the strain, logistics expenses are climbing sharply. Since the outbreak of the conflict in Iran, ocean freight rates from the Western Pacific to Europe have surged by approximately 40%. Within processing hubs like Galicia, Spain, local transportation costs have risen by 20% to 25%, with some shipments incurring additional surcharges.

Most Spanish canneries currently have enough inventory to last 3 to 4 months, temporarily delaying the full impact of these rising costs on consumers.

Photo: Stockfile / FIS

Regional production trends are also uneven. In the Atlantic Ocean, a ban on Fish Aggregating Devices (FADs) is restricting catches of skipjack and smaller yellowfin tuna. In Tema, Ghana, yellowfin tuna weighing over 20 kg is selling for around $2,100 per ton.

Conditions in Manta, Ecuador, remain relatively stable. Strong yellowfin catches have partially offset fuel-related challenges, but pressure is building. Diesel prices there have surged from approximately $2.80 per gallon (≈10.6 liters equivalent per gallon pricing benchmark) to $4.50 per gallon (≈17 liters equivalent per gallon pricing benchmark) in just two months, fueling growing discontent among vessel owners.

Photo: Stockfile / FIS

For now, European buyers have not rushed into aggressive purchasing. The market is being driven less by demand and more by constrained supply, as high fuel prices continue to suppress fleet activity.

As long as energy costs remain elevated, industry experts believe the upward trend in yellowfin tuna prices is unlikely to reverse anytime soon—setting the stage for a potentially costly summer for global seafood markets.