By SeafoodSource staff
Published on Friday, December 20, 2013
Caribbean Aquaculture Ltd., the second of Jamaica's two marine shrimp farms, has closed operations due to praedial larceny and financial problems being experienced as a result of the imposition of duties on its inputs.
The company has been placed in liquidation and sent home its 88 workers.
Established in 2007, the farm, located at Brampton Farms, Old Harbour Bay, St. Catherine, produced about 20,000 pounds of shrimp monthly and grossed approximately JMD 12 million (USD 113,242, EUR 82,995) a month in sales at the height of its production.
But they have opted to sell off the assets because "we just could not maintain the business, especially with the increase in production and electricity costs," Director Vitus Evans, a former president of the Jamaica Exporters' Association (JEA) told the Financial Gleaner.