Business & Finance
Correction: In a previous version of this story, SeafoodSource erroneously reported that a ruling had been issued in favor of admitting National Fish and Seafood's request. In fact, no decision has been made on NFS' application as yet and no order has been signed.
National Fish and Seafood is demanding more than USD 30 million (EUR 26.3 million) in repayment from its parent company, according to new court documents filed this month in the… Read More
Tuscaloosa, Alabama, U.S.A.-based SouthFresh Aquaculture has filed for Chapter 11 bankruptcy, becoming the latest chapter in the saga of the struggling U.S. catfish sector.
In a 28 January court filing, the company listed USD 10 million to 50 million (EUR 8.8 million to 43.8 million) in assets and the same amount in liabilities. SouthFresh Chief Financial Officer Justin Funk, who authored the filing on behalf of SouthFresh, wrote that the… Read More
Despite being up for sale, Young’s Seafood sales and earnings rose in 2018.
The company’s sales increased 4.3 percent to GBP 545.9 million (USD 718 million, EUR 629 million) for fiscal year 2018, while EBITDA jumped 13.3 percent to GBP 23 million (USD 30, EUR 26 million).
“Sales growth, contract wins and cost saving initiatives have resulted in significant EBITDA growth for our business this year. Young’s Seafood has a… Read More
Workers at NOAA Fisheries and other federal agencies returned to their jobs Monday, 28 January, for the first time in more than a month, thanks to an agreement reached Friday between the U.S. Congress and the administration of President Donald Trump.
However, the resumption could be short-lived, as the deal to fund several government agencies lasts for only three weeks. That means another shutdown could happen next month if lawmakers and… Read More
One of China’s leading distant-water fishing firms has confirmed a larger-than-expected 492 percent rise in net profits for the first three quarters of 2018.
Shanghai Kaichuang Marine International Co. Ltd. reported an 11.3 percent year-on-year rise in revenue in the period, to CNY 1.42 billion (USD 209.2 million, EUR 184.4 million). The firm had projected an 11 percent rise in revenues for the first three quarters of 2018 and a 347… Read More
Helgi Anton Eiriksson, who for the past nine years has served as the CEO of Iceland Seafood International, has announced he is leaving the company.
In his place, the company has appointed Bjarni Ármannsson, who has been the chairman of ISI’s board of directors since September 2018.
“I am extremely excited to be appointed the Group CEO of ISI. I have in my role as chairman of the board seen first-hand the opportunities that… Read More
Taholah, Washington, U.S.A.-based Quinault Pride Seafood has purchased Seattle, Washington-based seafood marketing firm Pacific Harvest Seafood.
Quinault Pride is owned by the Quinault Indian Nation. Its Taholah plant is a full line processing facility for razor clams and salmon. It also operates a facility in Westport, Washington processing sturgeon, black cod, halibut, salmon, and crab.
Pacific Harvest Seafood specializes in domestic and… Read More
Fortune Fish and Gourmet’s Stacy Schultz has replaced Seattle Fish Company COO Hamish Walker as the new chair of Sea Pact’s advisory council, the collective announced on 16 January.
Schultz, who serves as the director of marketing and the sustainability coordinator for Fortune Fish, has played an active role in Sea Pact for the past five years. Her involvement with the association, which consists of ten leading North American… Read More
A recurring theme at the 2019 Global Seafood Market Conference, taking place from 15 to 17 January in Coronado, California, U.S.A., has been China’s dominance in the skilled processing sector, and whether rising labor costs would push that processing elsewhere.
A burgeoning middle class in China has steadily driven up the labor costs for skilled processing, particularly in the large groundfish processing sector. The trade for… Read More
East Coast Seafood announced on 14 January that it plans to close the Garbo Lobster facility in Groton, Connecticut, U.S.A., effective Thursday, 17 January.
The lobster packing facility was used as a base of operations for shipping live lobsters and billed itself as the largest wholesale distributor of live lobsters in the world. According to a release from East Coast, the company plans to absorb those operations into its other facilities… Read More