Major Norwegian salmon farmers closed out 2023 on a strong note, with many posting either record-high Q4 2023 and FY 2023 harvests.
Bergen, Norway-headquartered Mowi harvested around 129,000 metric tons (MT) of gutted-weight equivalent (GWE) farmed salmon in the closing quarter of 2023, rounding out a record full-year harvest of 475,000 MT for the world’s largest salmon farmer. According to its latest trading update, the volume produced by its Farming Norway segment in Q4 2023 amounted to 81,000 MT. Farming Scotland, Farming Chile, Farming Canada, Farming Faroes, and Farming Iceland (Arctic Fish) harvested 10,500 MT, 27,500 MT, 4,000 MT, 3,500 MT, and 2,500 MT, respectively. Farming Ireland recorded no harvest in the quarter.
Mowi's operational earnings before interest and taxes (EBIT) for the period totaled approximately EUR 203 million (USD 221.2 million) – down from EUR 239 million (USD 260.4 million) in Q4 2022. Mowi’s full-year 2023 operational EBIT was a record-high of approximately EUR 1.028 billion (USD 1.12 billion), compared to the EUR 1.005 billion (USD 1.1 billion) reported in the previous year.
Despite Mowi's record harvest, certain segments posted year-over-year drops in performance. The Q4 2023 operational EBIT recorded by Mowi’s Consumer Products segment was around EUR 38 million (USD 41.4 million), which was EUR 5 million (USD 5.4 million) less than in the same period of 2022. Its operational EBITDA for the Feed business was EUR 16 million (USD 17.4 million), down EUR 5 million (USD 5.4 million) year over year.
At the end of the quarter, Mowi's financial net interest-bearing debt was approximately EUR 1.79 billion (USD 1.9 billion). Its complete Q4 2023 report will be released on 14 February 2024.
Also posting a new record harvest, Frøya, Norway-headquartered SalMar posted total 2023 production of 254,100 MT, a significant jump from its previous record of 193,700 MT in 2022.
In Q4 2023, SalMar recorded a total harvest volume of 83,200 MT of GWE salmon, up from the 62,700 MT reported a year previously. Of this total, its Farming Central Norway and Farming Northern Norway segments contributed 42,300 MT and 31,400 MT, respectively. SalMar Aker Ocean and Icelandic Salmon harvested 2,300 MT and 7,200 MT, respectively.
For FY 2023, SalMar estimated volume from its Farming Central Norway division totaled 141,100 MT, and Farming Northern Norway’s output amounted to 92,800 MT. The totals from SalMar Aker Ocean and Icelandic Salmon were approximately 2,300 MT and 17,900 MT, respectively.
SalMar’s full Q4 2023 report will be released on 15 February 2024.
Meanwhile, Grieg Seafood has announced a fourth-quarter 2023 GWE Atlantic salmon harvest of 21,800 MT. This was over 600 MT more than in the corresponding period of 2022 and was achieved despite biological challenges experienced in its Norwegian operations. This came on top of biological challenges the company faced earlier in the year.
Grieg's Norway Rogaland and Norway Finnmark segments produced 2,200 MT and 10,400 MT of fish, respectively. At the same time, its Canadian operations in British Columbia and Newfoundland harvested 6,000 MT and 3,200 MT, respectively.
Grieg's quarterly regional farming costs per kilogram were approximately NOK 67.20 (USD 6.40, EUR 5.88) for Rogaland, NOK 64.70 (USD 6.16, EUR 5.66) for Finnmark, CAD 11.00 (USD 8.15, EUR 7.49) for British Columbia, and CAD 12.20 (USD 9.04, EUR 8.30) for Newfoundland.
According to Grieg’s Q4 2023 trading update, the volume harvested and farming costs in Finnmark were impacted by the Spironucleus salmonicida fish parasite, winter ulcers, and string jellyfish, while Rogaland’s low harvest volume influenced farming costs.
Grieg said in Newfoundland, parts of its 2023 planned harvest volume have been deferred to 2024 due to challenging weather conditions and market expectations.
Grieg’s complete Q4 2023 report will be released on 22 February 2024.
Photo courtesy of GaudiLab/Shutterstock
