Statt Torsk achieved revenue of NOK 7.9 million (USD 806,000, EUR 774,000), but still reported a loss before tax of NOK 7.5 million (USD 765,000, EUR 735,000) in the first quarter of 2022.
However, the Stad, Norway-based cod-farming company said it expects a boost to its earnings after it begins making weekly fish deliveries to its European customers, which Statt Torsk ASA CEO Gustave Brun-Lie said should be achieved by the middle or end of the third quarter of 2022.
“We are building up our market presence,” Brun-Lie said. “From September this year and onwards, we will have weekly deliveries throughout the year. This is our answer to the market challenging us to continuous, predictable deliveries year-round, not only quantities, but also quality-wise.”
Having changed its production cycle to increase its biomass to accelerate its start-up process, Statt Torsk’s new expected harvest volumes are 1,500 metric tons (MT) in the second half of 2022 and 4,000 MT in 2023. In the company’s Q1 2022 financial report, Brun-Lie said the experience accumulated through three pilots – the last being in January – gave it “valuable and necessary know-how” to enter industrial production.
“The market for cod is, as is well-known, substantial. Not only will our product help satisfy the increased demand; in this it will also be able to penetrate markets where the wild cod does not have access,” he said. “We have a sustainable product with an unbeatable protein content demanded by the consumer. We need to communicate this to the market. How long this will take is not easy to assess. An important part of this is the positive attitude of our political authorities, who encourage further growth of the seafood industry.”
In three separate periods, Statt Torsk put a total of 1.17 million fingerlings into its sea cages in 2021. The total biomass in the company’s Rekvika site was 1,512 MT as of 31 March, 2022, with fish weighing one to three kilograms. The company’s planned market weight for its fish is 3.3 to four kilos, depending on the harvest period.
Statt Torsk is also awaiting approval of a new farming site application for Apalset and for approval to expandits Rekvika site.
Photo courtesy of Statt Torsk
