As the global demand for kingfish rises, Australia-based Clean Seas Tuna Ltd. is rebranding the fish and focusing on markets in China and other countries.
Clean Seas will reposition kingfish as “Australian hiramasa” as part of a program to increase its value as a premium seafood, targeting chefs and restaurants.
“This new positioning will also underpin a phased increase in farm gate prices for those markets that have previously been price-driven,” said Clean Seas in a statement. “An activation program targeting leading dining establishments and their chefs to be implemented in key global markets to leverage the new brand positioning.”
Kingfish’s premium designation in Australia and other countries will be aided by Clean Seas obtaining Aquaculture Stewardship Council certification.
Clean Seas’ kingfish sales have continued to rise. After growth in fiscal year 2015 of 92 percent, sales volumes grew a further 84 percent to more than 2,000 metric tons in fiscal year.
“Encouragingly, during this period of significant sales growth, the company has maintained its farm gate prices in Australia and in its key European markets,” Clean Seas said.
Plus, Beston Global Food Co. (Dalian) Ltd., a wholly-owned subsidiary of Beston Global Food Co. Ltd (BFC), recently agreed to a contract with Clean Seas to distribute fresh and frozen kingfish in China, Hong Kong and the Republic of Korea.
The initial contract covers the period from June 2016 to December 2017, including an initial shipment of 176 metric tons (whole weight equivalent) of frozen product.
However, Clean Seas reported a fiscal year 2016 loss after tax of AUD 8.98 (USD 6.7, EUR 6.12 million).
“This reflects a first half loss after tax of AUD 10.8 (USD 8.14, EUR7.4) million and a second half profit after tax of AUD 1.8 (USD 1.4, EUR 1.3) million,” the company said.
Meanwhile, Clean Seas is targeting sales volumes of up to 2,500 tons in fiscal year 2017, a more than 20 percent increase from fiscal year 2018.
“The company expects improvement in average farm-gate pricing in FY17 as a result of the new brand positioning, targeted activation programs and ASC accreditation. Over subsequent years the company expects to further increase sales to 3,000 tonnes and beyond,” Clean Seas said.
The company has the capacity to produce up to 6,000 tons of hiramasa a year.
