Clearwater Seafoods spending CAD 70 million on new clam vessel

Clearwater Seafoods will spend CAD 70 million (USD 54.2 million, EUR 48.3 million) to buy a new clam vessel equipped with a more efficient harvesting platform. The investment is “directly tied to Clearwater's strategy of expanding access to supply of high demand, premium, wild and sustainably harvested seafood,” the company said in a press release.

The company, based in Bedfod, Nova Scotia, Canada, has invested CAD 169 million (USD 131 million, EUR 116.5 million) in its fleet over the past five years, “creating one of the most modern and technologically advanced fishing fleets in the world,” according to its announcement.

"Global demand for seafood is outpacing supply, creating favorable market dynamics for vertically integrated producers. Clearwater is well-positioned to take advantage of this opportunity because of its licenses, premium product quality, diversity of sustainably harvested species, global sales footprint, and year-round harvest and delivery capability,” Clearwater CEO Ian Smith said. “This new investment completes Clearwater's fleet modernization program and positions the company to execute with excellence on our extraordinary growth plans over the next five years.”

The new ship will replace an existing 28-year-old clam vessel and will primarily fish for surf clam in Canadian waters. Following this vessel replacement and the launch of the clam-fishing vessel Belle Carnell in July 2015, Clearwater's entire Canadian fleet will have been entirely replaced or refurbished its entire fleet with modern technology. As a result, the company said it has no further plans for vessel replacements until after 2020 at the earliest.

The investment will begin during the third quarter of 2016 and is expected to be complete in time for the vessel to enter service by the second quarter of 2018, the company said, adding that the project will be financed through cash and existing debt facilities.


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