According to a recent annual economic report from the European Commission, the European Union fishing fleet’s gross profits are projected to grow this year to an estimated EUR 1.67 billion (USD 1.73 billion), which would mark an increase over the past two years.
Compiled by the Scientific Technical and Economic Committee for Fisheries (STECF), the commission’s “2024 Annual Economic Report on the European Union fishing fleet” attributes this year’s upturn to many factors, including higher average first-sale prices, lower fuel prices, and a decrease in fuel consumption.
The report specifically outlined that for 2024, it anticipates a 3.1 percent increase in landed weight compared to 2022’s confirmed total of 3.49 million metric tons (MT). This would also represent a 6 percent increase on 2023’s unconfirmed total.
This, combined with estimated lower ex-vessel prices, should lead to an anticipated 2.4 percent rise in landed value compared to 2022 and a 7 percent increase compared to 2023, according to the report.
The report also estimates gross value-added totals of EUR 3.9 billion (USD 4.1 billion) for the fleet, which would be up 16 percent on 2022 and 12 percent on 2023, respectively. The nearly EUR 1.7 billion (USD 1.76 billion) in gross profit would be a 12 percent rise compared to 2022, and an 18 percent jump from 2023. Estimated net profits for the fleet will amount to EUR 844 million (USD 884.8 million), which would be 56 percent more than 2022 and 53 percent up on last year.
Besides higher first-sale prices, lower fuel prices, and a decrease in fuel consumption, the report also attributes the upturn …
