The lobster season in Lobster Fishing Areas 33 and 34 in Southwest Nova Scotia, Canada, which are among the world’s most lucrative fishing grounds, had a slow start for the 2018-19 season. Weather kept boats tied up for a week and, when they hit the water, catches were down. However, what has risen is wharf price, according to recent reports.
Fishermen are getting CAD 9.00 (USD 6.70, EUR 5.90) per pound at the wharf.
“We created a bottleneck," Mike Cotter of Cotter’s Ocean Products in Lockeport, Nova Scotia, told local media. "The fishermen have a lot of inventory, [and] the buyers have a lot of inventory. Product didn’t move like it usually does in the month of December, so we put it away, tubed it, trayed it.”
Cotter noted that even the Chinese buyers located in Nova Scotia had inventory, which was “making us sweat.”
Adding to Cotter’s concerns was a lack of early uptake by the Chinese market, he said, which saw 40 percent of available cargo space in December not utilized. Cotter’s hope is for robust demand for the Chinese New Year, which begins on 5 February.
Another lobster exporter, who requested anonymity, confirmed to SeafoodSource the wharf price is holding. His more sanguine observation is that while this price cuts into margins, it supports the perception of a high-value, quality product. This seller noted that eight direct charters to Asia are scheduled from Halifax and Moncton this week.
Numerous upcoming holidays in China have sellers optimistic. The Chinese celebrate Little Year on 28 January, New Year’s Eve on 4 February, Spring Festival on the 5 February, an in-law festival on 6 February, and 12 other festivals on successive days up to the 19 February.
