Halibut prices are high and stand to climb even higher in 2011 as the Pacific fishery faces severe quota cuts, tightening up an already limited supply.
The supply picture should clear up by month’s end, just in time for the season to kick off in early March. But if scientific recommendations are followed, there could be close to one-fifth fewer fish to go around.
International Pacific Halibut Commission (IPHC) scientists in December recommended a 2011 halibut quota of 41.02 million pounds, after presenting the results of the latest stock assessment. That would be down 19 percent from the 2010 quota. A decision is expected when the IPHC’s annual meeting takes place in Vancouver, British Columbia, from Jan. 25 to 28.
And the most significant cuts are sure to come in key spots — Areas 2C (southeastern Alaska) and Area 3 (central and southwestern Alaska). The quota in Area 2C would drop to 2.33 million pounds from 4.4 million pounds in 2010; the quota in Area 3 would fall to 22.9 million pounds from nearly 30 million pounds in 2010.
Fishermen are voicing frustration that their fishery, worth USD 193 million in Alaska alone, is continually facing cuts and are venting at the IPHC. One West Coast supplier wasn’t as concerned, because the fish has long since joined the ranks of elite seafood products that appeal to high-end foodservice channels, where price sensitivity isn’t as intense.
Good thing, because upward pressure on prices is already occurring, as whole frozen fish trended toward USD 8 a pound or more after the season closed in November. Boxed FAS halibut in mid-December was priced in the high-USD 6 range for 10- to 20-pound fish, f.o.b. Mid-Atlantic. Toted fish was tagged in the mid-USD 7 range and up for larger sizes. With the season more than a month in the history books, and only frozen fish available, prices are still up nearly USD 1 a pound since September.
