Frozen cod importers worldwide got some welcome news in mid-October when Norwegian and Russian fishermen were given the green light to catch more cod, haddock and capelin in 2011.
The Joint Norwegian-Russian Fisheries Commission, which divvies up the Barents Sea resource between the two countries, opted to increase the cod quota 16 percent to 703,000 metric tons, in accordance with the recommendation by the International Council for the Exploration of the Sea. Norway officials say the quotas are “historically high.”
The 2011 haddock quota was increased 25 percent to 303,000 metric tons, while the 2011 capelin quota was raised 5.5 percent to 380,000 metric tons. Meanwhile, the much smaller Greenland halibut fishery will be allowed to harvest 15,000 metric tons next year.
U.S. cod imports are up slightly this year. Through August, nearly 68 million pounds of cod entered U.S. ports, a 4.5 percent increase over the same period last year, according to the National Marine Fisheries Service.
Frozen Atlantic cod fillets from China jumped 59.5 percent to 14.7 million pounds. Much of that product hails from the Barents Sea, via Russian vessels, and is processed in China before being shipped around the world. Imports of frozen cod blocks from China increased 58 percent to 5.7 million pounds.
While capelin (imports totaled 9.1 million pounds through August, down 24 percent) has little market presence in the United States, a healthy shot of haddock should have an impact. Haddock imports jumped 22.2 percent during the first eight months of the year to 50 million pounds. Once again, imports of frozen haddock fillets from China skyrocketed during this time to nearly 14.5 million pounds, a 408 percent increase.
The increase in supply has done little to affect pricing. Fresh domestic cod and haddock supplies are merely adequate for demand, slowed by new lower quotas and catch-share regulations along the East Coast. A rule change to up quotas for “choke” species, such as yellowtail flounder, could become a reality and allow fishermen to target the much-healthier haddock stocks.
In mid-October, cod blocks were priced in the low- to mid-USD 2 range while haddock blocks from Canada and Norway were priced in the low-USD 2 range. Frozen, skinless and boneless cello packs of Atlantic cod were tagged in the mid-USD 4 range, as were frozen loins of all sizes. FAS haddock shatterpacks were holding steady in the mid- to high-USD 3 range, f.o.b. Mid-Atlantic. Skin off IQF haddock fillets were priced in the mid- to high-USD 2 range.
