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Friday, October 11, 2024

Alaska Economic Snapshot Shows Alaska Seafood Industry Suffered $1.8 Billion Loss 2022–2023 NOAA Fisheries’ industry snapshot shows the social and economic ramifications of Alaska’s losses have reverberated across the country. NOAA Fisheries - October 9, 2024 NOAA Fisheries has released a new economic snapshot focused on the Alaska seafood industry. Economists estimate that the Alaska seafood industry suffered an $1.8 billion loss (2022-2023). The Alaska fishing industry saw a 50 percent decline in profitability (2021-2023). https://www.fisheries.noaa.gov/feature-story/economic-snapshot-shows-alaska-seafood-industry-suffered-18-billion-loss-2022-2023 After tough salmon season, Lower Cook Inlet fishermen say it will be a struggle to stay afloat KBBI by Simon Lopez - October 10, 2024  Alaska’s salmon season is largely over. However, commercial fishermen on the southern Kenai Peninsula are reflecting on a year marked by declining catches and higher costs. https://www.kbbi.org/local-news/2024-10-10/after-tough-salmon-season-lower-cook-inlet-fishermen-say-it-will-be-a-struggle-to-stay-afloat St. Paul seafood processing facility unlikely to reopen for surprise snow crab fishery Alaska Public Media by Maggie Nelson, KUCB - Unalaska - October 10, 2024Alaska processor Trident Seafoods announced Monday that it probably won’t be processing crab in the Pribilof Island community of St. Paul this season. https://alaskapublic.org/2024/10/10/st-paul-seafood-processing-facility-unlikely-to-reopen-for-surprise-snow-crab-fishery/ NOAA recommends funding for bycatch reduction projects Seafood Source by Nathan Strout - October 11, 2024 NOAA Fisheries has selected 13 projects it wants to fund in an ongoing effort to reduce the amount of bycatch taken by commercial fishing operations. https://www.seafoodsource.com/news/environment-sustainability/noaa-recommends-funding-for-bycatch-reduction-projects ANALYSIS: YTD Pacific Halibut Landings 14.52% Lower YoY Expana by Liz Cuozzo - October 11, 2024 SupplyWe are now in the seventh month of the 2024 Pacific halibut season, which began on March 15 and will wrap up on December 7. This year's total allowable catch has been set at 35.29 million pounds, reflecting a 5% decrease from 2023. Commercial landings have seen a 3% reduction. As of week 38, the cumulative Pacific halibut landings for the year stand at 14.6 million pounds. This marks a notable 14.52% drop compared to the same period last year and a significant 19.78% decline when measured against the five-year year-to-date average.According to the International Pacific Halibut Commission, peak landings occurred early in the season, specifically in week 12, with over a million pounds landed. At the start of the season, boat prices ranged from $5.50 to $6.00 per pound. As is typical, landings tapered off by mid-June when many fishermen shifted their focus to wild salmon fishing. However, by late July, there was a resurgence in halibut fishing activity, with vessel participation peaking in week 33, when 176 boats were out, resulting in the second-largest landing of 894,000 pounds. Throughout August, market participants observed a steady supply of halibut, which led to boat prices softening to a range of $5.25 to $5.75 per pound.The primary objective for many Pacific halibut traders is to sell their catch in the fresh market, freezing only the surplus. Those who need to fulfill commitments and build frozen inventories typically do so in the fall, when fishermen are actively fishing to meet their quotas While a good portion of halibut was frozen in August, YTD frozen inventories are reported to be light. Additionally, we are entering a period where adverse weather conditions can negatively impact fishing efforts, further reducing landings. Notably, storms in September and sparse catches in October have driven boat prices to rise again, reaching the upper range of $5.50 to $6.00.Pricing/DemandPacific halibut has long been a premium product that attracts discerning consumers, but this season, market contacts have noted a dip in demand, particularly due to the influx of more affordable Atlantic halibut. Although prices for Atlantic halibut have experienced significant price fluctuations over the summer, the lower price points have been notably drastic, trading well below their five-year averages. This price disparity has made Atlantic halibut a more attractive option for cost-conscious buyers, further impacting demand for Pacific halibut...Want to keep reading? Unlock the full story by logging into COMTELL.This story and more are available exclusively to subscribers on our premium COMTELL service. Be the first to discover market moving insights, articles, and analysis by subscribing today. Click here to find out how you can gain access to the leading market intelligence platform for agrifood professionals. https://www.seafoodnews.com/Story/1287600/ANALYSIS-YTD-Pacific-Halibut-Landings-14-point-52-percent-Lower-YoY Environment/Science AFSC streamlines method for measuring fish fat Cordova Times by Margaret Bauman - October 10, 2024 Scientists at the Alaska Fisheries Science Center (AFSC) have substantially increased the number of fish tested for their fat content, using a new streamlined method for sampling Pacific salmon, Pacific herring, cod pollock and capelin. https://thecordovatimes.com/2024/10/10/afsc-measuring-fish-fat/

Pacific Seafood Processors Association 1900 W Emerson Place Suite 205, Seattle, WA 98119 Phone: 206.281.1667 E-mail: admin@pspafish.net; Website: www.pspafish.net Our office days/hours are Monday-Friday8:00 A.M. - 5:00 P.M. In accordance with Title 17 U.S.C. Section 107, any copyrighted work in this message is distributed under fair use without profit or payment to those who have expressed a prior interest in receiving this information for non-profit research and educational purposes only. *Inclusion of a news article, report, or other document in this email does not imply PSPA support or endorsement of the information or opinion expressed in the document.

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