Undercurrent News

21/02/2025

Confusion reigns in world’s largest snow crab fishery as season nears start date

A bold plan for a new way to settle dock prices in Canada's and the world's largest snow crab fishery has become more tangled than a dozen strings of crab pots snarled underwater, with only about six weeks to go before the season is expected to start.

The Newfoundland and Labrador (NL) House of Assembly tried to settle years of fiery disputes between harvesters and processors over the setting of dock prices in early December 2024 when it approved Bill 104, "An Act to Amend the Fishing Industry Collective Bargaining Act (FICBA)."

But the changes outlined in Bill 104 remain in limbo as the new legislation contains a "commencement clause" and has yet to receive the required approval from the provincial government's cabinet.

A new law, which would allow strikes and lockouts in the crab industry in the Canadian province of Newfoundland and Labrador, remains in limbo

20/02/2025

Late Ash Wednesday not stopping fast food chains from launching limited-time Lent offerings

The Lent promotions come as Alaska po***ck sector enters 2025 on solid footing, buoyed by a modest boost in the total allowable catch (TAC) and continuing strong global demand.

Read more ...

Limited-time seafood offerings are beginning to hit fast food chains leading up to the first day of Lent on March 5

19/02/2025

US wholesale: Norway king crab prices surge again; groundfish markets rally; shell-on shrimp decline

UCN's week eight price assessments and market wrap-ups for US wholesale prices for crab, salmon, shrimp, frozen lobster, groundfish, farmed whitefish, scallops, crab and salmon are available on our new platform

Undercurrent News' week eight (Feb. 17-23) US wholesale price assessments for various key commodities are available on our new platform.

UCN publishes its price assessments and market wrap-ups for crab, salmon, shrimp, frozen lobster, groundfish, farmed whitefish and scallops every Wednesday. On Monday, UCN publishes a market pulse, giving a sense of the week ahead.

UCN’s week eight price assessments and market wrap-ups for US wholesale prices for crab, salmon, shrimp, frozen lobster, groundfish, farmed whitefish, scallops, crab and salmon are available on our new platform

18/02/2025

US scallop landings improve as prices rise again for most sizes

Harvesters landed 183,445 pounds of Atlantic sea scallops (Placopecten magellanicus) worth $3.5 million at the New Bedford, Massachusetts, seafood auction during week seven of 2025 (Feb. 10-16), more than three times the landings seen during week six (Feb. 3-9).

The average prices were up, too, across most sizes, Undercurrent News found in its review of the landings...

‘Prolonged high prices have tempered demand, exposing the market’s fragility as buyers weigh difficult purchasing decisions’ — Lorin Castiglione, UCN’s head of price reporting for the Americas

14/02/2025

Catch the Current episode 4: Lobsterfest deep dive; Captain Fresh’s latest move; Water cooler talk

This week, Catch the Current hosts Amanda Buckle and Lorin Castiglione are getting their fill of lobster as they examine the current state of the market as the seafood chain kicks off its famous Lobsterfest promotion.

Plus, get the scoop on Captain Fresh's latest acquisition and learn more about the abrupt departure of Royal Greenland CEO Susanne Arfelt Rajamand.

You won't want to miss this week's water cooler talk, which includes shrimp running on treadmills and football legend Bill Belichick's girlfriend's connection to the seafood industry.

Listen until the end to hear from Jason Smith, author of Undercurrent's Seafood Titans 150 report, as he explains why you'll want to drop everything you're doing and download it.

Hop in the car and queue up the latest episode of Catch the Current because Lobsterfest is back at Red Lobster.

14/02/2025

's frozen market continues to weaken post-Lunar New Year, with imports facing price declines amid sluggish demand and mounting inventory:

‘If you look at the overall price trend, you’ll see that there has been no price increase at all since December,’ an importer based in northern China told Undercurrent News

14/02/2025

Prices for key commercial species have surged to multi-year highs as poor catches in 's coastal waters and the Indian Ocean have created supply shortages:
https://www.undercurrentnews.com/2025/02/14/squid-prices-rise-as-supply-squeeze-hits-key-commercial-species/

13/02/2025

After the festive New Year period, the market for live in Europe is something of a jumble, according to market sources:

Canada could be big winner for lobster volumes the event of a trade war, sources contend

13/02/2025

A sharp rise at the start of the year meant farm-gate prices for hit a record for the month:

They have since eased marginally, but the pricing trends in the first month of the year also meant exports reached $209m, up 27% year-on-year

13/02/2025

The European coldwater market looks stable and balanced early in 2025, with trading prices unlikely to come down at all in the first quarter given the continued tightness of supply:
https://www.undercurrentnews.com/2025/02/13/european-coldwater-shrimp-supply-tight-but-balanced-after-good-year-for-uk-market/

12/02/2025

Red Lobster brings back Lobsterfest amid elevated prices, strong demand

Lobsterfest is back at US seafood restaurant chain Red Lobster. The return of the fan-favorite limited-time event comes as prices for lobster tails and meat remain at elevated levels with strong demand.

"Lobsterfest is the ultimate celebration for lobster lovers, and this year, we're taking it to the next level with more variety, more flavor, and more ways than ever for guests to satisfy their crustacean cravings," Nichole Robillard, chief marketing officer at Red Lobster, said in a press release Tuesday (Feb. 11) announcing the promotion.

The US seafood chain is making it so lobster is affordable at every price point, with items on its Lobsterfest menu ranging from $6.99 to $54.99

12/02/2025

's fishmeal imports reached a record high of 1.96 million metric tons in 2024, driven by surging 's production and robust demand:

China’s consumption of fishmeal was highest in the decade or more with an estimated 2.22m metric tons in 2024, up 11.5% over 2023, according to James Frank, managing director of MSICeres

12/02/2025

Mowi, the world's largest firm, plans to increase its harvest volumes by 5.6% in 2025 after posting record-breaking fourth-quarter results driven by strong biological performance across its farming operations:

Mowi, the world’s largest salmon producer, plans to increase its harvest volumes by 5.7% in 2025 after posting record-breaking fourth-quarter results, driven by strong biological performance across its farming operations

12/02/2025

The prices for 's headed and gutted ***ck are continuing to rise, with the level in week seven even higher in the domestic market than for delivery to , where processors continue to be squeezed:

The prices for Russian H&G po***ck are continuing to rise, with the level in week seven even higher in the domestic market than for delivery to China

11/02/2025

US wholesale: Brazil emerges as key supplier amid historic low fresh tilapia imports

The US fresh tilapia fillet market experienced a significant shift in 2024, with import volumes reflecting notable trends and challenges. Imports fell to their lowest level on record since 2012, based on Undercurrent News trade portal data for HS code 030431. Total imports reached 41.7 million pounds valued at $147.1 million, marking a 17.4% volume decline from the previous year.

The primary driver of this decrease was production disruptions in Central and South America, which impacted key exporters

11/02/2025

Aisa Group, which owns a gold mine, energy, and real estate assets in , has said its acquisition of Cabo Virgenes is only the start of its plans in :

Aisa Group, which owns a gold mine, energy, and real estate assets in Argentina, has said its acquisition of Cabo Virgenes is only the start of its plans in seafood

11/02/2025

's sector expects to lift its production and export volumes and value in 2025, aided by attractive prices and a trading landscape which has been even further tipped in its favor by US president Donald 's tariffs against :
https://www.undercurrentnews.com/2025/02/11/vietnam-guides-for-lift-in-pangasius-production-exports-aided-by-us-tariffs/

11/02/2025

farm-gate prices staged a belated pre-holiday recovery after weeks of unseasonal price weakness, but other major producing regions see mixed trends in week seven:

Chinese farm-gate shrimp prices staged a belated pre-holiday recovery after weeks of unseasonal price weakness, but other major producing regions saw mixed trends