Catch the Current: Alaska Seafood Updates
Grab yourself some hot cocoa and get cozy. We’re checking in with Alaska!
In the latest episode of Catch the Current, editorial director Cliff White shares valuable insights on mergers and acquisitions (M&A) in the Alaska salmon and pollock sector. Reporter Jacob Resneck returns from Anchorage, where he attended the Alaska Seafood Marketing Institute’s “All Hands on Deck” meeting, bringing us a wealth of information.
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Episode Highlights
Introduction and Travel Tales
Amanda Buckle (AB): You’re listening to Catch the Current, the coolest seafood podcast out there, from the team at Undercurrent News, your trusted source for seafood prices, news, and data. I’m Amanda Buckle.
Lorin Castiglione (LC): And I’m Lorin Castiglione. You’re looking awfully tan this time of year.
AB: Thank you! I just returned from a family trip to Turks & Caicos, celebrating our 10-year anniversary. We pivoted there after Hurricane Melissa altered our Jamaica plans!
Seafood Conversations
During the trip, I savored crab cakes and the spiciest clam linguine of my life—delicious seafood options at our all-inclusive resort.
Alaska Salmon and Pollock Market Insights
Cliff White discussed the current M&A landscape in Alaska’s salmon and pollock industries. He noted that while overall salmon runs may be experiencing challenges, the Bristol Bay sockeye season showed strong results, enhancing overall optimism among industry veterans.
Key Players in Alaska Seafood
Silver Bay Seafoods has emerged as a dominant player in Alaska, focusing on consolidation and quality improvement after years of rapid growth. Other significant companies include Trident and Canfisco, with consolidation efforts aiming to enhance fish quality and, subsequently, market prices.
Pollock Industry Challenges
The pollock sector faces unique challenges, primarily due to the aging fleet affected by the Jones Act, which restricts operational flexibility. These constraints have contributed to a disconnect between asset valuations and potential sales, particularly for American Seafoods, which has been seeking buyers for several years.
Alaska Seafood Marketing Institute Meeting
Jacob Resneck reports a shift in vibe at the “All Hands on Deck” meeting, noting less forced optimism and more solid figures reflecting an improving industry outlook. Alaska’s salmon fishery has reported a projected $541 million value this year, reversing a four-year decline.
Government Shutdown and Its Effects
Resneck highlighted the ongoing challenges posed by the federal government shutdown, affecting fisheries management, stock assessments, and processing permits. While the sector is resilient, significant stress remains due to these disruptions.
Criminal Investigation Catalyst
Finally, a notable investigation is underway into the trawl industry in Alaska regarding bycatch practices. Regulators have raised concerns about the economic incentives for using bycatch in fishmeal production, prompting law enforcement’s involvement.
Conclusion
This podcast episode brings vital insights into the evolving landscape of Alaska’s seafood market. Industry stakeholders are adapting to challenges while seeking opportunities for growth. Join us next time on Catch the Current!
Thank you to our sponsor, Wisefish, for enabling seafood businesses to thrive with integrated platforms for tracking production costs and sales. Learn more at wisefish.com/catch-the-current.
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