Saving Seafood

Mixed signals jumble outlook for China’s seafood market

June 29, 2021 — China’s seafood market has been a jumble of mixed signals, with import volumes recovering but prices remaining soft.

In a recent financial update, Singapore-based high-end seafood restaurant chain Jumbo Seafood announced its intention to open more restaurants in China, after posting a strong performance in mainland China in the first five months of 2021. The company currently operates restaurants in five Chinese cities, but had pulled back from expansion in China due to the COVID-19 pandemic.

Read the full story at Seafood Source

Environmental Investing Frenzy Stretches Meaning of ‘Green’

June 25, 2021 — The first time Gerard Barron tried to mine the sea floor, the company he backed lost a half-billion dollars of investor money, got crosswise with a South Pacific government, destroyed sensitive seabed habitat and ultimately went broke. Now he’s trying again, but with a twist: Mr. Barron is positioning his new seabed mining venture, The Metals Company, as green, to capitalize on a surge of environmentally minded investment.

TMC is set to receive nearly $600 million in investor cash in a deal slated to take the company public in July. If successful, that would value TMC at $2.9 billion—more than any mining company ever to go public in the U.S. with no revenue.

“We were positioning this incorrectly as a big mining, deep-sea mining project, which it was,” says Mr. Barron, who says the metallic nodules he hopes to bring up are crucial to building electric-vehicle batteries. “But it wasn’t the way that we were going to garner support from investors to make this industry a reality.”

Green investing has grown so fast that there is a flood of money chasing a limited number of viable companies that produce renewable energy, electric cars and the like.

Read the full story at The Wall Street Journal

China faces import dilemma in advance of 1 July holiday

June 23, 2021 — Seafood is being caught up in a broader tightening of access to southern Chinese ports as China worries about the spread of the Indian variant of COVID-19.

While reported case numbers are low, local and regional Chinese government officials are going to drastic lengths to reduce any possibility of a major outbreak of the virus blemishing the upcoming centenary celebrations of the Communist Party of China on 1 July, despite port restrictions pushing up input prices for the large manufacturing and processing industries, according to various sourcing agents and traders impacted by the restrictions.

Read the full story at Seafood Source

US crackdown on forced labor opens seafood importers to heightened scrutiny

June 17, 2021 — The imposition by U.S. authorities of a ban on imports from a top Chinese fishing firm important raises due diligence issues for American seafood importers, according to a lawyer working on such cases.

On 28 May, U.S. Customs and Border Protection imposed a withhold release order on distant-water fishing firm Dalian Ocean Fishing, barring the company’s products from entering American ports. CBP cited the findings of a yearlong investigation that revealed forced labor in the company’s operations as the basis for its action.

Read the full story at Seafood Source

ANALYSIS: Squid Imports Rapidly Diminishing Year-Over-Year

June 17, 2021 — Imported squid volumes, prior to 2019, typically trended at 160 million pounds of product entering the United States per year on average. This figure took a massive hit in 2019 when tariffs were implemented on product from China, the main supplying country of squid into the U.S. This resulted in a drop of about 33.3 million pounds from the country. Enter a global pandemic and imports continue to downtrend as 2020 brought in 99 million pounds of squid products, or 65 million pounds less than the previous historical average.

In looking at how 2021 is shaping up, with import information available through April 2021, the year-to-date totals are at least tracking steady or above the previous two years. However, they are falling about 10 million pounds below the typical year-to-date average of this time frame.

Read the full story at Seafood News

Dong Shuanglin: China’s marine ranches represent new approach to aquaculture

June 14, 2021 — China has rolled out a national policy with a new approach toward aquaculture, according to a leading Chinese researcher in the field.

Dong Shuanglin, a professor at the Key Laboratory of Mariculture at the Ocean University of China in Qingdao, has spent much of his career researching mariculture along the coast of Shandong Province, currently an area of focus for numerous companies seeking to develop mariculture initiatives in China. He said such efforts are now being guided by China’s National Marine Ranch Demonstration Area Construction Plan, implemented by the Ministry of Agriculture and Rural Affairs, which has prioritized the construction of large-scale, integrated multitrophic systems, many of which include leisure facilities.

Read the full story at Seafood Source

US blocks seafood from Chinese fleet over crew mistreatment

June 10, 2021 — The U.S. government blocked imports of seafood Friday from the entire fleet of a Chinese company that authorities say forced crew members to work in slave-like conditions that led to the deaths of several Indonesian fishermen last year.

Customs and Border Protection said it will place an immediate hold on any imports linked to the more than 30 vessels operated by Dalian Ocean Fishing, under a U.S. law that bars goods suspected to have been produced with forced labor.

Imports from Dalian, which primarily fishes for high-grade tuna, have exceeded $20 million as recently as 2018. Amid financial troubles, and a greater focus on the Asian market, the shipments have dropped. CBP said the company shipped $1.8 million worth of cargo to the U.S. in 2019; nearly $321,000 in 2020; and $763,000 through April 30 of this year.

“We will not tolerate any amount derived from forced labor,” Homeland Security Secretary Alejandro Mayorkas told reporters as he announced the measure.

CBP issued what is known as a withhold release order that halts shipments that have suspected links to forced labor, under a law that has been on the books for decades, ostensibly to protect U.S. producers from unfair competition.

Read the full story from the Associated Press at The Boston Herald

Oceana reports Chinese, Spanish squid vessels ‘going dark’ off Argentina

June 4, 2021 — A South Atlantic shortfin squid fishery is dominated by distant-water fleets off Argentina, primarily Chinese vessels that account for an estimated 69 percent of fishing activity, according to a new report by the environmental group Oceana.

From Jan. 1, 2018 to April 25, 2021, the group documented more than 800 foreign-flag vessels logging more than 900,000 hours of apparent fishing activity, based on analysis of Automatic Identification System (AIS) data.

That analysis also showed vessels regularly “went dark” – apparently turning off their AIS transponders – effectively dropping out of sight for 600,000 hours in all. Some 66 percent of those outages involved Chinese vessels, raising the possibility of masked illegal fishing, such as intruding into Argentina’s exclusive economic zone, according to Oceana researchers.

Read the full story at National Fisherman

China brushes off US sanctions against Dalian Ocean Fishing

June 4, 2021 — U.S. sanctions filed last week against a Chinese distant-water fishing firm for alleged forced labor abuses amount to “American slander,” according to a Chinese state media outlet.

The China Youth Daily, the official newspaper of the Communist Party Youth League, has sought to link the  U.S. Department of Homeland Security’s sanctioning of the Dalian Ocean Fishing Co. to other Western claims of human rights abuses as part of a coordinated effort to “tarnish” China.

Read the full story at Seafood Source