January 25, 2018 — For the first time in five years, the state has issued new licenses for Maine’s lucrative baby eel fishery.

Eleven people were chosen through a lottery that more than 3,000 Mainers hoped to win, according to the Maine Department of Marine Resources. The deadline for submitting applications to participate was Jan. 15.

In 2013, the last time the state held the drawing, more than 5,000 people applied for the chance to win one of four new elver fishing licenses.

Each new licensee will be allowed to catch up to four pounds of baby eels, also known as elvers, which usually sell for more than $1,000 per pound. Since 2014, the average annual price paid to elver fishermen has varied from about $875 per pound to more than $2,100.

The licenses have become a hot commodity as the price for elvers has skyrocketed, driven by voracious demand in Asia for eels. In 2016, the most recent year for which statistics are available, approximately 1,000 licensed Maine fishermen netted nearly $13.5 million worth of elvers.

Read the full story at the Bangor Daily News