April 2, 2o23 — Bensenville, Illinois, U.S.A.-based Fortune International has signed an agreement to acquire Boston Sword and Tuna.
The deal will increase Fortune’s stature as one of the largest seafood distributors in the United States. Fortune International President and CEO declined an interview request from SeafoodSource, deferring until the transaction closes, which is expected within 60 days. Terms of the deal were not released.
May 13, 2020 — The coronavirus pandemic has decimated the seafood industry in the U.S. Following the widespread closure of restaurants and food service locations, many of the country’s fisheries have reported sales dropping as much as 95%. Thousands of commercial fishers are at risk of bankruptcy, The Washington Post reported.
Shortly after sales started to plummet, seafood companies — including Trident, Pacific Seafoods, High Liner, Cargill and Fortune International — wrote a letter to the Trump administration to ask for financial support. Although the industry anticipated the need for billions of dollars, the government only approved an aid package for $300 million at first.
Now the government is offering additional support with another $300 million in financial aid, as well as an attempt to bolster domestic production. Currently, domestic aquaculture production is either done on land or in state-controlled waters and is only a small portion of U.S. seafood. Aquaculture accounted for 20% of the country’s seafood production in 2016, according to NPR. The outlet reported that U.S. production is dwarfed by imports, which account for 90% of the country’s seafood consumption.
May 11, 2020 — An executive order issued May 7 by the administration of US president Donald Trump will have “huge” and far-reaching impacts on the country’s ability to farm its own seafood, particularly offshore, sources told Undercurrent News. The order establishes the National Oceanic Atmospheric Administration (NOAA) as the federal government’s lead agency for aquaculture permitting, set a two-year deadline for permitting most projects and seeks to develop “aquaculture opportunity zones”, among other provisions.
Its importance should not be “underestimated”, Margaret Henderson of the group Stronger America Through Seafood (SATS) told Undercurrent.
“We in the seafood business know how much value we bring to the American public, we know how much value we bring to the global economy. But it’s not something you see batted around every day at the Oval Office,” she said.
She added that SATS was founded following a Nov 2017 meeting among representatives of companies such as Cargill, Pacific Seafood Group, Red Lobster, Fortune International, and Taylor Shellfish. The members met with the leadership of NOAA and Secretary of Commerce Wilbur Ross about their hope to bring change to the sector.
“They indicated to us a willingness to move something like this back then. We’d been in constant communication and had several White House meetings since that time and have been working very close with the entire NOAA team who really should credit for the language in this product. They’ve been working on this for a very long time,” Henderson said.
May 8, 2020 — An executive order issued on 7 April by U.S. President Donald Trump containing a number of new mandates intended to enhance the competitiveness of the U.S. seafood has drawn widespread praise from the industry, and has been derided by some environmentalists and fishing groups.
The new executive order contains an array of recommendations for wild-caught fisheries, and an extensive set of new tasks for multiple government administrations intended to expand the nation’s aquaculture. The new changes are devoted to removing barriers to permitting, improving regulatory transparency, and establishing new “Aquaculture Opportunity Areas.”