July 2, 2015 — Many of the fisheries around the Vineyard have declined as a result of commercial fishing. In 2009 a new regulatory system based on sectors and annual quotas replaced the previous system, which worked by limiting fishing trips and days at sea. But the new system tends to favor larger companies that can afford to purchase quota from other fishermen and reinvest in equipment.

The fisheries have largely rebounded, Mr. Brighton said, but the Island’s commercial fishing fleet is struggling to compete with companies in New Bedford and other large fishing ports in New England.

Along the coast, however, community groups have emerged to reclaim some of the access to their local waters. The Martha’s Vineyard Fishermen’s Preservation Trust, a small group of fishermen, businessmen and others, is now working to establish a permit bank to make permits and quota affordable and keep them in the community.

The most active fisheries on the Vineyard — conch, lobster and monkfish — are managed by limited access (only a certain number of permits are issued). But groundfish, which include cod, flounder, haddock and other bottom-dwelling species, are regulated in part by quotas, which can be bought and sold on the open market. As one project, the trust plans to raise money through loans, grants and donations to buy quotas and lease them to fisherman at an affordable rate.

Obtaining a quota, however, requires first obtaining a state or federal permit, and most permits are already in use, placing them in high demand. A conch permit, for example, might sell for $40,000. A monkfish permit might exceed $50,000. A full-time scalloping permit for a large boat could easily run in the millions.

Quotas can be owned and leased by anyone, but permits are tied to individual vessels, so the trust would be hard-pressed to lease a permit without relinquishing control. “There is nothing keeping me from going to any other place in the world at fair market value and just selling it,” said Mr. Brighton, who is also a trustee for the fishermen’s trust.

“Obviously the hope is to one day be able to have boats that could lease quota,” said Shelley Edmundson, a Ph.D. candidate at the University of New Hampshire who is studying conchs and also working as treasurer for the trust. But the trust has raised only about $20,000 so far and has no immediate plans to purchase a boat.

Read the full story at the Vineyard Gazette