November 8, 2019 — Some of the world’s biggest tuna fishing fleets are set to meet “face to face” next week to discuss the current market crisis.
An oversupply of skipjack tuna has led raw material prices for delivery in Bangkok, Thailand to dive from $1,600 per metric ton in March to $900/t this month, a record low. This has caused many purse seine boats around the world to operate at a loss. Prices are expected to drop even further in the near future -with rumours of some exchanges done at $850/t in recent days- a situation that is seen as unsustainable for most tuna fleets.
The World Tuna Purse Seine Organization (WTPO) will hold a meeting on Nov. 13 in Manila, the Philippines, to discuss the market and catch situations in relation to “concerns” raised by WCPO and Western and Central Pacific Fisheries Commission members.