June 12, 2014 — The International Council for the Exploration of the Sea (ICES) has recommended a 10% cut in the Barents Sea cod maximum catch, while increasing its advice for haddock by 10%.
On June 12, ICES announced that it advises, on the basis of the Joint Russian–Norwegian Fisheries Commission management plan, that the total allowable catch (TAC) in 2015 should be set at 894,000 metric tons.
The advice comes as prices for cod are already firming up.
The actual quota level will be set at the Russian–Norwegian Fisheries Commission in October.
“Normally, they follow the advice so this could strengthen the prices further,” one whitefish sector source told Undercurrent News.
“This is quite surprising as the stocks are reported to be in excellent condition. As this comes as a surprise to the market, we expect that this might change the market psychology instantly towards a (rapid) price increase,” wrote Kolbjorn Giskeodegard, an analyst with Nordea.
Read the full story at Undercurrent News