Nordic Halibut achieving record prices

Nordic Halibut said it achieved an average sale price of NOK 155 (£11.50) per kilo during the second quarter of this year, representing a year-on-year increase of 7% and considerably higher than that for wild-caught halibut.

In an operational update yesterday, the company reported that it is witnessing a growing willingness to pay and acceptance for farmed halibut in key export markets.

It adds: “As awareness of the outstanding qualities and attributes of farmed halibut products continues to rise, the price differential against wild halibut products also continues to widen. “

The average export sales price for Nordic Halibut’s products during the quarter reached NOK 171 per kilo (£12.60), marking a 13% year-on-year increase, while the average export sales price for wild halibut from Norway stood at NOK 109 (£8) per kilo , resulting in a price differential of 57%.

Nordic said: “The established price level indicates strong potential for higher prices for farmed halibut. Ongoing assessments of long-term strategic considerations will determine the allocation of biomass held at sea between periods, aiming to create a strong market presence and achieve optimized prices and revenue.

“Notably, larger-sized halibut, particularly those sold at 7-9 kg and 9 kg plus, are yielding higher sales prices.”

Nordic said that consequently, its strategic commercial focus in the upcoming periods will prioritise achieving favourable prices and establishing a strong market presence.

In line with the strategic harvest plan for 2023, the company reduced its Q2 harvest volume to ensure optimal utilisation of biomass in the second half of this year.

During the April to June period Nordic harvested 151 tonnes (135 tonnes in head-on-gutted (HOG) weight), with an average harvest weight of 5.2 kg (4.7 kg HOG – head on gutted).

Total revenue for the quarter amounted to NOK 21m (£15.5m). This year it plans to release one million fish into the sea, equivalent to the growth phase one production target of 5,000 tonnes (4,500 tonnes HOG) to be harvested within 2026.

 

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