Kingfish Company’s Phase 2 is now operational
The Kingfish Company has announced that the second phase of expansion for its land-based farm in the Netherlands has been completed and is now fully operational.
In a 2023 final quarter trading update, the yellowtail producer said the standing biomass has more than doubled to 967 tonnes in the company’s RAS (recirculating aquaculture system) facility. It was just 408 tonnes 12 months earlier.
The volume sold during the final quarter was 343 tonnes, and the company recorded revenues of €5.2m (approximately £4.5m). Both figures are broadly similar to Q4 for the previous year.
The revenue per kilogramme has increased by 3.8% to €15.20.
Kingfish said phase two in the Netherlands was successfully completed before the end of December, resulting in all tanks being fully stocked.
“This significant milestone has enhanced the total production capacity to 3,500 tons,” the company added.
“In 2025, the company will be able to operate at full capacity. The biological performance of the new farm is excellent and continues to exceed our expectations.
“Despite softer markets at the beginning of the fourth quarter and increased competition in the US frozen market, prices in our principal markets in Europe have remained stable.
“Additionally, as the year concluded, demand in key markets strengthened, underlining the market appeal of Dutch yellowtail.”
CEO Vincent Erenst said: “The completion of Phase 2 marks the beginning of an accelerated sales phase.
“In a strategic move, we welcomed a new commercial director, Gudo Klein Gebbink, in January 2024. This role is pivotal in driving the expansion of our customer base and boosting sales across both existing and new markets,”
Along with its Netherlands operation, The Kingfish Company has a US subsidiary, Kingfish Maine, which is building an 8,500-tonnes-per-year RAS in Jonesport, Maine.