Aker Seafoods placed £86m order for new trawlers – Fishupdate.com

Aker Seafoods placed £86m order for new trawlers Published:  20 September, 2011

ONE of Europe’s top fishing companies, Aker Seafoods has concluded an agreement to build and equip three new trawlers at cost of 770-million Norwegian kroners (£86.4 million sterling).

The deal is with the company STXOSV, a major global ship builder based in Alesund, Norway. It is also the latest in a series of new trawler orders by an increasingly confident Norwegian fishing industry. The delivery for the first trawler is in the second quarter of 2013, the second in the fourth quarter 2013 and the third in the first quarter of 2014. The purchase of the vessels is funded from cash flow from operations and bank loans. A loan commitment from a syndicate of two Norwegian banks refinances existing bank loans and provides the necessary funds for purchasing three new trawlers.

The company says that the investment of three modern trawlers gives Aker Seafoods a considerable upgrade and will increase Aker Seafoods total catch capacity as well as improve the quota utilization.

The trawlers will have a considerable lower fuel consumption compared to older vessels with similar catch capacity. The investment will create attractive and future-oriented workplaces at sea. The vessels will replace three older trawlers that are planned to be sold, but it has not been decided which three vessels will be replaced.

Based in Olso, Aker Seafoods value chain consists of three parts – harvesting, processing and sales and distribution. Aker Seafoods’ value chain starts at the harvesting stage, where 12 modern trawlers are taking cod, saithe and haddock from Norwegian waters. It tailors annual fishing quotas to customer demand, and can offer fresh fish throughout the year. The harvesting stage delivers about half the raw materials consumed by Aker Seafoods. The processing business comprises eight processing plants Norway, two processing plants and a fish reception facility in Denmark and two processing plants in France. Aker Seafoods is also part owner of one production. Sales and distribution is the final link in the chain.