Marine Harvest profits slip in wake of Russian ban

SALMON supplies to Russia from Marine Harvest dropped by 0.9 per cent to 32,700 tonnes in the third quarter of 2014, a direct result of the trade embargo against the US and Europe.
Reported in Tass, a report by Marine Harvest stated that: ‘Consumption in Russia however kept stable despite the sanctions, proving the dynamic character of the global salmon market.’
Marine Harvest has estimated that the global harvest of farmed Atlantic salmon was around 511,000 tonnes, an increase of 12 per cent on last year.
Perhaps unsurprisingly, salmon from the Faroes and Chile – both unaffected by the Russian ban – are growing fastest, at 20.8 percent and 28.4 per cent respectively.
In spite of an increase in harvest of around 33 per cent compared to the same period last year, Maine Harvest’s net profit fell 46 per cent to NOK 206 million, caused primarily by falling prices in the wake of the Russian trade ban.