Inshore fleet's market shares all over the map — 9% of U.S. cod price, 27% of crab, & 58% of lobster
According to SEA-NL's math, the inshore fleet has a 9% share of the U.S. market price for cod this year; 29% share of the snow crab price (which is a 22% drop from 2022); 43% share of the halibut price, and 58% of lobster. "Fair market share" has yet to be defined, but if the bar is set at an even 50% split the small-boat fleet is underpaid for most species.
Small boats of Trinity Bay.
SEA-NL did a rough calculation of the inshore fleet's percentage market share for snow crab, lobster, cod, and halibut by comparing the average per pound landed values here in the province between 2016-2023 to the U.S. market price as measured by the Urner Barry seafood index over the same time period.
COD — 2023 inshore market share 9%
SNOW CRAB — 2023 inshore market share 29% (a 21% drop from last year)
HALIBUT — 2023 INSHORE MARKET SHARE 43%
LOBSTER — 2023 INSHORE MARKET SHARE 58%
The FFAW-Unifor and Association of Seafood Producers are scheduled to start negotiations in September on 2024 seafood prices, but a fair market share to the inshore fleet should be defined as part of that.
The inshore fleet appeared to suffer a 22% drop in market share for snow crab between this year and 2022.
This province's snow crab fishery, the largest in the world, had a landed value of $758 million in 2022, compared to $236 million to date in 2023 with 87% of the quota landed (105 million of 121 million pounds).
Seaward Enterprises Association of Newfoundland and Labrador (SEA-NL) is a professional, non-profit organization that serves as the distinct voice for licensed, independent owner-operator inshore fish harvesters. Visit sea-nl.ca to join.