Hello all --
Another week of coverage dominated by Ukraine as Putin's aggressions take their toll not only on the Ukrainian people but also on the way seafood is bought and sold.
A blow to a Russian seafood magnate
The biggest bombshell came Thursday, when a new US department of treasury sanctions list was released. Among the names was the owner of one of the largest Alaska pollock, cod and crab suppliers.
He quickly sold out his holdings, with an explanation that didn't mention Ukraine, sanctions or a panicked sale in any way.
Import reprieve
The United States gave some breathing room to US importers, announcing a previous deadline of bringing in Russian-origin product would be extended. But the industry sees some clear writing on the wall.
Slade Gorton CEO Kim Gorton said the industry needs to reassess how and where seafood will be processed.
Making the switch or not?
Switching species is easier said than done. Two major giants who together make of the majority of Russian pollock purchased for retail branded frozen fish products in Europe, Young's Seafood and Nomad Foods (which owns Birds Eye and Iglo), both have said only that they are reviewing their supply chains or have plans in place, which sounds a lot like playing for time.
Inflation
With Ukraine being one of the most important producers of wheat for the aquaculture feed sector, the ravages of war will dramatically reduce production. One executive fears a knock-on effect that will last a long time.
In (kind of) non-Ukraine news, inflation continues to drive prices to crazy high levels. Atlantic cod prices, despite increased catches, are going up and up. Alaska pollock is hitting 15-year highs. Salmon prices are at what buyers are calling unsustainable levels.
M&A
M&A has been a little quiet over the past couple weeks. Cargill, of course, changed that the week before last with its buy into Chilean salmon farmer Multi X. But what exactly does the agri-giant have planned? We asked the man in charge.
Last week also saw a strange one, as the world's largest seafood company by revenues, Maruha Nichiro, bought a startup US frozen foods firm.
But plenty of money is waiting in the wings to be deployed. This Norwegian group, which manages $4 billion (€3.6 billion) in investments, sees exciting opportunities in the intersection of aquaculture and tech.
Breaking down the new green rules
The EU taxonomy system is one of the most confusing new regulatory shifts in years from the bloc. And that's saying something.
We explored what it means, and how seafood will be impacted.
Keep up with us
The Seafood Expo Global is right around the corner in Barcelona. You can join an elite audience at the IntraFish Leadership Luncheon on April 27. Seating is limited though, so book quickly.
The best way to keep up with our coverage is to bookmark our homepage, where you'll find all our latest news, 24/7. But if you're on the move, the new IntraFish App is out, and it's great. Download it for free.
And if you have any feedback, tips or story ideas, drop me a line, or you can reach the IntraFish editorial team here.
Read more
- Just as shipping costs show signs of levelling, Ukraine crisis threatens to drive them back up
- 'People are going to have to be more adventurous': Ukraine crisis forces UK fish and chip shops to trial cheaper alternative species
- First Nation plans to administer its own aquaculture licenses 'with or without the Canadian government'
