Norwegian salmon farmer Mowi led the massive decline in the value of salmon farming companies, as shares on the Oslo and Santiago stock exchanges took a hammering in one of the largest single-day drops in trading in more than three decades.
Markets around the world suffered sharp losses after President Donald Trump announced a travel ban from Europe and as increasingly draconian measures were taken globally to control the spread of the coronavirus.
Mowi's share price closed the day 5.5 percent lower at NOK 169.85 (€14.99/$16.78) on the Oslo Stock Exchange, wiping nearly $506 million off the company's value.
Faroese salmon farmer Bakkafrost saw its shares fall 14 percent, with the company's value losing $436 million. The share price drop followed an announcement over the weekend that a severe storm damage had caused the loss of around 1 million salmon to the Faroese firm.
The value of Leroy Seafood fell by $365 million as its share price dropped 6 percent.
Salmar shares fell 11 percent, losing $507 million off its value.
Land-based salmon farmer Atlantic Sapphire saw another $100 million removed from its market value following two other triple figure losses recently dragged down by stock market falls and the loss of 227,000 fish.
Chilean salmon producer Salmones Camanchaca saw $104 million wiped off its value, sliding 25 percent, while Norway Royal Salmon saw its value chipped away heavily.
There was no hiding place on the Santiago market either for Multiexport and Blumar, with their share prices down 3 percent and 2 percent, respectively, at the close of business.
Trump's surprise travel ban has upended not just air travel, but air freight logistics. In announcing his ban in a nationwide address Wednesday, Trump neglected to mention that the EU to US ban would not include cargo flights.
However, a significant volume of the fresh salmon flown into the US comes in the belly of passenger planes.
Analysts told IntraFish Thursday that demand for Norwegian farmed salmon may decline in the US the wake of the travel ban, given that logistics will be more expensive for those suppliers that do want to get their fish into the country.
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