The advice on Tuesday from Norwegian and Russian researchers to slash the Barents Sea cod quota by a further 20 percent -- the lowest it has been since 2009 -- did not come as a much of a surprise to the industry, which has been aware for some time the cod party is over and the stock is on downward curve.

“This is as expected,” said Finn-Arne Egeness, senior whitefish analyst at Nordea Markets, who believes the market has already priced in next year's quota reduction.