A Greenlandic seafood producer has increased its expected raw material costs for 2012 by more than $3 million (€2.3 million) in response to a strong hike in halibut landing prices.
Polar Seafood adjusted its cost base after halibut fishermen in Upernavik in northwest Greenland, where Polar is co-owner of some factories, negotiated a raw material price increase of 31 percent.
“There’s been quite a substantial price increase from May 1,” Polar’s chairman Henrik Leth told IntraFish.
Leth did not have the landing prices at hand, but said the price increase means that “for the company we have updated our prices by more than $3 million (€2.3
