The absence of investment in the modernization and renewal of the country’s fishing fleet may cause a decrease in the volume of landings in Russia within the near future, according to a recent report by Ilya Shestakov, the head of Russian federal fisheries agency Rosrybolovstvo.
It is clear from Rosrybolovstvo’s official data that most fishing vessels in the fleet date back to the 1970s and 1980s. For instance, in the Far East basin which accounts for 70 percent of the fishing fleet as a whole, the deprecation of fishing vessels that should be taken out of service within the next five years is 65 percent for fishing vessels and 40 percent for processing vessels, while standard terms of service for 18 percent of vessels have already expired.
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