Barramundi Group Ltd. has entered reconstruction and applied for a Moratorium Order from the Singapore High Court under the Insolvency, Restructuring, and Dissolution Act (IRDA).
This order seeks to protect the company from actions such as liquidation, the appointment of receivers, or legal enforcement against its assets without court approval. The company aims to negotiate debt restructuring with creditors during this period. To support operations during this process, Barramundi Group has secured a bridging loan of SGD 400,000 from a shareholder. The moratorium is requested for six months, with updates to follow as the restructuring progresses.
Under the Moratorium Order, the following key reliefs applied for are:
no resolution for the winding up of the Company shall be passed;
no receiver or manager shall be appointed over any property or undertaking of the Company;
no execution, distress or other legal process against any property of the Company shall be commenced, continued, or levied, except with the leave of the Court and subject to such terms as the Court imposes; and
no enforcement of any security over any property of the Company, or repossession of any goods held by the Company under any chattels leasing agreement, hire-purchase agreement or retention of title agreement, shall be taken, except with the leave of the Court and subject to such terms as the Court imposes.
Within the framework of the Humboldt II project, a binational Chile-Peru initiative, co-financed by the Global Environment Facility - GEF and implemented by the United Nations Development Program (UNDP) and executed by the Undersecretariat of Fisheries and Aquaculture (Subpesca) and the Vice Ministry of Fisheries and Aquaculture of the Ministry of Production of Peru (PRODUCE), the exchange of professionals is being carried out between the Fisheries Development Institute (IFOP) and the Peruvian Sea Institute (IMARPE) in the anchovy evaluation cruises in the shared stock of southern Peru and northern Chile. This activity is part of the program of the Binational Direct Assessment Working Group that seeks to exchange experiences and standardize methodologies for the quantification of biomass using acoustic methods and Daily Egg Production (MPDH).
On behalf of IFOP, the Direct Assessment Technician Adrián Ibieta will participate on board the 'BIC Luis Flores Portugal', who will participate in the anchovy survey between October 10 and 22 to evaluate the southern area of ??Peru between Puerto Chala and the border with Chile
Improving transparency on the high seas is a challenge for governance and the fight against illegal, unreported and unregulated fishing and one of the aspects that most limit this transparency is transshipment.
A study published by scientists from the Stockholm Resilience Centre, Stanford University and the University of British Columbia in Science Advance, under the title "Who owns reefer vessels? Uncovering the transshipment ecosystem in fisheries" presents a publicly accessible database on reefer shipowners, operators and flags, identifying 569 vessels and showing that Russian and Chinese shipowners control 26 and 20% of the world's reefer fleet, respectively.
Source: Fishing Industries l Read the full article here
Cargill was awarded the INDI 4.0 2024 award in the Smart Factory category by the Indonesian Ministry of Industry.
This award, presented by the Minister of Industry, Agus Gumiwang Kartasasmita, recognizes Cargill for the successful integration of advanced technologies under Industry 4.0 in its cocoa processing plant in Gresik, Indonesia.
Cargill's Managing Director of Food Solutions Southeast Asia, Francesca Kleemans, said: “We value the recognition for our operational excellence and smart manufacturing efforts. Advanced technical practices are fundamental to our commitment to feed the world in a safe, responsible and sustainable way.
Icelandic seafood technology firm KAPP has acquired the assets of Skaginn 3X, a bankrupt fish processing equipment manufacturer previously owned by Germany’s Baader Group.
The deal is backed by a consortium of investors, including Icelandic holding company VGJ, Brazilian food manufacturing firm Tectru, and five former Skaginn 3X employees.
Skaginn 3X, based in Akranes, Iceland, filed for bankruptcy in July after Baader, its German parent company, failed in restructuring efforts.
Source: SalmonBusiness l Read the full article here
Morecambe Bay Oysters, the U.K.’s largest hatchery, has gained the highly sought after and industry recognised Aquaculture Stewardship Council (ASC) accreditation. Regarded as one of the most robust and stringently audited standards in the industry, this accreditation secures its place at the forefront of responsible practices.
Safe Catch has introduced a new line of tinned smoked rainbow trout, which is labeled with the responsibly farmed certification of the Aquaculture Stewardship Council (ASC).
The ASC is currently in the midst of a campaign to build consumer awareness about the benefits of responsibly farmed seafood and has partnered with Safe Catch as they launch their new trout line to mark National Seafood Month in the U.S.
Author: Erin Spampinato / SeafoodSource l Read the full article here
Tariffs on Peruvian giant squid (dosidicus gigas) may soon be halved due to contracting demand driven by excessively high prices.
This year's Peruvian giant squid catch, which is already in short supply, is expected to drop to around half of the usual average. As international demand grows, Japan's supply is shrinking, leading to rising domestic prices. Trading companies are increasingly concerned that local stocks may soon be depleted.
To mitigate this shortfall, squid traders are turning to Illex squid from Argentina as an alternative.
For decades, Japan dominated global squid fishing and supply, but it is now being outpaced by China's growing fleet and squid products processed in Zhoushan.
Aquaculture accounted for 59% of total aquatic production in 2022 and surpassed capture fishing for the first time, according to the FAO Sofia Report 2024, reports Alimarket.
In this sector, the Spanish company Culmarex, a subsidiary of the Canadian group Cooke that operates commercially as Cooke Spain, closed 2023 with a 23% increase in turnover and a return to profits, after a 2022 marked by the high cost of supplies and lower fish consumption due to inflation.
With facilities spread across the peninsular Mediterranean coast, it is one of the main suppliers of farmed sea bream, sea bass and croaker in Spain and Europe. Among its latest projects, the investment in a filleting plant stands out.
In September, South Korea imported 17,127 tons of frozen pollack, marking a 14% increase compared to 14,964 tons in the same period last year.
From January to September, cumulative imports totaled 105,136 tons, marking a slight decline of 1% compared to 106,596 tons during the same period in 2023. Frozen pollock comprised approximately 16% of the total seafood imports, which reached 651,137 tons by the end of September.
Geographically, 99% of frozen pollock imports (103,720 tons) originated from Russia, while the United States contributed 1,289 tons and China 127 tons. Among these, China had the highest import price at USD 1.61/kg, followed by the U.S. at USD 1.25/kg, and Russia at USD 0.96/kg.
In September 2024, the import value of frozen pollock reached USD 16 million, reflecting a 12% increase from USD 14.27 million in September 2023. However, the cumulative import value from January to September saw a 10% decrease, totaling USD 101.09 million, down from USD 112.85 million the previous year. The average import price was USD 0.96/kg, a 9% decline from USD 1.06/kg in 2023. While the volume of frozen pollock imports is rising, the decreasing import prices and overall value are raising questions about future trends in the market.
For reference, wholesale distribution prices for frozen pollock in Korea are approximately KRW 39,500 for the Russian-origin (7-count) variety and around KRW 29,500 for the 8-count variety.
VARPE Releases Strategic Report on Russian Fish Export Markets Russia Fed.
The global fish market is undergoing significant adjustments, according to German Zverev, President of the All-Russian Association of Fishery Industrialists (VARPE).
The association has conducted an ...
OPINION: Chinese fishing threatens Peru’s maritime sovereignty Peru
The Peruvian navy has officially placed itself at the feet of China's commercial interests.
Giant squid was once an abundant marine resource and a cheap source of protein in Peru. The story is long, ...
SINGAPORE
This order seeks to protect the company from actions such as liquidation, the appointment of receivers, or legal enforcement against its assets without court approval. The company aims to negotiate debt restructuring with creditors during this period. To support operations during this process, Barramundi Group has secured a bridging loan of SGD 400,000 from a shareholder. The moratorium is requested for six months, with updates to follow as the restructuring progresses.
CHILE.png)
WORLDWIDE
Improving transparency on the high seas is a challenge for governance and the fight against illegal, unreported and unregulated fishing and one of the aspects that most limit this transparency is transshipment.
INDONESIA
ICELAND
Icelandic seafood technology firm KAPP has acquired the assets of 
UNITED KINGDOM
Morecambe Bay and Loch Fyne Oysters, recognised by 
UNITED STATES
JAPAN
SPAIN.png)
SOUTH KOREA
Geographically, 99% of frozen pollock imports (103,720 tons) originated from Russia, while the United States contributed 1,289 tons and China 127 tons. Among these, China had the highest import price at USD 1.61/kg, followed by the U.S. at USD 1.25/kg, and Russia at USD 0.96/kg..png)
