Frozen capelin aboard an Icelandic fishing ship. (Photo: Hugin blog.)
(ICELAND, 6/17/2010)
Companies controlling about 64 per cent of allocated catch quotas will probably be able to meet their commitments according to an evaluation of the 50 major fishing companies in Iceland, Íslandsbanki said in its latest report on the Iceland Seafood Market.
In its report, the bank considers the role and significance of the seafood industry in the national economy, the fishing activities and export statistics, the Icelandic fishery management system and the sector’s current financial situation.
The report also offers Íslandsbanki’s view on the proposed changes to Iceland’s individually transferable quota (ITQ) system.
Seafood is one of the foundations of the Icelandic economy, with the value of seafood products exported last year reaching EUR 1.2 billion -- about 42 per cent of the country’s total value of exported goods, according to the report.
In 2008 and 2009, the industry achieved its strongest EBITDA margin: o...
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