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Lofitorsk tangentially suffered from the rumours and incidence of 'monster cod'. (Photo: Fiskeridirektoratet/Stock File)

Monster cod cause of bankruptcy?

  (NORWAY, 6/25/2010)

Norwegian cod farming company Lofitorsk filed for bankruptcy last Thursday.

Lofitorsk is the parent company of Lofilab, which produces cod seedlings in Lofoten, and also of Storfjord Torsk, which raises cod in Storfjord in the Troms region.

Last year, Lofitorsk attempted and failed to obtain new capital, according to Chairman Steinar Eliassen. The company had to cope with biological problems, especially pertaining to diseases and a variable rate of fish production.

As a result, the breeder had to continually invest in its juvenile production without achieving a return on investment.

Lofitorsk also struggled to deal with repeated cod escapes from its aquaculture farm.

Further, Storfjord Torsk was blamed for the occurrence of so-called "monster cod in the fjord,” or deformed fish. The group is one of the oldest cod breeders in the country, having launched in 1989 with the juvenile production of the fish.

Mayor Hanne Braathen believes rumours of the monster cod helped bring Lofitorsk to bankruptcy by destroying the group’s reputation, despite a lack of proof that the deformed cod came from the company’s farms. She laments the job losses, iTromso reports.

“In the name of freedom of expression, one can say what you want, but it is regrettable when the rumors are not true. Negative reputation is not good for a business," Braathen said.

The stated goal of Lofitorsk is to develop a model of production that is both cost efficient and integrated -- one that encloses the entire chain of nourishment, from brood stock to juvenile, on to the accomplished product.

Lofilab AS was established in 1986 in Vestvågøy Lofoten as an aquaculture Research and Development Company. Its plant is one of the most complete production facilities for marine fry production, with prospects to increase production from the current level of 1-2 million juvenile cod to 3.2 million.

By Natalia Real
[email protected]
www.seafood.media


Information of the company:
Address: Strandvegen 106,
City: Tromsø
State/ZIP: (N-9006)
Country: Norway
Phone: +47 76 08 51 99
Fax: +47 76 08 64 25
More about:


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