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Surviving the Global Economic Credit Crunch
So Far - So Good for Atlantic Fishing Companies
By Jim Wellman
Martin Sullivan has a lot on his mind these days. As CEO of one of Canada's largest fish companies, even regular days are hectic. But in the midst of this fall's economic meltdown, Sullivan, head of Ocean Choice International (OCI), along with CEO's of other Atlantic Canadian fish companies have had more than shrimp cocktails on their minds.
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One of the countries hit hardest by the economic crunch was Iceland. And what does that have to do with fish companies in Atlantic Canada you ask? Well it just so happens that Iceland is home to most of the major banks that specialize in fishing industry financing globally and three major Icelandic banks have a tremendous amount of exposure in Atlantic Canada. Somewhere between $700 - $750 million worth of exposure, we're told!
OCI, Clearwater, High Liner, Cooke Aquaculture and the Barry Group are among the largest companies involved, accounting for most of that financing but what may not be well known, is that there are as many as 30 other companies in Atlantic Canada, mostly in Newfoundland, doing business with Icelandic banks. Some of those are fairly large operations such as Quinlans in Newfoundland for example, but there are also small enterprises like owners and/or captains of a single vessel who deal with the Icelanders.
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Large Lobsters
Protecting the big guys
By Alain Meuse
Lobster landings in south west Nova Scotia for the 2007-2008 fishing season will probably show a bit of a downturn, especially from the record landings recorded during recent past years.
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And as with any downturn, people get edgy. But one must remember that nothing is certain on this earth except death, taxes and stupidity.
One management tool which could be used to increase egg production and therefore, down the line, more market-sized lobsters is a cap on the maximum size of lobsters which can be legally landed. There is such a cap in other lobster districts in the Maritime Provinces and in New England, but not in LFA 33-34. |
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North Atlantic Fish and Workboat Show
Set to go!
By Jim Wellman
Fishing and marine industry people from all across Newfoundland and Labrador are preparing to converge on St. John's, November 21 and 22. The occasion? The North Atlantic Fish and Workboat Show at Mile One Stadium. Attendees will see the latest in engines, electronics, fishing gear, marine hardware, safety equipment, packaging, boat building, vessel design, insurance and lots more.
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This is the first time that veteran show producers Master Promotions Ltd. has staged a show in Newfoundland although the company is well known to many Newfoundland industry people. Master Promotions produce Marine Shows in Yarmouth, Nova Scotia and Moncton, New Brunswick on an annual basis. Several fishing captains and vessel owners in Newfoundland and Labrador have attended these events. They also produce a large variety of other shows including farming, heavy equipment, lifestyles, aquaculture, construction and many others all across the country.
This year, Master Promotions teamed up with the Navigator Magazine as presenters of the show and will bring all that experience to exhibit a different kind of show for Newfoundlanders and Labradorians. |
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