Peruvian Authorities implements quota system for anchovy fishing industry in Peru.
The Peruvian Authorities have implemented new legislation which will regulate the anchovy fishing industry through the application of maximum boat catch limits (individual quotas) following a similar path laid by other leading fishing nations in the world. This is a major contribution to bringing order to the industry and will generate important economic, environmental and social benefits.
The new system will allow the industry to move from an expensive way of harvesting, "olympic race" where each company competes daily for a share of the global quota, to value creation through maximising product value through economies of scale, improvements in the quality of the raw material and finished products. The combined benefits of improved product quality and productivity will have an important impact on value creation for shareholders.
Individual quotas for boats above 110MT in capacity will be calculated on the basis of a weighted (60%) average of the best catch share in the last 4 years and 40% of the boat licence capacity. The system implies a new fee of USD 1,95 per ton of fish unloaded in the plant.
The new law will be applicable as soon as the corresponding regulation is ready.
Austevoll Seafood ASA, through its subsidiary Austral Group, is one of the leading players in the Peruvian fishing industry.