Sanford applauds Minister’s quota decision
Sanford applauds Minister’s brave decision on quota cuts
Sanford Managing Director Eric Barratt today welcomed the decision by Fisheries Minister David Benson-Pope to reduce the hoki quota from 180,000 to 100,000 and believes it will secure the best outcome in the long term to rebuild the fishery.
The key issue with the fishery has been the survival rates of hoki eggs that lead to recruitment into the fishery and more work is needed to understand the environmental effects on recruitment to the fishery.
While there was considerable pressure on the Minister not to make the cut as severe we applaud his decision. This was the only level that offers some prospect of a fishery recovery in future years.
While there is the prospect of further economic and social impacts some of these have already been felt with lower catch rates and most companies have had plans in place to adjust fishing capacity downwards in anticipation of a substantial quota reduction.
Sanford sold one of its three hoki freezer vessels, the San Venturer, earlier this year in anticipation of the cut and will focus more of its capacity on squid and other species.
Some of the impacts of the hoki quota cuts will be offset by other decisions of the Minister today increasing the quotas in Ling in the Southern Ocean and Orange Roughy on the East Coast of the North Island.
Sanford owns approximately 15% of the hoki quota and the East Coast North Island orange roughy quota and approximately 28% of the ling quota in the Southern Ocean.
Sanford is New Zealand’s only publicly listed fishing company, and has a history stretching back over 120 years. For further information see www.sanford.co.nz