Íslandsbanki issues United States seafood market report
Today, Íslandsbanki released its United States Seafood Market Report at Seafood Expo Global in Brussels. The report provides insights into key trends and issues shaping the industry in the major seafood regions of the United States: the Atlantic Coast, Gulf of Mexico and Pacific Coast. Highlights of the U.S. report include:
- The U.S. is the 4th largest fishing country in the world and one of the most important markets for seafood.
- Over the past 20 years, total landings averaged 4.3 million MT. Landings increased by 5.6% to 4.5 million MT in 2013.
- The total value of the U.S. catch has increased steadily since the early 2000s reaching $5.5 billion in 2013.
- The Pacific Coast is the largest U.S. fishery, accounting for approximately 70% of total volume and half of total value.
- The Atlantic and Gulf Coast regions are smaller when measured by volume, but generally consist of higher value shellfish species.
- Key fishing states include Massachusetts, Maine, Virginia, Louisiana and Alaska.
Íslandsbanki has served the Icelandic seafood industry since 1904, when it financed the first Icelandic motorized trawler, and began its international operations in 1999. The bank has established a dedicated team within its Corporate Banking Division focusing on the seafood industry. This team of seasoned professionals utilizes its deep industry knowledge to provide a range of banking services to domestic and foreign seafood companies. The bank had total assets of USD 7.2 billion as of December 31, 2014; seafood accounted for approximately 22% of the bank’s commercial loan portfolio.
This report expands on the findings of Íslandsbanki’s North America Seafood Market Report, which was released in May 2014. Click here to download the United States Seafood Market Report.