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From Sea to Land: Increased Inland Processing of Groundfish in Iceland

Iceland Ocean Cluster and Arctica Finance are publishing new analysis about the inland processing of ground fish.

Ground fish processing in Iceland has increasingly moved from sea to land in recent years. This is evidenced by a change in the fishing fleet composition and landed catch. Since 2010, the number of freezer trawlers has decreased by 43% and the portion of landed cod by freezer trawlers has gone down by 9.5%. Furthermore, four wet fish trawlers have been added to the fleet and the fleet’s portion of landed cod has increased by 9%. This development in ground fish processing stems from several sources, but chiefly from the incentive of greater economic efficiency, viz. higher prices for fresh fish as well as lower labor costs (relative to revenue) and higher EBITDA of vertically integrated companies. Other major contributing factors in this progression include a resource tax and technological advancements.

To read the full analysis report, please press here.

For further information, please contact the authors Dr. Thor Sigfusson at thor@sjavarklasinn.is or Huni Johannesson at huni@arctica.is