Norcod is now top cod farmer, says CEO

Norcod is now the dominant producer in Norway’s fast growing cod farming sector, the company claims in its latest stock market update.

CEO Christian Riber declared: “Our harvest volumes and standing biomass clearly proves our position as the leading cod farmer.

“Our new contract in China clearly demonstrates that we are in a unique position to benefit from the huge commercial potential that lies in our sustainable and high quality product.”

Based on official statistics, the company now accounts for 52% of the total farmed cod biomass volume, and during the first eleven months of 2023, reported export volume according to officially reported statistics was 7,934 tons whole fish equivalent (WFE).

Over the same period, the Trondheim-based company harvested approximately 5,756 tons WFE, confirming its market share of around 71%. Its main market last year was Central and Western Europe.

It says that unlike wild-caught cod, Norcod can deliver fresh products on a weekly basis throughout the year.

Partnerships with globally leading business such as the distributor Sirena Group made its value chain highly integrated. And it was able to target the premium segment with high quality, efficient distribution and certified sustainable production

The company said its ambition now was to become the leading cod farmer globally, offering weekly, year-round deliveries of high quality fresh cod to attractive markets.

“The company is continuously working on the optimal strategies and initiatives to deliver on this ambition. During 2023, biomass investments are more than doubled from previous years,” it adds.

“Going forward, production and harvest volume shall be beneficial for the environment, our customers, and our shareholders. Norcod is working diligently to streamline the company, cut costs and optimise the processes to be able to deliver on the ambitions,” said Riber.

Christian Riber, CEO Norcod