Mixed Q2 results from Atlantic Sapphire

Florida land-based salmon company Atlantic Sapphire harvested a total volume of approximately 1,245 tonnes (HOG) in the three months ending 30 June.

The total was just 95 tonnes up on the previous quarter’s harvest. The company said that during the same period, the net biomass gain was approximately 1,550 tonnes, 300 tonnes higher on the 2024 first quarter total.

The standing biomass at the end of the period was 2,930 tonnes, which was just 60 tonnes higher than in Q1.

Atlantic Sapphire said in an Oslo Stock Exchange announcement that during the second quarter, biological development had progressed favourably, with stable water quality and temperatures.

The company said: “Realised average harvest weight in the quarter was 1.55 kg HOG with a price achievement in the range of last quarter.

“The average harvest weight and realised price was affected by having too many fish in the tanks with the current feeding capacity. A number of mitigating actions have been initiated.”

Earlier in the week, it was disclosed that the company’s two founders Johan E. Andreassen and Bjørn-Vegard Løvik, had sold their holding in the business for an estimated NOK 7.9 million (£581,000). Its shares dropped on the Oslo Stock Exchange following that announcement.

Atlantic Sapphire has a two stage development plan. Phase one is in operation and has the capacity to produce up to 10,000 tonnes. Phase 2 is currently under construction and will bring capacity to 25,000 tonnes.

The full Q2 report will be published on 20 August.