Nordic Halibut achieves premium prices

Fish farmer Nordic Halibut has reported a sound second quarter performance with a higher harvest and a near 100% superior quality rate.

The Norwegian-based company slaughtered 140 tonnes, up from 125 tonnes, during the April to June period, with an average weight of 4.5 kg but more importantly it achieved higher prices for this premium quality and popular white fish.

This young company said it was well positioned to achieve the long term production target of 4,500 tonnes, heads on gutted.

The total revenue for the period was NOK 19.1 million (around £1.35m) with the company achieving a premium quality rate of 99.2%.

Nord Halibut said the prices of its fish sold in the categories 1-3 kg, 3-5 kg and 5-7 kg increased by 12%, 14% and 5% respectively compared to the same period in 2023.

The marginal decrease in the average selling price to NOK 153/kg (£10.80) in Q2 2024 is mainly due to a larger proportion of smaller individuals in sales for the period.

The company said it remains focused on its long-term goals and strategic objectives, aiming for sustainable growth and optimisation of its operations to meet future demands and market opportunities.

“The company aims to release one million fish into the sea annually until the new infrastructure is completed by 2027.

“From 2021 to 2022, the number of fish released into the sea rose by 190%, from 242,000 to 701,000. In 2023, this increased by another 94,000, totalling 795,000 fish.

“The low mortality of halibut production in the sea means that the number of released fish in the sea serves as a reliable indicator of future harvest volumes.”

Nordic Halibut said it has refined its commercial strategy to capitalise on the growing acceptance of farmed halibut in key export markets, particularly in size categories exceeding 6 kg.

“This trend reflects customers’ sustained willingness to pay premium prices for larger-sized halibut, presenting an opportunity for further market penetration and increased profitability,” it says.

Nordic Halibut grow-out farm, Eide