Nordic Halibut sees sales prices continuing to rise

Nordic Halibut has reported third quarter sales prices for its premium farmed fish up 11% year-on-year, continuing the rise seen earlier this year.

In its Q3 (July to September) operational update the company said the increase was consistent across size categories compared to the same quarter last year and demonstrates the strong demand for halibut and willingness to pay for quality farmed halibut.

In Q3 2024, it achieved an average sales price of 163 NOK/kg HOG (head on, gutted), or around £11.45.

Nordic Halibut is based in Averøy, central Norway.  based said it also achieved an increase in average harvest weights, to 4.8 kg HOG compared to Q3 2023’s average of 4.3 kg HOG.

Nordic Halibut is prioritising the harvest of smaller individuals to optimise the size distribution of the existing biomass with the ambition to increase average harvest weight over time. This cull of smaller fish is expected to lead to further improvements in price achievement.

Total revenue for Q3 2024 amounted to NOK 17m (£1.2m) with harvest volumes reaching 107 tonnes HOG.

It added: “The strategy to harvest smaller individuals to prioritize the growth and flexibility of the biomass at sea is yielding strong results.

“This is demonstrated by a 14% biomass growth during the quarter, net of harvest compared to Q2 2024. Including the harvested amount this represents total production at sea of 21% of outstanding biomass during the quarter.

“This focus aligns with the commercial strategy aimed at increasing harvest weights in future periods to respond to market signals. The overarching objective remains to optimize the utilisation of available biomass, even if it entails potential impacts on short-term harvest volumes.”