Japan-based RAS salmon farmer says it is achieving premium prices

Proximar is listed on the Oslo stock exchange, but operates a RAS (recirculating aquaculture system) farm in Japan.

In a fourth quarter update, the company revealed the premium price achieved was NOK 123 per kilo. The average export price in Norway around this period was between NOK 70 and NOK 92 per kilo.

CEO Joachim Nielsen said: “Proximar is the first producer of Atlantic salmon in Japan, years ahead of the competition. We can now finally supply the Japanese population with domestically produced Atlantic salmon of the highest quality.

“The premium price achievement for our fish is another confirmation of our business model and value proposition, demonstrating the significant cost advantage of local production in Japan.”

The targeted annual production capacity is 5,300 tonnes for the first phase, and the facility is expected to reach full utilisation in 2027.

Highlights of the fourth quarter of 2024 include a successful harvest and sales achieving premium pricing of NOK 123 per kg, above comparable import prices for Norwegian salmon, plus a 99.7% superior grade and average harvest weight of 4.2 kg (HOG).

Proximar said there was strong brand awareness and recognition following the launch strategy of Proximar’s Fuji Atlantic Salmon, gaining significant media attention in Japan.

Thanks to a continued build-up of biomass, it reached 1,058 metric tonnes by the end of the October – November period 45% higher compared to the 733 metric tonnes at the end of the third quarter. It had reached 1,061 metric tonnes by the middle of last month.

Extra loan facilities of a total of JPY 600 million (£3.1m) had been secured for working capital purposes.