Joy for cod farmers as prices hit record high

The broadcaster NRK said a fishmonger in Bergen had paid the record price for the fish.

That deal valued cod at more than 10 times more than farmed salmon. This figure was probably an exception, however. It related to trawler-caught fish and was for the loin from a high quality variety known as skrei, but there is generally little difference in price levels between caught and farmed cod today.

Generally, cod prices in Norway have risen by more than 35% over the past 12 months, mainly thanks to large scale quota cuts in the Barents Sea.  This is creating a crisis for Britain’s 10,000 plus fish and chip shops who are big cod users.

Catch rates in the North Sea, fished by the Scottish fleet, were also cut back this year and they remain static in Iceland, another large source of cod.

Cod farming was first tried in Norway in the early 1980s, but flopped due to biological and technological obstacles.

These issues were eventually solved and the sector revived around a decade ago. Since then cod farming has grown impressively, attracting several new entrants. But investment costs are high and few are making a profit at the moment. That is now expected to change as prices continue shoot up.

Despite the quota cuts, farmed cod volumes are never likely to outstrip trawler caught fish but they do provide a useful addition to supply.

Buyers like farmed cod because supplies are guaranteed and not subject weather interruptions. However some chefs say the quality is not as high as trawler-caught fish.