Trump tariffs may force Atlantic Sapphire to seek alternative feed supplier

Florida-based Atlantic Sapphire revealed in an Oslo Stock Exchange announcement today that it predominantly sources its feed from Skretting’s feed mills in Canada.

It added: “The newly announced US import tariffs on Canadian products will significantly affect the cost of this imported feed.

“In response, Atlantic Sapphire is evaluating options to mitigate the impact of these tariffs. This includes considering alternative sources of feed from non-Canadian mills.”

Last month, Atlantic Sapphire announced in a trading update that it was seeinga major recovery following management changes and production issues in its RAS (recirculating aquaculture system) facility earlier in 2024.

Meanwhile, Canadian seafood – and the salmon sector in particular – is today bracing itself for difficult times ahead.

Canadian seafood exports to the US total CAN $5bn a year with salmon, lobster, and crab top of the list.

British Columbia is the province where most of the salmon farms are based and the industry has said there are no easy solutions to the crisis.

BC Premier David Eby has advised consumers to seek out Canadian products, while BC Seafood Alliance director Christina Burridge says it’s “not easy to find alternatives” to the US market.

The Alliance, which mainly represents the fishing industry, is urging all Canadians to “buy local”. The BC Salmon Farmers Association has yet to comment on the crisis.

US tariffs could also badly hit Newfoundland and Labrador seafood, but Labrador Gem Seafood owner Danny Dumaresque said he isn’t “waiting for the dust to settle”, and is already looking for markets outside the US.

“Let’s make it known we are seeking other like-minded seafood lovers especially on this side of the pond,” he said.

“This was a wakeup call we were not looking for. Now we have it, we must get out and diversify. We are happy to continue supplying.”