New report on the Iceland Seafood Market

09.06.2010

Today, Íslandsbanki published a report on the Iceland Seafood Market. In the report, the bank looks at the role and importance of the seafood industry in the Icelandic economy, the fishing activities and export statistics, the Icelandic fishery management system, as well as the current financial situation of the sector. Furthermore the report provides the view of Íslandsbanki on the currently proposed changes to the country's individually transferable quota (ITQ) system.

Key highlights from the report:

  • The seafood is one of the mainstays of the Icelandic economy. The value of seafood products exported in 2009 amounted to EUR 1.2 billion which is about 42% of the total value of exported goods.
  • In 2008 and 2009 the industry reach its strongest EBITDA margin, over 25%. Prospects for 2010 are good.
  • Companies controlling approximately 64% of allocated catch quotas will probably be able to meet their commitments according to an evaluation of the 50 major fishing companies in Iceland.
  • Proposed changes to the ITQ system is likely to have a severe impact. Loans to fisheries companies are significant items on the balance sheet of the new banks.

The report released today targets a readership primarily within the Icelandic seafood sector in order to highlight the bank's active participation in the industry and its views on the current debate. For the report's international readership, it will provide an insight into the importance of the seafood sector for Iceland's economy and describe the bank's focus in working with seafood companies in Iceland and internationally.

Íslandsbanki maintains a team of experts focusing on the seafood industry. Part of the bank´s Corporate and Investment Banking Division, the team is responsible for customer relations and services to seafood companies in Iceland and abroad and for the publication of research material and reports.

The report can be accessed via the website of the seafood team at: islandsbanki.is/seafood

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