Tag Archives: American Seafoods Group
Russian pollock sector soon to be as consolidated as US – 2 Foreign Companies OWN 50% of all US POLLOCK
The industry will follow the model of the US pollock sector, with the top five Russian companies controlling 80% of the quota in 2015-2016, states Osadchiy’s presentation from the event, held last week in Bergen, Norway. In the US, Trident Seafoods, Maruha Nichiro, Nippon Suisan Kaisha (Nissui) and American Seafoods Group control 80% of the TAC. Trident has 25% of the TAC, Maruha Nichiro, through its mothership vessels and Westward Seafoods and Alyeska Seafoods processing plants, has 22%; Nissui has 18% through Unisea; with American Seafoods and its fleet of factory vessels harvesting 16%. Read the rest here 18:59
American Seafoods struggles with high debt, low fish prices, has ratings agencies warning it may soon default on its massive debt.
American Seafoods Group, whose fleet of big, blue-and-white catcher-processor ships harvests more fish than any other U.S. company, may soon default on some of its massive debt as it struggles with low prices and inadequate cash flow. The Standard & Poor’s credit agency last month lowered its rating of the Seattle company, writing that unless market conditions change, “a default or financial restructuring appears inevitable within six months.” Read the rest here 08:29
American Seafoods refutes quota sale reports – Total Speculation?
American Seafoods Group refutes it is looking to sell quota and lease it back, after media reports surfaced stating this was underway on March 26. A statement from the company dismissed a media report, from Intrafish, asserting that American Seafoods is pursuing a proposed deal where an “investor or investors would acquire only American’s quota holdings, then lease that quota back for American Seafoods to harvest”. Read more here 11:28
