Tag Archives: Foreign investors
How foreign private equity hooked New England’s fishing industry
The 85-foot trawler, deep green and speckled with rust, was returning from a grueling fishing trip deep into the Atlantic swells. As sunrise broke over New Bedford harbor, the fish were offloaded in plastic crates onto the asphalt dock of Blue Harvest Fisheries, one of the largest fishing companies on the East Coast. About 390 million pounds of seafood move each year through New Bedford’s waterfront, the top-earning commercial fishing port in the nation. Leeman and his crew are barely sharing in the bounty. On deck, Leeman held a one-page “settlement sheet,” the fishing industry’s version of a pay stub. Blue Harvest charges Leeman and his crew for fuel, gear, leasing of fishing rights, and maintenance on the company-owned vessel. Across six trips in the past 14 months, Leeman netted about 14 cents a pound, and the crew, about 7 cents each — a small fraction of the $2.28 per pound that a species like haddock typically fetches at auction. Photos, >click to read< 12:04
Foreign Investors Buying up Nova Scotia Inshore Lobster Fishery?
Foreign investors may soon be illegally buying up Nova Scotia’s iconic lobster fishery, according to the Canadian Independent Fish Harvesters’ Federation. “The government is moving too slowly to deal with this problem. We need urgent action.” Federation President Christian Brun said. The Federation released a newspaper ad (pictured) from Losterbayshopper.com offering to purchase their lobster licences in Nova Scotia’s most lucrative fishing areas on behalf of foreign buyers. “This is against Atlantic Canadian policy in the Fisheries; the only person who can own an inshore lobster fishing licence is a Canadian inshore fisherman; someone who lives in a fishing community and goes to work on a fishing boat which he or she owns and operates,” Mr Brun said. “Domestic and international investors are breaking the law and advertising it in newspapers!” Read the story here 14:12
