An ongoing economic crisis in Egypt is shaking the country's seafood sector, as it faces historic currency devaluation, rising inflation levels, and foreign currency shortages.
The country's inflation rate spiked 8.5 percent in 2022 due to the global crisis triggered by the Russia-Ukraine conflict and to the devaluation of the Egyptian pound, which lost half of its value compared to pre-conflict, according to an analysis by Stanbic Bank. Egypt
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Online seafood market Seafood Souq is stepping up support for its partners in Senegal, Oman, and Bangladesh.
The company aims to develop and implement seafood traceability systems to address illegal fishing and align supply chains to the fast-changing dynamics of the global seafood market.
Seafood Souq CEO Sean Dennis told SeafoodSource that Seafood Souq, through its traceability signature tool “SFS Trace,” is working with its
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Saudi Arabia’s efforts to increase its aquaculture production volume to 600,000 metric tons (MT) by 2030 received a major boost after two state-controlled institutions signed an agreement with American global food corporation Cargill to expand fish farming in the country.
Cargill, the Arabian agricultural services company (ARASCO), a national food and closed joint stock firm, and the NEOM Company signed a memorandum of understanding
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China’s zero-Covid lockdowns in the latter half of 2022, which weren't lifted until early December, reduced export volumes for South Africa-based Irvin & Johnson (I&J), negatively impacting its overall revenues and profits.
The lockdowns, which were extended to Hong Kong – combined with low catch rates in South Africa – pushed down I&J’s revenues 2.3 percent for the six months ending 31 December
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Cape Town, South Africa-based Sea Harvest Group posted higher sales and revenue for the year ending 31 December, 2022, but its gross and operating profit figures dropped due to higher costs.
The group’s total revenue rose 27 percent to ZAR 5.9 billion (USD 321 million, EUR 301 million) from ZAR 4.6 billion (USD 250 million, EUR 235 million) in 2021. Despite the higher revenue, the company saw a 25 percent decline in its earnings before
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Cape Town, South Africa-based seafood company Premier Fishing SA (PFSA), an affiliate of Premier Fishing and Brands – the largest black-owned and managed food and fishing company in South Africa – consolidated its share of the squid market by acquiring Talhado Fishing Enterprises, the largest producer of the species in the country.
PFSA will take up an additional 607 ordinary shares in the issued share capital of Talhado for ZAR 95
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Cameroon is now looking to ship its seafood elsewhere after the European Commission issued a “red card,” effectively banning Cameroonian seafood exports.
On 5 January, 2023, the E.C. identified Cameroon as a noncooperating country in the fight against illegal fishing for continuing to “register fishing vessels under its flag without demonstrating its ability to effectively control and monitor their fishing activities,
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The government of Mauritius has launched new investment opportunities for private investors interested in developing the country’s semi-industrial demersal species fishing and processing sector.
The Mauritius Ministry of Blue Economy, Marine Resources, Fisheries, and Shipping has launched an expression of interest seeking private companies with the capacity to “sustainably exploit the shallow-water demersal resources, mainly
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The stark population decline of the U.S. crab resource could be an opportunity to develop the species in the untapped African market.
U.S. President Joe Biden recently hosted the U.S.-Africa Leaders’ Summit, which some in the seafood industry saw as a conducive forum for U.S.-based seafood companies to present a case in favor of investing in Africa’s crab industry to plug the gap created by falling outputs in the U.S.
SeafoodSource
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The Seychelles Fishing Authority (SFA) has picked the first six preferred aquaculture investors in the island nation’s mariculture sector as the government opens its fish-farming space to private investments.
A total of 15 investors applied for permits to launch aquaculture business projects, according to SFA.
SFA’s aquaculture department has awarded the fish-farming permits to ...
Photo courtesy of the Seychelles Fishing
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