The snow crab fishery in the Canadian province of Newfoundland and Labrador initially expected a banner year for fishing and prices, but a sudden change in the market has left fishermen and processing companies alike reeling.
The fishery got off to a rocky start in April, when the Fish Food and Allied Workers (FFAW) Union, which represents fishermen in Newfoundland and Labrador and the Association of Seafood Producers (ASP) – a nonprofit group representing seafood producers in the same area – clashed over what the fishermen would be paid for their catch. A multi-week fight over the price ended with the FFAW losing out on its CAD 9.05 (USD 6.96, EUR 6.71) per pound request, and the ASP won its price request of CAD 7.60 (USD 5.85, EUR 5.63).
Initial optimism the season would prove to be a lucrative one quickly waned as snow crab prices began to drop soon after the price was set, leading to the ASP declaring that it was “compelled to respond” to increasing market uncertainty by successfully requesting a downward price adjustment in mid-May. ASP Executive Director Derek Butler said in late May the market “simply is not operating as usual,” and that some processors would have to consider limiting their operations.
As of mid-June, millions of pounds of quote-eligible crab remain uncaught. The province’s snow crab harvesters are now “deeply frustrated and fatigued” by mismanagement of the fishery, according to FFAW.