Maritime Economy

Published on: December 3, 2024

Alaska Salmon Fishery 2024 Reports Sharp Declines in Catch and Value

Alaska’s commercial salmon fishery experienced significant setbacks in 2024, with double-digit declines in both catch numbers and market value. According to preliminary figures released by the Alaska Department of Fish and Game (ADF&G), just over 101 million salmon were harvested across the state. This represents a 56% decrease compared to the more than 232 million salmon caught in 2023, marking one of the most dramatic year-over-year declines in recent history.

The decline in harvest volumes has been accompanied by a sharp drop in the fishery’s overall value. Fishermen collectively earned $304 million in 2024, down nearly 24% from the $398 million recorded in 2023. These figures underscore the economic challenges faced by Alaska’s fishing communities, many of which are heavily reliant on the health of the state’s salmon industry.

“Market conditions significantly impacted the pricing of salmon statewide and, consequently, the value of the harvest,” ADF&G noted in its summary.

Published on: November 26, 2024

King Cove’s Fishing Legacy and Future

by Nigel Stacey

The Pacific Marine Expo has been held in Seattle for more than 50 years, and the 2024 Expo (which ran from November 20^th to the 22^nd at Lumen Field Event Center) did not disappoint. One of the featured sessions focused on King Cove, Alaska, and the history surrounding this beautiful place.

The story of King Cove, one of southwest Alaska’s oldest and most vital fishing hubs, is as compelling as the waters the fleet has sailed for over a century. Through vivid photographs, detailed charts, and insightful graphs, the presentation celebrated this community while addressing the challenges threatening its future.

But this isn’t just about honoring the past—it’s about tackling a harsh new reality. King Cove finds itself at a crossroads, facing a series of economic and industry shifts that have left the town anxious. The presentation explored key factors disrupting the community, including:

Published on: November 5, 2024

Balancing Economics and Environmental Sustainability after Pollock Trawling Bycatch Incident

by Joseph Stacey

The recent bycatch incident involving the Alaskan pollock trawl fishery has cast a spotlight on the challenges of balancing economic survival for fishermen and coastal communities with environmental sustainability. Following a significant bycatch of Chinook salmon, the pollock fishing season was closed early, leading to economic hardships that have prompted debate across the fishing industry, conservation groups, and policymakers.

The Alaska pollock fishery is one of the largest and most closely monitored in the world, providing about half of the whitefish consumed in the United States and a critical source of income for Alaskan communities. However, the recent bycatch incident involved the unintended capture of more than 20,000 Chinook salmon, which caused regulatory caps on bycatch and the early closure of the pollock season.

Sustainability is at the forefront of fishery management, and preventing bycatch is essential to preserving salmon populations and maintaining the ecosystem. Fisheries science has increasingly focused on minimizing bycatch through better technology and regulatory oversight. However, as this incident shows, the consequences of this closure have a ripple effect on the economics of the fishing industry.

Published on: August 27, 2024

Commercial Fishing and Expanded Functionality for Vessels

by Joseph Stacey

Commercial fishing is currently facing a range of challenges that include overfishing, climate change, illegal fishing that is depleting stocks, regulatory changes, and economic changes that include higher fuel prices, equipment costs, and labor costs. In response, commercial fishermen are increasingly pivoting to adapt. Fishermen are also investing in advanced technology and collaborative efforts to enhance resource management and ensure the long-term viability of their operations amid growing pressures on seafood resources.

One way fishers are successfully pivoting is by outfitting their vessels to expand functionality. John Schumacher founded Distinctive Finishes, a business located in Haines, Alaska, as a response to the growing need for versatile fishing equipment. It became clear to John and others that relying solely on salmon and crab fishing was no longer financially sustainable for many fishermen.

Distinctive Finishes is nearing completion on the overhaul of the F/V DAB CHICK, a 53-year-old 34-foot crabber and gillnetter. Once the project is finished, the F/V DAB CHICK will be equipped for longlining, trolling, gillnetting, and crabbing. This opens many more fishing options for the vessel owner.

Published on: August 13, 2024

American Seafoods Opens $150K Grant Program for Western Alaska

by Nigel Stacey

American Seafoods Group, the largest at-sea processor of wild Alaska pollock and hake in the United States, has reintroduced its grant program under a new name: The American Seafoods Community Partnership Program.

Based in Seattle, Washington, the company recently announced the relaunch, indicating a significant expansion in its support of organizations in Western Alaska. The revamped program will offer twice the previous amount in grant funding. Annual donations will jump from $90,000 to $150,000, with $75,000 to be distributed biannually. These grants will focus on community projects that address critical issues such as food security and other local needs.

The initiative, which has been in place since 1997, has already provided over $2 million to various organizations and programs across the state. American Seafoods CEO Einar Gustafsson emphasized the importance of this initiative, explaining that it originated in the 1990s out of a desire to support Alaskan communities.

Published on: August 6, 2024

Salmon Advocates Alarmed after Yukon River Cyanide Spill

by Nigel Stacey

Salmon advocates are expressing grave concerns after a recent cyanide spill at Victoria Gold’s Eagle Mine, fearing that the pollution, which has not been fully contained, could harm the Yukon River’s already struggling salmon populations.

Following a major equipment failure at Victoria Gold’s Eagle Mine, the Government of Yukon has taken charge of a comprehensive cleanup effort. The accident, which occurred on June 24, 2024, resulted in the release of nearly 10.54 million cubic feet of cyanide solution into the Stewart Watershed, a crucial segment of the Yukon River’s extensive network. This incident has sparked widespread concern about its potential long-term environmental impact in both the United States and Canada.

The spill, equivalent to the volume of over 120 Olympic-sized swimming pools, poses a severe threat to the ecosystem. Yukon officials have confirmed that extensive monitoring will be required to assess and mitigate the damage caused by the cyanide, a substance known for its toxicity to salmon and other aquatic life. Within ten days of the spill, elevated cyanide levels were detected in a nearby creek, raising warnings among environmentalists and local authorities.

Published on: July 23, 2024

Bristol Bay Sockeye Season Sees Citation Spike

by Joseph Stacey

Commercial fishing citations are on the rise this Bristol Bay sockeye season. As the sockeye run begins, Alaska State Troopers from all over gather to patrol and ensure that commercial fishers are following all rules and regulations. With so many regulations in place, some waters are closed at certain times while others remain open.

According to Alaska State Troopers, most of the violations are occurring in areas that are currently closed, and additional troopers are being brought in from Kodiak and other parts of western Alaska for this special enforcement period.

The Bristol Bay sockeye salmon industry brings in approximately $2.2 billion every year. This season, over 1,500 commercial fishing boats are registered in the bay, all vying for the 2024 catch. In a surprising move, Silver Bay Seafoods set a pre-season price for Bristol Bay sockeye. They announced that fishers bringing chilled fish to their processing facility would earn $1.10 per pound, with an additional bonus for bled fish.

Published on: July 16, 2024

Disaster Relief Applications Due August 24th

by Nigel Stacey

Federal disaster relief is coming to help many commercial fishing permit-holders. The Pacific States Marine Fisheries Commission (PSMFC) will be administering the payments of three federal awards. For more information, you can visit their current disasters page.

Permit-holders and processors need to submit their applications to the PSMFC in Portland, Oregon or upload applications through the online portal before August 24th. Crew and subsistence users have until September 28th to submit their applications.

The PSMFC mailed out applications on June 26th, 2024. If you have not received a hard copy, email AKFishDisaster@psmfc.org to request an electronic copy. Once you have completed the application, you may either mail it to the commission or upload it online.

Published on: June 11, 2024

Silver Bay Seafoods will acquire Trident Seafoods False Pass Facilities

by Nigel Stacey

On Friday, June 7^th, 2024, Trident Seafoods and Silver Bay Seafoods announced that Silver Bay is set to acquire Trident Seafoods False Pass processing facility and fuel business on the Alaska Peninsula. This is Silver Bay’s second big move in a region where they already have a presence processing salmon. With this latest addition, Silver Bay will be overseeing salmon at their facilities in Southeast Alaska (Craig, Sitka, Ketchikan), south-central Alaska (Valdez), Kodiak, Bristol Bay (Naknek), and now the Alaska Peninsula (False Pass).

By acquiring the Valdez plant in Prince William Sound and the False Pass plant in Southwest Alaska, Silver Bay has effectively doubled its capacity. The False Pass plant, which Silver Bay opened in 2019, is now an integral part of this expansion.

False Pass is a remote fishing community in southwest Alaska, situated on Unimak Island between the tip of the Alaska Peninsula and the Aleutian Islands. Trident’s False Pass operation was fully dedicated to processing salmon.

Published on: June 4, 2024

Renovation Begins at Historic Fisherman’s Terminal

by Nigel Stacey

The team at Stacey and Jacobsen, PLLC is delighted to announce that The Port of Seattle has broken ground and begun the renovation and modernization of the historic Ship Supply Building at Fishermen’s Terminal. The community can expect a state-of-the-art Maritime Innovation Center (MInC) certified by the Living Building Challenge (LBC). This new facility will cater to the maritime industry needs, fostering collaboration among students, businesses, public agencies, educators, and community members. The Port has teamed up with Miller Hull to reimagine this distinctive landmark.

“Today’s groundbreaking is a celebration of the Port’s substantial commitment to support innovation as a way to foster the maritime industry’s ability to sustain our region’s blue economy,” said Port of Seattle Commissioner Fred Felleman. “The transformation of the Port’s oldest asset into one that can meet the Living Building Challenge symbolizes the Port’s recognition of the maritime industry’s significance to our region’s history and future.”

“The future of the maritime industry and the ocean economy is innovative, sustainable, and equitable,” said Port of Seattle Commissioner Ryan Calkins. “The Maritime Innovation Center will foster an atmosphere of collaboration and innovation which will ensure that all the sectors of the maritime industry, from commercial fishing to the growing green maritime economy, have not only a home but an anchor in Seattle.”