Fishing companies operating worldwide are missing between $51 billion and $83 billion in unrealized net economic benefits every year due to the overexploitation and underperformance of fish stocks. For these fishing companies, that means they are spending too much and getting fewer fish, revenues and profits than they could.
Industrial fisheries that rely on bottom trawling to catch fish threw 437 million tonnes of fish and $560 billion overboard over the past 65 years, finds new research.
The study documents the growth in bottom trawling, a practice that results in nets full of unwanted or unneeded fish that fishers dump overboard.
Text and photos by Tim Cashion.
In early October, I had the opportunity to travel to Geneva to present on behalf of Sea Around Us and the Fisheries Economics Research Unit for a roundtable discussion on fisheries subsidies. The discussion was convened by the E15 Initiative and the International Centre for Trade and Sustainable Development. The ICTSD has been working closely with Rashid Sumaila of the Fisheries Economics Research Unit for several years on the topic of fisheries subsidies. They have used his research in partnership with Sea Around Us to inform countries of the amounts of fisheries subsidies and designated them as the good (beneficial), the bad (harmful), and the ugly (ambiguous).
In order to back government efforts to overcome the likely legacy effects of illegal fishing and piracy, stakeholders of Somali fisheries should emphasize improvements to their catch data, a new study finds. The paper, recently published in Marine Policy, also reveals that the amount of fish taken out of the country’s waters over the past six decades was 80 per cent higher than officially reported.
The paper, produced by scientists with the Sea Around Us at the University of British Columbia, the Sea Around Us – Indian Ocean at the University of Western Australia, One Earth Future’s Secure Fisheries program and the Swedish University of Agricultural Sciences, shows how the lack of proper oversight, monitoring and control in years prior to the establishment of the new Federal Government in 2012 allowed for industrial foreign vessels to exploit Somali marine resources or to operate under dubious licenses.
Shareholders in the world’s major publically-listed fishing companies are exposed to risk from overfished fish stocks, with many of these stocks underperforming or at risk of collapse, a new study reveals.
The report, produced by the Fish Tracker Initiative in collaboration with the Sea Around Us, states that 32 per cent of the 97 stocks targeted by fishing giants such as South Korea’s Dongwon Industries and Silla Co., Norway’s Austevoll Seafood, and Canada’s Clearwater Seafoods are overfished.
“This is an important finding because it matches the global average. Globally, at least 31 per cent of fish stocks are overfished and we would have thought that large publicly listed fishing companies like the largest 19 identified here, whose combined annual revenues exceed $4 billion, as well as institutional investors would not be exposed to this, but they are,” says Tim Cashion, a scientist with the Sea Around Us who led the fisheries research in the report.