After a month of fishing, Vietnamese fishermen have returned to Tuy Hoa City port with good tuna catches, landing an average catch of 1.7 M/T per handliner. However, the earnings were disappointing as the price for chilled yellowfin had dropped by about VND 30,000 (USD 1.30). The tuna was sold at VND 100,000 (USD 4.33) per kilo which is USD 4,330 per M/T. Most handliners suffered a loss or only received slight profits.
One of the vessels caught 40 yellowfins with a total weight of 1.4 M/T, which is an average of 35 kg per tuna. Due to the low prices, the seven-man crew made a profit of VND 20 million (USD 865.3), indicating that they earned USD 126.80 each for a month's work. The fishermen asked for an official tuna auction, assuming that would help them get better prices. The port manager said that the quality of the tuna was not good enough and most of the fish were for the domestic market.
Startup Gathered Foods, the owner of plant-based seafood brand Good Catch, has managed to attract another investor during its oversubscribed funding round that took in USD 32 million. General Mills, the company behind brands such as Cheerios cereals and Yoplait yogurt, sees potential in the vegan (fish-free) seafood and is the second key strategic investor besides Greenleaf Foods. The latter has invested USD 5 million in Good Catch.
Officially, General Mill’s investment arm, 301 INC, is providing capital for Gathered Foods. The money will be used by Good Catch for further expansion across North America, Europe, and Asia. It also plans to launch new fish-free products this spring.
As the European continent is the largest canned tuna consumer area, its trading standards and practices are of high importance to the industry. On the first day of the AMAtuna2020 Adolfo Valsecchi, CEO of the Italian canned seafood manufacturer Generale Conserve, will give a presentation titled "Trade Dynamics between America's and Europe's Tuna Industries".
During his career Valsecchi spent 20 years at Palmera, the second-largest canned seafood business in Italy; was a member of the Italian Canners Association, and was CEO of Heinz European Seafood. With over 40 years of experience in the seafood business in Europe, Valsecchi has first-hand experience about the topic at hand.
In his speech, he will share with the audience his views on the future of the European canning industry and its use of pre-cooked loins, however he will also speak about the underutilized potential of American canneries.
As shareholder in tuna purse seiners, Valsecchi has also outspoken ideas on how we should deal with the current catching overcapacity.