The tuna industry is here to stay and there is no reason to panic despite the value of tuna quota halving in the last year or so, according to tuna baron Sam Sarin.
The man who built his empire on the fishing industry remains very optimistic despite a drop in his wealth as reported in latest BRW magazine Rich List.
Sam Sarin dropped from $350 million (USD 248 million) last year to $220 million (USD 156 million) this year, while Tony Santic had a similar decline from $200 million (USD 142 million) to $150 million (USD 106 million), and third tuna farmer on the list, Hagen Stehr went from a net worth of $160 million (USD 113 million) to $110 million (USD 78 million).
Mr Sarin said he remained committed to his property developments including the large hotel planned for the CBD, although he did not commit to any specific timeline for the hotel development.
He said the tuna farming industry had a long-term future in Port Lincoln.
â€Fishing is a serious game and a tough industry, which needs serious players who understand and have knowledge of the fishing industry,†Mr. Sarin said.
â€Tuna farming will change over time for better for worse but it will be here forever.â€
The tuna quota was very volatile and while the market was quite tough now with additional supplies going to Japan from other tuna farms around the world, he said things would eventually improve.
He said the true extent of other fishing resources available in the southern oceans and the Great Australian Bight were not yet known.
â€The opportunity is there and we don't know really know what is out there,†Mr. Sarin said.
Fishing however was an expensive operation and it took considerable capital outlay in new vessels, he said.
Mr. Sarin had recently brought two vessels, Riba I and Riba II, from Norway which were now both bringing in good catches.
Port Lincoln mayor Peter Davis said as a farmer dependent on the land, he was naturally cautious about the tuna downturn, but he was optimistic about the future of the industry, which he said was more than resilient.
He said he envisioned a future where there was more expansion of the fishing and the aquaculture industries as well as opportunities in the retirement and tourism sectors.
â€The prosperity this town has experienced since 1996 is unprecedented - it's like we discovered a gold mine in the middle of Tasman Terrace,†Mr. Davis said.
â€While we should perhaps temper our enthusiasm, provided we look after the resources, there is still a lot to be optimistic about,†he said.