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Icelandic Salmon Grapples with Ongoing Biological Hurdles Through Q1 2024

Continued Biological Struggles for Icelandic Salmon Persist into 2024, with Q1 Harvest Below 3,000 Metric Tons

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Icelandic Salmon Grapples with Ongoing Biological Hurdles Through Q1 2024
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Icelandic Salmon, headquartered in Bíldudalur, faced persistent biological challenges into Q1 2024, resulting in a reduced harvest of 2,769 MT compared to 6,572 MT in Q1 2023. The company incurred one-off costs of EUR 3.6 million due to unusually high mortality rates, as reported in a filing with the Oslo Stock Exchange. Despite this, CEO Bjørn Hembre remains optimistic, highlighting strong product demand and favorable harvest weights. Looking ahead, Icelandic Salmon maintains a harvest guidance of 15,000 MT for 2024 and anticipates obtaining a license for an additional 10,000 MT maximum allowed biomass in Ísafjörður. However, Hembre expressed concerns regarding a proposed new aquaculture law in Iceland, emphasizing the importance of a supportive regulatory environment for the industry's growth. The law, sent to Parliament in April 2024, awaits further deliberation under the new Minister of Food, Agriculture, and Fisheries, Bjarkey Olsen Gunnarsdóttir.
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