True, definitely better than 2020, but that was the bottom of...

True, definitely better than 2020, but that was the bottom of the cycle. That was when everything was locked down, Chile was dumping their fish, and the price dropped essentially to the cost of production.


October and November however have been softer than what was expected. Looking back 4, 8, or even 12 weeks ago, they were forecasting higher prices for October and November (about +5%). Interestingly though, prices in January to March are being forecasted slightly higher, so it could wash out for Tassal that typically peaks their exporting in the summer periods.



Zooming out, and comparing to the five years prior to Covid, the prices are only slightly higher. The benchmark is essentially 55-60NOK in the prime exporting periods. I think it was 2017 or 2018 that had really high prices and made a decent impact to the bottom line. We may get a slight advantage with a declining Aussie, but the freight costs will offset all of that.


Let's see.. my hope is they empty those freezers into the higher prices.