Navigating the perils of quotas
If the department of fisheries is set on reallocating catches to newcomers, it spells trouble for companies that are not empowered or diversified enough, writes Marc Hasenfuss
The waters look set to become increasingly choppy for some local fishing companies in the run-up to the re-awarding of long-term fishing rights in 2020. Fishing companies, especially larger enterprises that have invested heavily in vessels and processing facilities, are in the invidious position of literally having their net profits, in the form of catch quotas, put back in the hands of the Department of Agriculture, Forestry and Fisheries for reallocation in less than three years. Long-term fishing rights are typically awarded for 15-year periods. After the award period is up, a reallocation of quotas is at the department’s discretion. In 2020 important species like anchovy, sardines, deep-sea hake and other bigger commercial fish will be re-awarded. New rights have already been awarded in other species like squid and more recently new allocations have been made for inshore hake, West Coast lobster, horse mackerel, large pelagic and toothfish. Judging by the defensive body language...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.