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Clean Seas: “Understanding How To Rear Tuna Juveniles”

Fish farmer Clean Seas Tuna says it expects better financial sailing in the current half year despite the challenges of sick fish and bad weather.

The South Australian aquaculture company produces yellowtail kingfish and is working towards commercial production of southern bluefin tuna.

“While the company expects that results for the second half will be impacted by the challenges indicated, current limitations suggest that a material improvement will nevertheless be reflected in the full year results compared with the previous year,” chief executive Craig Foster said in a statement to the stock exchange.

On Wednesday, Clean Seas reported a narrower first-half net loss of $7.068 million (USD 7.5 million), from the $9.331 million (USD 10 million) for six months to December 31 in the previous corresponding half year.

Mr. Foster said an improved financial position was expected because of cost cutting and marketing efforts.

Improved farmgate returns for kingfish were expected despite the effect of the high Australian dollar, he said.

Clean Seas was researching ways to spawn the southern bluefin tuna in captivity and grow them out to maturity in a bid to be a global leader in the sustainable aquaculture production of the sought-after fish.

Mr. Foster said the company was weaning about 1500 juveniles and rearing another two tanks of larval tuna in tanks on land.

The fish will be released into sea pens later this year as part of the company’s trials.
“We have made significant improvements in understanding how to rear tuna juveniles,” Mr. Foster said.

Mr. Foster said John Ellice-Flint would step down as chairman and a board director on May 31 when fellow director Paul Steere, a former chief of NZ King Salmon, took over.