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World’s Pioneer On Southern Bluefin Breeding Quits Australia, March 14, 13

Clean Seas the world’s pioneer on bluefin breeding and the Australian company that has made major investments in tuna hatching development programs has said it has effected AUS$30 million worth of write downs to its southern bluefin tuna breeding program, which was put on hiatus earlier this year.
Chief executive officer Dr Craig Foster said the company would now concentrate its efforts on producing kingfish to make it profitable.
“As soon as we have the king fish business stabilized and we are actually running a profit, we will look at putting the tuna business back in. At the moment, we will focus on one species of fish and just suspend the tuna.”
Dr Foster said the company was confident it could rebuild and the current market for kingfish was favorable for the company.

“The market is excellent for kingfish and the Clean Seas kingfish brand,” he said. Clean Seas is a publicly traded company in Australia.
Earlier this year also another bluefin farmer reported serious problems. The U.S.-based bluefin tuna farming company, Umami Sustainable Seafood, reported with significant changes to its ownership, after its Icelandic CEO and chairman resigned in December. The company has an annual turnover of about USD 100 million.

On Dec. 20, Daito Gyorui Co, a Japanese seafood distributor owned by Maruha Nichiro, acquired 13 million shares, or a 21.8% stake in Umami, when the tuna farmer failed to repay its loan to Daito. Atlantis Kabushiki Kaisha (AKK) – an affiliate of Umami - had previously secured the USD 31 million loan with a pledge of its 13 million shares in Umami.