Data loading...

Pioneer Clean Seas Suspends Tuna Propagation Research Australia, September 9, 13

Once a leading company in breeding southern bluefin tuna in captivity, an achievement which won second prize in Time Magazine’s World’s Best Inventions in 2011, Clean Seas Tuna has now suspended its tuna propagation research program.

The Australian company made the decision to defer its tuna program due to disappointing financial results and a lack of funds that saw it almost hit bankruptcy.

Following the suspension of the tuna research, Clean Seas has announced improved economic performance. Despite still not reaching profit levels, the company’s operational loss improved from USD 15 million to USD 4.6 million year on year.

Chief Executive of the Australian company, Craig Foster, said that the main drivers in the company’s improvement over the past year had been the postponement of the company’s tuna research program, improved fish feed and on-site growing of kingfish.

Craig Foster, CEO of Clean Seas

He said: “The board is pleased by encouraging positive progress, after making hard decisions to defer the tuna propagation research program, revalue the assets of the company and refocus the business as a premium producer of yellowtail kingfish to world markets.”

Clean Seas now says it’s on track to deliver a profit in 2015 due to enhanced fish health and growth performance, higher returns on kingfish and better cost control.

Craig Foster added: “We have secured a research subsidy for retaining tuna brood stock and will continue to undertake strategic research projects that will advance out knowledge in supporting the survival of our tuna fingerlings as they meet the challenge of marine grow out.”