Data loading...

Tuna $$ Skyrockets For Eight PNA Countries

The value of tuna caught in the ocean zones of the eight PNA member nations has skyrocketed since 2010, according to data provided by the PNA Office in Majuro.

In 2010, the amount of tuna caught was valued at USD 1.9 billion, with only USD 60 million of that going to PNA nations.

By 2012, the overall value increased to over USD 3 billion, with revenue to PNA countries more than tripling to USD 229 million.

This year, PNA Office projects that fisheries revenue will increase to nearly USD 3.9 billion, with the PNA share rising to USD 249 million - a quadrupling of revenue to the islands compared to 2010.

Dr. Transform Aqorau, PNA’s CEO who is based in Majuro, said the increase in the value of the fishery and PNA’s share is entirely related to the fisheries management and business initiatives enforced by the eight nations since 2010.

These include a hard limit on number of fishing days sold to fishing companies, which increases the value of fishing days, as well as the current benchmark price of USD 5,000 per day - a near tripling of the price from several years ago.

Meanwhile, global market prices for tuna have been high most of 2013 in the USD 2,300 per ton range, though they have dipped slightly this month.

Tuna processors stockpiled inventory in advance of PNA’s three-month ban on use of fish aggregation devices (FADs) that started July 1.

This is because the ban creates some uncertainty about how much tuna will be caught by vessels that normally fish around FADs.

“With cannery inventories high, the price has gone down some,” said PNA Commercial Manager Maurice Brownjohn.