Welcome to FIS   Sponsored By
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


It reaches a length of 103 cm (41 in) and a weight of 9.1 kg (20 lb).

Oversupply is causing bastard halibut prices to plummet

Click on the flag for more information about South Korea SOUTH KOREA
Friday, November 08, 2019, 01:00 (GMT + 9)

Korea is suffering from a olive flounder, bastard halibut or Japanese halibut (Paralichthys olivaceus)  glut, as a dramatic oversupply of the popular fish has forced prices to plummet across the country.

Cultivated Japanese halibut (Paralichthys olivaceus) 

The price of bastard halibut, which is a popular choice for sashimi, has fallen to KRW 8,000 per kilogram (USD 3 per pound), well below the production cost of around KRW 10,000, as of Oct. 28. In October 2017, the wholesale price of Jeju halibut was KRW 17,000 per kilogram.

One major reason behind the bastard halibut oversupply is the tightened quarantine of imported fish by Japanese authorities. Japan recently tightened measures saying it needs to increase the size of samples analyzed to eradicate kudoa septempunctata, which causes food poisoning. From June, 40 percent of Korean halibut has been subject to quarantine, compared to 20 percent in the past.

Parasite Kudoa septempunctata in olive flounder (Paralichthys olivaceus) muscles ►

According to the Korea Customs Service, exports of flatfish to Japan in September fell by 24 percent on year to USD 1.81 million. Japan is the major buyer of Korean halibut, accounting for roughly 80 percent of bastard  halibut exports.

Another driver of the bastard halibut sales decline is the growing popularity of other fish products, like salmon.

After bastard halibut started being cultivated en masse in Korea from the 1990s, sashimi made out of halibut became popular for its relatively cheap price. However, with the widely touted health benefits of salmon, halibut demand started to fall.

Salmon import volume increased by 37 percent from 27,000 tons in 2016 to 37,000 tons last year. According to retail chain Emart, revenue from slices of raw salmon, or salmon sashimi, from January through September this year jumped by 40 percent on year, while bastard halibut sashimi sales fell 18 percent during the same period.

Emart bastard halibut sashimi grade

The Jeju Special Self-Governing Province announced last month that it will inject emergency funds to help fish farms deal with the oversupply problem.

The fund of roughly KRW 1.4 billion (USD 1.2 million) contains money from the Jeju government, as well as fish farms and the island’s federation of fisheries cooperatives. The Jeju government said it will use the funds to purchase 200 tons of midsized bastard halibut - weighing between 400 and 600 grams (between 0.88 and 1.32 pounds) each - from 359 halibut farms in the island and dispose of them to reduce supplies.

The reason for the large financial commitment is because industry insiders expect sluggish sales of bastard halibut to drag on until next year. Disposing of halibut before they grow larger - up to about a kilogram each - is the last measure fish farms can take to adjust supplies for next year.

Jeju fish farm of bastar halibut

To help bastard halibut farmers, the Jeju government has been mulling various plans including increasing the supply to the Korean army. The local government signed a deal to supply 198 tons of farmed halibut to the Korean military, which is a 70 percent increase from last year.

Bastard halibut farmed in Jeju accounts for about 60 percent of local supplies.

Despite falling demand for bastard halibut, cultivation of the fish has been on the increase thanks to the development of farming technology.

Emart offer of bastar halibut sashimi grade

Local retailers are also actively looking to promote bastard halibut.

Emart sold roughly 450 grams of bastard halibut sashimi at a 40 percent discounted price of KRW 23,500, rather than KRW 39,800, until Wednesday. The discount event was planned jointly by fish farms and the retailer.

Author: Kwak Jae-Min /Korea Joongang Daily


[email protected]
www.fis.com


 Print


Click to know how to advertise in FIS
MORE NEWS
Chile
Dec 11, 07:30 (GMT + 9):
Supreme Court forces SERNAPESCA to report on health status of farmed salmon
Indonesia
Dec 11, 05:30 (GMT + 9):
Malaysia, Indonesia to create joint development area for fishery industry
United States
Dec 11, 03:00 (GMT + 9):
Proposed offshore almaco jack farm (yellowtail) worries environmentalists (video)
Maldives
Dec 11, 02:00 (GMT + 9):
IN BRIEF - Celebrate Fisherman's Day
Chile
Dec 11, 01:50 (GMT + 9):
Invermar loses USD 14 million in the first nine months
Italy
Dec 11, 01:20 (GMT + 9):
Badinotti acquires Croatian aquaculture equipment supplier
Australia
Dec 11, 00:00 (GMT + 9):
World’s first sea cucumber fishery gets MSC certification
Indonesia
Dec 10, 21:00 (GMT + 9):
Greenpeace reveal new testimonials of abuses of Southeast Asian migrant fishers at sea
United Kingdom
Dec 10, 19:30 (GMT + 9):
Scottish Sea Farms’ new GBP55m Barcaldine Hatchery achieves critical milestone with the first smolts having gone safely out to sea pens
Canada
Dec 10, 19:00 (GMT + 9):
IN BRIEF - B.C. First Nation concerned Ottawa not doing enough to protect salmon stocks after Big Bar landslide
Norway
Dec 10, 19:00 (GMT + 9):
IN BRIEF - Kings Cross sold to Norway
Falkland Islands
Dec 10, 17:50 (GMT + 9):
Potential development of aquaculture to be assessed
United States
Dec 10, 17:20 (GMT + 9):
Canadian seafood wholesaler sentenced for illegally importing fish into U.S.
Norway
Dec 10, 17:10 (GMT + 9):
NTS merges with Frøy Group and becomes Norway Royal Salmon's largest shareholder
Greece
Dec 10, 16:40 (GMT + 9):
Nireus achieves new private certification (video)



Lenguaje
FEATURED EVENTS
  
TOP STORIES
5,500+ scientists call on European Commission to defend the EU water law
European Union Scientists and academics concerned by the dire state of European rivers, lakes and wetlands have released a statement calling on the EU to fully implement and enforce its own water law - the EU Water ...
Weekly movements of fishmeal and fish oil (Norway, China, Peru) W49
Worldwide Fish meal  Norway Through week 48, 624,494 tonnes of fish were destined for reduction at an average price of NOK 2.95 /kg, down 13% on those destined for such purpose during the same period in ...
This is how Wikipedia sums up the 'Fishrot Files' scandal
Namibia Fishrot Files On 12 November 2019, WikiLeaks began publishing what it called the Fishrot Files (Icelandic: Samherjaskjölin), a collection of thousands of documents and email communication by emp...
The scandal | Anatomy of a Bribe | Al Jazeera Investigations (video)
Namibia Al Jazeera’s Investigative Unit secretly films officials in Namibia demanding cash in exchange for political favours. It’s a story of how foreign companies plunder Africa’s natural ...
 
Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation -Headquarter-
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim Ltd (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart / Wal-Mart Stores, Inc. (Supermarket) -Headquarter-
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2019 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER