Grieg Q3 costs rise and harvests drop

Grieg Seafoods today reported a greatly reduced 2023 third quarter harvest and considerably higher production costs.

In one case costs soared way above NOK 80 a kilo (£6). The company has also been hit by various biological issues in Norway.

The  three month July to September period harvest (gutted weight) was almost cut in half to around 12,200 tonnes on both sides of the Atlantic. However, the figure is  around 1,700 tonnes higher than predicted when the Q2 figures were released back in the summer.

This year’s third quarter harvest  compares with 22,900 tonnes in Q3 last year when biological problems were far less of a problem.

The company reports: “Operating costs for farming in Rogaland were affected by harvesting related to ISA (infectious salmon anaemia, editor’s note) and reduced survival in the quarter.

In Finnmark, harvesting was not planned during the third quarter, but early harvesting was prioritised over biomass growth in order to maintain fish welfare related to [the parasite] Spironucleus salmonicida.  Early harvest and low harvest volume affected operating costs.”

The breakdown is (last year’s figures in brackets):

• Rogaland 4,800 tonnes (6,800 tonnes).
• Finnmark 1,300 tonnes (8,200 tonnes)
• British Columbia 6,100 tonnes (7,900 tonnes).

Rising costs, particularly in Norway,  where the company is spending money tackling biological challenges, continue to be an issue for Grieg.

The cost breakdown per kilo produced (Q3 2022 figures in brackets) is:

• Rogaland NOK 65.8 ( NOK 51.8)
• Finnmark NOK 83.8 (NOK 48.1)
• British Columbia CA $10.8 (CA $10.1)

The complete Q3 2023 report will be released on Tuesday 14 November.