Fishing Companies Add to Their Trawler Fleets

The latest is Trachurus Fishing Company, which last week acquired two trawlers valued at N$106 million dollars, reports NewEra

The vessels acquired were previously owned by Namsov Enterprises.

Despite facing a major financial setback three years ago, Trachurus Fishing managed to generate N$364 million per annum, whilst the shareholders' equity currently stands at N$169 million.

This is a substantial improvement on the N$10 million by which the company was in the red during 2007.

Speaking during the handover ceremony of the vessels, the Minister of Fisheries and Marine Resource, Bernard Esau, said that the new visionary direction embarked by the company "is what the government of Namibia had been encouraging role players to do".

"Invest and grow the fishing industry within the limits of the existing Total Allowable Catch - limits set by my ministry. I cannot over emphasize the importance of the need to further develop the sector through innovation and by introducing wholly Namibian vessels," Mr Esau said.

Mr Esau further said resources have their limitations but various methods should be introduced by the fishing industry to increase value of the final product, which would in turn create jobs in the fishing sector.

He also urged already established companies - small and medium as well as large - to join in smart partnerships for their own benefit.

"This is a clear testimony that introducing new entrants through this way into the sector is a workable approach, which is indeed flourishing. Trachurus is indeed a clear testimony with regard to this," Mr Esau said.

Trachurus Fishing is a joint venture between Gendev Fishing, Kuiseb Fishing Enterprise, Atlantic Harvesters, Emeritus Fishing and Namsov Fishing, that was formed in 2005.

The joint venture was established to pool resources to share risks and costs and to create an economy of scale, which would allow the group to acquire their own infrastructure in the near future.

The company aims to renew ties with government, increase the company's position in the business environment and establish an own identity.