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Iceland Seafood Market

by the Fish Site Editor
16 July 2010, at 1:00am

ICELAND - Seafood is one of the mainstays of the Icelandic economy according to slandsbanki report on the Iceland Seafood Market.

The value of seafood products exported in 2009 amounted to €1.2 billion which is about 42 per cent of the total value of exported goods.

In 2008 and 2009 the industry reach its strongest EBITDA margin, over 25 per cent.

The report says that prospects for 2010 are good.

Companies controlling approximately 64 per cent of allocated catch quotas will probably be able to meet their commitments according to an evaluation of the 50 major fishing companies in Iceland.

Proposed changes to the ITQ system are likely to have a severe impact the Íslandsbanki report says.

Loans to fisheries companies are significant items on the balance sheet of the new banks.

The report targets a readership primarily within the Icelandic seafood sector in order to highlight the bank's active participation in the industry and its views on the current debate.

Íslandsbanki maintains a team of experts focusing on the seafood industry. Part of the bank´s Corporate and Investment Banking Division, the team is responsible for customer relations and services to seafood companies in Iceland and abroad and for the publication of research material and reports.

The report can be accessed via the website of the seafood team at: islandsbanki.is/seafood

the Fish Site Editor