IN BRIEF - Fitch Affirms and Withdraws China Fishery's Ratings
Saturday, December 23, 2017
HONG KONG - Fitch Ratings has affirmed and withdrawn all its ratings for China Fishery Group Limited. The ratings are: China Fishery Group Limited - Long-Term Issuer Default Rating (IDR) of 'D' - Senior unsecured rating of 'C' with Recovery Rating of 'RR5' CFG Investment S.A.C - Rating on USD 300 million senior notes guaranteed by China Fishery of 'C' with Recovery Rating of 'RR5' Fitch is withdrawing the ratings of China Fishery as China Fishery has defaulted.
Accordingly, Fitch will no longer provide ratings or analytical coverage for China Fishery. KEY RATING DRIVERS Asset Sale Delayed: According to press reports, the sale of China Fishery's Peruvian fishing operations, originally scheduled for December, has been delayed. Fitch views China Fishery's Peruvian anchovy fishing and processing operations as the most important driver of earnings and value among China Fishery's subsidiaries.
Peruvian Operations Drive Recovery Rating: Fitch's Recovery Rating of 'RR5' is mainly driven by the value of the Peruvian fishing operations, which Fitch estimates based on 6x estimated steady state EBITDA of USD100 million. In addition, we have also factored in USD120 million for the China Fishery fleet based on a 50% discount to the most recently disclosed net asset value, and a 10% haircut for administrative claims.
The owners of an aquaculture enterprise in Stephenville say there is no need for them to add more sea cages to correspond with a planned expansion of their hatchery.
Northern Harvest Smolt, an affiliate of Marine Harvest, has registered plans to modernize and expand on the land-based salmon hatchery with the provincial government for environmental assessment.
The Newfoundland and Labrador Coalition for Aquaculture Reform, a group opposed to the project, issued a press release earlier this week that alleged Marine Harvest was illegally splitting the project by not also registering plans to expand its marine-based farming operations.
London - The Marine Stewardship Council (MSC) is proud to announce the five winners of the latest round of its scholarship program, including a project to study Arctic food webs, trials to monitor lobster stocks off the coast of Scotland and a project to monitor fish aggregating devices (FADs) in small-scale Indonesian tuna fisheries.
The program provides funding of up to GBP 4,000 per student to support research looking at environmental improvement, supply chain management or best practice in fisheries management. 2017’s winners have already started contributing to ocean sustainability, with their research providing new data and insights into the trade flow of octopus across East Africa, and the effectiveness of LED lights on turtle bycatch in Kenya.
MANILA – The 17th Congress will go on a 12-day break this August to allow President Rodrigo Duterte to sign an executive order (EO) reducing tariffs or taxes on imported fish and corn.
House Majority Leader Rolando Andaya was asked on Monday, August 13, why Congress will be suspending session from August 16 to 27. Under the legislative calendar, Congress usually opens a regular session starting July then adjourns for about a month from mid-October to mid-November.
"One of the reasons would be to allow the President to zero out or reduce the tariffs.... For now, [on imported] fish and corn," said Andaya, who is also Camarines Sur 1st District representative.
Authorities in the German city of Münster have been pumping millions of gallons of water into a lake in an effort to save local fish, as a searing heatwave kills algae vital to their survival.
Twenty tons of fish were found dead in Aasee lake earlier this week, victims of the unseasonably warm summer gripping much of Europe and North America. The extreme temperatures has killed the lake’s green algae, which produces oxygen required for the fish to survive.
According to Deutsche Welle, almost 925,000 gallons of oxygenated water were being pumped into Aasee each hour this weekend to push oxygen levels up and save the aquatic animals. The additional water supply will end on August the 13th of 2018.
PUTRAJAYA - The Fisheries Department has upgraded its analysis of antibiotics and tightened the Sanitation and Phytosanitary (SPS) measures as well as disease inspections at the country’s entry points following reports of freshwater prawns dumping recently.
The department, in a statement issued today, said a joint committee on import and export has been established by the Ministry of Agriculture and Agro-Based Industry together with the Ministry of Health, to discuss the issues from time to time, particularly when there was dumping of prawns from the neighbouring countries.
“The department will also implement monitoring and briefing programmes from time to time to the stakeholders and the public through the industrial consultative council to address this issue apart from acting as a facilitator to registered importers and exporters.
As the water and sanitation crisis on the Vaal River and its catchment escalates, two government departments have issued a joint statement denying a positive link between mass fish mortality and raw sewage flowing into the river.
Reports over the past weeks have shown fish kills as evidence of sewage discharge into tributaries on the north bank of the Vaal River, and linked that to health risks to millions of people and a constraint to development.
The presence of excessive levels of E.coli in the river is linked to disease outbreaks in especially poorer communities and threatens the phytosanitary status of export farmers who irrigate from the river.
PANJIM - The Taleigao gram sabha on Sunday resolved to urge the State government to stop imports and exports of fish while also demanding the Food and Drugs Administration (FDA) or the Municipality to set up a counter in the Panjim market to carry out regular checks.
Gram sabha member Xavier Almeida said, “Export should be banned and Fisheries department should introduce counters to sell fresh fish at affordable rates. Also rotten fish should not be allowed to sell and there should be a check by authorities.”
He said, “At the moment there is no control on price and the hygiene. Also the Food and Drugs Administration (FDA) or the Municipality should set up a counter in the Panjim market in a bid to carry our regular checks.”
JACKSONVILLE, Fla. - On August 7, 2018, The Bahamas’ spiny lobster fishery became the first Caribbean fishery to earn certification from the Marine Stewardship Council (MSC), the leading global standard for wild-caught seafood environmental performance. Beaver Street Fisheries (BSF) and its subsidiary, Tropic Seafood Ltd., are proud and honored to have played a role in this initiative, in order to achieve this accomplishment for the fishery.
Over the past decade, Tropic Seafood has participated in the collaborative efforts to lead this major fishery improvement project (FIP) in the Bahamas. Tropic Seafood Ltd. has worked collaboratively with Bahamas Marine Exporters Association (BMEA), the Department of Marine Resources (DMR) of the Bahamas, and the World Wildlife Fund (WWF) to address fishing practices and environmental impacts to help the lobster fishery thrive for generations to come.
“The goal of our fishery improvement projects is to ensure the long term sustainability of a fishery and to reach the Marine Stewardship Council standard. The Marine Stewardship Council is one of the most rigorous certification standards out there for well managed and responsible seafood,” said Wendy Goyert, a spokesperson for the World