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HONG KONG - Fitch Ratings has affirmed and withdrawn all its ratings for China Fishery Group Limited.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.
Two days after the Department of Fisheries and Oceans said it would close six fishing areas, the closure to protect North Atlantic right whales has been postponed a day because of high winds.
The six grids that were to close Tuesday will now stay open until Wednesday 23rd of May 2018 at 4 p.m., to give fishermen more time to remove all of their gear.
'When you have people in Ottawa … who have never had salt water sprayed in their face unless they were at the beach — they're the ones giving advice to make the decision and they have no idea."- Carl Allen, Maritime Fishermen's Union
The closure affects snow crab, toad crab, rock crab, lobster and whelk fisheries, the department said in a news release. It is also in effect for winter flounder and Atlantic halibut.
Scientists are breaking new ground in their quest for answers about harmful algal blooms by extracting a 1,000-year-old sediment core off Tasmania.
The three-metre core was pulled from the seabed in waters just off Maria Island on the state's east coast by scientists on board the CSIRO's research ship RV Investigator.
Toxic algal blooms occurred off the east coast of Tasmania in 2012, 2015, 2016 and 2017, which led to a global shellfish product recall worth AUD 23 million, said Dr Craig Woodward, of the Australian Nuclear Science and Technology Organisation (ANSTO).
Federal prosecutors in the US are doggedly going after some of the world’s biggest tuna companies in an attempt to nail them for colluding to stifle competition in the canned fish market.
The president of Bumble Bee Foods was indicted by a federal grand jury over the issue—the fourth person to be charged in the overall investigation. Last year, a former executive at StarKist was also charged. Such high-profile indictments are making waves in the tuna market, which is dominated by three companies: Chicken of the Sea, StarKist, and Bumble Bee Foods.
Euroline Foods LLC and Royal Seafood Baza Inc. violated the Federal Food, Drug and Cosmetic Act by processing and distributing ready-to-eat fish, fishery products, vegetable salads and cheese products in a Staten Island facility where there were chronic unsanitary conditions.
ROCKPORT - Governor Paul LePage said Friday aa company from China is talking about buying one of Maine’s pulp and paper mills.
The Governor told an international trade conference in Rockport he has met with the company –which he wouldn’t name- and while there are no commitments yet, said they are very interested in Maine. He said it would be one more example of how Maine is expanding international trade, especially with Asia. Canada is the state’s biggest export market, but Asia is second.
BLACKS HARBOUR, N.B.– Cooke Aquaculture, a family-owned sea farming operation based in Blacks Harbour, will create up to 100 new jobs in New Brunswick over the next five years with support from the provincial government, the company announced Thursday 17th of May 2018.
Cooke currently has more than 1,300 employees at various locations in the province. The new jobs are expected to be marine site workers, technicians and managers, logistics experts and truck drivers.
Twenty-five of the new positions will be created at the company’s office in Saint John, while the remaining 75 will be spread across Cooke Aquaculture’s head office in Blacks Harbour, and at operations in St. George and Grand Manan.
Among the various conveyor-belt sushi chains across Japan, Kurazushi is one of the most prominent, thanks in part to their creative offerings like sushi rice cola, sushi rice cola shaved ice, and sushi rice cola shaved ice flavored cream puffs.
This time, Kurazushi is serving up perhaps their most daring creation yet: salmon and amberjack sushi.
That might not sound so amazing until you understand how it arrives on the belt.
Typically, these fish are caught in the ocean and then sent to one of Kurazushi’s processing facilities where they are deboned and cut up before being delivered to a nearby Kurazushi restaurant for the final touches.
However, this standard operation on such a large scale is quite wasteful resulting in 600 tons of unusable meat, bone, and other scraps every year. The challenge for Kurazushi is to find a way to cost-effectively handle this enormous pile of fish entrails.
Pacific bluefin tuna status remains worrying, Pew warns United States
A group of scientists assessing the Pacific bluefin tuna population has determined that it is at just 3.3 per cent of its unfished level, a conclusion that according to the organisation Pew Charitable Trust confirms the species’ severely depleted status.