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HONG KONG - Fitch Ratings has affirmed and withdrawn all its ratings for China Fishery Group Limited.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.
This year was tough for fishermen in northwest B.C., and while the stewards of the fishing industry hope that 2019 will bring improvements, they understand there are still many challenges to overcome.
“We’re hopeful that we won’t necessarily see the same kind of crisis-like conditions as this year, but we’re still looking at a grim situation for the coming year,” said Fisheries and Oceans Canada (DFO) North Coast area director Colin Masson. “It might not be as bad as last year, but it’s still going to be difficult and these discussions are really important for moving forward.”
Masson presented at DFO’s annual post-season review on Dec. 6 and 7 2018. The review is a gathering of all parties with a stake or interest in how key decisions were made regarding fish stock in the northwest over the past year.
It is estimated that 240,000 Atlantic salmon returned to Irish shores last year, according to Inland Fisheries Ireland.
The enduring Atlantic salmon populations in Irish waters were being highlighted at the launch of the International Year of the Salmon (IYS), which takes place in 2019. Sean Canney TD, Minister with responsibility for the inland fisheries sector, marked the launch by unveiling one of a new fleet of 12 RIBs (Rigid Inflatable Boats) to highlight the importance of fisheries protection especially during migration along the coasts.
Atlantic salmon populations are widely distributed throughout Irish freshwaters with over 140 such systems designated as salmon rivers. While 240,000 Atlantic salmon returned to Ireland from the sea as part of the natural migration last year, representing the healthy condition of Irish river stocks, the numbers returning to Irish shores has decreased by over 70 per cent in recent decades. In the 1970s, the number of Atlantic salmon returning peaked at 1,800,000.
Bangkok – Fishing operators have called on the Thai government to reconsider its decision to ratify a key international convention protecting workers’ rights, saying it hinders the Thai fishing industry.
200 fishing entrepreneurs from 22 provinces submitted a petition to the Ministry of Labor this past week, asking the administration to overturn its decision to ratify the International Labour Organization’s Convention on Work in Fishing (No. 188), citing the government’s failure to hold public hearings before the ratification, while raising a question as to why only 10 states out of 100 fish producing countries in the world adopted the agreement.
According to Permanent Secretary for Labor Jarin Chakkaphark, the petition contains three requests: 1) the government reconsiders the ratification, 2) a center and a committee be established to foster understanding of the issue, and 3) the government take into consideration people’s needs and problems and offer solutions accordingly.
I’m continually amazed by the way Michael Gove captures the headlines with big promises and frequently gets away with delivering absolutely nothing. Ever since the EU referendum, he has fed the UK’s fishing community a constant diet of grand promises for starters but measly portions of betrayal and delay for the main course. His Fisheries Bill offers more of the same, and it’s time we called it out for what it is.
As Labour’s shadow fisheries minister, it’s my job along with our excellent Shadow Environment Secretary, Sue Hayman, to hold Gove to account and seek to improve the laws he is haphazardly dragging through parliament.
Fishing and Brexit are interwoven, with the industry being the poster-child of the leave campaign. The industry’s very valid grievances with the Common Fisheries Policy chimed with those who believed we could take back control of our waters in the referendum. It’s a growing industry supporting thousands of jobs in fish handling and processing, but also with a knock-on effect on the economic health of coastal communities up and down the country.
Scottish Secretary David Mundell visited Peterhead fish market this morning (Monday 10 December 2018) and announced that the UK Government will table an amendment to legislation which will enshrine its commitment to secure a fairer share of fishing opportunities for UK fishermen.
Mr Mundell also announced GBP 37.2m of extra funding to boost the UK fishing industry during the Implementation Period. Scotland’s share of this funding would be GBP 16.4 million.
From oyster farms to cultivated seaweed and farm-raised salmon, aquaculture is often described as essential to the economic future of Maine’s fisheries in the face of a changing ecosystem. Warming waters from climate change are pushing lobster farther Down East and have shut down the shrimp fishery, and threats such as ocean acidification and invasive green crabs are harming Maine’s natural fisheries.
But opposition to several proposed projects suggests the hardest part of getting into aquaculture might be getting past the neighbors. All along the coast, neighbors argue that pending aquaculture ventures will create too much noise, use too much energy, attract too many birds and obstruct their opportunities for boating or lobstering. One questioned whether an oyster farm would make it hard for deer to swim from one point of land to another.
In Belfast, abutters to the land where Nordic Aquafarms hopes to put in a giant land-based farm to raise salmon have filed a lawsuit against the city, which they say hastily and secretly approved a zoning change the company needed to move forward.
Gloucester fishermen and their contemporaries across the nation, following years of uncertainty, finally caught a break in the new federal law regulating incidental deck discharges from fishing vessels.
"It's been a ticking time bomb for the entire fishing industry in the U.S. This is such a game-changer." — Vito Giacalone, policy director for the Gloucester-based Northeast Seafood Coalition.
A provision within the new Vessel Incidental Discharge Act, signed into law last week by President Donald Trump as part of an omnibus Coast Guard bill, exempts commercial fishing vessels of all sizes and other vessels up to 79 feet in length from having to obtain a permit from the Environmental Protection Agency to cover incidental deck wash.
“Specifically, discharges incidental to the normal operation, except for ballast water, from small vessels (i.e., less than 79 feet in length) and commercial fishing vessels of all sizes no longer require National Pollutant Discharge Elimination System permit coverage,” the EPA said in its statement about the new law. “Thus, permit coverage for any vessel covered under the (Small Vessel General Permit) is automatically terminated.”
The University of Malta’s Conservation Biology Research Group (CBRG-UM) recently contributed six presentations at the second International Fisheries Symposium held in Cyprus. It presented research outcomes related to artisanal and recreational fisheries, biodiversity conservation, molecular genetic research applications in better identifying exploited and by-caught species and populations.
The symposium brought together various scientific stakeholders from different parts of the world. It considered research on marine ecology, fish pathology and population health, impacts from various forms of pollution, the difficulties of artisanal fisheries and the improvement of species selectivity by commercial fisheries to reduce by-catch. Aquaculture of new marine organisms and reducing the impact on surrounding habitats was also considered.
SHIMONOSEKI - The road, hemmed in on one side by empty warehouses and the other by a concrete seawall, ends abruptly in a desolate parking lot. Men step out of their cars and into the darkness, then slip behind the sliding doors of a warehouse. Inside, they huddle under floodlights and wait. A clock on the wall ticks to ten past three in the morning.
“Ready? Ready? Ready?” shouts a man whose arm is covered to the elbow by a black nylon bag. One by one, the men step forward and their hands disappear into the bag.
And so begins a surreal auction in this port city in southwestern Japan. The buyers grip the dealer’s hand, and after a few seconds of secret gesturing felt only by the auctioneer, he yells out the winning bid.
EU Council backs Post-Brexit tariff rate quota agreement European Union
EU ambassadors in Coreper endorsed a deal with the European Parliament on the draft regulation setting the new quotas to be applied after Brexit in respect of a number of agricultural, fish, industrial and processed agricultural products.
Pacific leaders strengthen fight against IUU fishing United States
The organisation Parties to the Nauru Agreement ensures that IUU fishing in the Western and Central Pacific Ocean is being targeted as never before following calls by Pacific Leaders to put an end to this practice.
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