Quotas critical for fishing fleet sustainability, says Jan Petersen of Christian í Grótinum

To sustain the foundation for the fishing fleet, it is necessary to acquire quotas, according to Jan Petersen, the director of the operator Christian í Grótinum.

Petersen points out that the mackerel agreement between the Faroe Islands, Norway, and the UK has significantly reduced the total quota available to the Faroe Islands. A similar outcome is expected regarding the allocation of quotas for North Atlantic herring, should an agreement be reached.

This situation is directly linked to the major shipping company based in Klaksvík’s acquisition of pelagic quotas from sp/f Sjógæti.

In anticipation of the mackerel agreement, the Christian í Grótinum operator purchased quotas that Sjógæti was granted as development quotas in 2018. At that time, the allocation included 900 tons of mackerel quota and 450 tons of herring quota. However, these development quotas were later converted into permanent individual quotas, which can be sold.

Petersen has not disclosed the amount Christian í Grótinum paid for the quotas that were originally allocated to Sjógæti in 2018. Sjógæti reported a profit of 27.8 million Danish Krone in its accounts for 2023, the same year the development quotas were sold.