Faroese fish market cuts fees amid financial strain

The Faroese Fish Market has reduced its transaction fees for buyers and sellers from 0.75% to 0.5%, citing declining revenue, according to director Høgni Hansen.

Hansen stated that the market has struggled to turn a profit. In 2024, it recorded a deficit of 2.5 million Danish kroner on revenue of 28 million. The 2025 accounts are not yet finalized.

A new regulation requires 30% of fish caught in Faroese and Icelandic waters—including cod, haddock, ling, tusk, Greenland halibut, and blue ling—to be sold by auction.