Development quotas sold by P/F Sjógæti and Delta Seafood in Faroe Islands

In 2018 and 2019, eight companies received development quotas designed to enhance their fishing activities, enabling them to hire vessels for quotas they were allocated.

The companies that were granted development quotas included P/F Kinnfelli, P/F Vestmanna Fiskavirki, and P/F Sjógæti in 2018, followed by Vørustíggjur, Delta Seafood, Steintór, Jókin, and Fish in 2019.

In 2020, the development quotas were converted into individual quotas when Jacob Vestergaard of the People’s Party reassumed his position as the Minister of Fisheries. Additionally, it was mandated that as of December 31, 2023, the quotas must be tied to a specific vessel; this deadline has since been extended to December 31, 2024.

Recently, it was revealed that P/F Sjógæti sold its 900 tons of mackerel quota and 450 tons of herring quota to P/F Hvalnes for a significant sum. These quotas are currently linked to the vessel Norðborg.

Delta Seafood, which received its quotas in 2019, sold nearly 500 tons of mackerel and 400 tons of herring. Initially sold to P/F Suðring, those quotas have since been transferred to P/F Hvalnes, also connecting them to Norðborg.

It is notable that P/F Suðring was sold to Sørvágs in 2021, with Snarfrost, owned by Tummas Kristian Henriksen, as the new proprietor.

Delta Seafood felt compelled to sell its quotas. “The company owns no vessel, and it was impossible to buy and operate a deep-sea fishing vessel with just these quotas,” said Marner Lisberg, chairman of Delta Seafood, who declined further comment. Likewise, Sjógæti does not own a vessel.

Neither Sjógæti nor Delta Seafood disclosed the sale price of the quotas. Lisberg expressed regret about having to relinquish the quotas, stating he had no alternative.