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Glacier Fish Company Joins Nippon Suisan As Equity Method Affiliate

May 22, 2008

Glacier Fish Company (GFC) joined Nippon Suisan as an equity method affiliate on May 20, 2008. The merger between Alaska Ocean Seafood (AOS), another equity method affiliate of Nippon Suisan, and GFC early June motivated Nippon Suisan to obtain 25 percent of GFC stocks through Nissui USA, a 100% subsidiary of Nippon Suisan, by stock transfer from AOS to GFC as well as additional investment.

The additional investment amounted to 2.7 billion yen, which meant investment in both AOS and Nissui USA; foreign investment in American fishery companies, based on US regulations, is not allowed to exceed 25 percent of stock possession.

The investment in GFC was executed based on the Nippon Suisan’s midterm business plan (called New TGL Plan 2006 thru 2011), which aims to integrate resources and markets, as well as strengthen collective competitiveness. “This investment will increase supply power of high quality products manufactured offshore, such as Alaskan pollack.A Furthermore, expanded production and sales network will demonstrate the synergy effect.” said by Nippon Suisan.

GFC’s total sales in 2007 were $89 million. GFC owns eight trawl boats and two long liners, handling Alaskan pollack, pacific cod, pacific whitening, among others, and producing and selling filet, surimi, and fish roe. GFC has 400 employees.

Discussion on Deep-Sea Fishery Management in Northwest Pacific

May 22, 2008

The fourth intergovernmental talks on deep-sea fishery management in the Northwest Pacific were held in Vladivostok, Russia, from May 14 to 16, 2008. Japan, S. Korea, Russian, and United States examined new proposed treaties.

Deep-sea fishery at places where Regional Fisheries Management Organization (RFMO) does not govern requires a new RFMO establishment between related countries, according to the UN resolution.A To this end, a proposed treaty of deep-sea fishery management in the Northwest Pacific was discussed.

The United States suggested expansion of a target water district to the North Pacific and of target fish species not covered by RFMO. Both Japan and S. Korea supported these suggestions; however Russia stated, “it will be necessary to discuss these suggestions further more later on, because the main purpose of this talk is deep-sea fishery management in the Northwest Pacific in response to the UN resolution.”

The four countries reached an agreement on the following: Identification of fragile benthic ecosystems and evaluation of the effect of deep-sea fishery, as requested by the UN with a target date of completion by the end of the year. They also agreed on the importance of the implementation of preservation management measures, in the event that deep-sea fishery proved detrimental to the fragile benthic ecosystem.

Nippon Suisan Handles Fewer Amount of Fishery Products

May 21, 2008

The total amount of fishery products handled by Nippon Suisan in the previous fiscal term was 153,000t with a loss of 14,000t from the year before. An average unit price increased by 3.7%; however there was a sales loss of 5.6 billion yen.

Based on comparison by fish, except for frozen tuna with an increase of 1,000t, other fishery products decreased or stayed flat. The biggest decline was surimi by 11,000t. Its unit price went up by 7.6%; however the company lost 2.5 billion yen in sales. Salmon and trout decreased by 2,000t. Each unit price remained flat with a loss of 1 billion yen.

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