The Norwegian deep-sea fishing fleet increased its value creation to €1.26 billion in 2024 – approximately €61 million more than the previous year, according to new figures from Fiskebåt.
The growth came despite fears of decline. Falling quotas and rising fuel and climate costs were expected to hit the sector hard. But higher fish prices, especially in the pelagic industry, more than offset the increased expenses.
Record turnover from purse seiners
The purse seine fleet, targeting species like mackerel and herring, had a record year. This lifted average results for the whole fleet, while other groups, such as trawlers and longliners, saw margins shrink.
In total, 254 vessels over 28 metres were active last year, with Fiskebåt basing its analysis on the accounts of 186 boats.
Substantial differences between fleet groups
While the overall numbers suggest strong performance, results vary widely. Line vessels, large coastal boats, pelagic trawlers and whitefish trawlers all reported sharp drops in margins.
Financing costs also surged, reaching €226 million – up more than 70 per cent since 2022. Fuel and interest rates remain a heavy burden.
Outlook for 2025
Prospects for this year are mixed. Mackerel prices remain high, and both saithe and haddock have seen price rises. But falling quotas and high financing costs could eat into profits.
Even if overall value creation stays near record levels, most fleet groups are likely to face tighter margins in 2025.