Greenland’s offshore halibut fishery is entering a new era. From 2025, the fishery is regulated under a system of individual transferable quotas (ITQs).

This marks a shift away from temporary licences. The change comes as the government prepares to revise the current management plan, which is set to expire at the end of this year.

The fishery is second only to shrimp in economic value for Greenland. In 2023, exports of halibut reached more than 6.2 billion kroner, before prices fell again in 2024. The fish is mainly sold to Europe, where demand for MSC-certified products remains strong.

TAC levels under pressure

Between 2021 and 2025, the total allowable catch (TAC) for Greenland remained at 16,502 tonnes, despite scientific advice recommending lower limits.

In 2023, scientists advised a cut of almost 19%, citing weak data. Greenland reduced the TAC by only 9%. Since then, the quota has stayed above scientific advice.

The fishery relies on a “gentleman’s agreement” with Canada to split the stock 50/50. Without this balance, Greenland could lose MSC certification.

Quota allocation remains political. In 2025, Greenland’s TAC was divided between Polar Seafood, Royal Greenland, Qaleralik and Sigguk, alongside an auction pool.

Foreign vessels from the EU, Norway, and the Faroe Islands still receive smaller quotas. Russia, once a partner, has been excluded since 2022 due to the war in Ukraine.

Bycatch and sustainability concerns

One of the biggest challenges has been bycatch, especially of the Greenland shark, which is listed as “vulnerable” on the IUCN Red List. Between 2021 and 2024, approximately 40 tonnes of sharks were caught each year.

New gear trials, such as grids in trawls, aim to reduce this. In 2025, MSC lifted a condition tied to shark bycatch, following the start of the Marine Beacon project.

Other species, such as skates, wolffish, and cod, also appear in the nets. While bycatch levels remain low, at under 3%, scientists and NGOs continue to closely monitor the situation.

MSC rules require Greenland to demonstrate that the fishery does not harm the broader ecosystem, including seabed habitats. Two main trawl grounds have been used for years, but large parts of the coast remain closed to protect juvenile fish and fragile corals.

Outlook

With new rules in place and a management plan under review, Greenland’s halibut fishery stands at a crossroads. It remains a pillar of the national economy and a vital source of jobs in towns like Maniitsoq and Aasiaat.

Yet, pressure is growing to align quotas more closely with scientific evidence.

If Greenland fails to act, the risk is clear: loss of MSC certification, falling prices, and long-term damage to one of the nation’s most valuable resources.