Skinney-Thinganes says its new pelagic vessel Ásgrímur Halldórsson SF-250 would cost around ISK 1.9 billion more to build today than when the contract was signed in 2021, highlighting the sharp rise in global shipbuilding costs since the Covid-19 pandemic and the war in Ukraine.

This, according to Icelandic fisheries media outlet Fiskifréttir.

The new vessel arrived in Hornafjörður, Iceland, this week after final outfitting at the Karstensens yard in Skagen, Denmark. The ship cost ISK 5.5 billion to build, equal to roughly EUR 36.7 million. Company representatives said the same vessel would now cost about EUR 12.2 million more.

Built for shallow Icelandic harbour conditions

The 75.4-metre pelagic vessel was built for Icelandic fishing company Skinney-Thinganes and designed with a shallow 6.5-metre draught to handle the difficult entrance into Hornafjörður harbour.

The vessel has a 2,425 cubic metre RSW tank capacity and accommodation for 15 people. It is powered by a Wärtsilä 8V31 main engine producing 5,200 kW.

Ásgrímur Halldórsson is a sister vessel to Hákon ÞH, delivered in late 2024. Both ships were built at Karstensens’ Polish yard before completion work in Denmark.

Mackerel quota cuts create uncertainty

Despite the investment, Skinney-Thinganes faces uncertainty in the pelagic sector due to lower Icelandic mackerel quotas. The company said its mackerel quota has fallen from around 16,000 tonnes processed last year to 3,800 tonnes this season.

Fishing manager Ásgeir Gunnarsson said the company could not allow political uncertainty around quota agreements to stop long-term investment decisions.

The vessel is expected to begin mackerel fishing around late July or early August, likely in the international waters known as the “Herring Loophole”, depending on fish distribution.

Strong focus on long-term investment

Skinney-Thinganes has also invested in a new fully automated 12,000-tonne cold store in Hornafjörður to improve storage efficiency during capelin and pelagic seasons.

Company representatives said vessels built by Karstensens tend to retain strong resale value, particularly in the North Atlantic pelagic sector.