Tuesday, July 1, 2008

E. Asia fleets to suspend tuna fishing / Fuel costs hit Japan, China, ROK, Taiwan

The Yomiuri Shimbun
Tuna-fishing boat operators' organizations in Japan, China, South Korea and Taiwan have agreed to suspend operations for several months in the face of soaring fuel costs, sources said Saturday.
The economic conditions made it difficult for tuna fishermen to make ends meet, while the measure also is expected to help declining populations of the fish to recover, according to the sources.
The suspension is expected to result in higher prices for bigeye and yellowfin tuna, which are mainly consumed as raw fish and processed into canned food. Read the full story

In the guise of increased fuel cost and helping tuna stocks the East Asian fleet is suspending some tuna fishing. Read between the lines and it is more like they want to see the price of tuna increase and therefore increase profits.

"The temporary tuna-fishing stoppage is expected not only to reduce Japan's tuna catch but also cut supply of the fish from China, South Korea and Taiwan, which account for about half the tuna imported by Japan. "
"Therefore, the planned suspension is expected to affect tuna prices in the mid- to long term. "

Profit will always be the driving force for any move made by these commercial fleets.

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