The ‘Revitalising the Economy of Fisheries in the Pacific Act (REFI Pacific Act)’ has been passed in the US Senate, providing cost relief to fishermen along the US West Coast.
The Act affects fishermen from Bellingham, Washington to Morro Bay, California, lowering the interest rate on a 2003 federal loan that reduced the size of the West Coast groundfish trawl fleet. Payments on the federal loan are automatically deducted each time a vessel delivers its catch to a processing plant in Washington, Oregon or California. Whiting fishermen who deliver their catch to ‘motherships’ also make automatic payments.
“It’s very encouraging to see a bill like this make it through Congress with support from both parties,” said Michelle Norvell, executive director, Fort Bragg (CA) Groundfish Association. “It gives small-boat fishermen a bit of breathing room while we continue to seek solutions to high regulatory costs associated with the fishery.
Now, fishermen are in a better position to stick with the fishery during rough periods, and the weather changes ahead, the Association added.
When the West Coast groundfish trawl fleet’s size was reduced through the industry-sponsored voluntary buyback in 2003, the interest rate on payments was set at 6.97% - significantly higher than current rates. The REFI Pacific Act resets the interest on the loan to the Treasury rate and extends the loan term to 45 years.
Conservationists also welcomed the news. “The fleet is positioned for a turnaround, but operating costs do threaten the future of this fishery,” added Shems Jud, west coast regional director, oceans, EDF. “The REFI Pacific Act comes at the right time. Going into 2015 we are guardedly optimistic, and this bipartisan legislation is one reason for that.”
Total annual savings to the fleet of around 120 active vessels is estimated at over $1m, but this figure could increase as the fishery stabilises and fishermen see higher revenues.
