A new report concludes that higher market prices helped the EU fishing fleet stay profitable in 2011, despite less fish being landed.
The 2013 Annual Economic Report on the European Fishing Fleet, produced by the Joint Research Centre (JRC) and independent experts, also shows that the economic performance of the EU fleet has improved from a net profit margin of 1% in 2008 to 6% in 2011.
And this growth occurred despite rising fuel prices. Fuel and labour costs are the major outlays for the EU fleet, which saw the average price of fuel increase by almost 30% compared to 2010. However, the amount of fuel consumed by the EU fleet decreased 6% in 2011, which may be the result of an attempt to reduce costs, or changing fuel behaviour and using more fuel efficient technologies.
While overall the EU fleet was profitable in 2011, the economic performance by Member State and fleet segment revealed mixed outcomes. Six national fleets and around 45% of the fleet segments made net losses. Profit margins in the EU fishing fleets are in general low, and factors such as severe weather conditions, market saturation for some species or the effects of the global economic crisis may have affected the poor economic performances.
