The Russian salmon industry is on the verge of serious crisis, reports Eugene Gerden, as several leading local salmon producers have announced plans to declare bankruptcy in the coming weeks, due to financial problems.
These companies include Baltic Coast and PJSC Russian Salmon.
Among the main reasons for this are devaluation of the Russian ruble, which has resulted in a significant increase of the cost of loans borrowed by the companies in foreign currency, and a massive number of fish deaths in salmon farms throughout Russia.
In addition to Baltic Coast and PJSC Russian Salmon, the company Russian Aquaculture - another major salmon producer - has also suffered serious problems this year.
The company had lost more than 1,500 tonnes of fish this year, due to salmon lice and myxobacteria. This has resulted in a net loss of 325.5 million rubles (US$10 million).
According to an official spokesman of the Russian Agency of Fisheries (Rosrybolovstvo), the current situation in the Russian salmon industry remains complex and there is a possibility that several local leading producers may declare bankruptcy by the end of this year.
The situation is aggravated by a failing salmon season in the Far East this year, which has already resulted in a sharp increase in prices for salmon and caviar in the Russian market and may lead to its potential shortage in Russia, according to recent statements by Alexander Savelyev, corporate affairs director of Rosrybolovstvo.
According to Mr Savelyev, in the case of caviar, to date the price has already increased by 20% and currently varies from 3,500-3,600 rubles (US$58-60) per 1kg.
According to Rosrybolovstvo data, the catch of Pacific salmon this year amounted to only 334,000 tonnes, of which caviar accounts for only 8% of the total catch.
