The Icelandic fisheries are at the forefront of sophistication in terms of technology, from navigation and fish-detection through to gear and equipment. The recent upgrading of Iceland's fishing vessels is well underway, bringing more energy efficient technology, new generation on-board handling and ice-less storage. The pelagic fleet completed its renewal within the last few years, with fishing companies Ísfélagið, Síldarvinnslan and HB Grandi taking delivery of new vessels. It is now the turn of the groundfish fleet to be renewed, due to be delivered at the end of 2017. Fisheries including Samherji, FISK Seafood, HB Grandi, Rammi, Gunnvör and VSV, plus Samherji's subsidiaries in other countries are expected to take delivery.

The total catch of Icelandic fishing vessels in 2015 was 1,319 thousand tonnes which is 243 thousand tonnes more than in 2014. The value of the catch amounted to 151 billion ISK and increased by 15% from previous year.

The 2012 Catch was as follows:
Cod 205
Haddock 48
Saithe 51
Redfish 55
Ocean redfish 6
Greenland halibut 14
Wolf fish 10
Great silver smelt 9
Ling 11
Blueling 4
Monkfish 3
Flatfish 10
Herring 192
Mackerel 152
Blue whiting 64
Capelin 601
Shrimp 11
Nephrops 1.9
Total 1,480 million tonnes