The PNA is expecting triple success for 2014, making it another groundbreaking year. Increased financial benefits for its eight island members, improved conservation of tuna and expansion of its eco-label “Pacifical”, in Europe and beyond, are the three factors predicted to drive a successful new year for the region.
At the opening of the year, the Parties to the Nauru Agreement (PNA) has significantly increased its fishing day fees by 20% to a minimum price of USD 6,000, up from USD 5,000 in 2012-2013. Although fishing days sold for more than USD 6,000 in 2013, the figure has now become the official minimum.
The new benchmark is part of the PNA’s vessel day scheme that limits the number of fishing days sold to domestic and distant water fishing nations. This measure is aimed at conserving tuna stocks, while also increasing their value.
PNA CEO, Dr. Transform Aqorau, said: “The minimum benchmark price has served a good purpose since 2012. But it has also been used to hold the price down.” He expressed the view that letting the market set the price will result in a significantly increased fishing day price than the current benchmark, pointing to the fact that some fishing companies paid as much as USD 7,000 per day in 2013.
In just four years, the PNA vessel day scheme has resulted in a quadrupling of revenue for PNA member nations. In 2010, skipjack tuna caught in this region of the Pacific was valued at USD 1.9 billion, with only USD 60 million going to the PNA countries. The total skipjack revenue for 2013 is estimated at around USD 3.9 billion, with the member nations’ share rising to USD 249 million. This is only expected to rise this year, with the increase of the minimum cost of fishing days.